First Trust Multi Cap Value AlphaDEX Fund (NASDAQ: FAB)

에 대한 최신 뉴스 First Trust Multi Cap Value AlphaDEX Fund (NASDAQ:FAB)

First Trust Multi Cap Value AlphaDEX Fund

Financial Services

Consumer Cyclical

Industrials

Technology

Energy

Healthcare

Utilities

Basic Materials

Consumer Defensive

Real Estate

Communication Services

Other

The Fund will normally invest at least 90 percent of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the Index Provider). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to maintain Index integrity.

D R Horton Inc

Lennar Corp. Class A

Entergy Corp Sedol 2317087

Exelon Corp. Npv

Fox Corporation Cl. A

Cincinnati Financial Corporation

Berkshire Hathaway, Inc.

Comcast Corp.

Cvs Health Corp.

E O G Resources Inc.

Steel Dynamics Inc

Nucor Corp.

Phillips 66

Devon Energy Corp.

Reliance Steel & Aluminum Co Common Stock Usd

Schlumberger Nv

Chevron Corp

Coterra Energy Inc.

Exxon Corp

Valero Energy Corpora

Newmont Corp

Western Digital Corp Company Guar 11/28 3

Block Inc

Hewlett Packard Enterprise Co.

CF Industries Holdings Inc

Synchrony Financial

Archer-Daniels-Midland Co.

Pultegroup Inc.

Centene

Trimble  Inc 

Micron Technology Inc

Markel Group

Fabric

FAB-FORM INDUS LTD by Fab-Form Industries Ltd.

Fab-Form Industries Ltd

Farmers Bancorp

Fabasoft AG

Fabege AB

Fabled Copper Corp

FABLED SILVER GOLD CORP by FABLED SILVER GOLD CORP.

Fabled Silver Gold Corp

Fabrinet

<div class="entry-content">

		The all-cap value style ranks seventh out of the twelve fund styles as detailed in my <a href="http://blog.newconstructs.com/2012/10/11/investment-style-rankings-for-etfs-mutual-funds/">style rankings for ETFs and mutual funds</a>. It gets my Dangerous rating, which is based on aggregation of ratings of two ETFs and 266 mutual funds in the all-cap value style as of October 19, 2012. Prior reports on the best &amp; worst ETFs and mutual funds in every sector and style are <a href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm">here</a>.

		Figure 1 ranks from best to worst the two all-cap value ETFs and Figure 2 shows the five best and worst-rated all-cap value mutual funds. Not all all-cap value style ETFs and mutual funds are created the same. The number of holdings varies widely (from 12 to 2,035), which creates drastically different investment implications and ratings. The best ETFs and mutual funds allocate more value to Attractive-or-better-rated stocks than the worst, which allocate too much value to Neutral-or-worse-rated stocks.

		To <a href="http://blog.newconstructs.com/2012/10/09/how-to-find-the-best-etfs-2/">identify the best</a> and <a href="http://blog.newconstructs.com/2012/10/16/how-to-avoid-the-worst-etfs-2/">avoid the worst</a> ETFs and mutual funds within the all-cap value style, investors need a <a href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">predictive rating</a> based on (1) <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">stocks ratings</a> of the holdings and (2) the <a href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/">all-in expenses</a> of each ETF and mutual fund. Investors need not rely on backward-looking ratings. My fund rating methodology is detailed <a href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">here</a>.

		Investors should not buy any all-cap value ETFs or mutual funds because none get an Attractive-or-better rating. If you must have exposure to this style, you should buy a basket of Attractive-or-better rated stocks and avoid paying undeserved fund fees. Active management has a <a href="http://blog.newconstructs.com/2012/09/17/less-than-1-of-managers-deliver-alpha-here-are-details/">long history</a> of not paying off.

		Get my ratings on all ETFs and mutual funds in this style on my free <a href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91edea114e11e1ae5900188b533b34">mutual fund and ETF screener</a>.
<div>

			Figure 1: ETFs with the Best &amp; Worst Ratings
</div>

		<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig1.jpg"><img alt="" class="aligncenter size-full wp-image-4878" height="135" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig1.jpg" title="AllCapValueFig1" width="329" /></a>

		* Best ETFs exclude ETFs with NAVs less than 100 million.
<div>

			Sources: New Constructs, LLC and company filings
</div>
<div>

			Figure 2: Mutual Funds with the Best &amp; Worst Ratings &ndash; Top 5
</div>

		<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig2.jpg"><img alt="" class="aligncenter size-full wp-image-4877" height="246" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig2.jpg" title="AllCapValueFig2" width="329" /></a>

		* Best mutual funds exclude funds with NAVs less than 100 million.
<div>

			Sources: New Constructs, LLC and company filings
</div>

		<a href="http://bit.ly/TxTnOP">12 mutual funds</a> are excluded from Figure 2 because their total net assets (TNA) are below $100 million and do not meet our liquidity standards.

		iShares Russell 3000 Value (NYSE: <a class="ticker" href="/stock/iww#NYSE">IWW</a>) is my top-rated all-cap value ETF and Homestead Funds, Inc: Value Fund (NYSE: HOVLX) is my top-rated all-cap value mutual fund. Both earn my Neutral rating.

		First Trust Multi Cap Value AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fab#NYSE">FAB</a>) is my worst-rated all-cap value ETF and Janus Investment Fund: Perkins Select Value Fund (NYSE: JVSAX) is my worst-rated all-cap value mutual fund. Both earn my Dangerous-or-worse rating.

		Figure 3 shows that 448 out of the 2,144 stocks (over 30% of the total net assets) held by all-cap value ETFs and mutual funds get an Attractive-or-better rating. However, none of the all-cap value ETFs and only one mutual fund Attractive-or-better rating.

		The takeaways are: mutual fund managers allocate too much capital to low-quality stocks and all-cap value ETFs hold poor quality stocks.
<div>

			Figure 3: All-cap Value Style Landscape For ETFs, Mutual Funds &amp; Stocks
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig3.jpg"><img alt="" class="aligncenter size-full wp-image-4876" height="156" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig3.jpg" title="AllCapValueFig3" width="401" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		As detailed in &ldquo;<a href="http://blog.newconstructs.com/2012/07/20/low-cost-funds-dupe-investors-2/">Cheap Funds Dupe Investors</a>&rdquo;, the fund industry offers many cheap funds but very few funds with high-quality stocks, or with what I call good <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">portfolio management</a>.

		Investors need to tread carefully when considering all-cap value ETFs and mutual funds as only one fund is worth buying. Investors are better off focusing on individual all-cap value stocks.

		Abbott Laboratories (NYSE: <a class="ticker" href="/stock/abt#NYSE">ABT</a>) is one of my favorite stocks held by all-cap value funds. It receives my Very Attractive rating due to its high profitability and low valuation. &nbsp;Abbott has produced a positive economic earnings margin&nbsp;every year since 1998. Over the past five years Abbott increased their after-tax operating earnings&nbsp;(<a href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">NOPAT</a>) at a CAGR of 14% a year. Ironically, in return for this growth in profits, the market has assigned ABT a <a href="http://blog.newconstructs.com/2012/06/18/price-to-economic-book-value-or-price-to-ebv/">price-to-economic book</a> (P/EBV) value&nbsp;of 0.8, which means the current valuations of the stock implies the company will experience a permanent decline in profits of 20%. The disconnect between the market&rsquo;s expectations and ABT&rsquo;s recent performance makes ABT a Very Attractive stock.

		Masco Corporation&nbsp;(NYSE: <a class="ticker" href="/stock/mas#NYSE">MAS</a>) is one of the least favorite stocks held by all-cap value. Contrary to ABT, MAS receives a Dangerous rating because its lack of profitability and high valuation. MAS has never generated positive <a href="http://www.newconstructs.com/nc/help/glossary.htm#epDef">economic earnings</a> in all 14 years of my model. On top of this poor profitability, to justify MAS&rsquo; current stock price of ~$15.16, the company must grow its <a href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">after-tax profit</a>&nbsp;(NOPAT) by 20% compounded annually for the next twelve years. Over the past 12 years, MAS&rsquo;s <a href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">NOPAT</a>&nbsp;has decline by 9% compounded annually. It appears MAS&rsquo; current stock price carries seriously high expectations. Investors would be smart avoid to this stock in favor of more Attractive alternatives.

		Figures 4 and 5 show the rating landscape of all all-cap value ETFs and mutual funds.

		Our <a href="http://blog.newconstructs.com/2012/10/11/investment-style-rankings-for-etfs-mutual-funds/">style rankings for ETFs and mutual funds</a> report ranks all styles and highlights those that offer the best investments.
<div>

			Figure 4: Separating the Best ETFs From the Worst Funds
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig4.jpg"><img alt="" class="aligncenter size-full wp-image-4875" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig4.jpg" title="AllCapValueFig4" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>
<div>

			Figure 5: Separating the Best Mutual Funds From the Worst Funds
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig5.jpg"><img alt="" class="aligncenter size-full wp-image-4874" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/AllCapValueFig5.jpg" title="AllCapValueFig5" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		Review my <a href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d91edea114e11e1ae5900188b533b34">full list</a> of ratings and rankings along with reports on all two ETFs and 266 mutual funds in the all-cap value style.

		Disclosure: I receive no compensation to write about any specific stock, sector, style or&nbsp;theme.
</div>

Sector ETFs

Broad U.S. Equity ETFs

Specialty ETFs

ETFs

Best & Worst ETFs and Mutual Funds: All-cap Value Style

<div class="entry-content">

		The all-cap value style ranks sixth out of the twelve fund styles as detailed in my <a data-cke-saved-href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/" href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/">style roadmap</a>. It gets my Neutral rating, which is based on an aggregation of the ratings of 2 ETFs and 285 mutual funds in the all-cap value style as of July 18, 2012. Reports on the best &amp; worst ETFs and mutual funds in every sector and style are <a data-cke-saved-href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm" href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm">here</a>.

		Figure 1 ranks from best to worst the two all-cap value ETFs and Figure 2 shows the five best- and worst-rated all-cap value mutual funds. Not all all-cap value style ETFs and mutual funds are created the same. The number of holdings varies widely (from 14 to 2039), which creates drastically different investment implications and ratings. The best ETFs and mutual funds allocate more value to Attractive-or-better-rated stocks than the worst, which allocate too much value to Neutral-or-worse-rated stocks.

		To <a data-cke-saved-href="http://blog.newconstructs.com/2012/04/03/how-to-find-the-best-etfs/" href="http://blog.newconstructs.com/2012/04/03/how-to-find-the-best-etfs/">identify the best</a> and <a data-cke-saved-href="http://blog.newconstructs.com/2012/04/05/how-to-avoid-the-worst-etfs/" href="http://blog.newconstructs.com/2012/04/05/how-to-avoid-the-worst-etfs/">avoid the worst</a> ETFs and mutual funds within the all-cap value style, investors need a <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/" href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">predictive rating</a> based on (1) <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/" href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">stocks ratings</a> of the holdings and (2) the <a data-cke-saved-href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/" href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/">all-in expenses</a> of each ETF and mutual fund. Investors need not rely on backward-looking ratings. My fund rating methodology is detailed <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/" href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">here</a>.

		Investors seeking exposure to the all-cap value style should buy one of the Attractive-or-better rated ETFs or mutual funds from Figures 1 and 2.

		See ratings and reports on all ETFs and mutual funds in this style on my free <a data-cke-saved-href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm" href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm">mutual fund and ETF screener</a>.
<div>

			Figure 1: ETFs with the Best &amp; Worst Ratings &ndash; Only 2 All-cap Value ETFs
</div>

		<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue1.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue1.jpg"><img alt="" class="aligncenter size-full wp-image-4324" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue1.jpg" height="124" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue1.jpg" title="AllCapValue1" width="342" /></a>

		* Best ETFs exclude ETFs with less NAV&rsquo;s less than 100 million.
<div>

			Sources: New Constructs, LLC and company filings
</div>
<div>

			Figure 2: Mutual Funds with the Best &amp; Worst Ratings &ndash; Top 5 

			<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue2.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue2.jpg"><img alt="" class="aligncenter size-full wp-image-4323" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue2.jpg" height="235" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue2.jpg" title="AllCapValue2" width="342" /></a>

			* Best mutual funds exclude funds with NAV&rsquo;s less than 100 million.
</div>
<div>

			Sources: New Constructs, LLC and company filings
</div>

		<a data-cke-saved-href="http://bit.ly/Q5Hsfq" href="http://bit.ly/Q5Hsfq">Four mutual funds</a> are excluded from Figure 2 because their total net assets (TNA) are below $100 million and do not meet our liquidity standards.

		iShares Russell 3000 Value (NYSE: <a class="ticker" href="/stock/iww#NYSE">IWW</a>) is my top-rated all-cap value ETF and FundVantage Trust: Formula Investing US Value Select Fund (NYSE: FNSIX) is my top-rated all-cap value mutual fund. IWW earns my Neutral rating and FNSIX earns my Attractive rating.

		First Trust Multi Cap Value AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fab#NYSE">FAB</a>) is my worst-rated all-cap value ETF and Trust for Professional Managers: Snow Capital Opportunity Fund (NYSE: <a class="ticker" href="/stock/snoax#NYSE">SNOAX</a>) is my worst-rated all-cap value mutual fund. FAB earns my Neutral rating and SNOAX earns my Very Dangerous rating.

		Figure 3 shows that 501 out of the 2198 stocks (over 35% of the total net assets) held by all-cap value ETFs and mutual funds get an Attractive-or-better rating. However, neither of the two all-cap value ETFs and 17 out of 285 all-cap value mutual funds (less than 2% of total net assets) get an Attractive-or-better rating.

		The takeaway is: all-cap value mutual fund managers pick too many low-quality stocks.
<div>

			Figure 3: All-cap Value Style Landscape For ETFs, Mutual Funds &amp; Stocks
</div>
<div>

			<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue3.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue3.jpg"><img alt="" class="aligncenter size-full wp-image-4322" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue3.jpg" height="156" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue3.jpg" title="AllCapValue3" width="401" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		As detailed in &ldquo;<a data-cke-saved-href="http://blog.newconstructs.com/2012/05/09/low-cost-funds-dupe-investors/" href="http://blog.newconstructs.com/2012/05/09/low-cost-funds-dupe-investors/">Cheap Funds Dupe Investors</a>&rdquo;, the fund industry offers many cheap funds but very few funds with high-quality stocks, or with what I call good <a data-cke-saved-href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/" href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">portfolio management</a>.

		Investors need to tread carefully when considering all-cap value ETFs and mutual funds, as 98% of the total net assets invested in all-cap value mutual funds is allocated to Neutral or Dangerous funds. No ETFs and only 17 mutual funds in the all-cap value style allocate enough value to Attractive-or-better-rated stocks to earn an Attractive rating.

		Accenture PLC (NYSE: <a class="ticker" href="/stock/acn#NYSE">ACN</a>) is one of my favorite stocks held by all-cap value ETFs and mutual funds and earns my Very Attractive rating. Accenture is a steady value creator. Since 2007, <a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#roicDef" href="http://www.newconstructs.com/nc/help/glossary.htm#roicDef">ROIC</a> has been consistently in the 40-50% range, placing Accenture among the elite when it comes to the efficiency and profitability of their business model. Accenture is well-known as an industry leader by boosting efficiency and creating value for their clients. Their operating results indicate that they are doing the same thing for their own shareholders. A consistently profitable business like Accenture is a great stock to pick up when Mr. Market serves up an attractive price, and that is certainly the case right now. ACN&rsquo;s current share price (~$58.60) implies that the company&rsquo;s after-tax profits (<a data-cke-saved-href="http://www.newconstructs.com/nc/help/glossary.htm#nopat" href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">NOPAT</a>) will decline by 10% permanently. Those pessimistic expectations give ACN an attractive risk/reward profile.

		Ashland Inc. (NYSE: <a class="ticker" href="/stock/ash#NYSE">ASH</a>) is one of my least favorite stocks held by all-cap value ETFs and mutual funds and earns my Very Dangerous rating. Ashland operates in cyclical industries, which means that when sales are growing, they need to be poised to capitalize, because there are sure to be tough years ahead. Results through the second quarter of ASH&rsquo;s 2012 fiscal year have provided some hopeful revenue growth, but the company has failed to deliver solid returns. Here&rsquo;s why: over the past several years ASH&rsquo;s ROIC has stair-stepped downward from 5% in 2007 to a measly 1.4% last year. ASH&rsquo;s bulging balance sheet has failed to deliver new profits. Furthermore, their pre-tax operating margins have languished, averaging around 4% over the same period. It&rsquo;s crucial for cyclical companies like ASH to be efficient so that they can strike in the fat years and weather the lean ones. ASH has been on a steady decline in capital efficiency and operating margins, so it&rsquo;s tough to see why the market has such high expectations. To justify its current stock price (~$69.60), ASH would need to grow its profits 20% compounded annually for the next 15 years. High expectations and stagnant operating efficiency drive ASH&rsquo;s Very Dangerous rating.

		Figures 4 and 5 show the rating landscape of all all-cap value ETFs and mutual funds.

		Our <a data-cke-saved-href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/" href="http://blog.newconstructs.com/2012/07/16/roadmap-to-the-best-worst-etf-mutual-fund-styles/">style roadmap</a> report ranks all styles and highlights those that offer the best investments.
<div>

			Figure 4: Separating the Best ETFs From the Worst Funds
</div>
<div>

			<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue4.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue4.jpg"><img alt="" class="aligncenter size-full wp-image-4321" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue4.jpg" height="232" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue4.jpg" title="AllCapValue4" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>
<div>

			Figure 5: Separating the Best Mutual Funds From the Worst Funds
</div>
<div>

			<a data-cke-saved-href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue5.jpg" href="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue5.jpg"><img alt="" class="aligncenter size-full wp-image-4320" data-cke-saved-src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue5.jpg" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/AllCapValue5.jpg" title="AllCapValue5" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		Review my <a data-cke-saved-href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm" href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm">full list</a> of ratings and rankings along with free reports on all 2 ETFs and 285 mutual funds in the all-cap value style.

		Disclosure: I own ACN. I receive no compensation to write about any specific stock, sector, style or&nbsp;theme.
</div>

Global

Markets

Trading Ideas

SNOAX

Credit Suisse raises its rating on PVH (NYSE: <a class="ticker" href="/stock/pvh#NYSE">PVH</a>) to Outperform from Neutral on signs that consumer demand in the US is improving. PRice target is raised to $105. 

Credit Suisse says, "Our macroeconomic analysis suggests that global discretionary spending growth prospects are improving meaningfully from late 2011 conditions. Asian growth prospects remain the healthiest within our group for consumer discretionary purchases, while U.S. spending growth, led by an improving income environment, looks to be accelerating, particularly for Footwear, Accessory, and Beauty (<a class="ticker" href="/stock/fab#">FAB</a>) product. European growth prospects, however, remain muted, with visibility into improving trends uncertain."

PVH closed at $89.33 a share on Friday.

Analyst Color

Upgrades

Price Target

Pre-Market Outlook

Analyst Ratings

UPDATE: Credit Suisse Upgrades PVH to Outperform 

Some investors focus exclusively on large caps. Others prefer the risk and volatility associated with small caps. Still others enjoy the anonymity afforded by the hidden gem atmosphere of the mid-cap universe. And there are those that just need to have all three cap spectrums in their portfolios at all times.

For the indecisive among us, there are all cap ETFs, funds that are intended to give investors the best of all three cap worlds. On the surface, it might appear as though all cap ETFs aren't much different than total market ETFs, but some all cap plays serve specific niches that make them compelling in their own right.

Here are five all cap plays your broker probably forgot to tell you about.

First Trust Multi Cap Value AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fab#NYSE">FAB</a>):
The First Trust Multi Cap Value AlphaDEX Fund sure doesn't get much press for an ETF that is over four years-old and has almost $39 million in assets under management, but FAB has been fabulous this month, surging more than 20%. Home to almost 600 stocks, FAB gives double-digit sector allocations to five industry groups – technology, industrials, financials, consumer discretionary and energy. FAB is a buy above $29, the ETF's 200-day moving average.

Guggenheim China All Cap ETF (NYSE: <a class="ticker" href="/stock/yao#NYSE">YAO</a>):
Admittedly, the Guggenheim China All Cap ETF makes the list more because of title than actual all cap representation. YAO is home to over 190 stocks and $57.4 million in AUM, but the ETF's top-10 holdings are dominated by Chinese large-caps. That group accounts for roughly 44% of YAO's weight. It's not that mid caps and small caps are absent from YAO. They're not. Just know that you're getting more of large-cap fund than the title implies. YAO's chart looks strong and a run back to $26 could be in the cards.

iShares Russell 3000 Index Fund (NYSE: <a class="ticker" href="/stock/iwv#NYSE">IWV</a>):
OK, so the iShares Russell 3000 Index Fund doesn't hold 3,000 stocks. It holds 2,958 and a robust $3.1 billion in AUM. A very reasonable 0.2% expense ratio is another point in the ETF's favor. Technology, financials, consumer discretionary, health care, producer durables and energy all get double-digit allocations. Trading around $74, IWV could 8%-10% upside in the near-term.

First Trust Multi Cap Growth AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fad#NYSE">FAD</a>):
FAB has a growth counterpart in the form of the First Trust Multi Cap Growth AlphaDEX Fund. Both have expense ratios of 0.7%, but FAD is smaller with 531 stocks and $29.4 million in AUM. Even though this is a growth fund, the usual growth sectors don't weigh as heavily here as consumer discretionary and staples which combine for over 36% of FAD's weight. No stock receives an allocation of more than 0.54%.

Schwab U.S. Broad Market ETF (NYSE: <a class="ticker" href="/stock/schb#NYSE">SCHB</a>):
Just a few days shy of its second birthday, SCHB has accomplished a lot in that time as the ETF is home to almost $672 million in AUM. Even more impressive is an expense ratio of just 0.06%, which undercuts comparable funds from all rival firms. SCHB tracks an index that is home to 2,500 stocks, but the ETF itself currently holds 1,499 securities. Remember, SCHB is commission-free if you're a Schwab client.

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The largest Brazilian aircraft manufacturer, Empresa Brasileira de Aeronautica S.A. (<a href="http://www.zacks.com/stock/quote/ERJ">ERJ</a>) – Embraer, is in talks with the Colombian government to deliver KC-390 defense aircraft. 
  
In August, Embraer signed an agreement with the Chile's National Aeronautical Enterprise (Empresa Nacional de Aeronautica - ENAER) to deliver KC-390 military transport jet. In July, the Brazilian Air Force (<a class="ticker" href="/stock/fab#">FAB</a>) also announced its intention to buy 28 KC-390s. 
  
The KC-390 with a cargo capacity of 23.6 tons is expected to operate as early as 2015. Defense segment forms a significant part of Embraer’s revenues as during the second quarter of fiscal 2010, alone the segment contributed 13.0% of total revenue. 
  
The defense aircraft contract as well as the changes in the U.S. Defense budget would influence the segment. Three proposed contracts in two months and an increase in the U.S. defense budget for the fiscal 2010 and fiscal 2011 would definitely encourage results in the coming quarters. 
  
During fiscal 2010, the government has proposed a 4% year over year increase in the U.S. defense budget and in fiscal 2011, they have anticipated a 2.8% increase in the budget from 2010 level. 
  
Embraer is experiencing strong orders for Embraer 170/195 jet and the Legacy. The company is planning to deliver the mid-sized Embraer MSJ or Legacy 450 and the mid-light Embraer MLJ or the Legacy 500 by the second half of fiscal 2012 and 2013, respectively. 
  
However, the company’s high dependence on some models, with a primary focus on American airline companies, exposes it to considerable risks. Thus, the stock currently retains its short-term “Hold” rating with the Zacks #3 Rank.   <a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=ERJ&amp;ADID=BENZ_CONTENT_ZER">EMBRAER AIR-ADR (<a class="ticker" href="/stock/erj#">ERJ</a>): Free Stock Analysis Report</a>   <a href="http://www.zacks.com/">Zacks Investment Research</a>

Embraer-Empresa Brasileira De Aeronautica

Embraer Focuses on Defense - Analyst Blog

<a href="http://etfdailynews.com/blog/wp-content/uploads/2009/04/europe.jpg"><img class="alignleft size-full wp-image-772" title="europe" src="http://etfdailynews.com/blog/wp-content/uploads/2009/04/europe.jpg" alt="" width="110" height="110" /></a>Direxion, a pioneer in providing alternative and tactically-oriented investment strategies to sophisticated investors, is pleased to announce the listing of six Direxion Shares Daily ETFs on the Amsterdam market of NYSE Euronext. The ETFs are leveraged Bull and Bear funds that seek 300% of the daily performance, or 300% of the inverse of the daily performance (before fees and expenses), of the MSCI Emerging Markets Index, the Russell 1000® Index and the Russell 1000® Financial Services Index.
These funds, as with all Direxion Shares ETFs, are intended for use only by sophisticated investors who understand the risks associated with seeking daily leveraged investment results and who plan to actively monitor and manage their positions in the funds.  There is no guarantee that the funds will achieve their objective.
“Direxion is excited to begin offering our investment solutions in Europe through NYSE Euronext,” stated Dan O’Neill, Direxion Shares’ President. “We see a significant growth opportunity in the European market as demand from hedge funds and active traders increases for sophisticated products that enable tactical, short-term strategies in various market segments.”
Many sophisticated advisors and institutional investors are using Direxion Shares 3x leveraged ETFs to hedge positions in their current portfolios, while others may use the ETFs to take advantage of short-term trading opportunities.
The MSCI Emerging Markets Index is designed to measure equity market performance in the global emerging markets. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe; it includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Financial Services Index tracks U.S. companies that provide financial services; its components have an average market capitalization of over $11 billion dollars and a median market capitalization of $4.4 billion dollars.
“Direxion continues to pioneer innovative investment solutions that enable investors to optimize their portfolio strategies,” continued Mr. O’Neill. “Our listing on NYSE’s European market reflects our desire to grow as a significant player in the global ETF market.”
The six Direxion ETFs listing on NYSE Euronext are:
<table style="width: 551px; height: 317px;" border="0" cellspacing="0" cellpadding="0" width="551">
<colgroup span="1">
<col span="1" width="292" /> 
<col span="1" width="58" /> 
<col span="1" width="192" /> 
<col span="1" width="67" /> 
<col span="1" width="102" /> 
</colgroup>
<tbody>
<tr height="17">
<td width="292" height="17">       Fund Name    </td>
<td width="58"> Symbol </td>
<td width="192">Benchmark </td>
<td width="67">Leverage</td>
<td width="102">ISIN</td>
</tr>
<tr height="17">
<td height="17">Bull Funds</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17">Direxion Daily Emerging Markets Bull 3X Shares</td>
<td>(EDC) </td>
<td>MSCI Emerging Markets Index </td>
<td>300%</td>
<td>US25459W3007</td>
</tr>
<tr height="17">
<td height="17"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17">Direxion Daily Large Cap Bull 3x Shares</td>
<td>(BGU)</td>
<td>Russell 1000(R) Index </td>
<td>300%</td>
<td>US25459W8626</td>
</tr>
<tr height="17">
<td height="17"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17">Direxion Daily Financial Bull 3x Shares</td>
<td>(FAB) </td>
<td>Russell 1000(R) Financial</td>
<td>300%</td>
<td>US25459W5168</td>
</tr>
<tr height="17">
<td height="17"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17">Bear Funds</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17">Direxion Daily Emerging Markets Bear 3x Shares</td>
<td>(EDZ)  </td>
<td>MSCI Emerging Markets Index</td>
<td>-300%</td>
<td>US25459W4096</td>
</tr>
<tr height="17">
<td height="17">   </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17">Direxion Daily Large Cap Bear 3x Shares </td>
<td>(BGZ) </td>
<td>Russell 1000(R) Index</td>
<td>-300%</td>
<td>US25459W8543</td>
</tr>
<tr height="17">
<td height="17"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr height="17">
<td height="17">Direxion Daily FinancialBear 3x Shares</td>
<td>(FAZ)</td>
<td>Russell 1000(R) Financial</td>
<td>-300%</td>
<td>US25459W4906</td>
</tr>
</tbody>
</table>
By providing both a Bull and a Bear fund to track indexes, Direxion gives seasoned investors the ability to seek competitive returns in rising and falling markets across a wide spectrum of diversified assets.
Members of the press may request more information on Direxion Shares, or speak to a member of the Direxion team by contacting Katrine Winther-Olesen at (973) 400-1341 or <a href="mailto:katrine@jcprinc.com">katrine@jcprinc.com</a>.
Investors and financial professionals may contact Direxion to inquire about the ETFs or the Euronext Amsterdam listing by calling 1.866.476.7523, or +1 617 399 8820, or by sending an email to <a href="mailto:info@direxionshares.com">info@direxionshares.com</a>.
About Direxion
Direxion Funds and Direxion Shares, managed by Rafferty Asset Management, LLC, offer leveraged mutual funds, ETFs and alternative-class fund products for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets. Founded in 1997, the company has approximately $6.3 billion in assets under management as of December 31, 2009. The company’s business model is built on continuous product innovation, exceptional customer service and a commitment to building strategic relationships with distribution partners. For more information, please visit <a href="http://www.direxionshares.com" title="www.direxionshares.com">www.direxionshares.com</a>.
Disclosure:
The correlation sought by the bull and bear funds is generally a multiple of returns of the index/benchmark. For example, if on a given day, the Russell 1000 Index gains 1%, the Direxion Large Cap Bull 3x ETF will be managed to gain approximately 3%(3%= 300% of 1%). If the same index decreases 1%, the Direxion Large Cap 3x Bear ETF will be managed to gain approximately 3%.
An investor should consider the investment objectives, risks, charges, and expenses of Direxion Shares carefully before investing. The prospectus and summary prospectus contain this and other information about Direxion Shares. To obtain a prospectus and summary prospectus, please visit <a href="http://www.direxionshares.com" title="www.direxionshares.com">www.direxionshares.com</a>. The prospectus and summary prospectus should be read carefully before investing.
Investing in funds that invest in specific industries or geographic regions may be more volatile than investing in broadly diversified funds.  The use of leverage by a fund increases the risk to the fund. The more a fund invests in leveraged instruments the more the leverage will magnify gains or losses on those investments. The Funds and ETFs are not designed to track the underlying index over a longer period of time.
The risks associated with the funds are detailed in the prospectus, and include: risks of market timing activity and high portfolio turnover, risk of tracking error, risks of aggressive investment techniques, leverage risk, counterparty risks, risk of non-diversification, interest rate changes, adverse market conditions, risks of shorting instruments, inverse correlation risk, risks of investing in equity securities, risks of investing in small and mid capitalization companies, credit risk, financial services companies risk, concentration risk, geographic concentration risk, market condition risk, advisor’s investment strategy risk, currency exchange risk, daily correlation risk, daily rebalancing and market volatility risk, depository receipt risk, foreign and emerging markets securities risk, sector securities risk, and special risks of exchange-traded funds. Aggressive investing would include the use of futures, enhanced betas, and shorting securities. Shorting securities occurs when investors sell securities they don’t own and are committed to repurchasing eventually.
Distributor: Foreside Fund Services, LLC.
    Contact: 
    Katrine Winther-Olesen 
    JCPR 
    (973) 400-1341 
    <a href="mailto:katrine@jcprinc.com">katrine@jcprinc.com</a> 
SOURCE Direxion
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Direxion Daily Emerging Markets Bull 3x Shares

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Direxion Shares Lists Leveraged ETFs on NYSE Euronext’s European Market

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