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 Posted: Tue 13:05, 03 Sep 2013 Post subject: 3 Ways to Invest in the Financial Sector-spun4 |
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3 Methods to Purchase the Financial Sector
For investors,[link widoczny dla zalogowanych], there may not be a far more complex or confusing sector than financial services. Big banks continue to be trying to pay off the remnants of the financial crisis using their balance sheets. Meanwhile, governments around the world have pledged to reform and regulate the sector to prevent future crises. Combine this stuff with a weak economy, and it is no wonder that the sector has struggled this year. Year-to-date, the typical financial sector fund has returned only 0.6 percent, compared with single percent gain for the S 500.
The most recent financial reform talks took place earlier this month in Basel, Switzerland, where regulators from different countries the United States on capital requirements for banks that were considered fairly lenient by most analysts. Bank stocks rallied on the news early last week. "Most from the major banks have already largely met the majority of the requirements within that, and there's sufficient time for those that haven't to shore up their economic situations and increase their capital ratios before the required date," says Brad Sorensen, director of market and sector analysis for that Schwab Center for Financial Research.
The picture is improving for big banking, experts say,[link widoczny dla zalogowanych], but many of uncertainty remains. Most is related to the advance of the new Consumer Financial Protection Bureau, that is charged with putting an end to abusive financial products. No one is certain as to what lengths the bureau will go in accomplishing that goal. "[The bureau has] received quite a broad mandate," says Jim Sinegal,[link widoczny dla zalogowanych], associate director of equity research at Morningstar. "They can regulate unfair,[link widoczny dla zalogowanych], abusive, or deceptive practices. So far as what that covers, no one can tell."
[See How the New Consumer Bureau Will Help You.]
It is also unclear how further consumer protection regulation could modify the profitability from the banks. "There's already talk that some of the services that consumers have gotten used to,[link widoczny dla zalogowanych], such as free checking, higher interest-bearing checking accounts, and free bill pay they may have to start spending money on those things," Sorensen says. "Whether they'll be prepared to,[link widoczny dla zalogowanych], and whether the financial sector can come up with methods to replace those revenues something we'll need to watch as we move forward." Sorensen expects a tough road for financials over the next few months. The sector's performance is determined by if the economy improves and also on the regulatory mood after the mid-term elections in November, he says.
Sinegal agrees: "The issue is not 'are banks going to survive?' [It's] 'how profitable are they likely to be over the years to come?'" He admits that he sees potential upside for that big banks because a lot of this news concerning the economy continues to be negative for a while. Unhealthy news, Sinegal says, has depressed the share prices of many of the big banks.
[See the entire list of financial sector funds here.]
Burnham Financial Industries (BURFX). This is the only fund from the three in which the manager has the choice to short bet against stocks. Manager Anton Schutz employed the shorting strategy during financial meltdown, and also the fund lost only 7 percent in 2008 (compared with a loss of revenue of 37 percent by the S 500 index). "It was good to possess that short-selling ability throughout the depths of the crisis," he admits that. Lately, Schutz continues to be buying big banks like Citigroup. "The big banks are really cheap on any measure you need to use them," he says. These banks have underperformed recently, Schutz says, because of the threat of further regulation. When the dust settles, he believes they may be poised for higher returns. "At the end of the day, the total amount sheets have been in a fit condition . and [mergers and acquisitions are] returning," he admits that. Apart from big financial firms, Schutz likes several regional players,[link widoczny dla zalogowanych], including two Florida-based banks 1st United Bancorp and CenterState Bank. Over the past 5 years, the fund has returned an annualized 6 percent, ranking it in the top ten percent of their category. Its annual fees are 1.88 percent.
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