Market Commentary — February 13, 2023

Markets gave back the previous week’s gains in a light week for economic data, as investors wonder if markets have gotten ahead of themselves so far year-to-date.

One of the most significant stock-specific stories was the plunge in Google Alphabet shares after its new AI-based chatbot Bard failed miserably in its first public demonstration. The stock was down 10%. The successful debuts of rival chatbots ChatGPT and Perplexity have caused some investors to question Google’s ability to maintain its dominance in search and AI. And Microsoft is making a big bet on Open AI in hopes of beefing up its search capabilities.

I just returned from the ETF Exchange Conference in Miami. One notable change from last year was the lack of crypto focus and their smaller vendor presence. ESG topics which have dominated in the past were also absent from the agenda. And Cathie Wood, who was a big participant last year, was not at the conference this year despite ARKK being a Florida-based firm. But given her recent rebound in performance and positive asset flows, maybe she didn’t feel the need.

One of the big topics among this year’s speakers was positive sentiment toward international investment and more specifically emerging markets. Many predict that the decade of EM underperformance has run its course.

It was great to reconnect with colleagues in person, and there were photo ops with the FearlessGirl statue, which was there to honor Kathleen Moriarity. And of course, there was that puppy lounge. Hoping that becomes a conference staple.
Among new ETFs making their debuts last week was the actively managed Calamos Antetokounmpo Global Sustainable Equities ETF (SROI), which is the longest ETF name out there! The fund launched with the support of Milwaukee Bucks forward Giannis Antetokounmpo and focuses on sustainable criteria.

Toroso launched the Return Stacked Bonds & Managed Futures ETF (RBST), which is sub-advised by Newfound Research. The actively managed fund offers exposure to a bond strategy and a managed futures strategy that is advised by ReSolve Asset Management.

And in the closure column was Impact Shares Sustainable Development Goals Global Equity ETF (SDGA).

Have a great week everyone and Happy Valentine’s Day!

Jane Edmondson
CEO and Co-Founder

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