malerapaso/E+ via Getty Images I believe that the ALPS O'Shares U.S. Quality Dividend ETF ( OUSA ) does not possess a mix of characteristics that would justify a bullish stance, so I leave the Hold rating I assigned to it in June 2021 and maintained a few times throughout the years, including in the previous article in June 2025, unchanged. In other words, I expect OUSA to underperform the iShares...
malerapaso/E+ via Getty Images I believe that the ALPS O'Shares U.S. Quality Dividend ETF ( OUSA ) does not possess a mix of characteristics that would justify a bullish stance, so I leave the Hold rating I assigned to it in June 2021 and maintained a few times throughout the years, including in the previous article in June 2025, unchanged. In other words, I expect OUSA to underperform the iShares Core S&P 500 ETF ( IVV ) this year (i.e., deliver only a mid-single-digit gain, while IVV should hopefully achieve a high single-digit gain in my base case). It is my observation that the markets have recently rediscovered the buzzword of February–March 2020: complacency. The buy-the-dip mentality (having a moment as of March 31) is now clashing with realism and even pessimism. So, it seems this is a moment when ETFs that have a value tilt, high quality, and a touch of low volatility should attract more attention from investors who have something of a capital preservation orientation with a goal of minimizing possible drawdowns without exiting equities completely. However, the issue I see here is that vehicles that offer this combination have a significant risk of underperformance during recoveries, mostly because of their exposure to the low volatility factor. And OUSA has that problem too—its historical upside capture of 78.25% (with IVV used as a benchmark) is a warning that even if it slightly outperforms IVV in a scenario with markets moving from euphoria they entered on March 31 to deep depression, it will more likely fail to capture its upside during the post-conflict recovery, leading to underperformance this year and beyond. However, I should clarify that I am not constructing a bearish thesis today for two reasons. First, the trajectory of the conflict is highly uncertain. And any clear signs of de-escalation will, without a doubt, pulverize bearish bets in the blink of an eye. For example, as I am writing this on March 31, the S&P 500 has rallied around 2.75% am...
Stoke-on-Trent, Staffordshire: These early spring bloomers are a favourite of mine, a model of nature’s generosity, yet so often ignored The drier days of March are always marked by the hum of dutiful grass-cutting on our urban Midlands housing estate , and so I know I will have to look to the gutters and pavements to spot my favourite spring flower. Sure enough, the first one I see is blooming in...
Stoke-on-Trent, Staffordshire: These early spring bloomers are a favourite of mine, a model of nature’s generosity, yet so often ignored The drier days of March are always marked by the hum of dutiful grass-cutting on our urban Midlands housing estate , and so I know I will have to look to the gutters and pavements to spot my favourite spring flower. Sure enough, the first one I see is blooming in a crack beside a crumbling wall on the busy main road. I can’t help but let out a joyful shout, leaning down to cradle its fierce lion head in my fingers. Hello, dandelion, how I’ve missed you! Perhaps it’s being a wheelchair user, closer to the ground than most, that has given me a special place in my heart for them, or perhaps it’s because I’ve always felt like a weed myself, inconvenient and growing in the wrong place. Either way, I have long been kindred spirits with keen-eyed toddlers who love to carry them in their fists. I’ve often joked that my bridal bouquet will be dandelions, please. I can honestly think of no finer flower. Why? Because there is no better example of nature’s generosity than a dandelion. Continue reading...
This article was first published on April 2, 2016. by Eddie Lee Staff, fans bid farewell to broadcaster It was finally curtains for Asia Television last night (April 1, 2016) after a couple of near-shutdowns last month and one dramatic twist after another to the embattled station’s chequered final episode. Just before the stroke of midnight, the cash-strapped broadcaster pulled the plug after airi...
This article was first published on April 2, 2016. by Eddie Lee Staff, fans bid farewell to broadcaster It was finally curtains for Asia Television last night (April 1, 2016) after a couple of near-shutdowns last month and one dramatic twist after another to the embattled station’s chequered final episode. Just before the stroke of midnight, the cash-strapped broadcaster pulled the plug after airing a re-run of one of its trademark Miss Asia beauty pageants. The only fresh programmes on air...
AndreyPopov/iStock via Getty Images Market review and outlook The major equity indexes climbed to all-time highs in the third quarter as positive growth and continued interest-rate cuts by central banks raised hopes that the world economy was poised for a soft landing. The U.S. Federal Reserve joined its global peers in loosening policy with a half-point rate cut in September, a move that provided...
AndreyPopov/iStock via Getty Images Market review and outlook The major equity indexes climbed to all-time highs in the third quarter as positive growth and continued interest-rate cuts by central banks raised hopes that the world economy was poised for a soft landing. The U.S. Federal Reserve joined its global peers in loosening policy with a half-point rate cut in September, a move that provided a meaningful boost to sentiment. Stocks were also propelled by China's announcement of an aggressive economic stimulus package designed to support the nation's economy and financial markets. Contributors and detractors At the end of September, the fund was positioned with 121% of its capital invested in long positions (down slightly from 122% at the end of the second quarter) and -71% in short positions (versus -69% at the end of June), for a net exposure of 50% long. In comparison, the fund entered the quarter with a net long position of about 53%. The fund's long portfolio returned approximately 5.0% and underperformed the benchmark. The short portfolio lost ground with a return of -3.7%. Alibaba Group Holding Co. Ltd. ( BABA ), KKR Corp. ( KKR ), Broadcom, Inc. ( AVGO ), and Renesas Electronics Corp. ( RNECF ) were the leading single-stock contributors in the long portfolio. DexCom, Inc. ( DXCM ) and Samsung Electronics Co., Ltd. ( SSNLF ) were the most notable detractors. The fund combines five distinct strategies subadvised by Wellington Management, four of which produced positive absolute returns in the quarter. In the healthcare strategy, long positions in healthcare services and small- to mid-cap biopharmaceutical companies contributed. Holdings in semiconductor stocks detracted in information technology. Positions in capital markets, insurance, and consumer finance were the leading contributors in financials. Long positions in financials and consumer discretionary were the most notable contributors in the diversified equity strategy, but longs in consumer staples ...
phakphum patjangkata/iStock via Getty Images Manager perspective and outlook Throughout the fourth quarter, global risk assets delivered gains, with several equity markets reaching record or multi-year highs. Performance was largely driven by resilient corporate earnings and expectations for more accommodative monetary policy. Equity market leadership continued to broaden beyond US equities as non...
phakphum patjangkata/iStock via Getty Images Manager perspective and outlook Throughout the fourth quarter, global risk assets delivered gains, with several equity markets reaching record or multi-year highs. Performance was largely driven by resilient corporate earnings and expectations for more accommodative monetary policy. Equity market leadership continued to broaden beyond US equities as non-US markets outperformed. The rotation was driven in part by a weaker US dollar. Amid growing uncertainty about US trade and fiscal policies, central banks and large institutional investors appear to have sought to reduce risk by diversifying their holdings across different currencies and assets rather than keeping too much in US dollars, seemingly reflecting lower confidence in US dollar-denominated assets. Performance highlights The fund's Class A shares at net asset value (NAV) had a positive return in line with its balanced benchmark for the quarter. Equities: The fund's equity income exposures produced gains overall as global stocks largely advanced during the quarter. The fund's positions in Invesco S&P 500 Equal Weight Income Advantage ETF ( RSPA ) , Invesco QQQ Income Advantage ETF ( QQQA ) and Invesco MSCI EAFE Income Advantage ETF ( EFAA ) all posted gains and were top contributors to performance in the fourth quarter. Bonds: The fund's fixed income exposures also delivered an overall gain overall for the quarter. The fund's exposures to both US investment grade and high-yield bonds contributed to results, given that the US Federal Reserve cut the federal funds rate twice during the quarter. The fund's emerging market debt exposure also made a positive contribution to results. 30-day SEC yields Class A 5.19 Class R6 5.82 Class Y 5.72 Click to enlarge Had fees not been waived and/or expenses reimbursed, the SEC yields would have been 5.00% for Class A shares, 5.62% for Class R6 shares and 5.53% for Class Y shares. Gross performance attribution (%) Quarter Year to d...
Hiroshi Watanabe/DigitalVision via Getty Images Key Takeaways Markets: Global equity markets collectively advanced through the final quarter of 2025 as investors weighed easing inflation trends and expectations for lower policy rates in 2026 against slowing economic growth and persistent geopolitical risks. US stocks overall advanced into year-end, while other regions were more mixed—benefiting fr...
Hiroshi Watanabe/DigitalVision via Getty Images Key Takeaways Markets: Global equity markets collectively advanced through the final quarter of 2025 as investors weighed easing inflation trends and expectations for lower policy rates in 2026 against slowing economic growth and persistent geopolitical risks. US stocks overall advanced into year-end, while other regions were more mixed—benefiting from pockets of technology- and artificial intelligence-led strength (notably in Japan and China) but constrained by currency moves, uneven domestic demand and sector-specific headwinds. Contributors: Stock selection was a major contributor across most regions represented in the fund's portfolio, especially in continental Europe and the United States. Selection was also beneficial in the commodity-sensitive Australia and Canada. Detractors: Stock selection detracted from relative return in Japan, where results were especially weak in the consumer discretionary sector. Outlook: We retain measured conviction toward equities into 2026, as influential pillars of support for risk assets—such as inflation, policy and corporate fundamentals—remain healthy. These dynamics fuel our belief that equities have the potential to generate positive returns for investors, despite stretched valuations. Performance Review Stock selection added value across most regions represented in the fund's portfolio, led by continental Europe and the United States. Selection was also notably strong in Australia, and modestly so in Canada, the United Kingdom and developed Asia ex Japan. Selection detracted in Japan, especially in the consumer discretionary sector. Region and sector allocation decisions had little impact, with a modest benefit of an overweight to the United Kingdom, which outperformed the benchmark for the period. Outlook We retain measured conviction toward equities into 2026, as influential pillars of support for risk assets—such as inflation, policy and corporate fundamentals—remain healt...
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Tokyo and Sydney with Shery Ahn and Haidi Stroud-Watts, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Tokyo and Sydney with Shery Ahn and Haidi Stroud-Watts, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)