IMTM
iShares MSCI Intl Momentum Factor ETF
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That seems good. I think momentum and anti-vol/anti-beta tilts are worthwhile. I feel uncomfortable recommending stuff because my own factor holdings have not done well, but I'll list them if you're interested: VFMF, MTUM, IMTM, FNDF, MFEM, BTAL, CAPE. That last was an ETN and then switched management and became an ETF. It did fairly well before but its record since then has been poor. FNDF is probably pretty similar to AVDE. I think AVDV covers an exposure that's hard to find, and 36bps isn't too expensive for that. Maybe I should buy some myself. I've heard that value and small size factors don't do well on their own since their "discovery" but they still generate a premium when combined.
I’ve been backtesting cause I know nothing about international. Found ACWI, IMTM, BKF all outperformed VXUS for past few yeas. Which fund are you in?
Yeah, agree. Do you own IMOM or IMTM?
Good point re: Japanese stocks on fire. I’ll do some factor regression on Portfolio Visualizer for IMOM vs IMTM as I’d really like to add some int’l momentum with QMOM, but also wondering if my Avantis ETFs are enough from a simplicity standpoint (since they do take into consideration momentum when buys/sells are made)
It hasn't worked historically in Japan, doesn't mean it won't now! If it is 30% of IMOM that means Japanese stocks it holds are on fire. IVAL & IMOM are both highly dynamic in country weights so this isn't a longterm thing. IVAL is 50% Japan last I looked.. cheap stocks with high momentum is the ultimate combo. No good reasons for the attribution, but the fair thing to compare to would be other ex-US momo funds like IMTM, not QMOM... Still underperforming but not nearly as much.
Yes basically. Risk tolerance is personal. The stock market fell a bit over 50% in 2008 and it probably will again at some point. If you are okay losing that much, then all stocks is appropriate. If not, mix in more bonds. Global equity index: VT, or sliced up domestic VTI and foreign VXUS Factor titled equities: VFMF CAPE IMTM FNDF Bond indexes: BNDW SCHP
I fully support your saving strategy. I'm keen on international diversification while avoiding additional exposure to US tech, given my substantial holdings in VTI and QQQm, both of which are heavily weighted towards US tech. I believe foreign investments can't remain subdued indefinitely, do you agree? What are your insights on IMTM (5 stars) and IQLT (4 stars)? I am 38 so I'm holding this for 25 years.
Fidelity had Comparisons so really appreciate the EFG again! 1. EFA 2. IQSI 3. EFAX 4. ESGD 5. IMTM
It sells the stock after it has risen. It is unknown whether it will rise more. The point is to own stocks that are small, not stocks that were small at one point. It sounds like you are interested in a momentum strategy that buys stocks that have recently been rising in hopes that they will continue rising. VFMO, MTUM, IMTM, XMMO are funds that do that.
You gotta understand that the market is cyclical. It’s like fashion. Tech is fashionable one season, then another sector like healthcare pumps, followed by a trend into financial sector, and then back to tech. I won’t tell you not to check every day because I know the impulse. Instead I suggest you hold and set up small recurring investments in etfs that seem interesting to you / have a nice dividend. Figure out what you can afford to spend via dollar cost averaging, buy every week and don’t worry about the month to month movements. Likely you will be well in the green once you reach my age. I do this now, but I wish I did it when I was 19. The etfs I like are: JVAL, IMTM, SFY, COM, CGW, SMH, XLF, SCHD, JVAL, and some others.
What do people think about factor funds like VFMF, IMTM, etc.? I'm wondering if I should move any money from total US market funds in my taxable account, or at least shift future investments. Are they too specialized to attract investors?
Considered MTUM+IMTM? Less risky than VTI+ QQQM looking at max DD and vol + way less country/sector concentration. QQQM is heavy on tech and almost any reasonable momentum formation periods has financials as the current momentum sector…
Quality: QUAL IQLT, VFQY, BTAL Equity Momentum: MTUM, IMTM, VFMO Futures Momentum: CSAAX, PQTAX, AHLPX
I'm not really sure myself for the US, VFMO and QMOM are good options, for international IMTM or IMOM. QMOM and IMOM are more concentrated(50 stocks equal weighted) and more expensive but you get higher momentum exposure with them. VFMO seems to be a really good overall momentum fund and pretty cheap. IMTM seems kinda ok.
Momentum/growth are not the same. Momentum can be in growth for some periods. But it can also be in value, whatever performed better in the 12-2 months timeframe. I'm currently considering adding a bit of momentum funds to the portfolio, but probably not much and I'm not sure about QMOM or VFMO and IMOM or IMTM yet. Avantis already implements "opportunistic momentum" because they will wait to buy a security with negative momentum and will also wait to sell a security with positive momentum. It is hard to tell how much moment this will capture in the long run.
QQQm, VUG, MTUM,=40% equally distributed SPY, VTI =20% equally distributed VWO, IMTM, FXI=20% equally distributed VXUS=10% equally distributed PGX, VNQ, JNk=10% equally distributed Indexing but leaning into historical best performing sectors/factors.
Thanks for the post! Just watched the vid. Interestingly, on Page 9 of the paper he speaks about Momentum and how it is ‘unexplained’ but has an important relationship with value. But then he leaves no room for it in his portfolio nor do I really see where/why not. It is definitely the hardest to capture in an ETF but they exist: MTUM and IMTM
I prefer a allocation that includes VWO, FXI, IM IMTM to complement VXUS still thinking about taking a position in INDA but there debt to GDP scared me.
Vug, mtum, spy, qqqm (us equity) Vwo, Fxi, IMTM maybe india when time is right (foreign/emerging equity) Jnk, PGX,VNQ (fixed income allocation)
IMTM FNDF MFEM TUR PRIDX