ETF investors have fueled the bull market since the end of February. Jeff Tjornehoj More Quotes by Jeff Tjornehoj More Quotes From Jeff Tjornehoj With Fed rate hikes moving at a snail’s pace, a primary motivator for investors seeking inflation protection - the rate reset feature of loans – is greatly diminished. Jeff Tjornehoj money While we’re very unlikely to see the US$20bn-plus outflows of the previous few years, these funds will continue to struggle with redemptions this year. Jeff Tjornehoj money They did like technology and utilities, which is an odd combination because utilities are a defensive play and technology is an aggressive one. Jeff Tjornehoj company-news We've had a couple of firms go on to repeat for a couple of years now, and it often surprises me that with all the competition in this industry that anyone can stay on top for as long as they do, it speaks to the people and the process they must have in place. I don't think it happens by accident. Jeff Tjornehoj money It takes the perspective that many investors have, we are hurt by losses more than we are rewarded by gains. Jeff Tjornehoj money Retail investors have been leery about equity for some time, they want to see a sustained rally. Jeff Tjornehoj company-news We started the year off horribly - I don't think there's been a worse January in history, that sets the tone for investor expectations. Jeff Tjornehoj money This is a loss of an oldie, there are not many funds that approach their 50th anniversary and drop dead just before it. Jeff Tjornehoj company-news He's had years of terrific performance but there is just so much volatility associated with his funds. Jeff Tjornehoj company-news Given enough time, it could work out, but that's the issue at hand: Will investors give them enough time to see this through? Jeff Tjornehoj company-news There were some ETF investors who liked what they saw in gold, there's always a point in the market where someone wants to be the first to spot the dip. Jeff Tjornehoj company-news Retail investors haven't seen enough momentum in the market to really prompt them to take another spin in loans, the market just looks too volatile. Jeff Tjornehoj company-news The market is showing some concern on the direction of interest rates. Jeff Tjornehoj money Not only did investors back away from domestic issues, but emerging-markets investors also read the tea leaves on higher interest rates, and they pulled money out. Jeff Tjornehoj money It points to concerns about higher interest rates ahead. Jeff Tjornehoj money Until we get better economic news out of China, I think the negative sentiment will weigh on investor behavior. Jeff Tjornehoj money The reason people got into loan funds was to protect themselves in a rising rate environment, they were sold on that idea a couple of years ago, especially in 2013 when they came flooding in. They have since failed to see a rise in rates, and money has been pulled out month after month after month. Jeff Tjornehoj company-news I don't have a very hopeful view for loan funds taking in money any time soon, and I think we'll see more outflows. Jeff Tjornehoj company-news Now it's debatable whether the Fed will even act in December. Jeff Tjornehoj company-news Given the wildcards out there - the Fed decision, will a recession hit China - the bond market will have more chances to get whipsawed, i think loans will outperform high yield, which has been trending lower with stocks. Investors have treated loans differently and seem to give them a pass during volatile moments. Jeff Tjornehoj company-news
