Piling into stocks that are heavily shorted hasn’t been a winning strategy for active ETFs, menurut penelitian terbaru dari Bloomberg Intelligence. Analisis mengelompokkan ETF aktif berdasarkan seberapa banyak holdings AS mereka yang diinvestasikan ke nama-nama yang dicacah besar, dan mengelompokkan ulang keduanya setiap dua minggu. Selama hampir lima tahun, $1 yang diinvestasikan ke grup yang paling terpapar hanya menjadi $1.06, sedangkan $1.65 untuk fund dengan paparan terkecil ke saham yang dicacah. Masalahnya bukan karena fund dengan paparan tinggi tidak bisa rally—the kohort melonjak 110% dari minimum 2022, dan terkadang bahkan kawan yang menghindari saham yang dicacah melebihinya. Masalahnya adalah penurunan: fund tersebut menelan kerugian lebih besar pada 2022, meninggalkan mereka dengan climb yang jauh lebih panjang. Individual managers were mostly responsible for buying shares of shorted companies. The four stocks with the most buying relative to their short positions—Ubiquiti, Alamar, Stagwell and Maplebear (which does business as Instacart)—were each bought almost entirely by a single fund family. A stock getting love from just one fund family is less likely to turn into a broad-based squeeze.
A separate trend involves so-called “dividend nomads”—people funding a life of travel through investment income and a low cost of living abroad. They gravitate toward ETFs that use options and derivatives to generate regular cash payouts. Assets in derivative-income funds have quadrupled over the past three years to more than $270 billion as online influencers promote them as a shortcut to financial freedom. But many charge fees of 1% or more annually, and those eye-catching yields don’t necessarily translate into equally impressive total returns.
Take Jae Hyouk Jang, 43, who traveled through Thailand, Vietnam and Laos, living off about $130,000 in savings and high-octane investment strategies. Then there’s Dave and Mor Vanderhoef, who live in Portugal with more than $500,000 saved. They rely on about $70,000 invested in ETFs like the JPMorgan Equity Premium Income ETF (JEPI), generating roughly $700 a month—covering as much as half of their monthly expenses. While the dividend-nomad life may be possible, it isn’t without risks.
FAQ Q: Why haven’t active ETFs benefited from buying heavily shorted stocks?
FAQ A: Over nearly five years, $1 invested in the most shorted-stock-exposed group of active ETFs grew to just $1.06, compared to $1.65 for funds with the least exposure. While these funds did rally—surging 110% from their 2022 lows—bigger drawdowns in 2022 left them with a longer recovery period.
Sumber: Bloomberg Markets · Diringkas oleh HeadlinesBriefing