Monthly Archives: January 2017

U.S. Banks: Another Tough Quarter for Mega-Caps as All Four Experience Negative Q/Q EPS Growth (and Four-Year Near-Zero Growth Trend Persists)

On February 7th, 2017, we will be launching the Hamilton Capital Global Financials Yield ETF (HFY). It is the aspiration of HFY to generate “REIT-like yields, with positive rate sensitivity”.  Therefore, we anticipate that HFY would have close to zero exposure to the four mega-cap banks primarily while their yields are very low. There are nearly 400 global financials with yields in excess of 5%, and the average yield of these four banks is less than 2%, which is too low to merit inclusion in the fund (although we expect these yields to rise in 2017). As we have written in the past, given their low earnings growth profile, we do not own any in the Hamilton Capital Global Bank ETF (HBG). Read More»

Another U.S. Mid-Cap Bank Holding to be Acquired

Last night, it was announced that another Hamilton Capital Global Bank ETF (HGB) holding was being acquired, the second in 8 months. Along with greater EPS growth, lower regulatory risk, and higher interest rate sensitivity, this highlights one of the other reasons / themes why we prefer the U.S. mid-cap banks to their mega-cap peers: the potential for consolidation. Read More»

Are REITs Set to Underperform the Financials?

We are pleased to announce the launch of the Hamilton Capital Global Financials Yield ETF (HFY), which will begin trading on the TSX on Tuesday, February 7th. The objective of the ETF is to offer attractive distribution potential. Put differently, our aspiration is for the ETF to have “REIT-like yields, but with positive rate sensitivity”. Although REITs were recently separated from certain financial services indices (for example, U.S. financials index), we continue to consider REITs to be part of the “financial services” universe. As such, REITs are part of HFY’s investment universe and the ETF may often have exposure to these firms, both real estate and mortgage REITs. Read More»

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