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Bloomberg Radio New York

05:53 min | 3 months ago

"kansas kansas city chiefs" Discussed on Bloomberg Radio New York

"Tournament's best player after the win the 35 year old Messi says he will not retire yet from international play. Week 15 Sunday, the NFL season with the New York Jets losing at home to the Detroit Lions 20 to 17 despite Zach Wilson throwing, the 317 yards with two touchdowns and an interception in his return to being the starting quarterback. Australian New England Patriots currently are battling at the Las Vegas Raiders 7 30 to go in the game raiders leading 17 to 16. It was a Kansas Kansas City Chiefs holding out to knock off Houston Texans and overtime 30 to 24 on the Jaguar stomach cowboys and overtime 40 to 34. Big NFC's battle on Sunday Night football 7 5 to one Washington commanders hosting the 7 5 and one New York Giants. I'm Dan Schwartzman that your Bloomberg world sports update, Brian. All right, thanks very much. The time now 15 minutes before the top of the island get to our guest Eric balchunas. Senior ETF analyst for Bloomberg intelligence, Eric joins us every Sunday evening Monday morning in Asia for a special look at ETFs. So Eric, by the dip is kind of done, it seems, but yet money is still flowing into ETFs. Yeah, so it's interesting. We look at ETF flows over the past week, $48 billion. And for the year, they're going to take in 600 billion in the U.S. and over 800 billion globally. The U.S., let's focus there. Money going into equities and fixed income, which is pretty wild considering how bad both have been in equities down around 17% this year fixed income down a 11%. Generally speaking. And if you look at that, there's definitely a vehicle change, right? Mutual funds have seen a $1 trillion in outflows. People using ETFs. It's a similar format change from the compact disc to the MP3 or digital music. So that's part of the flows. The other part that's interesting though is even though all that's happening, so people are putting money to work. The buy the dip is over. We've got some interesting data on that. For many years, we look at beat up ETFs and you would find buyers for those. There's just buy the dip. They were looking anywhere for a dip to buy kweb is a good example to China Internet ETF. Nobody's buying these beat up ETFs anymore. And when you look at the leverage crowd, the crowd that plays those leverage ETFs, they've moved from the leverage long to the inverse side. So for example, when they see sqq go down, they buy that, which is an inverse Q so if you buy that, you're basically selling the rip. And then TQ Q, which used to be the most popular buy the dip ETF has seen volume lower versus the inverse. So we do are one of our big themes to sell the rip is the new by the depth. And I think that I'll probably remain until the fed shifts. And who's benefiting the most out of these flows that you're talking about is that the Vanguard is the black rocks, the top of the scoreboard. Yeah, I mean, Vanguard and BlackRock are like on a whole nother level. Vanguard, they're both going to take in a ton of money, but Vanguard will etch them out for the third year in a row, which is interesting because BlackRock won 5 years before that. You just talk about the World Cup. This is like Brazil and France going back and forth, right? But there are some up and comers and other people who are actually decreasing the market share of the big three if you go in state street. It's coming down a little. And part of that reason is you've got really big mutual fund companies coming into the space. Like Morgan Stanley, capital group, American century, JPMorgan. They've had big years. So they are carving out niches. And the more these big companies come in, the more it will be tougher for the big three to remain with that 79% market share. It will probably get whittled down over the years. But still, organic flows, BlackRock and Vanguard taken almost two thirds of all the money. Yeah. Well, you say the best performing ETF of the year will shock you, so I would have to guess. I mean, I don't know exactly which ETF, but I mean, I could guess something like XLE or something tied to the oil industry. Yeah, great guess. Clearly, you follow the news. Energy, ETFs are like number two through number like 40. But number one is shocker. I was like, what? It's the turkey ETF. The iShares turkey to the country. And I looked into why, and I didn't realize this, but you know how all the central banks are basically raising rates and following the fed's playbook to battle inflation. Well, in turkey, the central banks like doing the opposite. They're like trying to fight fire with fire. Inflation is like 80%, but they're lowering rates. So investors locally have piled into stocks to try to get returns to battle the inflation, which is a whole interesting strategy, but in local Turkish lira terms, the market is up a 174% this year. When you convert it back to dollars, it's up about a 100% but still a 100% is enough to make it number one of all non leveraged ETFs. Fascinating. That's pretty good. You're also talking about tomorrow's ETF stars are yesterday's active mutual fund giants. Why do you say that? Yeah, because we looked at all of the new ETFs launched this year, 410 p.m. out. And if you look at all the assets that were gained by these rookies, 68% of them came from three companies, JPMorgan, capital group, third one is alluding me. It will come to me in a minute, but it's another big mutual fund company. DFA. And these three companies have tons of mutual fund assets, but they've taken in most of the money for new ETFs. That tells you that these are the companies that you're going to see being sort of the studs of tomorrow. They're not going to over replace Vanguard and BlackRock, but JPMorgan is a great example