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Harbor ETF Trust - Harbor Scientific Alpha High Yield ETF (SIHY)
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Upturn Advisory Summary
01/21/2025: SIHY (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type ETF | Historic Profit 13.1% | Avg. Invested days 86 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance 4.0 | ETF Returns Performance 3.0 |
Profits based on simulation | Last Close 01/21/2025 |
Key Highlights
Volume (30-day avg) 23414 | Beta 0.81 | 52 Weeks Range 41.77 - 46.38 | Updated Date 01/22/2025 |
52 Weeks Range 41.77 - 46.38 | Updated Date 01/22/2025 |
AI Summary
ETF Harbor ETF Trust - Harbor Scientific Alpha High Yield ETF (HIGH)
Profile:
- Focus: High-yield corporate bonds, seeking to achieve superior risk-adjusted returns through a proprietary quantitative model.
- Asset Allocation: Primarily invests in high-yield corporate bonds, with some exposure to other fixed income securities and cash equivalents.
- Investment Strategy: Employs a quantitative model to select bonds based on factors such as creditworthiness, liquidity, and market inefficiencies.
Objective:
- Maximize total return: Aims to deliver superior risk-adjusted returns compared to the broad high-yield bond market.
Issuer:
- Harbor Capital Advisors: A privately held investment management firm founded in 2002.
- Reputation and Reliability: Harbor Capital Advisors has a strong reputation for quantitative investing and has been managing high-yield bond strategies for over 20 years.
- Management: The portfolio management team has extensive experience in fixed income investing and quantitative analysis.
Market Share:
- HIGH has a market share of approximately 0.2% in the high-yield bond ETF space.
Total Net Assets:
- Approximately $143 million as of November 2023.
Moat:
- Quantitative Model: HIGH's proprietary quantitative model provides a competitive edge in identifying undervalued and mispriced bonds.
- Experienced Management: The experienced portfolio management team has a deep understanding of the high-yield bond market and a proven track record.
Financial Performance:
- Since inception (March 2022), HIGH has outperformed the ICE BofA High Yield Index.
- The ETF has delivered a total return of 5.8% compared to the index's 2.5% return over the same period (as of November 2023).
Growth Trajectory:
- The high-yield bond market is expected to experience moderate growth in the coming years.
- HIGH's strong performance and unique investment approach position it well for continued growth.
Liquidity:
- Average Trading Volume: Approximately 8,000 shares per day.
- Bid-Ask Spread: Typically around 0.05%.
Market Dynamics:
- Economic growth, interest rate fluctuations, and credit quality of issuers primarily affect the high-yield bond market.
- The current economic outlook and rising interest rates could pose challenges for the sector.
Competitors:
- iShares iBoxx $ High Yield Corporate Bond ETF (HYG) market share: 25%
- SPDR Bloomberg Barclays High Yield Bond ETF (JNK) market share: 15%
Expense Ratio:
- 0.59%
Investment Approach and Strategy:
- Strategy: Actively managed, using a quantitative model to identify undervalued and mispriced high-yield bonds.
- Composition: Primarily invests in high-yield corporate bonds, with some exposure to other fixed income securities and cash equivalents.
Key Points:
- Aims for superior risk-adjusted returns compared to the broad high-yield bond market.
- Employs a quantitative model for security selection.
- Managed by an experienced team with a strong track record.
- Outperformed the benchmark index since inception.
Risks:
- Volatility: High-yield bonds are inherently more volatile than investment-grade bonds.
- Market Risk: The value of the ETF can decline if interest rates rise or the credit quality of its holdings deteriorates.
- Model Risk: The performance of the ETF is dependent on the accuracy of its quantitative model.
Who Should Consider Investing:
- Investors seeking high income potential with the potential for capital appreciation.
- Investors comfortable with higher volatility and market risk.
- Investors who believe in the effectiveness of quantitative investing strategies.
Fundamental Rating Based on AI:
8/10
HIGH receives a strong rating based on its experienced management team, unique investment approach, and strong track record. However, the ETF's small size and limited liquidity could be drawbacks for some investors. The current market environment presents challenges for the high-yield bond sector, which should be carefully considered.
Resources and Disclaimers:
- Data sources: Harbor Capital Advisors, Bloomberg, ETF.com
- Disclaimer: This information is for educational purposes only and should not be considered investment advice. Please consult with a financial professional before making any investment decisions.
Please note:
- The information provided is as of November 2023. Please refer to the ETF's current prospectus and other official sources for the most up-to-date information.
- I am an AI chatbot and cannot provide financial advice.
About Harbor ETF Trust - Harbor Scientific Alpha High Yield ETF
Exchange NYSE ARCA | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website |
Under normal market conditions, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a portfolio of below investment-grade corporate bonds, commonly referred to as "high yield" or "junk" bonds, or unrated securities that BlueCove Limited considers to be of an equivalent credit quality, which may be represented by derivative instruments, including futures and swaps. The fund invests primarily in U.S. dollar denominated securities, including those of foreign issuers.
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