An artificial intelligence fund that has almost doubled the performance of the S&P 500 Index this year isn’t buying into bets on a rebound in cyclical stocks.
The AI Powered Equity ETF, an exchange-traded fund driven by artificial intelligence, has risen about 13 per cent year-to-date versus a 7 per cent gain in the S&P 500.
The fund’s “manager”, a model which runs 24/7 on IBM's Watson platform, is heavily overweight health care and consumer discretionary shares, according to data compiled by Bloomberg. It has a modest overweight in technology and is underweight financials and industrials.
“However the algorithm is picking stocks it is delivering decent returns, albeit with some air pockets along the way,” Nicholas Colas, co-founder of DataTrek Research, wrote in a note on Tuesday. “It isn’t buying the reopening/cyclical trade as we start the final quarter of 2020”, but at the same time, “it is not running to hide in Big Tech”.
The quantitative model behind the $96 million fund, developed by EquBot, assesses more than 6,000 US publicly-traded companies each day. It scrapes millions of regulatory filings, news stories, management profiles, sentiment gauges, financial models, valuations and bits of market data, and then chooses about 30 to 70 stocks for the fund, which is run by ETF Managers Group.
Launched in October 2017, the AI Powered fund has gained 27 per cent since inception, compared with a 34 per cent rise in the S&P 500.
“We read its message as ‘tech will work, just not the go-to names from earlier this year, and be very careful with cyclicals,” Mr Colas said. “We’re more optimistic than that, but looking at the AIEQ portfolio is a good reality check nonetheless.”
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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LIST OF INVITEES
Shergo Kurdi (am)
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris
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Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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