The economy of Spain may be edging towards something pretty ugly. A 23+% unemployment rate, negative GDP growth, and upwards of Debt/GDP of 133% (about 70% if excluding European liabilities) is a recipe for an implosion, in my view. The cherry on the top may come tomorrow when the government is expected to announce deeper cuts in government spending. For an economy heavily reliant on government spending, which accounts for approximately 40% of GDP, and the 12th largest economy in the world, this is something to take seriously. While Greece was significant, Spain could actually pull down some other economies should it implode.
My suspicion is that the markets may downplay the risks for a few months until investors can no longer ignore the potential damage. The level of bullish commentary in the media has been quite high lately and it may take some time to remove the froth. That said, this week I increased my short exposure and trimmed some of my corporate bonds. Currently my portfolio is as follows:
Short S&P 500 (ETF ticker SH) ~ 30%
Corporate Bonds ~ 28%
Commodities (Gold and Agriculture) ~ 8%
Equity ~ 7%
Cash ~ 27%
Showing posts with label DBA. Show all posts
Showing posts with label DBA. Show all posts
Thursday, March 29, 2012
Thursday, March 1, 2012
February Performance
As one would expect given my more balanced portfolio at the start of the month between long and short equity positions, as well as a significant position in high yield bonds, my performance was relatively flat during the month of February. Specifically, the balance decreased 40 basis points during the month, clearly underperforming the best January/February performance by the S&P 500 since 1991. The loss was largely attributable to my position in the ETF BOIL, which attempts to track the price of natural gas. While the price of natural gas at the end of the month was close to the price at which I had purchased the ETF, the actual price of the ETF had declined over 10%. For this reason of inefficient tracking I sold the ETF earlier this week.
My exposure at the end of the month is summarized as follows:
29% Cash
37% High Yield Bonds
22% Equity Short
8% Equity Long
4% Commodities (Agricultural)
The exposure highlights my more bearish view on the markets, with the large cash position and significant short position. The equity long positions are in more defensive industries like consumer non-discretionary and healthcare. The position in commodities is also focused on consumer staples in the form of food. The large exposure to high yield bonds is theme driven, such as rising auto sales. The bonds should continue to perform well if the economy continues to improve, unless interest rates spike. Alternatively, the bonds should perform well if treasury yields remain low or continue to decline, unless the economy falls completely through the floor. At the very least, if I'm going to have some "long" exposure to the economy, I prefer to be higher in the capital structure. My biggest worry is that monetary policies continue to drive equity markets higher.
My exposure at the end of the month is summarized as follows:
29% Cash
37% High Yield Bonds
22% Equity Short
8% Equity Long
4% Commodities (Agricultural)
The exposure highlights my more bearish view on the markets, with the large cash position and significant short position. The equity long positions are in more defensive industries like consumer non-discretionary and healthcare. The position in commodities is also focused on consumer staples in the form of food. The large exposure to high yield bonds is theme driven, such as rising auto sales. The bonds should continue to perform well if the economy continues to improve, unless interest rates spike. Alternatively, the bonds should perform well if treasury yields remain low or continue to decline, unless the economy falls completely through the floor. At the very least, if I'm going to have some "long" exposure to the economy, I prefer to be higher in the capital structure. My biggest worry is that monetary policies continue to drive equity markets higher.
Thursday, December 30, 2010
December Performance - Up 8.5%
For December the balance increased 8.5%, after all fees and dividends received. The performance exceeded the increase in the SP 500, which increased 6.5%. By the end of the month I moved to a more conservative portfolio with almost 30% in cash. For the quarter the value of my IRA increased 13.4% relative to the 10.3% increase in the SP 500.
The largest position remains the inverse 20+ year Treasury ETF (ticker TBT) at 14%. Commodities also account for a significant portion of the portfolio, with the agricultural market basket (ticker DBA) at over 11% and palladium (ticker PALL) growing to 6%. The geographic positions each account for over 4%, with Matthews China Fund (ticker MCHFX) at 9%, Chile (ticker ECH) at just under 5%, and Hong Kong (ticker EWH) at just over 4%. For individual stocks the largest position is Citigroup (ticker C) at just over 4%. The weightings highlight an on-going belief that debt costs likely continue to rise in the U.S., benefiting banks, and commodities and inexpensive manufacturing likely outperform the market, in general.
Every position but two increased during the month, highlighting the breadth of the market rally during the month. GT Solar (ticker SOLR) bounced back after a weak November, increasing 33% up until I sold the position on December 22. American Axle and Manufacturing (ticker AXL) and MKSI Instruments (ticker MKSI) both increased almost 20%.
My positions focused on China underperformed during the month, which I believe is largely due to concerns about a rising interest rate environment. While a short-term concern, I remain confident these positions should perform well due to healthy trends in the Chinese economy and increasing pressure to allow further appreciation in the yuan relative to the dollar.
After such a strong run in December and spotty U.S. economic indicators (notably housing and unemployment causing concern), I expect somewhat of a pullback in the market in the first half of January. I plan to use this anticipated pullback to re-enter positions at more attractive prices.
The largest position remains the inverse 20+ year Treasury ETF (ticker TBT) at 14%. Commodities also account for a significant portion of the portfolio, with the agricultural market basket (ticker DBA) at over 11% and palladium (ticker PALL) growing to 6%. The geographic positions each account for over 4%, with Matthews China Fund (ticker MCHFX) at 9%, Chile (ticker ECH) at just under 5%, and Hong Kong (ticker EWH) at just over 4%. For individual stocks the largest position is Citigroup (ticker C) at just over 4%. The weightings highlight an on-going belief that debt costs likely continue to rise in the U.S., benefiting banks, and commodities and inexpensive manufacturing likely outperform the market, in general.
Every position but two increased during the month, highlighting the breadth of the market rally during the month. GT Solar (ticker SOLR) bounced back after a weak November, increasing 33% up until I sold the position on December 22. American Axle and Manufacturing (ticker AXL) and MKSI Instruments (ticker MKSI) both increased almost 20%.
My positions focused on China underperformed during the month, which I believe is largely due to concerns about a rising interest rate environment. While a short-term concern, I remain confident these positions should perform well due to healthy trends in the Chinese economy and increasing pressure to allow further appreciation in the yuan relative to the dollar.
After such a strong run in December and spotty U.S. economic indicators (notably housing and unemployment causing concern), I expect somewhat of a pullback in the market in the first half of January. I plan to use this anticipated pullback to re-enter positions at more attractive prices.
| 31-Dec | Dec. | ||
| Name | Ticker | % Portfolio | Chg |
| RF MICRO DEVICES INC | RFMD | 0.0% | 11.3% |
| KULICKE and SOFFA INDS INC | KLIC | 0.0% | 12.1% |
| HUNTSMAN CORP | HUN | 0.0% | 1.3% |
| FREEPORT MCMORAN COPPER and GOLD INC. | FCX | 0.0% | 15.9% |
| GT SOLAR INTL INC COM | SOLR | 0.0% | 33.3% |
| DUOYUAN GLOBAL WATER INC SPONS ADR | DGW | 1.4% | 2.1% |
| JEFFERIES GROUP INC NEW | JEF | 2.9% | 10.3% |
| CA INC COM | CA | 1.8% | 6.8% |
| LYONDELLBASELL INDUSTRIES N V COM CLASS A | LYB | 2.6% | 17.8% |
| CHINA GERUI ADVANCED MATERIALS | CHOP | 3.5% | 5.4% |
| PERKINELMER INC | PKI | 1.9% | 10.8% |
| AMERICAN AXLE and MFTING | AXL | 0.0% | 19.5% |
| CITIGROUP | C | 4.3% | 7.7% |
| EXCEED COMPANY | EDS | 3.1% | (7.8)% |
| MKS INSTRUMENTS | MKSI | 2.8% | 20.3% |
| MULTI SECTOR COMMODITY TR PWR DB AGR | DBA | 9.7% | 11.2% |
| ETFS PALLADIUM TR SH BEN INT | PALL | 6.0% | 14.5% |
| PROSHARES ULTRASHRT LEH BROS 20+ YR TREAS | TBT | 13.9% | 6.5% |
| ISHARES INC MCSI CHILE INVESTABLE MKT INDEX | ECH | 4.5% | 3.9% |
| ISHARES INC MSCI HONG KONG INDEX FD | EWH | 4.3% | 0.2% |
| MATTHEWS CHINA FUND | MCHFX | 9.0% | (2.1)% |
Tuesday, November 30, 2010
November Performance - Up 1.5%
Performance Overview
In November my IRA account balance increased 1.5%, which is after all expenses and fees. The S P 500 was essentially flat. November was a wild ride as the portfolio raced up about 5% in the first half of the month before settling back.
During the month I entered a few more positions, reducing the percentage of cash in the account to about 10%. Domestic equities account for 38%, international equities 23%, commodities 15%, and inverse bond 14%. Within the equity positions, hardware is now the largest position followed by industrial materials. This weighting, coupled with the commodities positions, continues to highlight my opinion that deeper in the economy's supply chain, where I believe inflation is building, is a better place to position investments. In addition, it highlights a large weighting towards international with a large portion of revenue for domestic companies coming from overseas, specifically China and Asia. This weighting reflects my view that inflation, in the form of asset prices, likely continues to grow in this region for the foreseeable future. It also reflects my view that the yuan likely appreciates against the dollar as the Chinese government is forced to loosen the exchange rate in order to lessen inflationary pressures.
The largest drivers of growth in the account came from American Axle and Mfting (ticker: AXL), Kulicke and Soffa (ticker: KLIC), Huntsman (ticker: HUN) and ETFS Palladium (ticker: PALL). Each are positions greater than 4% and were up 11%, 11%, 12% and 8%, respectively. The reasons for the increases in AXL and KLIC, in my view, include relatively low expectations coupled with a brightening fundamental outlook. For AXL it appears as though car and truck sales have stabilized and 2011 should provide modest growth within the U.S. and international markets remain bullish. For KLIC the business is quite volatile but the U.S. economy continues to improve and the secular driver of the adoption of more copper components should drive business in 2011. For PALL the improving U.S. economy and robust growth in Asia is driving demand for Palladium.
The worst performances came from GT Solar (ticker: SOLR), MKS Instruments (ticker: MKSI), and China Gerui Adv Materials (ticker: CHOP), which were down 19%, 6% and 4% respectively. GT Solar has suffered from estimate cuts as analysts have fretted over supply growth outpacing demand, especially as government subsidies for solar likely come under pressure. I don't argue against the possible weakening of fundamentals as supply increases, however I believe the demand may prove more robust than expected and a weakening dollar should help the company. SOLR is trading under 6x the lowered consensus EPS estimate for C2011, suggesting a healthy risk/reward. MKSI is trading under 8x the consensus calendar C11EPS estimate, and thus my belief that the economy is improving should prove this valuation conservative. I do expect CHOP to begin to move upward, at the latest, when either production comes on-line mid-2011 or investors' risk appetite increases.
Proshares Ultrashort 20+ Yr Treasuries (ticker: TBT) has moved sideways during the quarter. An interesting tug-of-war is occurring in which Fed Treasury purchases, European contagion fears, and political unrest on the Korean peninsula are raising prices. Alternatively, healthy holiday demand trends thus far by U.S. consumers and rising inflationary concerns in Asia and in the U.S. are pushing prices down. I see the forces pushing the prices up and yields down as temporary in nature, and therefore I expect TBT to perform quite well during 2011.
Summary
The following is a summary of my positions and their performance during November:
In November my IRA account balance increased 1.5%, which is after all expenses and fees. The S P 500 was essentially flat. November was a wild ride as the portfolio raced up about 5% in the first half of the month before settling back.
During the month I entered a few more positions, reducing the percentage of cash in the account to about 10%. Domestic equities account for 38%, international equities 23%, commodities 15%, and inverse bond 14%. Within the equity positions, hardware is now the largest position followed by industrial materials. This weighting, coupled with the commodities positions, continues to highlight my opinion that deeper in the economy's supply chain, where I believe inflation is building, is a better place to position investments. In addition, it highlights a large weighting towards international with a large portion of revenue for domestic companies coming from overseas, specifically China and Asia. This weighting reflects my view that inflation, in the form of asset prices, likely continues to grow in this region for the foreseeable future. It also reflects my view that the yuan likely appreciates against the dollar as the Chinese government is forced to loosen the exchange rate in order to lessen inflationary pressures.
The largest drivers of growth in the account came from American Axle and Mfting (ticker: AXL), Kulicke and Soffa (ticker: KLIC), Huntsman (ticker: HUN) and ETFS Palladium (ticker: PALL). Each are positions greater than 4% and were up 11%, 11%, 12% and 8%, respectively. The reasons for the increases in AXL and KLIC, in my view, include relatively low expectations coupled with a brightening fundamental outlook. For AXL it appears as though car and truck sales have stabilized and 2011 should provide modest growth within the U.S. and international markets remain bullish. For KLIC the business is quite volatile but the U.S. economy continues to improve and the secular driver of the adoption of more copper components should drive business in 2011. For PALL the improving U.S. economy and robust growth in Asia is driving demand for Palladium.
The worst performances came from GT Solar (ticker: SOLR), MKS Instruments (ticker: MKSI), and China Gerui Adv Materials (ticker: CHOP), which were down 19%, 6% and 4% respectively. GT Solar has suffered from estimate cuts as analysts have fretted over supply growth outpacing demand, especially as government subsidies for solar likely come under pressure. I don't argue against the possible weakening of fundamentals as supply increases, however I believe the demand may prove more robust than expected and a weakening dollar should help the company. SOLR is trading under 6x the lowered consensus EPS estimate for C2011, suggesting a healthy risk/reward. MKSI is trading under 8x the consensus calendar C11EPS estimate, and thus my belief that the economy is improving should prove this valuation conservative. I do expect CHOP to begin to move upward, at the latest, when either production comes on-line mid-2011 or investors' risk appetite increases.
Proshares Ultrashort 20+ Yr Treasuries (ticker: TBT) has moved sideways during the quarter. An interesting tug-of-war is occurring in which Fed Treasury purchases, European contagion fears, and political unrest on the Korean peninsula are raising prices. Alternatively, healthy holiday demand trends thus far by U.S. consumers and rising inflationary concerns in Asia and in the U.S. are pushing prices down. I see the forces pushing the prices up and yields down as temporary in nature, and therefore I expect TBT to perform quite well during 2011.
Summary
The following is a summary of my positions and their performance during November:
| Name | Ticker | % Portfolio | Chg |
| RF MICRO DEVICES INC | RFMD | 2.1% | (3.8)% |
| KULICKE and SOFFA INDS INC | KLIC | 4.4% | 10.8% |
| HUNTSMAN CORP | HUN | 4.8% | 11.7% |
| FREEPORT MCMORAN COPPER and GOLD INC. | FCX | 4.1% | 6.9% |
| GT SOLAR INTL INC COM | SOLR | 3.4% | (18.9)% |
| DUOYUAN GLOBAL WATER INC SPONS ADR | DGW | 1.5% | 0.0% |
| JEFFERIES GROUP INC NEW | JEF | 2.9% | 0.9% |
| CA INC COM | CA | 1.9% | (1.3)% |
| LYONDELLBASELL INDUSTRIES N V COM CLASS A | LYB | 2.4% | 8.7% |
| CHINA GERUI ADVANCED MATERIALS | CHOP | 3.6% | (4.3)% |
| PERKINELMER INC | PKI | 1.9% | (0.6)% |
| AMERICAN AXLE and MFTING | AXL | 6.6% | 10.9% |
| MKS INSTRUMENTS | MKSI | 2.5% | (5.9)% |
| MULTI SECTOR COMMODITY TR PWR DB AGR | DBA | 9.5% | (2.1)% |
| ETFS PALLADIUM TR SH BEN INT | PALL | 5.6% | 8.1% |
| PROSHARES ULTRASHRT LEH BROS 20+ YR TREAS | TBT | 14.3% | 2.3% |
| ISHARES INC MCSI CHILE INVESTABLE MKT INDEX | ECH | 4.7% | 1.0% |
| ISHARES INC MSCI HONG KONG INDEX FD | EWH | 4.6% | 0.9% |
| MATTHEWS CHINA FUND | MCHFX | 10.0% | 0.5% |
Thursday, September 30, 2010
Third Quarter Performance and Outlook
This quarter marked my re-entry into the market, apart from one small position I've had for over 5 years. The positions were entered during the quarter, and thus each is a relatively short-term position of less than a month. The following is a summary of performance:
Positives (> 2% growth in quarter)
SOLR - $8.37, +3.76% change from purchase, 4.3% of portfolio
PALL - $56.38, +6.85%, 4.8%
JEF - $22.69, +7.78% change during Q, 2.8% (LT position)
Neutral (> neg 2%, < 2%)
HUN - $11.56, -0.43% change from purchase, 3.9% of portfolio
DBA - $27.48, -0.39%, 9.3%
Cash - 60.7% of portfolio
Negatives (< neg 2%)
TBT - $31.25, -5.66% change from purchase, 13.3% of portfolio
VXX - $17.29, -4.03%, 3.7%
Q3 Change in Portfolio Balance, net expenses - Negative 31 bps.
Potential Trades
The one position I am looking to change is VXX, which I expect to exit during a period of volatility in the next month. Otherwise I expect to be 90+% invested by year-end.
Macro Outlook
As worries about a double dip fade into the background, I believe investors appetite for risk may increase during the fourth quarter. The Federal Reserve likely lets the large growth in money supply continue to slosh around the world economies, encouraging inflation and bubbles in asset prices. Should equity markets begin to rally on the Fed's inflationary efforts, investors may increasingly shift funds away from bonds. The 13% position in TBT is designed to take full advantage of this anticipated swing. TBT has worked against me so far, but I remain confident it will ultimately prove profitable.
As rising inflation allays deflationary fears and creates the feeling of improving economies, I expect commodities and companies deep in the supply chain to rise first. The positions in PALL, SOLR, and HUN are designed to take advantage of this anticipated trend. Weaved into these positions are also high exposures to U.S. exporters and an effort to gain exposure to anticipated high growth industries, such as solar energy. A weakening dollar and health in developing economies are expected to aid exporters. I expect to put in additional equity positions on an opportunistic basis designed to take advantage of these trends.
Playing on rising inflation and improving developing economies is the DBA position, which should also diversify the portfolio somewhat into commodities not related to technology and industry. The VXX position is designed to take advantage of any near-term volatility in equity markets. I expect to be out of this position in a couple weeks, either because it worked or didn't.
Quick Company Outlooks
SOLR - FY11 (Mar) EPS guidance of $0.90-$1.00, FY12 EPS estimate of $0.89. FY12 appears quite conservative given SOLR's largest customer recently received new financing arrangements to make capital purchases. A P/E of 9x FY12 would appear to expect a slowdown in earnings, so any EPS increases should enjoy multiple expansion.
HUN - C10 EPS estimate of $0.45, C11 EPS estimate of $0.88. Analysts expect a robust bounce next year in earnings, although growth is skewed somewhat by a large special charge in 1Q10. A return to a more normal demand environment likely returns the EPS to well above $1. Estimates may prove aggressive in 2011 but with a 3+% dividend yield there should be support for stock. If estimates prove fair, stock should perform quite well with multiple expansion.
Positives (> 2% growth in quarter)
SOLR - $8.37, +3.76% change from purchase, 4.3% of portfolio
PALL - $56.38, +6.85%, 4.8%
JEF - $22.69, +7.78% change during Q, 2.8% (LT position)
Neutral (> neg 2%, < 2%)
HUN - $11.56, -0.43% change from purchase, 3.9% of portfolio
DBA - $27.48, -0.39%, 9.3%
Cash - 60.7% of portfolio
Negatives (< neg 2%)
TBT - $31.25, -5.66% change from purchase, 13.3% of portfolio
VXX - $17.29, -4.03%, 3.7%
Q3 Change in Portfolio Balance, net expenses - Negative 31 bps.
Potential Trades
The one position I am looking to change is VXX, which I expect to exit during a period of volatility in the next month. Otherwise I expect to be 90+% invested by year-end.
Macro Outlook
As worries about a double dip fade into the background, I believe investors appetite for risk may increase during the fourth quarter. The Federal Reserve likely lets the large growth in money supply continue to slosh around the world economies, encouraging inflation and bubbles in asset prices. Should equity markets begin to rally on the Fed's inflationary efforts, investors may increasingly shift funds away from bonds. The 13% position in TBT is designed to take full advantage of this anticipated swing. TBT has worked against me so far, but I remain confident it will ultimately prove profitable.
As rising inflation allays deflationary fears and creates the feeling of improving economies, I expect commodities and companies deep in the supply chain to rise first. The positions in PALL, SOLR, and HUN are designed to take advantage of this anticipated trend. Weaved into these positions are also high exposures to U.S. exporters and an effort to gain exposure to anticipated high growth industries, such as solar energy. A weakening dollar and health in developing economies are expected to aid exporters. I expect to put in additional equity positions on an opportunistic basis designed to take advantage of these trends.
Playing on rising inflation and improving developing economies is the DBA position, which should also diversify the portfolio somewhat into commodities not related to technology and industry. The VXX position is designed to take advantage of any near-term volatility in equity markets. I expect to be out of this position in a couple weeks, either because it worked or didn't.
Quick Company Outlooks
SOLR - FY11 (Mar) EPS guidance of $0.90-$1.00, FY12 EPS estimate of $0.89. FY12 appears quite conservative given SOLR's largest customer recently received new financing arrangements to make capital purchases. A P/E of 9x FY12 would appear to expect a slowdown in earnings, so any EPS increases should enjoy multiple expansion.
HUN - C10 EPS estimate of $0.45, C11 EPS estimate of $0.88. Analysts expect a robust bounce next year in earnings, although growth is skewed somewhat by a large special charge in 1Q10. A return to a more normal demand environment likely returns the EPS to well above $1. Estimates may prove aggressive in 2011 but with a 3+% dividend yield there should be support for stock. If estimates prove fair, stock should perform quite well with multiple expansion.
Tuesday, September 21, 2010
Positions Entered
Following up on the last post, I have established the following positions:
DBA - ~10% @ $27.58
PALL - ~5% @ $52.72
TBT - ~15% @ $33.12
Each of these positions are a bet on inflation and weakness in the U.S. dollar. I understand taking these positions is relatively risky prior to the Federal Reserve meeting today however, I believe the risk/ reward is in favor of a bearish view on Treasury prices since it would take around $2 trillion of security purchases to push yields on 10-year notes by 1%. Even if the Fed does announce a major asset purchase program this week, I believe it will only fuel faster inflation growth in the next 1-6 months. So I'm prepared to take a short-term risk for what I perceive will pay-off by the end of the year.
The PALL and DBA positions are an effort to cover inflationary pressure, in general, growing demand for food in developing China and India, and a potential perceived improvement in the U.S. economy (and an aggressive purchase of materials by tech companies fearful of being behind the curve) associated with inflation acceleration.
Powershares DB Agricultural Fund (Ticker: DBA): "The investment seeks to track the price and yield performance, before fees and expenses, of the Deutsche Bank Liquid Commodity Index - Optimum Yield Agriculture Excess Return. The index is a rules-based index composed of futures contracts on some of the most liquid and widely traded agricultural commodities – corn, wheat, soy beans and sugar. The index is intended to reflect the performance of the agricultural sector."
ETFS Physical Palladium Shares (Ticker: PALL): "The investment seeks to reflect the performance of the price of physical palladium, less the expenses of the Trust’s operations. The fund is designed for investors who want a cost-effective and convenient way to invest in palladium with minimal credit risk. Advantages of investing in the Shares include: Ease and Flexibility of Investment, Expenses, Minimal Credit Risk."
Proshares Ultrashort 20+ Year Treasury (Ticker: TBT): "The investment seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Bond index. The fund invests in derivatives that advisors believes should have similar daily return characteristics as twice (200%) the inverse of the daily performance of the Index. It invests typically the rest of the assets in money market instruments. The fund is non-diversified.
DBA - ~10% @ $27.58
PALL - ~5% @ $52.72
TBT - ~15% @ $33.12
Each of these positions are a bet on inflation and weakness in the U.S. dollar. I understand taking these positions is relatively risky prior to the Federal Reserve meeting today however, I believe the risk/ reward is in favor of a bearish view on Treasury prices since it would take around $2 trillion of security purchases to push yields on 10-year notes by 1%. Even if the Fed does announce a major asset purchase program this week, I believe it will only fuel faster inflation growth in the next 1-6 months. So I'm prepared to take a short-term risk for what I perceive will pay-off by the end of the year.
The PALL and DBA positions are an effort to cover inflationary pressure, in general, growing demand for food in developing China and India, and a potential perceived improvement in the U.S. economy (and an aggressive purchase of materials by tech companies fearful of being behind the curve) associated with inflation acceleration.
Powershares DB Agricultural Fund (Ticker: DBA): "The investment seeks to track the price and yield performance, before fees and expenses, of the Deutsche Bank Liquid Commodity Index - Optimum Yield Agriculture Excess Return. The index is a rules-based index composed of futures contracts on some of the most liquid and widely traded agricultural commodities – corn, wheat, soy beans and sugar. The index is intended to reflect the performance of the agricultural sector."
ETFS Physical Palladium Shares (Ticker: PALL): "The investment seeks to reflect the performance of the price of physical palladium, less the expenses of the Trust’s operations. The fund is designed for investors who want a cost-effective and convenient way to invest in palladium with minimal credit risk. Advantages of investing in the Shares include: Ease and Flexibility of Investment, Expenses, Minimal Credit Risk."
Proshares Ultrashort 20+ Year Treasury (Ticker: TBT): "The investment seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Bond index. The fund invests in derivatives that advisors believes should have similar daily return characteristics as twice (200%) the inverse of the daily performance of the Index. It invests typically the rest of the assets in money market instruments. The fund is non-diversified.
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