The Markets October 10, 2011

ETF Assets Fell Nine Percent in September

Month over month, exchange-traded fund (ETF) assets fell $95 billion, down 9.1%, in September.
Reported by

According to the State Street Global Advisors (SSgA) ETF Snapshot report, 1,135 ETFs—with assets totaling $954 billion—were managed by 37 ETF managers as of September 30, 2011.   

ETF flows topped $5 billion in September. The Fixed Income category continued to see positive inflows attracting $5.7 billion in September and $29.2 billion year-to-date. With $4.3 billion leaving the category, the Size – Large Cap category saw the most significant outflows.   

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Concerning returns, International – Developed and Emerging Markets declined 9.5% and 14.6%, respectively, in September. Domestic Large Cap, Mid Cap, and Small Cap Markets all continued to decline, dropping 7%, 10.6%, and 10.3%, respectively. Conversely, the US Aggregate, the US Treasury and the US Corporate bond markets were all slightly positive in September. Commodities fell 12.2%.   

The top three managers in the U.S. ETF marketplace, as of September 30, were BlackRock, State Street, and Vanguard. Collectively, they account for approximately 83% of the U.S. listed ETF market.   

The top three ETFs in terms of dollar volume traded for the month were the SPDR S&P 500 [SPY], iShares Russell 2000 [IWM], and PowerShares QQQ [QQQ]. The top three ETFs in terms of assets for the month were the SPDR S&P 500 [SPY], SPDR Gold Shares [GLD], and Vanguard Emerging Markets [VWO].   

The ETF Snapshot report can be found at https://www.spdrs.com.
Products October 10, 2011

Man Launches Long Short Fund

Man Investments is launching the Man Long Short Fund, a long/short equity fund of hedge funds with scheduled monthly liquidity in a Registered Investment Company format.
Reported by

Man Investments (USA) LLC serves as the fund’s investment adviser and is part of Man’s Multi-Manager Business which has approximately $12.7 billion in funds under management globally as of September 30, 2011.   

The Man Long Short Fund requires an investment minimum of $50,000 and provides a transparent and liquid way to access up to 30 leading long/short equity managers in a diversified portfolio. The fund will allocate to managers in the U.S., Europe, Asia, and Emerging Markets. Investors will receive scheduled monthly liquidity and 1099 tax reporting. The Board of Trustees does not currently intend to undertake a holdback on tenders.  

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Man believes the potential downside protection exhibited by long/ short equity strategies is the key to their return profile and the basis through which these disciplines can offer more positive risk-adjusted returns relative to traditional long-only equity strategies.   

To view the fund’s prospectus and learn more about long/short equity investing and the Man Long Short Fund, visit http://www.manlongshortfund.com.

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