The Riskalyze Report: The Reflation Bet is Still On

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At the request of so many investment advisors, my friends at Riskalyze share the big trends in the assets going into and coming out of advisor portfolios every week. The underlying data is aggregated from hundreds of thousands of client accounts across the $120 billion and counting that advisors manage on the Riskalyze platform*. I hope we can uncover interesting trends for you each week…

Riskalyze

March 12th – March 18th

Winners (advisor flows TO these investments increased substantially):
  1. Financials (XLF)
  2. Floating Rate, (FLOT, FTSL, SAMBX)
  3. Materials (XLB)

Losers (advisor flows FROM these investments increased substantially):

  1. 1-3 Year Credit Bond (CSJ)
  2. Russell 2000 Value (IWN)
  3. IBM (IBM)

 

Josh here – financial advisors continued to make the reflation bet with the client portfolios they manage last week. According to Riskalyze CIO, Mike McDaniel, “Advisors continue to add flows to Financials, Floating Rate, and Materials week over week. Advisor use of the winners increased over 5% week over week.” Floating rate vehicles and bank equities continue to pop up in the winners list week after week – and these are an obvious wager that the pace of economic activity and the level of interest rates are going to expand. The materials addition here ties in with the same story.

Over in the selling column, we see quasi-cash substitute CSJ being axed. I had to look this one up – it’s a 1-3 year duration portfolio of international corporate bonds yielding less than 1.5% that somehow has over $11 billion under management. It appears to have underperformed its benchmark substantially over 3, 5 and 10 years. Good riddance?

*(to state the obvious, Riskalyze does not share client sensitive data with me or use animals in testing).  

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