asset management

J.P. MORGAN CHASE & CO. $116 (New York symbol JPM; Income Portfolio, Finance sector; Shares o/s: 3.5 billion; Market cap: $406.0 billion; Price-to-sales ratio: 4.3; Dividend yield: 1.9%; TSINetwork Rating: Average; www. jpmorganchase.com) is the largest banking firm in the U.S., with total assets of $2.5 trillion as of December 31, 2017.

Morgan has four main businesses: Consumer and Community Banking, including branches and credit cards (45% of 2017 revenue, 36% of earnings); Corporate and Investment Banking, including brokerage and underwriting services (34%, 41%); Asset Management (13%, 9%); and Commercial Banking, which provides financing and other services to business clients (8%, 14%)....

We last wrote about TD Science & Technology Fund in 2010. That was before the strong emergence of ETFs as a low-cost alternative to mutual funds and their pricey active management.

June 2010

TD SCIENCE & TECHNOLOGY FUND $15.13 (CWA Rating: Aggressive) (TD Asset Management, P.O....

Traditional retailers, such as the three we analyze below, continue to grapple with strong competition from online sellers. That has forced them to close stores and sell real estate.

These companies still own some the best-known brands in the industry, which should help them survive....

Brookfield Asset Management recently spun off its little-known insurance business—Trisura Group.

Unlike bigger insurance companies and brokerage firms focused on providing individual life, health and property insurance, Trisura sells specialized policies to businesses....

ISHARES S&P/TSX 60 INDEX ETF $24 (Toronto symbol XIU; TSINetwork ETF Rating: Conservative Market cap: $10.8 billion) is a low-fee way to buy the top Canadian listed stocks. Specifically, the ETF holds stocks that represent the S&P/TSX 60 Index—the largest, most heavily traded equities on the TSX.

The ETF’s top holdings are Royal Bank, 8.7%; TD Bank, 8.0%; Bank of Nova Scotia, 5.9%; Enbridge, 5.3%; CN Railway, 4.8%; Suncor Energy, 4.5%; Bank of Montreal, 3.8%; TransCanada Corp., 3.3%; BCE, 3.3%; Manulife Financial, 3.1%, Canadian Natural Resources, 3.0%; CIBC, 3.0%; Brookfield Asset Management, 2.8% and Canadian Pacific Railway, 1.9%.

The industry breakdown is as follows: Financials (41%), Resources (29%), Industrials (9%), Telecommuncations (6%), Consumer discretionary (5%), Consumer staples (4%), Information technology (2%), Utilities (2%) and others (2%).

Still, this ETF’s assets are highly concentrated in the financial and resources sectors.

The fund began trading in September 1999....

We think it’s all but impossible to duplicate the investment success of celebrated investors such as Warren Buffett, Bill Ackman, Carl Icahn, Daniel Loeb and David Tepper. That hasn’t kept these two ETFs from trying. Each aims to track the holdings of the most prominent investors.

DIREXION IBILLIONAIRE INDEX ETF $32 (New York symbol IBLN; TSINetwork ETF Rating: Aggressive; Market cap: $14.2 million) tracks the iBillionaire Index, which aims to replicate the largest stock holdings of a select group of 10 billionaires.

The fund invests in large companies listed in the U.S....

With yearly revenue of $4 trillion, the global agriculture industry offers enormous opportunities for firms ready to satisfy growing food demand. (For more on agriculture, see supplement, page 10.)

VANECK VECTORS AGRICULTURE AGRIBUSINESS ETF $59 (New York symbol MOO; TSINetwork ETF Rating: Aggressive; Market cap: $831.4 million) tracks the MVIS Global Agribusiness Index and provides exposure to companies involved in the business of agriculture....

The shares of strand board maker Norbord Inc. have soared, but its high dividend yield may reflect worries that strand board prices have already peaked.

A: Norbord Inc., $48.66, symbol OSB on Toronto (Shares outstanding: 86.1 million; Market cap: $4.1 billion; www.norbord.com), is one of the world’s largest producers of oriented strand board (OSB). That’s an engineered wood-panel product used as a plywood replacement in home construction and manufacturing....

Since the start of 2017, Macy’s is down nearly 40%, while Nordstrom has dipped 3%. Those declines are mainly because consumers are buying more goods online. That merchandise includes department store staples such as clothing, shoes and jewellery.

In response, both firms continue to expand their online businesses....