Richard Drury/DigitalVision via Getty Images The Janus Henderson Asset-Backed Securities ETF ( JABS ) is an active ETF focusing on higher-quality asset-backed securities, or ABS. These securities trade at positive spreads to more traditional bonds of comparable credit risk and duration, as does JABS. Spreads should lead to outperformance moving forward, on both absolute and risk-adjusted grounds, ...
Richard Drury/DigitalVision via Getty Images The Janus Henderson Asset-Backed Securities ETF ( JABS ) is an active ETF focusing on higher-quality asset-backed securities, or ABS. These securities trade at positive spreads to more traditional bonds of comparable credit risk and duration, as does JABS. Spreads should lead to outperformance moving forward, on both absolute and risk-adjusted grounds, at least relative to peers with similar risk. I expect JABS to outperform moving forward which, combined with the fund's high-quality portfolio and above-average 4.8% yield, make it a buy. JABS - Overview and Analysis Strategy and Portfolio JABS is an active ETF focusing on higher-quality ABS. ABS are securitized income-producing investments made from, or backed by, a portfolio of different assets. As an example, an ABS might encompass a portfolio of thousands of auto loans and pay a coupon rate based on the interest rate payments of these loans. Janus Henderson has a simple infographic on the process: Janus Henderson By investing in the ABS, investors are indirectly investing in these loans, and receive income from doing so. JABS's asset allocations are as follows: JABS Of the above, only equity and cash couldn't be considered to be ABS. JABS's MBS and CLOs are arguably asset-backed securities, even though these are not always classified as such (presumably due to convention, and due to the large size of these markets). JABS is reasonably well-diversified, with investments in over 100 securities, and with indirect exposure to thousands more. JABS does not provide exposure to most bond sub-asset classes, however, focusing on a specific market niche, albeit a large one. JABS's portfolio has some similarities to that of several of my top income ETFs, including the JPMorgan Income ETF ( JPIE ). JABS does seem a bit more targeted towards a specific sector than most, with a stronger quality focus too. Which brings me to my next point. Credit and Rate Risk JABS is a higher-qualit...
The final victims of Tuesday’s paper-mill chemical spill in Washington have been recovered, taking the death toll in one of the worst industrial accidents in modern US history to 11 people. The last of the nine missing workers were removed from the site and identified Saturday, according to Cowlitz County Coroner Dana Tucker. She described the event as “one of the most significant tragedies our co...
The final victims of Tuesday’s paper-mill chemical spill in Washington have been recovered, taking the death toll in one of the worst industrial accidents in modern US history to 11 people. The last of the nine missing workers were removed from the site and identified Saturday, according to Cowlitz County Coroner Dana Tucker. She described the event as “one of the most significant tragedies our community has experienced since the eruption of Mount St. Helens” in 1980. The recovery operation in Longview, Washington, about an hour northwest of Portland, will now shift to an investigation into what caused the implosion of a tank holding roughly the equivalent of an Olympic-sized swimming pool of white liquor, the highly caustic material used to make paper products from wood chips. Longview Deputy Fire Chief Kurt Stich said the recovery work was “methodical and incredibly difficult for everyone.” The team had to navigate overturned furniture, toxic material and an unstable tank still holding 25,000 gallons (94,635 liters) of white liquor. The Nippon Dynawave Packaging facility, owned by Tokyo-based Nippon Paper Industries Co., employs hundreds of people at its pulp and paper mill and liquid packaging plant, according to the Washington state Department of Ecology. The industrial campus, which includes a half-dozen other companies, is one of the main economic drivers in Longview, a city of roughly 35,000 people. Fire Chief Brad Hannig said the investigation process “will continue through the days, weeks, potentially months as Nippon decides what they do with the facility from here moving forward.” Local officials and representatives of the Environmental Protection Agency continue to monitor local air quality and water as they flush nearby ditches to dilute the contamination before it is discharged into the neighboring Columbia River. Officials are checking the pH of all involved waterways and continue to advise the community to stay out of the ditches that in some cases r...
Investing.com -- Investors are increasingly turning to Asian technology suppliers and infrastructure companies as potential beneficiaries of the next phase of artificial intelligence spending, Bloomberg reported on Sunday.
Investing.com -- Investors are increasingly turning to Asian technology suppliers and infrastructure companies as potential beneficiaries of the next phase of artificial intelligence spending, Bloomberg reported on Sunday.
There are many rules you need to know if you are collecting Social Security. Most of the rules apply regardless of how old you are or whether you have hit your full retirement age. For example, everyone gets the same Social Security COLA regardless of age, and the rules for when benefits become taxable are the same for all retirees. However, there is one rule that changes when you have reached you...
There are many rules you need to know if you are collecting Social Security. Most of the rules apply regardless of how old you are or whether you have hit your full retirement age. For example, everyone gets the same Social Security COLA regardless of age, and the rules for when benefits become taxable are the same for all retirees. However, there is one rule that changes when you have reached your full retirement age. It's an important one that you must be aware of, as it can affect how much of your benefits you are allowed to keep. Image source: Getty Images. Continue reading
AMD (NasdaqGS:AMD) announced a commitment of more than US$10b to support AI infrastructure in Taiwan. The company is pairing this investment with a major presence and expected product news at Computex Taipei. The move highlights Taiwan's role in the global AI hardware supply chain and AMD's focus on data center and AI growth areas. For investors tracking AI hardware, this update places AMD (Nasdaq...
AMD (NasdaqGS:AMD) announced a commitment of more than US$10b to support AI infrastructure in Taiwan. The company is pairing this investment with a major presence and expected product news at Computex Taipei. The move highlights Taiwan's role in the global AI hardware supply chain and AMD's focus on data center and AI growth areas. For investors tracking AI hardware, this update places AMD (NasdaqGS:AMD) in the middle of the buildout of global compute capacity. The company already competes...
AI Is Reviving an Overlooked Chip Category—and These 3 Names Are Riding the Demand WaveMicrochip Technology (NASDAQ:MCHP) executives said the company is nearing the end of a prolonged inventory correction while positioning for growth tied to data centers, aerospace and defense, a
AI Is Reviving an Overlooked Chip Category—and These 3 Names Are Riding the Demand WaveMicrochip Technology (NASDAQ:MCHP) executives said the company is nearing the end of a prolonged inventory correction while positioning for growth tied to data centers, aerospace and defense, a
Nvidia (NVDA) stock is up about 15.44% year to date, at the time of writing, Friday afternoon, May 29. Meanwhile, the SPDR S&P 500 index (SPY) is up about 11.06% in the same period. While the stock has outpaced the S&P 500, its growth is lagging that of other semiconductor companies that ...
Nvidia (NVDA) stock is up about 15.44% year to date, at the time of writing, Friday afternoon, May 29. Meanwhile, the SPDR S&P 500 index (SPY) is up about 11.06% in the same period. While the stock has outpaced the S&P 500, its growth is lagging that of other semiconductor companies that ...
The mystique of Central Asia and its deepening business ties with mainland China have prompted more Hongkongers to choose the region for holidays, according to travel agency heads. They were also optimistic that Chief Executive John Lee Ka-chiu’s high-level visit to Kazakhstan and Uzbekistan this week would further promote Central Asia, encouraging residents to step off the beaten path and explore...
The mystique of Central Asia and its deepening business ties with mainland China have prompted more Hongkongers to choose the region for holidays, according to travel agency heads. They were also optimistic that Chief Executive John Lee Ka-chiu’s high-level visit to Kazakhstan and Uzbekistan this week would further promote Central Asia, encouraging residents to step off the beaten path and explore the region’s lesser-known tourism spots. Alex Lee Chun-ting, general manager of Miramar Travel,...
A woman in eastern China has been left unable to sleep with her eyes shut and is constantly crying because of a bungled double eyelid operation she underwent six years ago. The woman, surnamed Wang, drew wide attention on mainland social media after she shared her legal disputes with the cosmetic clinic in late May. In June 2020, Wang went to Meixi Cosmetic Surgery Clinic in Suzhou, Jiangsu provin...
A woman in eastern China has been left unable to sleep with her eyes shut and is constantly crying because of a bungled double eyelid operation she underwent six years ago. The woman, surnamed Wang, drew wide attention on mainland social media after she shared her legal disputes with the cosmetic clinic in late May. In June 2020, Wang went to Meixi Cosmetic Surgery Clinic in Suzhou, Jiangsu province, for a double eyelid surgery, which cost her 12,000 yuan (US$1,800), reported the Shanghai...
Three Debates Americans Have Had For 250 Years Authored by Lawrence Wilson via The Epoch Times, George Washington rode west from Philadelphia in command of 13,000 troops on a mission that would test his leadership unlike any previous campaign. These men were not soldiers in the Continental Army. They were citizen militiamen—forerunners of the National Guard—called up from Virginia, Pennsylvania, M...
Three Debates Americans Have Had For 250 Years Authored by Lawrence Wilson via The Epoch Times, George Washington rode west from Philadelphia in command of 13,000 troops on a mission that would test his leadership unlike any previous campaign. These men were not soldiers in the Continental Army. They were citizen militiamen—forerunners of the National Guard—called up from Virginia, Pennsylvania, Maryland, and New Jersey. And Washington was no longer simply a general. He was president of the United States. The year was 1794, and Washington had made one of the most fateful decisions of his presidency: to use armed force against fellow Americans. Congress, desperate for revenue to pay war debts, had enacted a tax on whiskey. Grain farmers in Western Pennsylvania saw the tax as immoral and unjust. Protestors attacked revenue agents, destroyed the property of tax-paying farmers, and fired shots that killed a local militiaman. Growing bolder, they fashioned banners on “liberty poles” with slogans like “Equal Taxation and no Excise” and “Liberty or Death.” For two years, Washington searched for a peaceful resolution. But when 5,000 rebels gathered outside Pittsburgh, vowing to take the city, he knew the time for action had come. In the end, the Whiskey Rebellion was anticlimactic, resulting in no further violence. Yet more than 200 years later, Americans still strenuously disagree on basic questions of government. When is a president justified in mobilizing the National Guard? At what point does a protest become an insurrection? What counts as free speech? Some fundamental issues were settled at the nation’s founding, a panel of scholars told The Epoch Times. But more were left unsettled. And Americans continue to debate those same issues today. Unanswered Questions America will be governed by the people. The Declaration of Independence established that, and the Constitution ratified it. Abraham Lincoln later distilled the American creed to just 10 words in his Gettysburg ...
Immigrant detainees accuse the federal government of 'inhumane' abuse and treatment at Camp East Montana in El Paso, Texas. (Image credit: Morgan Lee )
Immigrant detainees accuse the federal government of 'inhumane' abuse and treatment at Camp East Montana in El Paso, Texas. (Image credit: Morgan Lee )
Iskandar Zulkarnaen/iStock via Getty Images Thesis Some investors might be shocked to find out that Korean equities (South Korean equities that is) have doubled in value this year: News (Disruption Banking) One does not see very often this type of market action, especially in such a short period of time. Semiconductor and chip companies are responsible for this price action, and we are going to pa...
Iskandar Zulkarnaen/iStock via Getty Images Thesis Some investors might be shocked to find out that Korean equities (South Korean equities that is) have doubled in value this year: News (Disruption Banking) One does not see very often this type of market action, especially in such a short period of time. Semiconductor and chip companies are responsible for this price action, and we are going to parse through the various price drivers. In today's article we aim to discuss a very unknown closed end fund that covers the Korean market, namely the Korea Fund Inc ( KF ) . We shall show readers how this CEF still trades at a discount, even after the massive market moves. How to obtain Korea exposure Unless you have a broker which allows access to international equities (i.e. locally listed equities that is), one has to obtain Korea exposure either via ETFs or CEFs. The largest and best known vehicle in the space is the iShares MSCI South Korea ETF ( EWY ), a $23 billion AUM fund. The Korea Fund is virtually unknown, and sports an AUM of only $347 M. The CEF is an active fund, thus is not passively tracking a specific index. While on a 10-year time frame there are total return differences between EWY and KF, in the past three years the performance graphs have looked very similar: Data by YCharts We can see that when employing a total return graph we get virtually the same moves in the past three years, meaning allocations are quite similar, and the two instruments can be viewed as very fungible for Korea exposure. One will also be surprised to find out that the Korea Fund has been in the markets for a very long time, more specifically for over 30 years. The genesis of the CEF is the Korea regulatory environment, which did not allow foreign investors to buy shares directly on the Korea Exchange. Current build The current fund build is overweight technology names, with Samsung Electronics having a preeminent position: Top Holdings (Fund Website) Samsung represents over 21% of...