Updates from Saturday’s play at Roland Garros Fonseca fightback stuns Djokovic | Mail Katy Bonjour et bienvenue au jour sept de notre couverture de Roland Garros 2026! After Novak Djokovic’s departure in the match of the tournament against the 19-year-old Brazilian sensation João Fonseca last night, opportunity knocks louder than ever before for the remaining men, with a first-time grand slam cham...
Updates from Saturday’s play at Roland Garros Fonseca fightback stuns Djokovic | Mail Katy Bonjour et bienvenue au jour sept de notre couverture de Roland Garros 2026! After Novak Djokovic’s departure in the match of the tournament against the 19-year-old Brazilian sensation João Fonseca last night, opportunity knocks louder than ever before for the remaining men, with a first-time grand slam champion guaranteed next Sunday. Continue reading...
Alistair Berg/DigitalVision via Getty Images The Invesco S&P 500 High Beta ETF ( SPHB ) has delivered more than a 100% return from the April 2025 lows. That recent speed and the high risk connotation that is associated with high beta should mean caution ahead. However, my analysis shows that, counterintuitively, we are probably looking at a slower period ahead for SPHB, not necessarily one where i...
Alistair Berg/DigitalVision via Getty Images The Invesco S&P 500 High Beta ETF ( SPHB ) has delivered more than a 100% return from the April 2025 lows. That recent speed and the high risk connotation that is associated with high beta should mean caution ahead. However, my analysis shows that, counterintuitively, we are probably looking at a slower period ahead for SPHB, not necessarily one where it will underperform broader markets. High Beta Works, But Specifics Matter Conceptually, high beta investing is not necessarily higher risk. As long as the implementation remains agile enough to rotate out in time, we could even be able to generate superior risk-adjusted returns from a high beta strategy. What is more relevant for high beta strategy is therefore the specifics, in my view - timely detection of high beta setups and timely rotation. And of course, the prevailing conditions - what is timely in one environment may not be so in another. The prevalent environment matters because beta, after all, magnifies the market conditions, simplistically speaking. During periods of strong risk appetite, the market's favored stocks often become both high momentum and high beta names. SPHB benefits from this overlap, but the strategy itself is targeting beta rather than momentum. As a result, its performance can diverge materially from momentum strategies when high beta stocks are no longer the market's strongest performers. SPHB's methodology picks a portfolio of ~100 stocks from the S&P 500, rank ordering them and weighing them by the last 12 month beta. The positives of that approach are that market caps do not have a say in the selection and weights. SPHB is rebalanced quarterly. That's as agile as a systematic ETF can get. I think that gives enough time for the strategy to remain exposed to its bets - too agile and you could be reacting to false signals, especially when it comes to high beta stocks. But there could be drags on two counts. One, the universe of 100 stocks co...
Malaysian defense chief Mohamed Khaled Nordin told Bloomberg that the country will not rush to increase its defence budget despite US pressure for partners to become more self-reliant. Khaled spoke with Haslinda Amin in an exclusive interview at Asia’s premier defense summit, the Shangri-La Dialogue. (Source: Bloomberg)
Malaysian defense chief Mohamed Khaled Nordin told Bloomberg that the country will not rush to increase its defence budget despite US pressure for partners to become more self-reliant. Khaled spoke with Haslinda Amin in an exclusive interview at Asia’s premier defense summit, the Shangri-La Dialogue. (Source: Bloomberg)