To The Moon

The delinquency rate on commercial real estate(CRE) loans at U.S. banks went up in the fourth quarter of 2022 after declining sharply a quarter earlier.Loans more than 30 days past due and those in nonaccrual status constituted 0.65% of CRE loans at the end of the quarter, up from the delinquency rate of 0.58% as of Sept. 30, 2022, according to an S&P Global Market Intelligence analysis.Regulators define commercial real estate loans as construction and land development loans + multifamily loans + nonowner-occupied nonresidential property loans + commercial real estate loans secured by collateral other than real estate.Despite the uptick in the fourth quarter of 2022, the CRE loan delinquency rate was down 6 basis points from the end of 2021.SNL ImageMore banks exceed CRE loan concentra

Sherifa Issifu, Senior Analyst, U.S. Equity IndicesS&P Dow Jones Indices2022 was the worst year for U.S. equity indices since 2008’s Global Financial Crisis, with the $S&P 500(.SPX)$ entering a bear marketand declining 18% in 2022. Despite the market blues, there were some relative winners: the S&P DJI U.S. Core Indicesbeat their MSCI counterparts last year, driven by differences in their methodologies. Below we examine the impact of index construction on performance, factor exposure and sector weights of the two index series.Exhibit 1 highlights that the S&P Composite 1500®’s outperformance was both consistent and widespread in 2022, with $S&P 500(.SPX)$

IntroductionDividend indices are one of the most widely recognized factor-based strategies.  According to Morningstar, as of Sept. 30, 2022, there were 411 dividend-focused exchange-traded products (ETPs) worldwide, with over AUD 522 billion in AUM.  Dividend ETPs had inflows of over AUD 97 billion in the first three quarters of 2022.  With over AUD 3.5 billion in AUM—or 40% of the Australian factor ETP market—the dividend factor is one of the most popular in Australia.In this paper, we will examine the Australian dividend market in depth and analyze the historical performance of the Australian high dividend yield strategy.Australia Dividend Market ( Click to Read 

From Jim Wiederhold，Director, Commodities and Real AssetsDespite recent declines, inflation remained high, which kept the U.S. Fed steadfast in its rate-hiking campaign, and expectations for a possible easing by year-end 2023 were squashed in the latest Fed commentary. A strong retracement higher of the $USD Index(USDindex.FOREX)$ from the weakness seen in January put pressure on all major commodities, which are priced in U.S. dollars globally. TheS&P GSCI, the world’s leading commodities benchmark, could not escape the volatile markets experienced in February, as the index fell 3.83% for the month.Warmer-than-expected weather in the U.S. played a role in decreasing demand for the crude oil byproduct. Crude oil

On Dec. 15, 2022, S&P Dow Jones Indices and MSCI jointly announced a full list of companies affected by the upcoming revisions to the Global Industry Classification Standard (GICS) structure. Exhibit 1 shows an overview of the expected impact on various U.S. equity indices. The “intra” changes refer to the reclassification of stocks within a sector, while the “inter” changes correspond to stocks being moved from their current sector to another under the new GICS structure. These U.S. equity indices have more intra than inter changes in this reorganization.Exhibit 2 provides more detail on theS&P 500, showing that 6 of the 11 S&P 500 sectors will be affected by the upcoming GICS changes. Real Estate accounts for the vast majority of intra changes, reflecting the sector’s additio

Key Highlights- The $S&P 500(.SPX)$ was up 6.18% in January, bringing its one-year return to -9.72%.- The $DJIA(.DJI)$ gained 2.83% for the month and was down 2.98% for the one-year period.- TheS&P MidCap 400increased 9.14% for the month, bringing its one-year return to 0.65%.- The S&P Small Cap 600 was up 9.40% in January and had a one-year return of -2.53%.Howard SilverblattBy Howard Silverblatt,  Senior Index Analyst, Product Management, Click to read Full article.Market SnapshotThis month's Q4 2022 ear

The $S&P 500(.SPX)$ Pan Asia BMI had its best start to the year since 2012 with blue chips outperforming mid and small caps.  13 of 14 S&P Pan Asia BMI regions contributed positively to the regional benchmark's returns, with India the sole exception.  All of our reported Asian government bond indices gained, with iBoxx ALBI performing best.Summary • The S&P Pan Asia BMI had its best start to the year since 2012, up 7.3% in January. Mid and small caps lagged blue-chips, with the S&P Pan Asia MidCap and the S&P Pan Asia SmallCap clocking up gains of 5.8% and 6.5%, respectively.• 13 of 14 S&P Pan Asia BMI regions contributed positively to the benchmark’s returns, with China's contribution the mos

By Craig Lazzara, Managing Director, Core Product Management, S&P Dow Jones IndicesFrom https://www.indexologyblog.com/Investment results in 2022 were distinctly different from those of the recent past. The$S&P 500(.SPX)$ , which had doubled in the three years between 2019 and 2021, fell by more than 18% last year, and Exhibit 1 shows that there were regime shifts among factor indices as well.Exhibit 1The dominance of Value over Growth in 2022 was especially remarkable. The one-year Value-Growth spread stands at the 97th percentile over all 12-month intervals since mid-1996. Equally interesting is that six years had passed since Value’s last “win” in 2016.What can we infer from these factor shifts? Here are three import