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  • Alex Pettee, CFA

REIT Spinoff | Sector Rotation | Vaccine Progress

Updated: 6 days ago

Summary

  • U.S. equity markets finished lower Friday, ending a choppy week with modest declines as optimism about forthcoming coronavirus vaccines was offset by continued concerns over coronavirus-induced economic shutdowns.

  • Ending the week lower by 0.8%, the S&P 500 declined by 0.7% today. Small-Cap and Mid-Cap stocks delivered another week of gains amid an ongoing post-vaccine "sector rotation" pattern.

  • Finishing the week with a decline of 1.0%, the broad-based Equity REIT ETF (VNQ) finished lower by 0.6% today with 12 of the 18 property sectors in negative territory.

  • Today's modest declines came despite additional progress in the vaccine race as Pfizer (PFE) filed for emergency use authorization for their COVID-19 vaccine with FDA approval expected within weeks.

  • Residential mortgage REIT New Residential (NRZ) surged after it filed to spinoff its mortgage origination unit. We'll have a full analysis of this week's price action in our Real Estate Weekly Recap published tomorrow morning.

Real Estate Daily Recap

U.S. equity markets finished lower Friday, ending a choppy week with modest declines as optimism about forthcoming coronavirus vaccines was offset by continued concerns over coronavirus-induced economic shutdowns. Ending the week lower by 0.8%, the S&P 500 ETF (SPY) declined by 0.7% today while the Dow Jones Industrial Average (DIA) declined 220 points and the tech-heavy Nasdaq 100 (QQQ) fell 0.7% Finishing the week with a decline of 0.8%, the broad-based Equity REIT ETF (VNQ) finished lower by 0.6% today with 12 of the 18 property sectors in negative territory. The Mortgage REIT ETF (REM) finished higher by 0.4% and ended the week with gains of 4%.

Today's modest declines came despite additional progress in the vaccine race as Pfizer (PFE) filed for emergency use authorization for their COVID-19 vaccine with FDA approval expected within weeks. 10 of the 11 GICS equity sectors finished in negative territory today. While the large-cap indexes declined on the week, Small-Cap (SLY) and Mid-Cap (MDY) stocks delivered another week of gains amid an ongoing post-vaccine "sector rotation" pattern. Homebuilders and the broader Hoya Capital Housing Index finished a solid week with modest declines today following a stellar slate of housing data throughout the week. We'll have a full analysis of this week's price action in our Real Estate Weekly Recap published tomorrow morning.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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