C8 Knowledge Hub

The C8 Knowledge Hub contains all our updates on the C8 platform, updates from our Index providers, including macro drivers, and other assorted miscellanea that can aid the investment process.

Thoughts From The Divide: Signals vs Omens – Sept 6

BY JON WEBB

Call me superstitious, but some irrational part of me can’t help but think the disappointment surrounding the Nvidia results had wider significance. Like Mary Poppins leaving when the wind changes, sometimes it’s something mundane which, with the benefit of hindsight, signals a shift in sentiment. It’s not that Nvidia never disappoints, but it has come to feel like that recently. And since the Nvidia results, stocks do seem to have lost their mojo, in marked contrast to bonds. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy September 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy September 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy September 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

USDJPY: Update and Strategy Observation

BY JON WEBB

As USDJPY probes back towards the lows of its “liftshaft” experience in early August, longer dated implied volatility is on the rise and skew favours puts over calls even more than before. Read more →

Thoughts From The Divide: Disappointment

BY JON WEBB

The Nvidia results were eagerly awaited. This was entirely natural as Nvidia’s performance accounts for about 1/3 of the YtD gains on the S&P500. However, the results were not well received, which might be considered puzzling given Nvidia’s quarterly numbers met or beat analysts’ estimates on nearly every measure. The problem was not the numbers but what was expected: the “whisper” number. Nvidia investors have grown accustomed to blowout quarters, and these latest numbers were not blowouts. Read more →

Thoughts From The Divide: Reversals of Fortune

BY JON WEBB

Last week’s TFTD (“Not Too Hot, Not Too Cold”) referenced Goldilocks to illustrate the tightrope US markets were walking: an economy slow enough to keep bond bulls happy, but not so slow as might spook equity bulls. This week, we continue the bear theme, courtesy of Ernie Tedeschi, and what might be taken as a public service announcement from the BLS, reminding both policymakers and the investing public of the dangers associated with “rear-view mirror driving”. The BLS benchmark revision is usually too wonky to attract press attention. But this is an election year, so naturally the BLS misplacing 818k jobs was an irresistible opportunity for conspiracy theorizing on the platform formerly called “Twitter”. Read more →

Thoughts From The Divide: Not Too Hot, Not Too Cold

BY JON WEBB

Now that the “giant global margin call” appears to have run its course, global equity markets were free to celebrate successfully navigating the potential banana skin that was US inflation data (both CPI and PPI). Inflation is tamed (at least till next month) with only the irritating exception of the shelter components (again!) and those pesky insurance premiums. Turns out that inflation has a long tail: higher auto prices beget higher insurance premiums, and that’s without considering the impact of recent hail storms. That said perhaps we should count our blessings. Both headline CPI and PPI beat (i.e., were lower than) the consensus by 0.1%, which led some economists to point to a core PCE deflator figure below the Fed’s 2% target: good enough for stocks to start celebrating a September rate cut. Read more →

Thoughts From The Divide: A Giant Global Margin Call

BY JON WEBB

It’s possible to read too much into things. Consider it a flaw in our nature. But when we are told the “Worst of market sell-off might be over but hold on tight”, we can’t help but wonder about the hedged language. After all, if Goldman sees recent price action as prompted by a “giant global margin call”, surely the sell-off is an opportunity? Apparently not, as the GS note in question suggested that the flows they have seen were not consistent with “a ton of selling”. Is this diagnostically useful, and if so, in what way? If forced to offer an opinion (and we are), we would agree with GS that volumes have certainly not been indicative of capitulation. In fact, recent volatility might be better thought of as evidence of preternaturally low levels of liquidity. That in itself begs the question of why liquidity is so poor. August doldrums, or evidence of a Potemkin market? Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy August 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy August 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy August 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Thoughts From The Divide: The Door is Wide Open

BY JON WEBB

Last week, we flagged Bill Dudley’s abrupt change of mind: he now advocates immediate rate cuts. One might be forgiven for suspecting Bill had spent the week lobbying his old colleagues because the July 31st FOMC statement, and J Powell’s subsequent presser gave rates markets quite the boost. Of course, there were the usual Powell caveats: “If we were to see, for example, inflation moving down quickly - or more or less in line with expectations - growth remains reasonably strong, and the labor market remains consistent with its current condition, then I would think that a rate cut could be on the table at the September meeting”. But judging from SOFR pricing, the market took Powell’s caveats as mere teasing. Powell’s presser comments suggested maybe 50bps of cuts by year-end, but Dec 25 SOFR pricing suggests at least 75bps. Read more →

Thoughts From the Divide: When The Facts Change

BY JON WEBB

It has been a big news week. So much so that it’s quite hard to decide which was the biggest story. It’s certainly hard to ignore the announcement that Mr. Biden will not be running for re-election and has endorsed his VP, Kamala Harris. We generally try to avoid offering opinions on politics because a) it is not our day job and b) it’s a surefire way of making half your readers hate you. That said, we do think VP Harris’ exhortation to consider “What can be, unburdened by what has been” is good advice for both investors and policymakers. Read more →

USDJPY and Gamma Trading (29th July 2024)

BY JON WEBB

In our piece in February (Turning Japanese, Feb 2024) we discussed how carry trades in currencies have a predisposition to trade an “escalator / liftshaft” pattern. The Japanese Yen, as the principal funding currency, is particularly vulnerable to violent reversals to what has been a remarkably steady and successful carry trade. In the last couple of weeks, as analysts started to consider the possibility of a BoJ rate hike at their meeting on 31st July, JPY crosses exhibited a bout of significant strength. USDJPY fell around 10 big figures from ~162 to 152. Is that enough to have cleared the decks? Simply put, it is not possible to clear out two years of accumulated positions in a couple of weeks. The fact that CFTC commitment of trader positioning was showing JPY shorts at their most extended since 2007 (pre GFC) before last week’s sharpish position reduction, suggests this is merely a shot across the bows, so far. Japanese retail traders (Mrs Watanabe) have slowed accumulation to a stand still but wholesale flight is far from evident. Read more →

Thoughts From The Divide: An Inevitable Recession? –Surprise! (An Interview)

BY JON WEBB

In lieu of this week’s Thoughts From The Divide newsletter, we’re thrilled to share Julian Brigden’s recent chat with Blockworks’ Felix Jauvin. So, what’s on the docket? Well, we dive headfirst into the market’s somewhat naive hope that central banks will start slashing rates like they're on a budget cut spree. Spoiler alert: historical trends suggest that rate adjustments are rarely as swift or predictable as we'd all like. Those tightening cycles? They’re like that unpredictable friend who shows up late and drunk—potentially disastrous. Next up, we take a magnifying glass to those overly rosy 2025 pricing forecasts. Turns out, the market's optimism might be a tad misplaced. We break down the difference between disinflation that’s deliberately crafted and the kind that just happens because, well, life. Either way, it’s a wild ride with plenty of risks to consider. Read more →

Thoughts From the Divide: The (Golden) Path

BY JON WEBB

While the road to hell is paved with good intentions, it appears that the “golden path” to a soft landing (which by way of reminder is a “triumph of hope over experience”, if you ask Mr. Summers) is paved with rate cuts. In an interview earlier this week, the Chicago Fed president Austan Goolsbee cast another vote in favor of “adjustment cuts”, saying that “You risk the golden path if you are going to be as restrictive as we are now”. Meanwhile, Jerome Powell was quick to assure the audience during his latest interview that “today I am not going to be sending any signals, one way or the other on any particular meeting” as far as rate cuts are concerned. However, that did not prevent the Chair from referring to ol’ reliable of monetary policy, “long and variable lags”, to explain why, “if you wait until inflation gets all the way down to 2%, you’ve probably waited too long”. Read more →

Thoughts From the Divide: Pandora’s Box

BY JON WEBB

While the Whitehouse may have successfully avoided putting its foot in its mouth on inflation this year (We hope everyone stateside had a good Independence day), the topic remains at top of mind for more than just the bean counters, as policymakers and consumers alike grapple with a new version of Whitney Houston’s question, “How will I know if inflation is over?”. The last few weeks haven’t offered very clear guidance. CPI was cooler than expected, but PPI was above expectations. Both the ISM Manufacturing and Services reports saw strong price readings, but there were other signs of a retreat in demand. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy July 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy July 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy July 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Thoughts From The Divide: The Vital Few

BY JON WEBB

Winston Churchill said the above line in a speech delivered in 1940 to the House of Commons, noting in his survey of the war efforts that “The gratitude of every home in our Island… goes out to the British airmen who, undaunted by odds, unwearied in their constant challenge and mortal danger are turning the tide of the world war”. While we don’t want to focus this week on the “psalm of swords” (though we would note Denmark’s government may have broken the first rule of Fight Club in recommending its citizens stock up on water, food, medicine, and iodine tablets!), the British Bulldog’s words are particularly apt at the moment given so much of the economic landscape is dependent on “the vital few”. Read more →

Thoughts From The Divide: Downpayments on a Dream

BY JON WEBB

Buddhist teaching holds that all things are in a constant state of flux, implying that we should be prepared to let go of even our most cherished hopes. The John Burns affordability index seems to confirm this, suggesting that, at least for the time being, the American dream of home ownership is out of reach for new buyers. John Burns’ index includes the costs of a 30-year fixed-rate mortgage, amortization, insurance, and property taxes (naturally, it’s in the small print). Read more →

Thoughts From The Divide: The Right Time to Strike

BY JON WEBB

The saying is that one should wait until you see the whites of the enemy’s eyes before firing, but are there times when it’s worth waiting until you feel their breath? Case in point, the “whites” (losses) are certainly visible now in real estate debt, as we’ve highlighted in these pages, with the obvious consequences for owners of real estate debt. The latest data from the FDIC served to further highlight the obvious, warning that there are “63 ‘problem banks’ and $517 billion in unrealized losses” courtesy of higher rates hurting bank holdings of fixed income. Read more →

MI2 for C8 – JPY Liftshaft Alert

BY JON WEBB

There is a window emerging for position reduction in the widely held JPY carry trade. Positions are crowded at the same time that the rationale for the extension of the current benign regime is diminishing (carry, carry-to-vol, policy divergence, etc). There is no sense of danger within analyst expectations or embedded in option pricing. While we lack an immediate catalyst, sometimes price can be its own trigger. With USDJPY around 156 and an easily defined stop loss, the risk reward of engaging with JPY strength is compelling. Escalator / liftshaft price action provides significant convexity. Crowded JPY shorts would also need to be covered in the event of a risk-off catalyst coming from other asset classes. Owning USDJPY puts can be an attractive portfolio hedge for investors concerned about general market complacency or for more active tactical FX managers and traders. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy June 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy June 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy June 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Thoughts From The Divide: Collateral Damage – May 31 2024 – MI2 Partners

BY JON WEBB

If this week’s title sends a small shiver down your spine, you may be in the Real Estate/lending business. Sadly, there doesn’t appear to be any quick or easy cures, which is perhaps unsurprising as the hits keep coming. Bank OZK is the latest example, getting slammed after a Citi analyst noted “substantial concerns” over the company’s “largest individual loan… and Life Science construction lending in general”. Some might think the residential side is also showing some cracks, with pending home sales slumping to the “lowest level since the start of the pandemic”, and with an increasing number of listings opting to cut prices. The latter metric might itself be muted by the number of listings getting pulled… Cheery stuff! Read more →

Thoughts From The Divide: The Little Things

BY JON WEBB

Following the warnings from Walmart’s earnings last week, Target announced earnings this week and saw its stock walloped. As the CEO noted, “The ‘biggest challenges’ Target is hearing from its shoppers are ‘inflation in food and household essentials’”, further adding that “inflation is putting a ‘strain on the consumer wallet.’” Read more →

EURGBP Inflection Point

BY JON WEBB

Sell EURGBP above 0.85. First target 0.82. Longer term targets sub-0.80. Stop above 0.86. Read more →

Thoughts From The Divide: Lack of Action

BY JON WEBB

It’s another week of heavy-hitting inflation data, with PPI coming in hotter than expected, CPI was in line with expectations on a year-on-year basis, and import prices “rose by the most in two years in April amid rising costs for energy products and other goods”. Under the hood, both CPI and import prices showed additional signs of running hot, with the latter featuring an upwardly revised 0.6% month-on-month change in March, and the CPI data, including hot readings in some of the niches and metrics followed by Powell et al., such as the 4.0% annualized reading in six-month Core CPI and a sobering 6.0% annualized reading in six-month Core Services. Read more →

Thoughts From The Divide: Relatively Speaking

BY JON WEBB

In the second half of last year, as we continued to ponder the ever-impressive strength of the US consumer, we highlighted research on the subject of “excess” saving (which still seems a misnomer), noting JPM’s analysis that saw the consumer that had exhausted the various stimmy payments. Soon after, we discussed research from the San Francisco Fed that argued “a larger fraction of aggregate savings remains in the economy than previously expected”, thanks in part to “a comprehensive data revision”. The piece concluded that those savings would last until “the first half of 2024”. Well, while tomorrow may never truly arrive if free beer is involved (a medical concept?!), the future is now, and the SF Fed has bad news: “Pandemic Savings Are Gone”. As ever with economic research, this comes with a list of caveats, the jist of which are captured in the note accompanying the Fed’s chart below, i.e. savings are gone, relatively speaking. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy May 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy May 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy May 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Thoughts From The Divide: If Then

BY JON WEBB

With another “most important Fed meeting of our lifetime” squarely in the rearview, and the first round of knee-jerk market moves pass to the side mirrors, it’s worth reflecting a little on the Fed Chair Powell’s “works”. The “biggest” move was the announced tapering of treasuries QT to roughly $25b from the previous rate of $60b of run off a month, but beyond that Fed confidence was conspicuous by its absence. The Chairman stated as much, admitting that “the data have not given us that greater confidence” that inflation was moving toward the 2% goal that Powell indicated necessary (how long is a piece of string?) for cuts. Read more →

Thoughts From The Divide: Julian Brigden’s Latest Interview

BY JON WEBB

In lieu of this week’s Thoughts From The Divide, we wanted to share Julian's latest interview with Ted Oakley, Managing Partner at Oxbow Advisors. In this engaging discussion, Julian addresses economic, stock market, and extreme political instability. In this engaging discussion, Julian addresses economic, stock market, and extreme political instability. Read more →

Thoughts From The Divide: Finding Reasons

BY JON WEBB

The latest flurry of Fed speak has been a broad recanting of the previously guaranteed, 100% for sure, cuts this year, with members saying, “I definitely don’t feel urgency to cut rates”, “I’m not in a mad dash hurry to get there[, to lower rates]”, and “at some point, … we will start to normalize policy back to a less restrictive stance [ed. Ha!], but we don’t have to do that in a hurry”. It’s nice to be vindicated. But now what? Read more →

C8 Hedge – Hedge with an Edge

BY JON WEBB

We are delighted to announce that C8 Technologies is launching a systematic FX hedging platform which helps businesses easily and effectively manage their currency exposures. C8 Hedge offers corporate treasurers and investment professionals precise guidance for actively and optimally managing their foreign exchange exposures across multiple currencies, using intuitive and simple to use online tools. Read more →

Thoughts From The Divide: Bumps and Jumps

BY JON WEBB

At the risk of sounding like we’re going soft on Jerry and his pirate crew of crack forecasters, one might almost feel bad for the folks at the Eccles building. Despite their manifest belief that current real rates are restrictive, the economic “party goers” seem to be finding it very easy to keep going with the available supplies of punch. The takeaway seems to be that it’s hard to stop a party when fiscal policy keeps adding to the punchbowl. Grannie Yellen seems to love a booze up, followed by a Chinese banquet, and if we were honest, we might admit that’s pretty much been our MO for the last 15 years Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy April 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy April 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy April 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Whither US Treasuries?

BY JON WEBB

US growth dynamics remain stronger than many expected. The Federal Reserve seem hell bent on cutting rates but are getting cold comfort from recent data releases, however they attempt to spin it. Recent “off-message” comments from Fed officials underline that risk. If we continue in this vein, expect US rates to ratchet higher and bonds to remain vulnerable. Read more →

Thoughts From The Divide: The Moon

BY JON WEBB

If the Fed can “only know” the neutral rate (and hence whether policy is restrictive) “by its works”… there may be reason to think that the music is still playing. Whether it’s the price surges of misspelled celebrity memecoins ICOs such as “Joram Poowel” (a coin based on Elizabeth Warren was the “Top gainer” at the time of writing), the return of the Manufacturing PMI to positive territory “for the first time in 17 months”, or the simple good old fashioned break out of gold to all-time highs (sympathy to all mining stock bros, miners have failed to attract the same level of enthusiasm), the “restrictive” territory being bandied about seems less of a place of economic pain, and more one of milk and honey. Read more →

Thoughts From The Divide: Particularly Fluid

BY JON WEBB

Now a week out from the Fed making it clear that the squeeze of lower growth isn’t worth the juice of bringing inflation back to (not toward, Jerry!) 2%, Mohamed El-Erian summed up the state of play nicely in a recent article for the FT. The Queens’ College president noted that, “It is not often that you see a reputable central bank revise up its inflation and growth projections and yet strengthen a dovish tilt to its policy stance. Yet that is what happened in Washington last week when the Federal Reserve raised those projections up a notch and yet delivered two consequential signals – a willingness to tolerate higher inflation for longer and an openness to slow the ongoing reduction in its balance sheet.” Read more →

Thoughts From The Divide: Strength in Numbers

BY JON WEBB

The rest of the world isn’t quite experiencing the same economic momentum as the US (the latest S&P Flash PMI noted that “input costs rose at the fastest pace in six months, while firms increased their selling prices to the largest extent since April last year”), making cuts a more palatable choice, but we feel for the Fed, who wants to be the odd man out? Read more →

Thoughts From The Divide: Regrets

BY JON WEBB

With the Fed in blackout, the market has been left to its own devices to digest this week’s onslaught of economic data. The inflation data was particularly indigestible. CPI numbers came in hotter than expectations, with both Core and Headline higher than forecasts on a YoY basis at 3.8% and 3.2%, respectively: only slightly worse than expected, but worse than expected. The market also had to deal with PPI that was substantially hotter than expected: the month on month came in at 0.6%, double the consensus forecast. Under the surface, goods inflation appeared to once again be rearing its head, accounting for “about two-thirds of the rise in the headline PPI”, courtesy of “a 1.2% surge in goods prices, the biggest increase since August 2023”. (The Houthis are not helping). While the Fed may have taken a temporary vow of silence, Yellen is under no such constraint. Speaking in an interview on Fox, the Treasury secretary said, “I regret saying it, [inflation,] was transitory”, following up with the jab that “I think transitory means a few weeks or months to most people” (how long is a piece of string? To be fair, predicting inflation is, apparently, tricky: “there are clear limitations to how far into the future we can forecast inflation”). Read more →

Thoughts From the Divide: Attribution

BY JON WEBB

In April of last year, Huw Pill caught flack for saying that Brits “need to accept that they’re worse off”. This was followed by John Authers coming to the defense of the pilloried BoE chief economist. As we wrote, Authers noted that the comments were taken out of context and explained that the BoE’s Chief Economist was describing how “after a few external shocks, inflation becomes a collective action problem” where “ideally everyone would take a share of the hit, and then they can move on. Human nature isn’t like that, and as a result, economics isn’t like that”. Now, roughly a year later, the BoE’s Catherine Mann has picked up Mr. Authers’ baton. It turns out that people who can maintain their standard of living will tend to do just that! Bemoaning the “challenge” of bringing inflation back to target, Mann said there was “a lack of consumer discipline” to rein in businesses’ pricing power, Read more →

Thoughts From the Divide: Avoiding the Inverse

BY JON WEBB

Along with the release of the January Fed minutes this week, there was a deluge of Fed Speak, with Jefferson, Harker, Waller, and Cook all opining on the outlook for cuts. Most of the refrain was along the lines of Powell’s need for “confidence”, with Waller saying that he needed “to see at least another couple more months of inflation data” and Cook echoing the idea, saying that “as we gain greater confidence that disinflation is ongoing and sustainable, that changing outlook will warrant a change in the policy rate”. Harker pushed back on immediate cuts, asking for markets to “just give us a couple of meetings”, following up by saying, “I would caution anyone from looking for it right now and right away”. But while there may be some pushback on timing, that cuts are coming appears to be very much fait accompli in the mind of the Fed. Read more →

C8 Hedge on The Full FX

BY JON WEBB

Mattias Eriksson and Jon Webb join host Colin Lambert to discuss the launch of C8 Hedge Read more →

Thoughts From the Divide: Tremendous

BY JON WEBB

While there is likely some argument within the Administration as to whether supply chain shocks are both necessary and sufficient or simply necessary (mirrored by the Fed’s own divergence in views), it’s clear that Yellen and the White House are not too concerned about the Philips Curve, nor seem to put stock in John Cochrane’s “fiscal theory of the price level”. After all, Yellen is still quoted as saying that the US is on a responsible fiscal path, despite the deficit (which is, as Mosler notes, the public’s surplus). Or perhaps they think that with some proper cajoling, the greedflation genie can be put back in the bottle (at least temporarily) as CEO’s find a renewed sense of civic virtue and community? We wouldn’t hold our breath. Read more →

MI2 for C8 – The FX Year Ahead – Turning Japanese – Feb 2024

BY JON WEBB

Japan is likely to come into increasing focus this year. With bond yields now being allowed to rise as the BoJ’s Yield Curve Control experiment comes to an end, the BoJ’s roadmap to ending NIRP (if things go to plan), the multi-decade underperformance of Japanese equities still fresh in asset allocators’ minds (despite some promising upside momentum) and a chronically weak currency, (especially on a real effective, inflation-adjusted trade-weighted basis), there is plenty of potential for disruption. Read more →

Thoughts From The Divide: Hold On Tight

BY JON WEBB

“It’s obvious that there’s going to be stress and losses”. The comment is from Janet Yellen’s comments this week and comes from the discussion of the ongoing CRE dumpster fire. Stress and losses aside, the Treasury Secretary was unruffled, following up with the comment, “I hope and believe that this will not end up being a systemic risk to the banking system.” Yellen did admit that size matters. While “The exposure of the largest banks is quite low,… there may be smaller banks that are stressed by these developments” Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy February 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy February 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy February 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Thoughts From the Divide: Subjest to Change

BY JON WEBB

As the saying goes, “needs must when the devil drives”. We have no problem understanding the Fed’s decision to announce (at 7pm last night) that the details of the BTFP program needed to be altered. The problem was the overly juicy arbitrage, whereby banks could use the BTFP window to flip cash from the Fed into the RRP and pocket the not-insubstantial difference. We were impressed by the chutzpah involved in arbitraging two Fed facilities! Read more →

Thoughts From the Divide: The First Cut

BY JON WEBB

In love, the first cut may be the deepest (as per Rod Stewart, Sheryl Crow, and others). But for the Fed’s Waller, the first cut is to be done “methodically and carefully”. Tacky musical references aside, the Fed Governor explained in his speech earlier this week that “the data we have received the last few months is allowing the Committee to consider cutting the policy rate in 2024”. With inflation seemingly on the right path for reaching the FOMC’s “price-stability goal”, Waller was yet another confirmation of the adjustment cut thesis, explaining in his conclusion, “The healthy state of the economy provides the flexibility to lower the (nominal) policy rate to keep the real policy rate at an appropriate level of tightness.” Read more →

Thoughts From The Divide: Signs of Life

BY JON WEBB

For those of us who regularly follow the “wonksphere” on social media, it’s been hard to ignore the pushback against the doom and gloom that economic sentiment surveys have consistently reported. Commentators like Stancil and Sahm have bitterly complained about the disconnect between the public’s negative perceptions relative to the hard economic data, which is ostensibly pretty good. In this, they have been carrying water for policymakers like Lael Brainard, who have attempted to burnish the Administration’s economic achievements to push back against the negative perception of the economy. The most obvious of those achievements is the decline in inflation – see, we told you it was transitory! Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy January 2024 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy January 2024 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy January 2024 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Thoughts From The Divide: Danger to Itself

BY JON WEBB

In an op-ed for MSNBC, the “former Federal Reserve economist” warned against the Fed keeping “interest rates too high for too long”, which would cause it to “fail at its job” and snatch defeat from the jaws of victory. Sahm argues that the economy is “on course” for a soft landing, but “Federal Reserve Chair Jay Powell is not flying the plane, despite the popular narrative” (which is a far kinder metaphor than Jay being a toddler in the back seat with a toy steering wheel). Sahm suggests that “giving the Fed credit means we could learn the wrong lesson”. Read more →

Thoughts From The Divide: Identifying Ducks

BY JON WEBB

While we may have missed getting out our Thoughts From The Divide year-in-review piece before the new year (mea maxima culpa), we did manage to spend some time going through our “best of” and “greatest hits” in anticipation of the changing of the calendar. As usual, there were some repeated themes and tropes, but at the highest level, what struck us was that last year seemed very much governed by the timeless question from the underrated philosopher of science, Whitney Houston: “How will I know?” (closely followed by her observation that “crack is whack”) Read more →

Thoughts From the Divide – Lessons Learned

BY JON WEBB

If the saying is that we’re always fighting the last war, Chair Powell and his Fed comrades appear to be shellshocked. Not so long ago, when asked about where the FOMC’s collective thinking was, Mr Powell went with the rather cumbersome formulation “not thinking about thinking about” rate hikes. This time around, when asked about the various ins and outs of potential rate cuts, Powell said point blank that “the next question… is when it will become appropriate to begin dialing back the amount of policy restraint that’s in place… that’s really the next question, and that’s what people are thinking about and talking about”. Read more →

Thoughts From The Divide: Adjustments

BY JON WEBB

Last week’s excitement in bond markets came courtesy of Governor Waller offering a mechanical rationale for rate cuts. Simply, “If inflation goes down, you would lower the policy rate.” This came, of course, in the context of warnings about financial conditions and other caveats, but as is so often the case, what the markets heard was “so you’re telling me there’s a chance?”. That doesn’t mean that we disagree with the market’s read of where the Fed’s head is. Fed Governors don’t make too many boo-boos with their messaging, and when they do, it’s often an error of timing rather than content. The market has now priced cuts down to “around 4% by the end of 2024” and while that seems perhaps overdoing the enthusiasm a tad, we suspect that the market has gotten the gist about right. Read more →

USD Pivot Lower in 2024 – MI2 for C8

BY JON WEBB

MI2 currently has a bias for cyclical USD weakness as we progress into 2024, but this weakness could easily morph into an environment of secular USD decline. The early signs of USD weakness are falling into place, and with the current complacent consensus of stable FX relationships within the G4, the risk is building for a decisive break from the prevailing regime. Below, we segment our analysis to line up our skittles for a consensus-busting weak USD impulse. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy December 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy December 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy December 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy November 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy November 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy November 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy October 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy October 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy October 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Bulletin: Is the 60-40 Split Dead? (Advisor Hub)

BY JON WEBB

C8's CEO, Mattias Eriksson, proposes an alternative to this traditional equity-bond mix that results in better and more robust investment outcomes. It is achieved through a combination of adding uncorrelated alternative constituents and using modern portfolio construction methods. Read more →

C8 Bulletin: MI2 Joins C8 Studio

BY JON WEBB

The C8 Bulletin is back after a summer break, and we are delighted to announce that Macro Intelligence 2 Partners have added their Macro Alpha index to C8 Studio. The Macro Alpha strategy is deeply rooted in MI2's macroeconomic insights. These directional strategies encompass a broad range of asset classes. The strategy aims to optimize risk-adjusted returns by dynamically-adjusting portfolios based on changing macroeconomic conditions. Taking three of our Global Macro contributers (including MI2), combining using our proprietary Tactical Asset Allocation, would have produced a 24% annual gain with 11% volatility and, notably, a 40% negative correlation to the S&P over the past two years. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy September 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy September 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy September 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy August 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy August 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy August 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Bulletin: Power of Combination with IVI

BY JON WEBB

One of the big advantages of direct indexing with C8 is the ability to efficiently combine investment approaches on our platform, C8 Studio. A perfect example is the recent launch of a new index by one of our providers, IVI Capital. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy July 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy July 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy July 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Bulletin: Gauging the Impact of US Debt Limit Dynamics – Part II

BY JON WEBB

In February, one of our index providers, IVI Capital, outlined how the Debt Ceiling impasse would lead to an expansion of US liquidity, and more benign financial markets, until the Congressional stand-off was resolved. With the Debt Ceiling increase finally agreed, we asked IVI for an update. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy June 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy June 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy June 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Weekly Bulletin: Thor Financial now available on C8 Studio

BY JON WEBB

C8 Technologies is pleased to announce that five indices derived from Thor Financial Technologies will now be available through the C8 platform. The strategies will be available to C8 clients to be accessed through direct indexing and will be fully included in C8 studio and thus available to be combined with other strategies and allocations optimized to create complete portfolio solutions for clients. Read more →

C8 Weekly Bulletin: Trendrating now available on C8 Studio

BY JON WEBB

C8 Technologies is pleased to announce that seven Trendrating indices will now be available through the C8 platform. The strategies will be available to C8 clients to be accessed through a direct index and will be fully included in C8 Studio, thus available to be combined with other strategies and allocations optimized to create complete portfolio solutions for clients. We then use C8 Studio to demonstrate the new indices. Read more →

C8 Weekly Bulletin: Direct Indexing and Capturing EM Trends with EVOLIDS

BY JON WEBB

One of our index providers, EVOLIDS, has produced a great piece on the advantages of Direct Indexing. Over the past year there has been increasing focus on opportunities in Emerging Market equities on the back of higher commodity prices, and inflation in developed markets. Access the EVOLIDS Global Emerging Markets Long/Short Index on C8 Studio to take advantage of this renewed volatility. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy May 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy May 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy May 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Weekly Bulletin: AI Investing with Brain

BY JON WEBB

The C8 Weekly Bulletin returns after an Easter break with the announcement that Brain, an AI-driven research provider, has now joined the C8 platform. Brain has developed NODES; an integrated Artificial Intelligence Engine that combines Artificial Intelligence algorithms with proprietary Natural Language Processing techniques to process a large volume of external information. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy April 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy April 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy April 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Weekly Bulletin: Trend-following in Volatile Times – the C8 Way

BY JON WEBB

The first quarter of 2023 has been notable for its skittish financial markets. First, there was optimism that this year would prove calmer than 2022, followed by renewed concern about inflation and the impact of bond holdings in the US banking system. This culminated in the forced takeover of Credit Suisse at the weekend. Traditional trend-following strategies performed strongly in 2022, but these rapid shifts in sentiment have proved more difficult to navigate. The SocGen CTA index is down 6% year-to-date, and down nearly 10% in the past week. Here is the good news! The C8 Global Active Futures index avoided this sell-off and remains up on the year. Why the difference? C8's proprietary allocation process selects from a wide range of trend and counter-trend strategies, and is responsive to volatility levels, so adapts more readily to changing market environments. Read more →

C8 Weekly Bulletin: Trendrating on US Bank Stocks

BY JON WEBB

C8 Technologies are delighted to announce that Trendrating will be adding 7 US and European equity indices to C8 Studio. They have been working with investors over the past 10 years to enhance equity portfolios, using a proprietary methodology which focuses on determining the ongoing trend in individual equities. Trendrating have just produced a timely report on US bank stocks which they have kindly allowed C8 to share. This illustrates that, whilst the Silicon Valley Bank failure had idiosyncratic issues, investors perceive a much wider problem with smaller US banks. Read more →

C8 Weekly Bulletin: Don’t Fight the Fed, Don’t Believe Them Either

BY JON WEBB

After last week's Bulletin, featuring an excerpt from Boutique CIO's strategy piece, we had a number of requests to see the whole document. So we are sending it out in this week's Bulletin. It is a great overview of the current US investment environment. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy March 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy March 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy March 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Weekly Bulletin: Can US Earnings Rebound as Forecast

BY SCOTT DOUGLASS

We follow-up from last week’s piece by IVI Capital on US debt dynamics, with an… Read more →

C8 Weekly Bulletin: US Debt Limit Dynamics

BY SCOTT DOUGLASS

Gauging the Impact of US Debt Limit Dynamics Read more →

C8 Weekly Bulletin: The asset class ‘du jour’ – corporate bonds!

BY JON WEBB

The latest Financial Times opinion piece 'The Long View' flags investor interest in an exciting new asset class – not crypto, not AI-driven stocks… but newly higher-yielding corporate bonds! January data on ETF inflows certainly underlined the revived US investor appetite for fixed income with overall inflows running slightly of those into equities. Amid this constructive backdrop, USD and EUR corporate bond markets begin 2023 on a robust note. Read more →

C8 Weekly Bulletin: Backing Value over Defensive – NDR’s Smart Sector

BY JON WEBB

January’s 6.2% advance in the US S&P500 index was far from uniform with sector performances stretching from a 15% gain in consumer discretionary to a 2% retreat in utilities. Given the importance of sectoral positioning - alongside overall market-directional bets - this week we give the opportunity to our index provider, Ned David Research, to outline the big calls from its 'Dan Hagen/ NDR Smart Sector with Catastrophic Stop' strategy. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy February 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy February 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy February 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

A New Approach to Sector Investing

BY SCOTT DOUGLASS

Many advisors that we speak to believe that it is possible to improve client outcomes through tactical management of sector exposure, but developing the right strategy for doing so can be extremely difficult. Please see attached link to a 15-minute webinar where Craig Cmiel, Managing Director of C8 Technologies US, and Chris McHeffey, Head of US product at C8, will introduce a powerful new tool that can potentially enable advisors to deliver better returns, lower risk, or both through tactical management of sector exposures. This scientific approach might be a great addition to your toolkit. Read more →

C8 Weekly Bulletin: Artificial Intelligence and Direct Indexing Webcast

BY JON WEBB

C8 were delighted to contribute to the inaugural webcast of one of our index providers, Axyon.AI, to discuss the topic 'Investing with Artificial Intelligence and Direct Indexing'. Our CEO, Mattias Eriksson, and our Head of Southern Europe, Riccardo Baroni joined Axyon CEO Danielle Grassi. The discussion gives a great overview of the benefits and growth of Direct Indexing, C8's cutting-edge platform 'C8 Studio', and Axyon's innovative approach to creating indices using AI. Please click on the image below to watch the webcast. Read more →

C8 Weekly Bulletin: Return to Income

BY ROBERT MINIKIN

Whilst the New Year's recovery in stock markets has grabbed much of the headlines, we also note that last year's fixed income sell-off has created opportunities in income products. This week we illustrate this using C8 Studio, with income-generating indices from Vettafi. Read more →

C8 Weekly Bulletin: Europe performs well in ‘long only’ recovery

BY ROBERT MINIKIN

The new calendar year has begun with an explosive extension of the 'long only' asset rally which has been underway since last October’s Fed signal of smaller rate hikes. The positive case for European asset markets specifically been reinforced by a new slide in regional natural prices – to levels last seen ahead of the Ukraine invasion. In this Weekly Bulletin, we take a look at how investors can build European asset market exposure on the C8 platform. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy January 2023 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy January 2023 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy January 2023 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8’s Weekly Bulletin: Seasons Greetings!

BY JON WEBB

It has been another strong year for C8 Technologies, as we continue to expand and spread the direct indexing message worldwide. We could not have done it without you all, our clients, partners and friends. We are very grateful for all your support in sharing our journey and achievements. Thank you! May we wish you the season's greetings and best wishes for 2023. For our final issue of the year, we highlight the recent recovery in interest rate and bond markets, and in 'long-only' allocation strategies, both of which were hit hard in the first three quarters of 2022. Read more →

C8 Weekly Bulletin; No, that is not AI

BY ROBERT MINIKIN

This week's issue is guest edited by one of our index providers, Axyon AI. Based in Italy, Axyon AI is a fintech company with a mission to bring AI-powered predictive value to the investment management industry. Using C8 Studio, the performance of Axyon AI's equity indices are then compared with classic market-cap weighted benchmarks. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy December 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy December 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy December 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Weekly; China Liberalisation Coincides with C8 China Futures Access Launch

BY ROBERT MINIKIN

Over the month since our C8 Weekly Bulletin highlighted early signs of an opening up of the Chinese economy, the liberalisation steps have gathered new momentum. Against this backdrop, the timing may be propitious for Cirdan Capital's launch today of the C8 China Futures Access certificate. Read more →

C8 Weekly Bulletin: New Provider – Arabesque

BY ROBERT MINIKIN

C8 are delighted that Arabesque has joined the C8 ecosystem. Arabesque have a well-respected ESG ratings business, S-Ray, as well as an innovative AI-driven investment allocation platform, combining both to be the world's first AI ESG fund manager. We then illustrate how C8 Studio can be used to build a portfolio of their AI ESG indices. Read more →

C8 Weekly Bulletin – “Hope” is not an investment strategy

BY ROBERT MINIKIN

Given so much investor focus on macro-drivers, we are pleased that IVI Capital, the global macro hedge fund, have provided us with a new update on their market outlook. The IVI Capital Global Macro Index is a daily, futures-only strategy and C8 Studio shows the index up 24.0% so far this year. Read more →

C8’s Weekly Bulletin: US Patent Granted

BY ROBERT MINIKIN

C8, the pioneering fintech platform that offers investors the ability to use direct indexing across all liquid asset classes and investment styles, announces that the US Patent Office has issued a patent on C8’s ground-breaking end-to-end platforms, C8 Studio and C8 Wealth, for Direct Indexing. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy November 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy November 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy November 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Technologies Expands into the US with New Tools and Team

BY JON WEBB

C8 Technologies Expands into the US with New Tools and Team November 1, 2022… Read more →

C8 Weekly Bulletin: Trick or Treat for ‘Long Only’?

BY ROBERT MINIKIN

This week’s Fed meeting will be watched closely for hints of a policy pivot following reports that some officials favour slower policy tightening and amidst a revival in global risk appetite. In this Bulletin we take a look at the recovery in the performance of 'long only' strategies on the C8 platform. Read more →

C8 Weekly Bulletin: Trend Following

BY ROBERT MINIKIN

Central banks have had to act aggressively to contain inflation expectations - leading to an unwinding of excess global liquidity and divergent responses across asset classes. A return to "normal" financial markets, with less policy support for asset prices and higher market volatility. In this context, there is also new investor interest in trend-following strategies that exploit diverging market dynamics. C8 Studio contains both high quality trend-following indices and innovative combination technology. Read more →

C8 Weekly Bulletin: The ExtractAlpha advantage

BY ROBERT MINIKIN

This week’s Bulletin is guest edited by one of C8's index contributors – ExtractAlpha. Their Smart Earnings Index leverages their proprietary US earnings and revenue forecasts - which both consistently outperform the Wall Street consensus. The Index is a highly liquid strategy favouring large cap stocks and has delivered an annual return roughly 40% higher than that of the S&P500 over the past decade - and with similar volatility. Read more →

C8 Weekly Bulletin: US Earnings and the Corporate Balance Sheet

BY JON WEBB

Amidst the US Q3 earnings season, this Bulletin takes a quick look at corporate debt dynamics - a particular focus as market repricing has substantially boosted returns from short-maturity corporate credit exposure. C8 platform rates products are very diverse, ranging from cross-asset allocation to direct bond investment portfolios based on the S&P iBoxx bond indices and targeting specific credit/duration risks. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy October 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

C8 Weekly Bulletin – Adding Uncorrelated Returns

BY JON WEBB

With equity and bond markets having moved in tandem for the past few years, this week's Bulletin focuses on the potential to add uncorrelated returns to an equity/bond portfolio. Read more →

C8 Weekly Bulletin: Are Fed rate hike expectations realistic?

BY ROBERT MINIKIN

This week's Bulletin is being guest edited by one of our newest index providers, IVI Capital, a global macro hedge fund. Their index is a daily, futures-only strategy. C8 Studio shows the index up 23.5% so far this year. Read more →

C8 Weekly Bulletin: Central banks meet amid forecast failures

BY ROBERT MINIKIN

Welcome to our first issue of the C8 Weekly Bulletin. With many years of market experience, we at C8 see real benefits from having a concise overview of key economic and policy developments, whatever the specific investment approach. We are happy to share this overview with our clients and partners, and, where appropriate, highlight indices on C8 Studio which resonate with the current market environment. Read more →

NDR Fixed Income Allocation Strategy October 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy October 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 China Onshore Futures

BY JON WEBB

Summary: Appendix A (FIA Exchange Ranking Data) Appendix B (FIA Contract Ranking Data China Futures Market Growth & Local Exchanges Increasing Openness & Regulatory Framework C8 Program, Sub-Components & Historical Performance Competitors & Competitive Advantages Persistent Barriers to Entry & Regulatory Hurdles Read more →

C8 Global CTA Program (Index)

BY JON WEBB

C8 Global CTA Program- Opportunity Overview: C8 Global CTA Program Background: C8 Global CTA Program (Index) Program Methodology Constituents Historical Performance Diversification & Benefits to the Investor Implementation Methods Read more →

C8 Multi-Asset Global Opportunities August 2022 Monthly Report

BY JON WEBB

In August, as the inflation viewpoint becomes established, the certificate was able to capture these moves, rebounding sharply to rise by 4.6% in the month. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy September 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy August 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy September 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 Product Update – Aug 2022

BY JON WEBB

Please find below monthly updates for the following C8-driven products: C8 Corporate Bond Monthly Update, C8 Active World ESG Index, C8 Multi Asset Global Opportunities Certificate, C8 China Futures Access TRS, C8/ Greenblue Good Governance US Equity L/S Certificate Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy August 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy August 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

C8 Announces new Credit Suisse Active World ESG Certificate

BY JON WEBB

C8, the pioneering fintech platform that offers investors the ability to use direct indexing across all liquid asset classes and investment styles, today announces that Credit Suisse has issued an Actively Managed Certificate, the ‘Credit Suisse Active World ESG Certificate’. This certificate combines the equity names in the Morningstar Developed Markets Sustainability 200 Index, with weights from C8’s proprietary equity factor overlay. Read more →

Stargazer Asset Management Weekly – July 25 2022

BY ERIC FILL

Our weekly tour of markets Read more →

NDR Dynamic Allocation Strategy August 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8 features in article: ‘Spotify investing’ threatens asset managers

BY JON WEBB

This flexibility means [Direct Indexing] is the "next step" for investors, says Mattias Eriksson, founder and chief executive officer of C8 Technologies, a direct index solution provider. "No one buys ready-mixed music CDs anymore when you have personalised playlists on Spotify [a music streaming service]. Probably we will see the same level of personalisation in the asset management industry," says Mr Eriksson. Read more →

Stargazer Asset Management Weekly – July 18 2022

BY ERIC FILL

Our weekly tour of markets Read more →

Stargazer Asset Management Weekly – July 11 2022

BY ERIC FILL

Our weekly tour of markets Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy July 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy July 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy July 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – June 20 2022

BY ERIC FILL

Our weekly tour of markets Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy June 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy June 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy June 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – June 6 2022

BY ERIC FILL

Our weekly tour of markets. Read more →

Stargazer Asset Management Weekly – May 23 2022

BY ERIC FILL

Our weekly tour of markets Read more →

A Comment on the April decline and some suggestions for what to do

BY JON WEBB

April was a poor month for equities. Global Market capitalisation based benchmarks declined 8%+ in US$ terms and approximately 3% in A$ terms as the A$ declined in a "risk-off" environment, as it usually does. Most countries and sectors declined. Evidence of rampant price inflation, suffered as usual by those least able to deal with it, are in almost every financial media article. What happens now? So where should we invest? Read more →

Stargazer Asset Management Weekly – May 16 2022

BY ERIC FILL

Our weekly tour of markets Read more →

Stargazer Asset Management Weekly – May 9 2022

BY ERIC FILL

Our weekly tour of markets. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy May 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy May 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy May 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – May 2 2022

BY ERIC FILL

Our weekly tour of markets Read more →

Delft – some-stuff-you-don’t-want-to-think-about-but-should

BY JON WEBB

And yet here we are, perhaps caused by years of unorthodox monetary policy, where many managers and clients perceive risk as irrelevant and an irritant? All focus is upon return – those ‘sexy’ growth stocks, that 10 bagger PE fund, that property that will inevitably benefit from a lick of paint or a change of use permission, and of course the free put option available to all investors that has been a feature of monetary policy in essentially the last 25 years. So we're going to bore you with a brief article on the independent variable known as risk. Return, the glamourous bit, is the dependent variable. No risk, no return. So, if you can’t define, measure, and manage risk then your returns are a function of luck. Not a lot of people know that. We spend a lot of time obsessing about risk especially in multi-asset portfolios, whose Alphas and Betas are both correlated at different extents at different times, and where they offer differing opportunities for active and passive approaches at different times. Read more →

Stargazer Asset Management Weekly – April 25 2022

BY ERIC FILL

Our weekly tour of markets. Read more →

FOLIOBEYOND FIXED INCOME COMMENTARY FOR Q1 2022

BY JON WEBB

The historic adjustment that the fixed income market is undergoing is long overdue. Negative real rates, pent-up inflationary and labor market pressures, continued supply chain bottlenecks, and possible aggressive Fed tightening were bound to result in a massive reversal of the long-term bull market. While we have witnessed dramatic moves higher in interest rates during the first quarter of 2022, we believe this is likely to be the early innings of a more significant repricing of various asset classes until a temporary equilibrium is reached. Read more →

Favour Needs not Wants?

BY JON WEBB

Most risk assets have had a decent fall this year. Long overdue and somewhat predictable perhaps but as ever it’s the most popular stocks and styles that have been hit hardest. We call it investing in stocks that meet needs rather than wants. Read more →

Stargazer Asset Management Weekly – April 18 2022

BY ERIC FILL

Our weekly tour of markets. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy April 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy April 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy April 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – April 4 2022

BY ERIC FILL

Our weekly tour of markets. Read more →

Stargazer Asset Management Weekly – March 28 2022

BY ERIC FILL

Our weekly global markets roundup. Read more →

Cirdan issue C8-based certificate – ‘C8 Multi-Asset Global Opportunities’

BY JON WEBB

C8, the pioneering fintech platform that offers investors the ability to use direct indexing across all liquid asset classes and investment styles, today announces that Cirdan Capital has issued an Actively Managed Certificate (AMC), C8 Multi-Asset Global Opportunities (GMAO) Read more →

Stargazer Asset Management Weekly – March 21 2022

BY ERIC FILL

Our weekly update on global markets. Read more →

Stargazer Asset Management Weekly – March 14 2022

BY ERIC FILL

Our weekly tour of Global Markets. Read more →

Stargazer Asset Management Weekly – March 7 2022

BY ERIC FILL

Our weekly look at markets. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy March 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy March 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy March 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

A fictitious memo to Jay Powell from a ‘staffer’ at the Fed?

BY JON WEBB

We may have gone too far and there are risks in continuing this monetary policy. To quote Keynes, "Once doubt begins, it spreads rapidly". We need to decide where we go from here; now. Read more →

C8 GBI Good Governance January 2022 Monthly Report – Cirdan Capital

BY JON WEBB

The ‘Good Governance’ certificate was steadily recovering from January’s sell-off but was hit once again as energy prices spiked following the Russian invasion of Ukraine. The certificate ended down 0.6% on the month. Read more →

Stargazer Asset Management Weekly – February 28 2022

BY ERIC FILL

Our weekly tour of the markets. Read more →

Stargazer Asset Management Weekly – February 21 2022

BY ERIC FILL

Our weekly update on markets. Read more →

Stargazer Asset Management Weekly – February 14 2022

BY ERIC FILL

Our weekly tour of the markets. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy February 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy February 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy February 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – February 7 2022

BY ERIC FILL

Our weekly tour of global markets. Read more →

C8 GBI Good Governance January 2022 Monthly Report – Cirdan Capital

BY JON WEBB

The ‘Good Governance’ certificate performed badly in January, particularly in the last week of the month, giving back December’s outsize gains, to end 6.6% lower on the month. There was no overriding theme, with the broad sector sell-off in US stocks, on rising expectations of US rate rises, also reflected in the ‘Good Governance’ portfolio. Read more →

Stargazer Asset Management Weekly – January 31 2022

BY ERIC FILL

Our weekly look at the markets. Read more →

Stargazer Asset Management Weekly – January 24 2022

BY ERIC FILL

Our weekly roundup. Read more →

C8 Technologies expands into Spain with two new hires

BY JON WEBB

C8 Technologies expands into Spain with two new hires Read more →

C8 Technologies and Green Blue Invest combine to create the first Good Governance US Equity L/S Index

BY JON WEBB

C8 Technologies and Green Blue Invest combine to create the first Good Governance US Equity L/S Index Read more →

C8 Technologies continues to grow with senior hires across the US and UK

BY JON WEBB

C8 Technologies continues to grow with senior hires across the US and UK Read more →

Singularity Fund – Fact Sheet December 2021

BY JON WEBB

Singularity Fund - Fact Sheet December 2021 Read more →

The Singularity Group – Q4 & Full Year Report

BY JON WEBB

The Singularity Group - Q4 & Full Year Report Read more →

C8 GBI Good Governance December 2021 Monthly Report – Certificate up 4.9% in 2021 – Cirdan Capital

BY JON WEBB

The ‘Good Governance’ certificate closed out the year with a strong month, up 6.3% in December, to leave the certificate up 4.9% in 2021, and 10.7% since inception. Most notable was a rotation away from some of the more speculative (and less well-governed) stocks in the S&P 500 into our Good Governance portfolio, as year-end approached. Read more →

Stargazer Asset Management Weekly – January 10 2022

BY ERIC FILL

Our weekly look at global markets Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy January 2022 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy January 2022 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy January 2022 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – January 3 2022

BY ERIC FILL

This week's global markets update to ring in the New Year. Read more →

Stargazer Asset Management Weekly – December 27 2021

BY ERIC FILL

Our weekly spin through markets. Happy New Year! Read more →

Stargazer Asset Management Weekly – December 20 2021

BY ERIC FILL

Our weekly view of markets. Read more →

Stargazer Asset Management Weekly – December 13 2021

BY JON WEBB

Our weekly take on the markets and what to keep an eye on. Read more →

JP Omega US Cross Asset Index – November 2021 month end report

BY JON WEBB

JP Omega US Cross Asset Index - November 2021 month end report Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy December 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy December 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy December 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – December 6 2021

BY ERIC FILL

Our weekly take on the markets and what to keep an eye on. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate – November 2021

BY JON WEBB

The certificate fell by 1% on the month. The Good Governance premia had been making steady gains before falling, towards the end of the month, as volatility returned to US stocks (the certificate is already back higher in early December). Read more →

C8 announces Diversified Risk Premia Index

BY JON WEBB

C8, the pioneering fintech platform that offers investors the ability to use direct indexing across all liquid asset classes and investment styles, today announces its Diversified Risk Premia Index, a multi-strategy portfolio which enables access to diversified indices that track a desired performance, with low volatility and strong returns. Index robustness and long-term continuity are maintained through the use of diversification and tactically allocating capital into selected constituent portfolios. Read more →

Stargazer Asset Management Weekly – November 29 2021

BY ERIC FILL

Our weekly view of global markets. Read more →

Stargazer Asset Management Weekly – November 22 2021

BY ERIC FILL

A weekly tour of what we are seeing and thinking in global markets. Read more →

NDR -Advantages of Direct Indexing and a Dynamic Allocation Strategy

BY JON WEBB

Focus on how C8's direct indexing can be used with Ned Davis Research's Dynamic Allocation Strategy Read more →

Stargazer Asset Management Weekly – November 15 2021

BY ERIC FILL

The latest weekly roundup of what we are seeing and thinking about in global markets. Read more →

Singularity Index – October 2021 Factsheet

BY JON WEBB

The Singularity Fund is a long only global, all sector equity UCITS ( fund with daily liquidity that tracks the Singularity Index ™( Bloomberg NQ 2045 a proprietary index based on a unique methodology that captures exponential innovation globally. Read more →

JP Omega US Cross Asset – Monthly Report – October 2021

BY JON WEBB

The portfolio performed well and delivered +9.5% return in October, bringing a YTD return of +22.9%. The performance resulted from 50% equity exposure together with 25% exposure to both real estate and commodities. The allocation was fully leveraged (1.3x), as in September. There was no participation in Fixed Income and the further flattening of the Treasury Yield curve. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy November 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy November 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy November 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate – October 2021

BY JON WEBB

The ‘Good Governance’ certificate recovered some of last month’s losses in October, rising by 0.7%, as commodity markets stabilised, and in some cases, reversed their recent sharp gains. High energy prices and post-Covid supply chain issues remain however, but, as we have previously expressed, we believe that the ‘Good Governance’ premia can perform well as these influences diminish over time. Read more →

Stargazer Asset Management Weekly – November 1 2021

BY ERIC FILL

This week we take another bite of the inflation apple and look at markets overall. Read more →

EPIC Photonics Index Introduction

BY JON WEBB

EPIC Photonics Brochure Oct 2021… Read more →

Stargazer Asset Management Weekly – October 25 2021

BY ERIC FILL

This week we look at inflation, rates, and some FX trades. Read more →

Stargazer Asset Management Weekly – October 18 2021

BY ERIC FILL

Welcome to our weekly tour of global markets. Read more →

Stargazer Asset Management Weekly – October 11 2021

BY ERIC FILL

This week we look at energy and interest rates and the effects they are having on markets. Read more →

Choosing a Fixed Income Allocation with Portfolio Optimization

BY SARAH GRIECO

With inflation debated daily among investment professionals and media reporters, it is virtually impossible to predict interest rate movement or the economic landscape. Given that many retail investors focus on equity investments, choosing a fixed income allocation can be particularly difficult given the lack of accessible tools and models. As interest rates and inflation expectations evolve, a tactical rules-based approach to portfolio optimization can help provide investors with a flexible fixed income allocation in different scenarios. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy October 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy October 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy October 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – October 4 2021

BY ERIC FILL

This week we look at the fragile market conditions the Fed and China. Read more →

C8 Update – IHS Corporate Bond Index Customization and Crypto Combination – Sep 2021

BY JON WEBB

The C8 Update investigates different approaches to direct indexing of corporate using IHS Markit bond indices. We also illustrate the power of combination by using our proprietary Tactical Asset Allocation methodology to combine 4 cryptocurrency indices. Read more →

Stargazer Asset Management Weekly – September 27 2021

BY ERIC FILL

This week we look at CB's and what last week's move in global yields could bring next. Read more →

Stargazer Asset Management Weekly – September 20 2021

BY ERIC FILL

This week we look at the upcoming CB decisions and the important price levels we have hit across markets. Read more →

C8 Letter in the FT

BY JON WEBB

Letter: Benefits of Direct Indexing are Clear to ESG Investors Read more →

Income Opportunities: Offsetting Low Yields in a Portfolio

BY SARAH GRIECO

With many investments offering yields below historical averages, building an income portfolio today is not as easy as it used to be, and simply accepting lower yields may not satisfy investors’ needs. This note frames the challenge for income investors and offers a practical example of how modest allocations to midstream MLPs and closed-end funds can help offset lower yields from other investments. Read more →

Stargazer Asset Management Weekly – September 13 2021

BY ERIC FILL

This week we look at the current state of global markets and the ECB's "recalibration". Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy September 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy September 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy September 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – September 6 2021

BY ERIC FILL

This week we look at the upcoming ECB meeting, China, equities and gold. Read more →

Stargazer Asset Management Weekly – August 30 2021

BY ERIC FILL

This week we look at the Fed and the PBoC and the current state of markets overall. Read more →

Midstream/MLPs: Well-Positioned for Inflation

BY SARAH GRIECO

From used cars to groceries, inflation is rampant across multiple sectors amid the reopening of the global economy, and though the delta variant has stalled reopening, expectations for inflation continue to gain steam. Yesterday’s note discusses how midstream can protect investors from the effects of inflation and potentially benefit them through a sustained inflationary period. Read more →

ESG Investor “ETFs Offering Tailored Approach to Low Carbon Investing” – with discussion on C8’s Direct Indexing solution

BY JON WEBB

Article on "ETFs Offering Tailored Approach to Low Carbon Investing" discussing C8's tailored Direct Indexing solution for pension funds and other asset owners. Read more →

IDX Digital Assets – Volatility in Digital Assets

BY JON WEBB

IDX Digital Assets - Video presentation and Q+A on 'Volatility in Digital Assets and why it Doesn't Need to be a Hurdle to Enter the Space' Read more →

Stargazer Asset Management Weekly – August 16 2021

BY ERIC FILL

This week we look at the broad state of markets including EM, Europe and the tight ranges in FX. Read more →

Stargazer Asset Management Weekly – August 9 2021

BY ERIC FILL

This week we look at current inflation/employment dynamics and the recent move in yields and the dollar. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy August 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy August 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy August 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

Stargazer Asset Management Weekly – August 2 2021

BY ERIC FILL

This week we look at the Fed, China, and growing divergences in global markets. Read more →

C8 Technologies adds S&P Dow Jones Indices to its fast-growing platform

BY JON WEBB

For immediate release C8 Technologies adds S&P Dow Jones Indices to its fast growing… Read more →

Stargazer Asset Management Weekly – July 26 2021

BY ERIC FILL

This week we look at the ECB, the Fed, the current COVID situation, and China. Read more →

Stargazer Asset Management Weekly – July 19 2021

BY ERIC FILL

This week we take a quick look at upcoming ECB meeting and what we are seeing in global markets. Some issues are building. Read more →

Stargazer Asset Management Weekly – July 12 2021

BY ERIC FILL

This week we look at factors driving yields as well as ECB and PBoC policy decisions. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy July 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy July 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy July 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8/Green Blue US Equity L/S Certificate 2027 – June 2021

BY JON WEBB

After a period of strong gains, the Good Governance Certificate gave back 3.2% in June. With oil and gas stocks excluded from our long basket on ESG grounds, the sharp recovery in these stocks (up 23% since the start of May) weighed on the overall performance. However, this underperformance is to be expected, given the ESG exclusions, when, for example, the oil price rises sharply. This leaves the Certificate up 2.6% in the first half of the year, and up 8.2% since inception. Read more →

Stargazer Asset Management Weekly – July 5 2021

BY ERIC FILL

This week we take a look at the employment numbers for the US and some warning signs for EM. Read more →

Stargazer Asset Management Weekly – June 28 2021

BY ERIC FILL

This week we look at upcoming employment numbers. Quiet before the storm? Read more →

Stargazer Asset Management Weekly – June 21 2021

BY ERIC FILL

This week we look at the Fed's hawkishness and its effect on the markets. Read more →

Midstream/MLPs Reap Benefits from Selective Divestures

BY SARAH GRIECO

Midstream/MLPs and corporations are leveraging a favorable energy environment and increased private equity interest to… Read more →

Alerian/S-Network Global Indexes: The Thematic Times

BY SARAH GRIECO

Investing in Biotechnology: Disrupting the Healthcare Space Read more →

Stargazer Asset Management Weekly – June 14 2021

BY ERIC FILL

This week we look at the upcoming Fed meeting and the inflation / employment dynamic . Read more →

Stargazer Asset Management Weekly – June 7 2021

BY ERIC FILL

This week we discuss the upcoming CB announcements and data prints and take a look at the price action across asset classes. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy June 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model and allocations update. Read more →

NDR Fixed Income Allocation Strategy June 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

NDR Dynamic Allocation Strategy June 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy, indicators, weightings update Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate up 1.7% in May

BY JON WEBB

C8/GreenBlue Good Governance US Equity L/S Certificate up 1.7% in May… Read more →

C8 Technologies Raised $7mio in Growth Funding – Press Release – May 2021

BY JON WEBB

PRESS RELEASE C8 Technologies raised $7 million in growth funding The London-based Fintech company,… Read more →

Stargazer Asset Management Weekly – June 1 2021

BY ERIC FILL

This week we look at CB's, what is driving bond yields and the Yen. Read more →

C8 Update – New Index Combination Release – May 2021

BY JON WEBB

In this post, we run through the full suite of new Combination Methodologies which have been released on the C8 Direct Indexing platform, C8 Studio. Read more →

Stargazer Asset Management Weekly – May 24 2021

BY ERIC FILL

This week we discuss CB's and inflation, both current and expected. We also look at crypto. Read more →

Stargazer Asset Management Weekly – May 17 2021

BY ERIC FILL

This week we look at the Fed and it's reaction function with regard to inflation and employment. We also look at Gold. Read more →

Stargazer Asset Management Weekly – May 10 2021

BY ERIC FILL

This week we touch on the current inflation and employment pictures and the potential breakout in the USD that is supporting Gold. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy May 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model, composites, allocation update Read more →

NDR Fixed Income Allocation Strategy May 2021 Update

BY BRIAN SANBORN

NDR Fixed Income Allocation Strategy positioning, allocations, indicators update. Read more →

NDR Dynamic Allocation Strategy May 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy allocation, indicators, weightings update Read more →

Stargazer Asset Management Weekly – May 3 2021

BY ERIC FILL

This week we look at the Fed and when taper might come, as well as equities, the dollar, bond yields and even ETH/BTC. Read more →

Midstream/MLPs: 2020 Cost Discipline Has Benefits Into 2021

BY SARAH GRIECO

For midstream/MLPs, cost management and asset optimization helped partially offset macro headwinds in 2020, contributing to stable EBITDA and allowing excess cash flow to be used for debt reduction and in some cases, buybacks. Read more →

A Smarter Approach to Closed-End Funds

BY SARAH GRIECO

For investors primarily looking for income, the ongoing period of low interest rates can present a challenge. However, with several structural advantages, closed-end funds may provide an attractive option for enhancing a portfolio’s income. Read more →

Alerian/S-Network Global Indexes: The Thematic Times

BY SARAH GRIECO

Timely Trends for Today's Markets Read more →

Stargazer Asset Management Weekly – April 26 2021

BY ERIC FILL

This week we look at the CB meetings, and the three current market risks: COVID, inflation, and taxes. Read more →

Stargazer Asset Management Weekly – April 19 2021

BY ERIC FILL

This week we look at the upcoming ECB meeting, and take a spin through global markets. Read more →

Stargazer Asset Management Weekly – April 12 2021

BY ERIC FILL

This week we look at Biden action items, the Fed, and across markets. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate up 5.9% in March

BY JON WEBB

March Monthly Report for C8/GreenBlue Good Governance US Equity L/S Certificate, issued by Cirdan Capital, update. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy April 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, investment, composites, allocation, positioning. Read more →

NDR Fixed Income Allocation Strategy April 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy entered the month with aggressive positioning. Both Emerging Markets and U.S. High Yield received large overweight allocations. All of U.S. Treasury Inflation-Protected Securities' (TIPS) macro, fundamental, technical, or behavioral indicators were bullish at the start of the month. Click the link below to read more about the strategy's positioning. Read more →

NDR Dynamic Allocation Strategy April 2021 Update

BY BRIAN SANBORN

The Dynamic Allocation Strategy increased allocation to equities to almost 100%. All six top-level indicators in the model (relative strength, participation, leading economic indicators, shipping rates, manufacturing, and central banks) favor equities over fixed income. Within the equities decision, U.S. Large-Cap, U.S. Value, and U.S. Small-Caps received the largest weightings. Click the link below to read more about the strategy's positioning. Read more →

Searching for More Income? Find Opportunities in Today’s Market

BY SARAH GRIECO

With many traditional income investments offering yields below historical averages, income-seeking investors are often pressed… Read more →

Stargazer Asset Management Weekly – April 5 2021

BY ERIC FILL

This week we look at inflation, volatility, European equities and lots more... Read more →

iClima Distributed Renewable Energy Index

BY GABRIELA HERCULANO

iClima Earth brings to market another unique equity index, this time providing exposure to companies promoting the decentralisation of energy generation. Read more →

iClima Global Decarbonisation Enablers Index Overview

BY GABRIELA HERCULANO

A global equity benchmark currently representing 157 companies that enable CO2e avoidance. The index is calculated and published by Solactive and rebalances semi-annually. Read more →

Stargazer Asset Management Weekly – March 29 2021

BY ERIC FILL

This week we take a tour through the state of various asset classes and how higher yields remain the driver at the moment. Read more →

C8 Update – New US Index Provider Special + Crypto Trading Enabled – Mar 2021

BY JON WEBB

C8 Update on our new office opening in New York and US Index Providers joining our platform. Read more →

Dynamic Asset Allocation with Risk Controls vs. Passive Indexing

BY SARAH GRIECO

FOLIOBEYOND COMMENTARY ON DYNAMIC ASSET ALLOCATION The recent movement in rates has… Read more →

Stargazer Asset Management Weekly – March 22 2021

BY ERIC FILL

This week we look at the Fed's plan and how markets are reacting. It is all about bond yields at the moment. Read more →

FolioBeyond S-Network Fixed Income Commentary February 2021

BY SARAH GRIECO

Volatility is back in interest rates and a rules based tactical approach to portfolio construction is more important than ever. Are you ready for a rise in interest rates? Read more →

FOLIOBEYOND COMMENTARY ON TACTICAL ASSET ALLOCATION

BY SARAH GRIECO

Tactical Asset Allocation vs. Passive Indexing The recent movement in rates has… Read more →

Stargazer Asset Management Weekly – March 15 2021

BY ERIC FILL

This week we look at the ECB and Fed meetings and if European equities might be an interesting play. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate – February 2021

BY JON WEBB

February Monthly Report for C8/GreenBlue Good Governance US Equity L/S Certificate, issued by Cirdan Capital, update. Read more →

Stargazer Asset Management Weekly – March 8 2021

BY ERIC FILL

This week we look at the jump in global bond yields and how, if, CB's are likely to react. We also spin through the current state of markets. Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy March 2021 Update

BY BRIAN SANBORN

Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy, model, composites, allocation update Read more →

NDR Fixed Income Allocation Strategy March 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy entered the month with aggressive positioning. Both Emerging Markets and U.S. High Yield received large overweight allocations. Only one of EM's macro, fundamental, technical, or behavioral indicators was bearish at the start of the month. Click the link below to read more about the strategy's positioning. Read more →

NDR Dynamic Allocation Strategy March 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy allocation, indicators, positioning, update Read more →

Stargazer Asset Management Weekly – March 1 2021

BY ERIC FILL

This week we look at how markets and CB's are reacting to the swoon in global bond markets. Read more →

Stargazer Asset Management Weekly – February 22 2021

BY ERIC FILL

This week we look at the US yield curve and the recent move in bond yields. We also examine the danger to corporate bonds, EM USD bonds and even TIPS. Read more →

Stargazer Asset Management Weekly – February 15 2021

BY ERIC FILL

This week we look at the too much/too little stimulus debate and inflation outcomes. Also, how the drop in cases could be affecting markets. Read more →

Press Release: Ned Davis Research Partners with C8 Technologies to Revolutionize Direct Indexing

BY JON WEBB

Ned Davis Research (NDR) today announces its partnership with C8 Technologies, the first global marketplace for asset owners, funds, banks and index providers. NDR's comprehensive, historical data with C8's top-tier user experience platform disrupts the status quo of direct indexing by increasing access among investors to active, tradeable indices. "Over the past 5 years, we've seen growing demand among our clients globally to access our highly renowned models for direct investment," said Brian Sanborn, Senior Vice President of Wealth Management Solutions at Ned Davis Research. "This new partnership with C8 simplifies the implementation of NDR's insights, while giving investors the flexibility to tailor a solution specific to their portfolio's mandate." Read more →

C8 Update – S&P Dow Jones Indices and Ned Davis Research join C8 Studio + C8 FT Article – Feb 2021

BY JON WEBB

We discuss S&P Dow Jones Indices and Ned Davis Research, who have both joined C8 Studio, whilst C8 was featured in article in the FT. Read more →

C8 Featured in a Financial Times Article

BY JON WEBB

C8 featured today in an Financial Times article discussing how Direct Indexing can be a complement to Funds and ETFs. Read more →

Stargazer Asset Management Weekly – February 8 2021

BY ERIC FILL

This week we look at inflation, bond yields, the dollar and the overall state of markets. Read more →

NDR Fixed Income Allocation Strategy February 2021 Update

BY BRIAN SANBORN

The NDR Fixed Income Allocation Strategy entered the month with aggressive positioning. Both Emerging Markets and U.S. High Yield received large overweight allocations. None of EM's macro, fundamental, technical, or behavioral indicators were bearish at the start of the month. Click the link below to read more about the strategy's positioning. Read more →

NDR Dynamic Allocation Strategy February 2021 Update

BY BRIAN SANBORN

Dynamic Allocation Strategy allocation, indicators, weightings update Read more →

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy February 2021 Update

BY BRIAN SANBORN

Based on the February model update, the Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy remains fully invested. The NDR Catastrophic Stop model is based on the combination of two proprietary composites: 1) the Internal Composite (technical and price-related indicators) and 2) the External Composite (fundamental, economic, interest rate, and behavioral/sentiment indicators). Each composite is one-half of the overall score. This month's allocation to U.S. equities has an overweight on Information Technology and underweight for Consumer Staples. The sector allocations are determined using NDR's Sector Model, where each sector has sector-specific, weight-of-the-evidence composites of fundamental, economic, technical, and behavioral indicators to determine the sector’s probability of outperforming the S&P 500. Click the link below to read more about the strategy's positioning. Read more →

Stargazer Asset Management Weekly – February 1 2021

BY ERIC FILL

This week we look at the reversal in equities, the r/WSB phenomenon and the USD. Read more →

Stargazer Asset Management Weekly – January 25 2021

BY ERIC FILL

This week we look at how markets are priced and what views have now been discounted. Read more →

Stargazer Asset Management Weekly – January 18 2021

BY ERIC FILL

This week we look at Fed speeches, the Biden plan, the state of sentiment and valuations in the equity markets and the prospects for inflation. Read more →

NDR Fixed Income Allocation Strategy January 2021 Update

BY BRIAN SANBORN

Day Hagan/NDR Smart Sector® with Catastrophic Stop Strategy January 2021 Update

BY BRIAN SANBORN

Based on the January model update, the Day Hagan/Ned Davis Research Smart Sector® with Catastrophic Stop strategy remains fully invested. The NDR Catastrophic Stop model is based on the combination of two proprietary composites: 1) the Internal Composite (technical and price-related indicators) and 2) the External Composite (fundamental, economic, interest rate, and behavioral/sentiment indicators). Each composite is one-half of the overall score. This month's allocation to U.S. equities has an overweight on Information Technology and underweight for Consumer Staples, Energy, and Utilities. The sector allocations are determined using NDR's Sector Model, where each sector has sector-specific, weight-of-the-evidence composites of fundamental, economic, technical, and behavioral indicators to determine the sector’s probability of outperforming the S&P 500. Click the link below to read more about the strategy's positioning. Read more →

NDR Dynamic Allocation Strategy January 2021 Update

BY BRIAN SANBORN

The Dynamic Allocation Strategy entered the new year with a large allocation to equities. The top-level indicators in the model (relative strength, breadth, leading economic indicators, manufacturing, shipping rates, and central banks) continue to favor equities relative to fixed income. Within the equities decision, Emerging Markets, U.S. Small-Caps, and U.S. Growth received the largest weightings. Click the link below to read more about the strategy's positioning. Read more →

Stargazer Asset Management Weekly – January 11 2021

BY ERIC FILL

This week we look at the importance of what comes next for bond yields and how that might affect global markets. Read more →

Pegassets – EAM Blueprint for Rescuing Active Investment Mgt

BY JON WEBB

There have been innumerable papers written in recent years explaining why passive management is the heir apparent to traditional active management. This is not such a paper. Nor is this a paper urging patience because active management is on the cusp of reclaiming dominance. Without structural change, it cannot. In fact, pivotal data presented in this paper quantifies that evolutionary improvements will be insufficient to alter active management’s inferior position versus passive. Status quo has become a permanent trap for active managers. Read more →

Stargazer Asset Management Weekly – January 4 2021

BY ERIC FILL

This week we look at the state of equities and monetary/fiscal expectations as well as China. Read more →

C8/GreenBlue Good Governance US Equity L/S – December 2020 Review – +5.4% in 2020

BY JON WEBB

After a strong November, the Certificate gave back 1.2% in December to close 2020 with a 5.4% gain. It was certainly a challenging year to launch the Certificate, however it still made consistent gains through the year. Most impressive was the standout performance in the Q1 equity sell-off. Read more →

Stargazer Asset Management Weekly – December 28 2020

BY ERIC FILL

This week we wrap up the year with a short 2021 preview of what to watch. Read more →

Stargazer Asset Management Weekly – December 21 2020

BY ERIC FILL

This week we recap the Fed meeting, look at current sentiment and positioning and discuss how reflation hopes are driving the markets. Read more →

Stargazer Asset Management Weekly – December 14 2020

BY ERIC FILL

This week we look at the current state of the markets and what to look out for as a sign that change is in the air. Read more →

Stargazer Asset Management Weekly – December 7 2020

BY ERIC FILL

This week we look at the present situation across global markets and what we are currently watching. Read more →

Stargazer Asset Management Weekly – November 30 2020

BY ERIC FILL

This week we look at Yellen as Treasury Secretary, the Dec. ECB meeting, the MMT Zeitgeist and the state of various asset classes. Read more →

Stargazer Asset Management Weekly – November 23 2020

BY ERIC FILL

This week we look at the state of markets across asset classes. We also comment on the Mnuchin/Powell spat and on the latest developments regarding CBDC. Read more →

C8 Update – IHS Markit Bond Indexes on C8 Studio – Nov 2020

BY JON WEBB

C8 Update - IHS Markit Bond Indexes on C8 Studio - Nov 2020: IHS Markit Bond and Credit Indexes, C8 Expands into US, New Provider: Alpha Vee, BidFX Adds C8 FX Indices, C8/S-Network/Efficient Alpha Webinar Read more →

Stargazer Asset Management Weekly – November 16 2020

BY ERIC FILL

This week we discuss CB's and potential US Treasury Secretary, the jump in equities, rotation and macro markets overall. Read more →

Alpha Vee’s Moshik Kovarsky discusses his fundamental momentum strategy

BY AYAL BAHARY

Alpha Vee Risk Managed Allocation Top 5 Sector Equities & Treasury Bonds Index Report 2020-11-07

BY AYAL BAHARY

Alpha Vee Risk Managed Allocation Top 5 Sector Equities & Treasury Bonds Index Report… Read more →

Stargazer Asset Management Weekly – November 9 2020

BY ERIC FILL

This week we look at the US election, the ECB's next move and the current state of markets. Read more →

C8/Green Blue ‘Good Governance’ Certificate – October 2020

BY JON WEBB

The Certificate had a strong start to the month but pre-US election stock market jitters lead to these gains being given back as October progressed. As a result, the certificate ended unchanged on the month. With the HFRX Equity Index down ½% on the month, the Certificate has now outperformed this HF index by almost 10% this year. Read more →

Stargazer Asset Management Weekly – November 2 2020

BY ERIC FILL

This week we look at last Thursday's ECB meeting and what is likely to follow. We also touch on the coming move towards hydrogen, the state of COVID and how markets are prepped for what could be a wild US election week. Read more →

BidFX teams up with C8 Technologies to offer tradable FX indexes

BY JON WEBB

https://fxnewsgroup.com/forex-news/institutional/bidfx-teams-up-with-c8-technologies-to-offer-tradable-fx-indexes/… Read more →

Technology for Currency Hedge Funds – FX Hedge Fund Expo 26-11-2020

BY JON WEBB

Technology for Currency Hedge Funds - FX Hedge Fund Expo Panel 2 with Jon Webb C8 COO discussing 'Technology for Currency Hedge Funds' Read more →

Stargazer Asset Management Weekly – October 26 2020

BY ERIC FILL

This week we discuss the upcoming ECB meeting, FedNow, digital currencies and the current sideways state of Global Macro markets. Read more →

C8 Monthly Update – China Reform and C8 China Indices – Oct 2020

BY JON WEBB

INNOVATIVE TRADING I COST-EFFICIENT I FULL CONTROL I TRULY GLOBAL I TRANSPARENT & ETHICAL C8 Monthly… Read more →

Stargazer Asset Management Weekly – October 19 2020

BY ERIC FILL

This week we look at current European headwinds, China's outperformance, CB's and Gold sentiment. Read more →

Seeking Singularity October 2020

BY JON WEBB

he Singularity Fund is a long-only, global, all-sector equity UCITS (Lux) fund with daily liquidity that tracks the Singularity Index™ (SI, Bloomberg Ticker: NQ2045), a proprietary index based on a unique methodology that captures exponential innovation globally. Companies from all conventional sectors and industries are weighted according to their revenue exposure to 12 Singularity Sectors, resulting in a high level of diversification beyond the technology sector and beyond typical benchmarks. Read more →

Stargazer Asset Management Weekly – October 12 2020

BY ERIC FILL

This week we look at the move from monetary to fiscal policy, bond yields, equities, FX and precious metals markets. Read more →

Delft Q3 Update

BY JON WEBB

Global High Conviction World markets were again volatile in Q3. We anticipate this continuing for… Read more →

Stargazer Asset Management Weekly – October 5 2020

BY ERIC FILL

This week we discuss the ECB's shift in forward guidance, the need for further fiscal spending pre vaccine and the continued attempts at US sector rotation. Read more →

C8 GBI September 2020 Monthly Report – Cirdan Capital

BY JON WEBB

September was a month of two halves, the initial retracement in the S&P 500 was also matched by some further weakness in the Certificate, however the partial rebound in US stocks later in the month favoured the ‘Good Governance’ portfolio, leaving the Certificate up on the month. This leaves the Certificate up 5% since inception. Read more →

Stargazer Asset Management Weekly – September 28 2020

BY ERIC FILL

This week we discuss the current lay of the land in FX, Equities, FI, Gold and Silver. Read more →

Stargazer Asset Management Weekly – September 21 2020

BY ERIC FILL

This week we have a look at the reversal in US big tech and the rotation into small cap and value. We also look at what the Feds new forward guidance means. Read more →

C8 Monthly Update – The Next Step: Tactical Asset Allocation – Sep 2020

BY JON WEBB

We have now released a new combination algorithm, Tactical Asset Allocation (TAA). In this case, instead of using a Risk Parity weighting across our 5 ARP combinations, we determine what combination of indices would produce the most consistent performance. In contrast to risk parity, which gives an equal risk-adjusted weight to each component of the portfolio, or mean variance, which always looks for the highest risk return, TAA focuses consistency. Read more →

Stargazer Asset Management Weekly – September 14 2020

BY ERIC FILL

This week we cover the Fed, ECB and most asset classes in a quick run through of where we are and what to watch. Read more →

Stargazer Asset Management Weekly – September 7 2020

BY ERIC FILL

This week we discuss financial conditions in Europe vs. the US, bonds, FX and the potential reversal signals in global equities. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate – August 2020 Review + Risk Premia Webinar

BY JON WEBB

C8/GreenBlue Good Governance US Equity L/S Certificate – August 2020… Read more →

Stargazer Asset Management Weekly – August 31 2020

BY ERIC FILL

This week we update you on the Fed, the dollar, US yields and relative equity performance. Read more →

C8 Mentioned in Interview with Ex-Congressman Barney Frank

BY JON WEBB

From an interview with former Congressman Barney Frank: From last month, investors have been able… Read more →

Stargazer Asset Management Weekly – August 24 2020

BY ERIC FILL

This week we look at the Fed, potential effects of M2 growth, government bond yields and the dollar. Read more →

C8 Interview Discussing Risk Premia

BY JON WEBB

AlphaBot Webinar: Risk Premia – Dead, Alive, Reinvented?… Read more →

Stargazer Asset Management Weekly – August 17 2020

BY ERIC FILL

This week we look at rising yields and what could come next, continued European under-performance and stalled globalization. Read more →

C8 Podcast – Water Risk Index

BY JON WEBB

Last week, we had the pleasure of taking part in a podcast for IBS Intelligence, along with one of our Index Providers, Thomas Schumann. We discussed their innovative ESG Water Risk Index as well as the C8 Direct Indexing platform. Please have a listen by clicking the link below: Read more →

Stargazer Asset Management Weekly – August 10 2020

BY ERIC FILL

This week we look at how extreme markets have become and why that brings opportunity. We also have a look at the USD, precious metals and relative equity index and sector performance. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate up 1.4% in July

BY JON WEBB

The ‘Good Governance’ Certificate continues to perform well, rising by a further 1.4% in July, with the S&P 500 continuing to recover ground from Feb/Mar falls. This took the performance of the Certificate to +5.5% since inception, on the 21 January. The ‘Good Governance’ risk premia has shone through in the past few months, and we note similar outperformance in the backtest during 2008/09 and in other volatile years for US stocks. Most notable, is the max drawdown of the Certificate of 3½% in March, set against the S&P 500’s 30% fall. Read more →

Stargazer Asset Management Weekly – August 3 2020

BY ERIC FILL

This week we discuss the USD, European and EM equities, Precious Metals and the potential for Sterling. Read more →

Stargazer Asset Management Weekly – July 27 2020

BY ERIC FILL

This week we look at the coming Fed meeting, continued potential for global equity rotation, the USD and precious metals. Read more →

Stargazer Asset Management Weekly – July 20 2020

BY ERIC FILL

This week we look at the potentially emerging global "value" vs. "growth" trade. Read more →

Singapore’s legacy for the fourth generation of the People’s Action Party

BY DELFT PARTNERS

The recent election in Singapore provided a gentle reminder to the ruling People’s Action Party that their hold on power should not be taken for granted. Singapore has generated significant financial wealth to deal with the impact of the Covid 19 pandemic and plans are underway that will underpin the short term economic recovery as well as Singapore’s long term reputation for competitiveness and innovation. The local equity market remains small and has not reflected the broad economic success of the country, nevertheless, we are able to find excellent small to mid sized companies in Singapore to include in our Asian portfolio. Read more →

Stargazer Asset Management Weekly – July 13 2020

BY ERIC FILL

This week we have a look at Biden's speech to the "middle", continued NASDAQ outperformance, EU Leadership meeting and the USD. Read more →

An Introduction to Deferred Revenue

BY DOUG SCHERRER

Deferred Revenue is a Balance Sheet account that is created when a customer pays upfront. This financial metric can be a useful tool is identifying stellar companies. Read more →

The Importance of Free Cash Flow

BY DOUG SCHERRER

Free Cash Flow is arguably the most important financial metric for a company -- not only because "cash is king" from a shareholder's perspective, but also because this metric avoids distortions that are inherent with other commonly-used measures of a company's financial performance. Read more →

Stargazer Asset Management Weekly – July 6 2020

BY ERIC FILL

This week we look at some of the high frequency economic data, relative global equity performance, Chinese equities and what to look at in FX. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate up 1.9% in June 2020

BY JON WEBB

It was another strong month for the Certificate, which rose by 1.9% in June, as the S&P 500 continued to recover ground from Feb/Mar falls. This took the performance of the Certificate to +4.3% since inception, on the 21 January. The ‘Good Governance’ risk premia has shone through in the past few months, and we note similar outperformance in the backtest during 2008/09 (see chart below) and in other down years for US stocks. Read more →

GBI – Good Governance Fund June 2020 report

BY ISABELLE DJIAN

June was the third consecutive positive month for the US equity markets. The GBI – Good Governance Fund Class SA was up 3.98%, outperforming the S&P 500 TR index by 1.99%. With the fund now up 10.07% in the first 6 months of 2020, the accumulated outperformance since the beginning of the year stands at 13.15% and 17.74% since inception. Read more →

Stargazer Asset Management Weekly – June 29 2020

BY ERIC FILL

This week we look at the latest COVID developments in the US, the ECB repo facility, the CARES Act extensions, a potential shift in global equity leadership, the USD, Treasuries and Gold. Read more →

Stargazer Asset Management Weekly – June 22 2020

BY ERIC FILL

This week we discuss the Fed and Treasury interaction, the large TLTRO liquidity add by the ECB, US equities and the dollar. Read more →

C8 Monthly Update – Water Risk and Private Equity Metrics – June 2020

BY JON WEBB

The monthly update discusses two new index providers, the ESG Water Risk Index and Efficient Alpha's Private Equity Metrics. We also discuss our new collaboration with Interactive Brokers. Read more →

Stargazer Asset Management Weekly – June 15 2020

BY ERIC FILL

This week we take a look at the continued volatility in markets, the components of inflation numbers, credit, the USD and other assorted topics. Read more →

Protests in Hong Kong and the Impact on Equity Market Returns

BY DELFT PARTNERS

Kevin Smith takes a look at some of the political issues that have contributed to mass protests in Hong Kong and the impact on the risk and return characteristics of the local equity market in the short and long-term. Read more →

Stargazer Asset Management Weekly – June 8 2020

BY ERIC FILL

This week we take a look at relative performance in Growth vs. Value, both in the US and globally. Read more →

GBI – Good Governance Fund May 2020 report

BY ISABELLE DJIAN

May was a positive month for the S&P index. Performances in May were dispersed, with many big winners as well as big losers. The GBI – Good Governance Fund Class SA was up 4.94%, once again outperforming the S&P 500 TR index by 0.17%. Accumulated outperformance year-to-date now stands at 10.83%, and 14.91% since inception. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate up 2.1% in May 2020

BY JON WEBB

It was another strong month for the Certificate, which rose by 2.1% in May, as the S&P 500 continued to recover ground from Feb/Mar falls. This took the performance of the Certificate to +2.3% since inception, on the 21 January, even with an up to 40% long market bias. The ‘Good Governance’ risk premia has shone through in the past few months, and we have noted similar outperformance in the backtest during 2008/09 and in other down years for US stocks. Read more →

Stargazer Asset Management Weekly – June 1 2020

BY ERIC FILL

This week we take a look at the latest developments in Europe, China and the US. Is the rotation from growth to value actually going to happen this time? What to keep your eye on. Read more →

The Good Governance Crash Test: COVID 19 – IMD Business School, Lausanne

BY JON WEBB

Well governed organizations have vastly overperformed poorly governed ones during the Covid-19 pandemic. Despite the vast difference in context, this is an exact repeat of the 2008 crisis. So why has governance become such a key differentiator? Read more →

Stargazer Asset Management Weekly – May 25th 2020

BY ERIC FILL

This week we take a look at the latest developments in Europe, the tight ranges we have seen for the last 6 weeks and the complicated liquidity vs. solvency narrative. Read more →

C8 Monthly Update – Power of Combination – May 2020

BY JON WEBB

The last few months have seen difficult markets in many asset classes not only in equities. It is therefore interesting to examine how Alternative Risk Premia (ARP) has performed over the period. We track ARP in rates, FX and commodity markets. We also have a US Equity 'Good Governance' premia and can facilitate offshore access to our ARP Index on the Chinese futures markets. Risk premia has performed well over this period and has acted as a good diversifier to long equity and credit portfolios. We also introduce JP Omega's US Cross Asset Index, a new Favourites button for C8 Studio. Read more →

Stargazer Asset Management – Weekly May 18th 2020

BY ERIC FILL

This week we look at the latest developments in Europe, why bonds are stuck and the prospects for Silver. Read more →

Benefitting from the Age of Efficient Corporate Management in Japan

BY DELFT PARTNERS

Benefitting from the Age of Efficient Corporate Management in Japan Kevin Smith takes a look at some of the long-term business management trends in Japan and the impact on reported profits and balance sheets. After two decades of reducing debt, corporate Japan is in a strong position versus their international competitors in a world of Covid-19. Read more →

Stargazer Asset Management – Weekly May 11 2020

BY ERIC FILL

This week we discuss the German Constitutional Court ruling, NASDAQ outperformance and the dollar. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate up 1.9% in April 2020

BY JON WEBB

The Certificate rose by 1.9% on the month as the S&P 500 recovered some ground from Feb/Mar falls. This took the performance of the Certificate back to +0.2% since inception on the 21 January (even with an up to 40% long market bias). This is in sharp contrast to a fall of 11.8% in the S&P 500 over this period. Read more →

GBI – Good Governance Fund – April 2020 report

BY ISABELLE DJIAN

April saw a remarkable comeback. Following March, where the fund generated alpha as equity markets fell, the fund once again generated alpha during the turnaround. The GBI – Good Governance Fund Class SA was up 13.48% in April, which represents an outperformance over the index of 0.66%, bringing the accumulated outperformance to 10.17% year-to-date and 14.04% since inception. Read more →

Seeking Singularity – April 2020 Performance Report & Fact Sheet

BY GREGORY HUNG

In our April performance report we look back on an impressive market rally, continuing the bounce that started on March 24th. The Singularity Index outperformed its benchmark, the MSCI AC World Index, and gained +11.9%. Read more →

Stargazer Asset Management – Weekly May 4 2020

BY ERIC FILL

This week we look at the latest from the ECB, what the dollar story is, the current state of the equity markets and what is going on with gold. Read more →

The ‘Beginning of the End’, or the ‘End of the Beginning’?

BY DELFT PARTNERS

Summary: After a strong rebound in risk assets and some signs of a relaxation of the lock downs, we are now entering ‘phase 2’. The actual damage done will become clear and fears about a viral resurgence are likely. Consequently, we expect a sideways market for a few months. Long term returns are unlikely to be impaired however, although a temptation to unleash modern monetary theory would be alarming. Japan remains our favourite equity market. Read more →

Expert Access Quarantine Edition No 2

BY GREGORY HUNG

We present the second video of our new series "Expert Access - Quarantine Edition" which comes in three parts this time and revolves around investor questions collected during the past weeks. Today, our Chief Investment Officer Gregory Hung talks about the top performers within our portfolio and how we approach the crisis. Our CEO Evelyne Pflugi adds why innovation is "the place to be" when it comes to resilient long-term investing and which positions she added to her own portfolio. Read more →

Stargazer Asset Management – Weekly April 27th 2020

BY ERIC FILL

This week we look at new developments in Europe and the future of the USD and its powerful influence on the investment world. In addition, we present a short chart pack that looks at where we are now. Read more →

Press Release: SZKingdom Announce a Collaboration with C8 Technologies in China 24 April 2020

BY JON WEBB

Recently, SZKingdom and UK financial technology leader C8 Technologies (hereinafter referred to as ‘C8 Liang Sheng’ their Chinese company name) have agreed a deep collaboration. The two parties will invest in innovative wealth management, DII (direct index investment) and intelligent investment advisory. Our deep collaboration will use financial technology 3.0 to create a new flagship wealth management business. As a listed company that is deeply involved in the informatization of China's financial industry, SZKingdom shares a strong local advantage, which can be perfectly combined with C8 Liang Sheng's world-leading technology, asset allocation capabilities and investment research capabilities to achieve more specialization, globalization, customization for ‘one-stop wealth management’. Read more →

Germany – The best house on a poor street?

BY DELFT PARTNERS

Germany's economic position is strong but they live in, and have helped create, a 'bad neighbourhood'. The Euro is effectively a vendor financed Ponzi scheme and will ultimately fail unless Germany guarantees Euro debt issuance. The implications for European banks and industrial companies are severe. Read more →

Stargazer Asset Management – Weekly April 20 2020

BY ERIC FILL

This week we look at the continuing struggles in Europe regarding mutualization of debt, what now for Macro and the re-opening of economies in Europe and the US. Read more →

HedgeWeek – Solactive C8 Announcement

BY JON WEBB

Solactive partners with FinTech Platform C8 Technologies… Read more →

Stargazer Asset Management – Weekly April 13 2020

BY ERIC FILL

This week we look at the importance of small businesses to the US recovery, the USD and what trades to keep an eye on as recovery emerges in the coming months. Read more →

ETF World – Solactive announces new collaboration with FinTech Platform C8 Technologies

BY JON WEBB

Solactive announces new collaboration with FinTech Platform C8 Technologies… Read more →

C8 Monthly Update – Solactive Joins C8 Studio – April 2020

BY JON WEBB

In April's Monthly Update we announce the addition of Solactive Indices to the C8 platform as well as the Nasdaq Singularity Index. We also discuss the impact of leverage with regards to performance, with respect to the C8/GreenBlue Good Governance Certificate. Finally, an update on Index performance drawing attention to some of March's strong performers. Read more →

Press Release – Solactive announces new collaboration with FinTech Platform C8 Technologies

BY JON WEBB

Press Release Press Release – Solactive announces new collaboration with FinTech Platform C8 Technologies… Read more →

Seeking Singularity Performance March 2020

BY JON WEBB

Singularity Index SI (NQ 2045) vs. benchmarks: March was an extraordinary month by any measure with financial markets crashing at an unprecedented speed. Despite staging an impressive bounce during the last week of the month with the best three-day stretch since the 1930s, the Singularity Index declined by -10.5%, but strongly outperformed the MSCI AC World Index (MSCI ACWI), which lost -13.5%. Read more →

Global Security Fund Monthly Report March 2020

BY JON WEBB

The revaluation of risk premiums we saw in February escalated in March, leading to further declines in the world's stock markets and a sharp rise in the US dollar. Central bank efforts in combination with large rescue packages from all directions helped calm the markets, which has led to stock markets recovering significantly in recent weeks. Shares have largely been sold across the board, which also affected the Global Security Fund, which declined by 12.9 percent. Read more →

Stargazer Asset Management – Weekly April 6 2020

BY ERIC FILL

This week we look at where we are in terms of the USD, Equities, COVID and the Economy. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate up 3.4% in March

BY JON WEBB

As we detailed last month, when C8’s systematic factor-weighted equity L/S overlay was applied to the Green Blue Invest portfolio of the top 100 ‘Good Governance’ stocks in the S&P 500, one of the stand-outs from the backtest was the strong performance of the Index in volatile markets. We also noted the outperformance of the Certificate in February, which was even more marked in March, where the Certificate rose 3.4% against a 12.4% drop in the S&P 500. Indeed, a better measure of the outperformance may be that, since launch, the S&P 500 has fallen by nearly 22%, whilst the Certificate has risen by 0.5%, despite a 40% long bias. Read more →

GBI – Good Governance Fund – Class SA – March 2020 Update

BY JON WEBB

March brings to an end the first quarter of 2020 - a challenging period for everyone and every industry. The GBI – Good Governance Fund showed exceptional relative performance, losing 7.03% in March versus a loss of 12.35% for the S&P500 TR index. This represents a remarkable outperformance over the index of 5.32% in March and 8.49% year to date. Read more →

Stargazer Asset Management – Weekly March 30, 2020

BY ERIC FILL

This week we look at the strife in the Eurozone over Corona Bonds, the pain for small businesses in the US and what else to watch in the near-term. Read more →

Stargazer Asset Management – Weekly March 23 2020

BY ERIC FILL

This week we look at the carnage we have seen in global markets, the unprecedented stimulus and fiscal spending and I few trades we think are interesting. Read more →

Stargazer Asset Management – Weekly Mar 16 2020

BY ERIC FILL

This week we try and get our arms around the current volatile situation. Things are certainly moving quickly and as we went to press on Sunday night the Fed cut rates to zero and initiated $700B in new QE. The news certainly changes the backdrop for the piece but hopefully the information we share is still interesting. This is an opportunity rich environment for Macro traders. Read more →

C8/GreenBlue Good Governance US Equity L/S Certificate February Report

BY JON WEBB

In the first Monthly Report for the C8/GreenBlue Good Governance US Equity L/S Certificate we focus on the large out-performance of the Certificate versus the S&P 500. One of the standout attributes in the backtest is that, whilst our Index typically performs well in equity bull markets, importantly it tends to outperform the S&P in volatile/bear markets, as capital heads to the safety of ‘well run’ companies. The last few weeks has been the first live test of this thesis, and we are pleased that this has indeed, so far, occurred. At Friday’s close, the Certificate is up 1.2% since inception on January 21st, despite having a 40% long bias and the S&P500 dropping nearly 10%. Read more →

Stargazer Asset Management Weekly – March 9 2020

BY ERIC FILL

This week we look at just how extreme market conditions have become. Given all the inputs and uncertainties it is doubtful we will return the the placid "the only think that matters is liquidity" mindset soon. Be ready for more volatility. Read more →

Stargazer Asset Management Weekly – Mar 2 2020

BY ERIC FILL

We were looking for higher volatility in last week's piece and got it all in one serving. Risk/reward is tricky across asset classes now. This week we have a look at what might be next. Read more →

Stargazer Asset Management Weekly – Feb 24 2020

BY ERIC FILL

This week we look at what has been driving markets and the precarious position that countries with low growth now find themselves in. Coronavirus will take a bigger bite out of global growth than is priced. Implied volatility is still cheap across asset classes. Read more →

C8 Monthly Update – Is Trend Following Back? – February 2020

BY JON WEBB

In the February Monthly Update we focus on our Trend Following Indices, the addition of the Stargazer Global Macro Index and the news that C8 Platform has received a patent. Read more →

NordSip – C8 Introduction

BY JON WEBB

The New Tool Around the Block … Read more →

Stargazer Asset Management Weekly – Feb 17 2020

BY ERIC FILL

Will the US Exceptionalism continue as USD, Bond and Equities rise together? We are at an important point! Read more →

Stargazer Asset Management Weekly – Feb 10 2020

BY ERIC FILL

A lot now depends on whether the markets are right about nCoV or not. A meaningful deterioration of the situation could bring a VaR shock for stocks while a quick recovery could challenge the bond markets. Read more →

Stargazer Asset Management Weekly – Feb 03 2020

BY ERIC FILL

Global growth had stabilized and in some cases was even perking up when nCoV arrived. EM had quickly become crowded as a global reflation and value trade. These positions are now under intense pressure. The US is still holding in, but for how much longer? Read more →

C8 Monthly Update – SEB Announcement – January 2020

BY JON WEBB

The January C8 Monthly Update has an announcement of our new partnership with SEB. There are enhancements to C8 Studio including details of our new 'Walk-Forward' portfolio analytics and our new Knowledge Hub, containing regular updates from C8 and other Index Providers. There is link to the C8/GreenBlue Certificate on the Frankfurt Stock Exchange as well as info on our attendance at Assiom Forex in Brescia. Read more →

Stargazer Asset Management – Weekly 27 Jan 2020

BY ERIC FILL

This week we look at the rise of the coronavirus, the return of Bernie Sanders and the impending FOMC meeting. We also ponder if the reflation rally is looking shaky and what role the USD plays for EM. Read more →

Stargazer Asset Management 20 January 2020

BY JON WEBB

Macro developments and trade ideas from Stargazer Asset Management Read more →

Delft Partners Quarterly Update – Dec 2019

BY JON WEBB

The quarterly update reviews the performance and exposure shifts in Delft Partners Global High Conviction, Global Infrastructure and Asia Small Company portfolios, with the full factsheets attached. Read more →

Stargazer Asset Management – Global Macro Overview – 13 January 2020

BY JON WEBB

What to focus on in Global Macro for the week of January 13th, 2020 Read more →

GBI – Good Governance Fund – Class SA – December 2019 Update

BY JON WEBB

Update on the Green Blue Invest Good Governance Fund - the foundation for the C8/Green Blue Good Governance US Equity L/S Index Read more →

C8 Update – Cirdan Launch C8/GreenBlue Good Governance US Equity Certificate – Jan 2020

BY JON WEBB

We announce the launch of an Actively Managed Certificate based on the C8/GreenBlue Good Governance US Equity L/S Index Read more →

Stargazer Asset Management 6 January 2020

BY JON WEBB

What to focus on in Global Macro for the week of January 6th, 2020, with a focus on the US Fed and FOMC minutes. Read more →

C8 Monthly Update – December 2019

BY JON WEBB

We announce the upcoming C8/GreenBlue Good Governance US Equity L/S Certificate, introduces our new index provider Delft Partners, combining the talents of some of the world's most experienced portfolio managers, and gives an overview of our new cutting-edge techniques to combine Indices. Read more →

C8 Monthly Update – October 2019

BY JON WEBB

C8 Platform users can now access Chinese markets from offshore and Chinese users can now access offshore markets from China. There is a preview of our new-look C8 Studio and an invite to the Morningstar European conferences. Read more →

C8 Monthly Update – Morningstar Announcement – September 2019

BY JON WEBB

We announce our collaboration with Morningstar and take a first look at some of their Indices. We also review our new Index provider, Global Defence and Security fund. Read more →

C8 Monthly Update – July 2019

BY JON WEBB

We discuss why the Fed is cutting rates at full employment, introduce our new Index provider, who offers an efficient way to hedge equity exposure, via equity futures options. We illustrate the power of combining Indices with focus on FX and finally announce that the C8 platform now has a patent pending. Read more →

C8 Monthly Update – June 2019

BY JON WEBB

We announce our new-look website, introduce our collaboration with Green Blue Invest to produce a 'Good Governance' ESG equity L/S index, with an invitation to our ESG presentation in Zurich. Read more →