credit Markets

Fed Unveils Composition Of Corporate Bond Portfolio. Why Not Have A Look?

"Moral hazard!", everyone shouted, in unison.

Two weeks back, the Fed said it was poised to start buying individual corporate bonds.

The “news” wasn’t really news. It was hardly a secret that the Fed would soon buy the debt of individual issuers in addition to the credit ETF purchases which began in early May.

Indeed, for three months following the unveil of the central bank’s two corporate bond-buying facilities, the market gleefully looked to frontrun Jerome Powell. Inflows into investment grade and high yield bond funds approximated a tsunami, while both blue-chip and junk borrowers set records in the primary market.

Surprising though it was not, the Fed’s announcement (on June 15) that purchases of individual bonds would begin the following day was enough to ignite risk-on behavior.

Fast forward 13 days, and the Fed disclosed the breakdown of purchases. It includes bonds from AT&T, Walmart, Boeing, Caterpillar, Exxon, and “a few” others. The full list is below.

All told, that’s $207 million worth.

Parsing Sunday’s update (which apparently covers purchases made on the first day or two after the announcement), for the concentration breakdown by sector shows a tilt to consumer non-cyclicals.

The Fed has been criticized for its decision to taken in fallen angels, a move designed to help ensure the pandemic didn’t trigger the so-called “BBB apocalypse”, a nightmarish downgrade deluge credit market doomsayers have long warned would accompany (and perhaps define) the next downturn.

Sub-investment grade issues comprise 3.6% of the securities purchased. WAM is 3.3.

In addition to the disclosures on the individual purchases, the Fed also delivered an update on the granular breakdown of their ETF portfolio. LQD (the most popular IG product) remains at the forefront.

Finally, the Fed revealed the composition of the index they’re using to make the bond purchases.

You’re reminded that while there were no real “surprises” in the Fed’s June 15 announcement around the commencement of individual bond-buying, there was a “wrinkle” of sorts. News that Powell would follow an index created specifically for the facility engendered some criticism from those inclined to shout about moral hazard.

“This index is made up of all the bonds in the secondary market that have been issued by US companies that satisfy the facility’s minimum rating, maximum maturity and other criteria”, the Fed remarked at the time, adding that the indexing approach would “complement the facility’s current purchases of exchange-traded funds”.

The index is comprised of 794 issuers. Those interested can peruse it below.

Issuer Sector SMCCF Index Weight1,2
21ST CENTURY FOX AMERICA Communications 0.01%
3M COMPANY Capital Goods 0.30%
ABB FINANCE USA INC Capital Goods 0.08%
ABB INSTALLATION PRODUCT Consumer Cyclical 0.01%
ABB TREASURY CENTER USA Capital Goods 0.03%
ABBOTT LABORATORIES Consumer Non-Cyclical 0.30%
ABBVIE INC Consumer Non-Cyclical 1.04%
ABC INC Communications 0.01%
ACTIVISION BLIZZARD Communications 0.04%
ADOBE INC Technology 0.05%
ADVANCE AUTO PARTS Consumer Cyclical 0.01%
AEGON FUNDING CO LLC Insurance 0.08%
AEP TEXAS INC Utilities 0.04%
AETNA INC Insurance 0.13%
AFFILIATED MANAGERS GROU Non-Bank/Insurance Financials 0.03%
AFLAC INC Insurance 0.10%
AGILENT TECHNOLOGIES INC Consumer Non-Cyclical 0.03%
AIG GLOBAL FUNDING Insurance 0.38%
AIG RETIREMENT SVCS Non-Bank/Insurance Financials 0.01%
AIR LEASE CORP Non-Bank/Insurance Financials 0.21%
AIR PRODUCTS & CHEMICALS Basic Industry 0.05%
AIRGAS INC Basic Industry 0.09%
ALABAMA POWER CO Utilities 0.15%
ALBEMARLE CORP Basic Industry 0.04%
ALEXANDRIA REAL ESTATE E REITs 0.09%
ALLEGHANY CORP Insurance 0.03%
ALLEGION US HOLDING CO Capital Goods 0.02%
ALLETE Utilities 0.02%
ALLIANT ENERGY FINANCE Utilities 0.03%
ALLSTATE CORP Insurance 0.10%
ALPHABET INC Technology 0.06%
ALTERA CORP Technology 0.01%
ALTRIA GROUP INC Consumer Non-Cyclical 0.46%
AMAZON.COM INC Consumer Cyclical 0.38%
AMEREN CORP Utilities 0.06%
AMEREN ILLINOIS CO Utilities 0.05%
AMERICAN CAMPUS CMNTYS REITs 0.03%
AMERICAN ELECTRIC POWER Utilities 0.13%
AMERICAN HONDA FINANCE Consumer Cyclical 0.54%
AMERICAN INTL GROUP Insurance 0.44%
AMERICAN TOWER CORP Communications 0.31%
AMERICAN TRANSMISSION SY Utilities 0.02%
AMERICAN WATER CAPITAL C Utilities 0.13%
AMERISOURCEBERGEN CORP Consumer Non-Cyclical 0.06%
AMGEN INC Consumer Non-Cyclical 0.52%
AMPHENOL CORP Capital Goods 0.06%
ANADARKO PETROLEUM CORP Energy 0.01%
ANALOG DEVICES INC Technology 0.10%
ANDEAVOR LLC Energy 0.01%
ANHEUSER-BUSCH INBEV FIN Consumer Non-Cyclical 0.72%
ANHEUSER-BUSCH INBEV WOR Consumer Non-Cyclical 0.64%
ANHEUSER-BUSCH NORTH AME Consumer Non-Cyclical 0.02%
ANR PIPELINE CO Energy 0.07%
ANTHEM INC Insurance 0.30%
AON CORP Insurance 0.11%
APACHE CORP Energy 0.13%
APOLLO MANAGEMENT HOLDIN Non-Bank/Insurance Financials 0.05%
APPALACHIAN POWER CO Utilities 0.07%
APPLE INC Technology 1.60%
APPLIED MATERIALS INC Technology 0.08%
APTIV CORP Consumer Cyclical 0.06%
AQUARION CO Utilities 0.02%
ARCHER-DANIELS-MIDLAND C Consumer Non-Cyclical 0.13%
ARES CAPITAL CORP Non-Bank/Insurance Financials 0.11%
ARES FINANCE CO LLC Non-Bank/Insurance Financials 0.04%
ARIZONA PUBLIC SERVICE Utilities 0.06%
ARROW ELECTRONICS INC Technology 0.06%
ASSURANT INC Insurance 0.03%
ASSURED GUARANTY US HLDG Insurance 0.02%
AT&T INC Communications 1.71%
ATLANTA GAS LIGHT CO Utilities 0.01%
ATLANTIC CITY ELECTRIC Utilities 0.02%
ATLANTIC RICHFIELD CO Energy 0.01%
AUTODESK INC Technology 0.02%
AUTOLIV ASP INC Consumer Cyclical 0.03%
AUTOMATIC DATA PROCESSNG Consumer Cyclical 0.03%
AUTONATION INC Consumer Cyclical 0.03%
AUTOZONE INC Consumer Cyclical 0.08%
AVALONBAY COMMUNITIES REITs 0.10%
AVANGRID INC Utilities 0.21%
AVERY DENNISON CORP Capital Goods 0.03%
AVIATION CAPITAL GROUP Non-Bank/Insurance Financials 0.12%
AVISTA CORP Utilities 0.03%
AVNET INC Technology 0.03%
BAE SYSTEMS HOLDINGS INC Capital Goods 0.09%
BAKER HUGHES LLC/CO-OBL Energy 0.19%
BALTIMORE GAS & ELECTRIC Utilities 0.06%
BAT CAPITAL CORP Consumer Non-Cyclical 0.59%
BAXALTA INC Consumer Non-Cyclical 0.03%
BAXTER INTERNATIONAL INC Consumer Non-Cyclical 0.08%
BAYER US FINANCE II LLC Consumer Non-Cyclical 0.47%
BAYER US FINANCE LLC Consumer Non-Cyclical 0.21%
BEAM SUNTORY INC Consumer Non-Cyclical 0.06%
BECTON DICKINSON AND CO Consumer Non-Cyclical 0.32%
BEMIS COMPANY INC Capital Goods 0.06%
BERKLEY (WR) CORPORATION Insurance 0.03%
BERKSHIRE HATHAWAY ENERG Utilities 0.23%
BERKSHIRE HATHAWAY FIN Insurance 0.16%
BERKSHIRE HATHAWAY INC Insurance 0.35%
BEST BUY CO INC Consumer Cyclical 0.02%
BGC PARTNERS INC Non-Bank/Insurance Financials 0.02%
BIOGEN INC Consumer Non-Cyclical 0.09%
BIO-RAD LABS Consumer Non-Cyclical 0.01%
BLACK HILLS CORP Utilities 0.05%
BLACKSTONE HOLDINGS FINA Non-Bank/Insurance Financials 0.06%
BLOCK FINANCIAL LLC Consumer Cyclical 0.03%
BLUE CROSS BLUE SHIELD M Insurance <0.01%
BLUESCOPE FINANCE Basic Industry <0.01%
BMW US CAPITAL LLC Consumer Cyclical 1.25%
BOARDWALK PIPELINES LP Energy 0.05%
BOEING CAPITAL CORP Capital Goods <0.01%
BOEING CO Capital Goods 0.33%
BOOKING HOLDINGS INC Consumer Cyclical 0.14%
BORGWARNER INC Consumer Cyclical 0.03%
BOSTON GAS COMPANY Utilities 0.01%
BOSTON PROPERTIES LP REITs 0.13%
BOSTON SCIENTIFIC CORP Consumer Non-Cyclical 0.15%
BP CAP MARKETS AMERICA Energy 0.92%
BRANDYWINE OPER PARTNERS REITs 0.02%
BRISTOL-MYERS SQUIBB CO Consumer Non-Cyclical 0.65%
BRIXMOR OPERATING PART REITs 0.07%
BROADCOM CORP Technology <0.01%
BROADCOM CRP / CAYMN FI Technology 0.25%
BROADCOM INC Technology 0.31%
BROADRIDGE FINANCIAL SOL Technology 0.03%
BROWN & BROWN INC Insurance 0.02%
BROWN-FORMAN CORP Consumer Non-Cyclical 0.04%
BROWNING-FERRIS INDUSTRI Capital Goods <0.01%
BRUNSWICK CORP Consumer Cyclical 0.02%
BUNGE LTD FINANCE CORP Consumer Non-Cyclical 0.07%
BURLINGTN NORTH SANTA FE Transportation 0.40%
BURLINGTON RESOURCES LLC Energy 0.03%
CA INC Technology 0.03%
CABOT CORP Basic Industry 0.02%
CADENCE DESIGN SYS INC Technology 0.01%
CAMDEN PROPERTY TRUST REITs 0.04%
CAMERON INTL CORP Energy 0.02%
CAMPBELL SOUP CO Consumer Non-Cyclical 0.12%
CANTOR FITZGERALD LP Non-Bank/Insurance Financials 0.02%
CARDINAL HEALTH INC Consumer Non-Cyclical 0.14%
CARGILL INC Consumer Non-Cyclical 0.11%
CARGILL INC-ESOP Consumer Non-Cyclical <0.01%
CARLISLE COS INC Capital Goods 0.02%
CARLYLE HOLDINGS FINANCE Non-Bank/Insurance Financials 0.03%
CARRIER GLOBAL CORP Capital Goods 0.17%
CASCADE NATURAL GAS CORP Utilities <0.01%
CATERPILLAR FINL SERVICE Capital Goods 0.46%
CATERPILLAR INC Capital Goods 0.06%
CBRE SERVICES INC Consumer Cyclical 0.03%
CBS BROADCASTING INC Communications <0.01%
CC HOLDINGS GS V LLC/CRO Communications 0.04%
CELANESE US HOLDINGS LLC Basic Industry 0.05%
CELGENE CORP Consumer Non-Cyclical 0.04%
CENTERPOINT ENER HOUSTON Utilities 0.05%
CENTERPOINT ENERGY INC Utilities 0.11%
CENTERPOINT ENERGY RES Utilities 0.05%
CENTRAL HUDSON GAS & ELE Utilities 0.01%
CENTRAL MAINE POWER CO Utilities 0.05%
CHEVRON CORP Energy 0.40%
CHEVRON PHILLIPS CHEM CO Basic Industry 0.04%
CHOICE HOTELS INTL INC Consumer Cyclical 0.01%
CHUBB INA HOLDINGS INC Insurance 0.23%
CHURCH & DWIGHT CO INC Consumer Non-Cyclical 0.03%
CIGNA CORP Consumer Non-Cyclical 0.48%
CIGNA HOLDING CO Insurance 0.04%
CIMAREX ENERGY CO Energy 0.04%
CINTAS CORPORATION NO. 2 Consumer Cyclical 0.04%
CISCO SYSTEMS INC Technology 0.32%
CITADEL LP Non-Bank/Insurance Financials 0.02%
CLEVELAND ELECTRIC ILLUM Utilities 0.02%
CLOROX COMPANY Consumer Non-Cyclical 0.04%
CME GROUP INC Non-Bank/Insurance Financials 0.07%
CMS ENERGY CORP Utilities 0.07%
CNA FINANCIAL CORP Insurance 0.06%
CNH INDUSTRIAL CAP LLC Capital Goods 0.38%
CNO FINANCIAL GROUP INC Insurance 0.02%
COCA-COLA CO/THE Consumer Non-Cyclical 0.48%
COCA-COLA REFRESH USA Consumer Non-Cyclical 0.03%
COLGATE-PALMOLIVE CO Consumer Non-Cyclical 0.12%
COLONIAL PIPELINE CO Energy 0.04%
COLUMBIA PIPELINE GROUP Energy 0.15%
COLUMBIA PROPERTY TRUST REITs 0.01%
COMCAST CABLE COMMUNICAT Communications 0.11%
COMCAST CABLE HOLDINGS Communications 0.01%
COMCAST CORP Communications 1.32%
COMMONWEALTH EDISON CO Utilities 0.08%
COMPUTER SCIENCES CORP Technology 0.01%
CON EDISON CO OF NY INC Utilities 0.19%
CONAGRA BRANDS INC Consumer Non-Cyclical 0.18%
CONCHO RESOURCES INC Energy 0.07%
CONNECTICUT LIGHT & PWR Utilities 0.02%
CONOCOPHILLIPS COMPANY Energy 0.19%
CONSOLIDATED EDISON INC Utilities 0.08%
CONSOLIDATED RAIL CORP Transportation <0.01%
CONSTELLATION BRANDS INC Consumer Non-Cyclical 0.20%
CONSUMERS ENERGY CO Utilities 0.13%
CONTINENTAL RESOURCES Energy 0.09%
CORNING INC Technology 0.12%
CORPORATE OFFICE PROP LP REITs 0.02%
COSTCO WHOLESALE CORP Consumer Cyclical 0.11%
COVENTRY HEALTH CARE INC Insurance 0.01%
COX COMMUNICATIONS INC Communications 0.15%
CRANE CO Capital Goods 0.01%
CRH AMERICA INC Capital Goods 0.15%
CROWN CASTLE INTL CORP Communications 0.24%
CSX CORP Transportation 0.23%
CSX TRANSPORTATION INC Transportation 0.03%
CUBESMART LP REITs 0.03%
CUMMINS INC Consumer Cyclical 0.03%
CVS HEALTH CORP Consumer Non-Cyclical 0.98%
CYRUSONE LP/CYRUSONE FIN REITs 0.04%
CYTEC INDUSTRIES INC Basic Industry 0.06%
D.R. HORTON INC Consumer Cyclical 0.05%
DAIMLER FINANCE NA LLC Consumer Cyclical 1.72%
DELMARVA PWR & LIGHT CO Utilities 0.03%
DELTA AIR LINES INC Transportation 0.14%
DENTSPLY SIRONA INC Consumer Non-Cyclical 0.02%
DIAGEO INVESTMENT CORP Consumer Non-Cyclical 0.20%
DIAMONDBACK ENERGY INC Energy 0.08%
DIGITAL REALTY TRUST LP REITs 0.14%
DILLARDS INC Consumer Cyclical 0.01%
DIRECTV HOLDINGS/FING Communications 0.01%
DISCOVERY COMMUNICATIONS Communications 0.25%
DOLLAR GENERAL CORP Consumer Cyclical 0.04%
DOLLAR TREE INC Consumer Cyclical 0.07%
DOMINION ENERGY GAS HLDG Energy 0.19%
DOMINION ENERGY INC Utilities 0.20%
DOMINION ENERGY SOUTH Utilities <0.01%
DOMTAR CORP Basic Industry 0.01%
DOW CHEMICAL CO/THE Basic Industry 0.33%
DRAWBRIDGE SPEC OPPOR FU Non-Bank/Insurance Financials 0.01%
DTE ELECTRIC CO Utilities 0.08%
DTE ENERGY CO Utilities 0.15%
DTE GAS COMPANY Utilities <0.01%
DUKE ENERGY CAROLINAS Utilities 0.17%
DUKE ENERGY CORP Utilities 0.39%
DUKE ENERGY FL PROJ FIN Utilities 0.01%
DUKE ENERGY FLORIDA LLC Utilities 0.04%
DUKE ENERGY INDIANA INC Utilities 0.04%
DUKE ENERGY OHIO INC Utilities 0.03%
DUKE ENERGY PROGRESS INC Utilities 0.13%
DUKE REALTY LP REITs 0.04%
DUPONT DE NEMOURS INC Basic Industry 0.54%
DUQUESNE LIGHT HOLDINGS Utilities 0.02%
DXC TECHNOLOGY CO Technology 0.08%
EASTMAN CHEMICAL CO Basic Industry 0.09%
EATON CORP Capital Goods 0.11%
EATON ELECTRIC HOLDINGS Capital Goods 0.01%
EATON VANCE CORP Non-Bank/Insurance Financials 0.01%
EBAY INC Consumer Cyclical 0.13%
ECOLAB INC Basic Industry 0.10%
EDISON INTERNATIONAL Utilities 0.13%
EL PASO ELECTRIC CO Utilities 0.02%
EL PASO NATURAL GAS Energy 0.01%
ELECTRONIC ARTS INC Communications 0.02%
ELI LILLY & CO Consumer Non-Cyclical 0.21%
EMD FINANCE LLC Consumer Non-Cyclical 0.17%
EMERA US FINANCE LP Utilities 0.10%
EMERSON ELECTRIC CO Capital Goods 0.08%
ENABLE MIDSTREAM PARTNER Energy 0.03%
ENBRIDGE ENERGY PARTNERS Energy 0.09%
ENERGEN CORP Energy 0.01%
ENERGY TRANSFER OPERATNG Energy 0.48%
ENRGY TRANS PT/REG FIN Energy 0.12%
ENTERGY ARKANSAS LLC Utilities 0.06%
ENTERGY CORP Utilities 0.06%
ENTERGY LOUISIANA LLC Utilities 0.11%
ENTERGY MISSISSIPPI LLC Utilities 0.02%
ENTERGY TEXAS INC Utilities 0.01%
ENTERPRISE PRODUCTS OPER Energy 0.44%
EOG RESOURCES INC Energy 0.09%
EPR PROPERTIES REITs 0.05%
EQUIFAX INC Technology 0.05%
EQUINIX INC Technology 0.14%
EQUITABLE HOLDINGS INC Insurance 0.08%
ERAC USA FINANCE LLC Transportation 0.14%
ERP OPERATING LP REITs 0.10%
ESSEX PORTFOLIO LP REITs 0.07%
ESTEE LAUDER CO INC Consumer Non-Cyclical 0.08%
EVERGY INC Utilities 0.11%
EVERGY KANSAS SOUTH INC Utilities <0.01%
EVERGY METRO Utilities 0.02%
EVERSOURCE ENERGY Utilities 0.13%
EXELON CORP Utilities 0.12%
EXELON GENERATION CO LLC Utilities 0.17%
EXPEDIA GROUP INC Consumer Cyclical 0.08%
EXPRESS SCRIPTS HOLDING Consumer Non-Cyclical 0.07%
EXXON MOBIL CORPORATION Energy 0.40%
FAMILY DOLLAR STORES INC Consumer Cyclical 0.01%
FEDERAL REALTY INVS TRST REITs 0.04%
FEDEX CORP Transportation 0.29%
FIDELITY NATIONAL INFORM Technology 0.17%
FIDELITY NATL FINANCIAL Insurance 0.01%
FINIAL HOLDINGS INC Insurance 0.02%
FIRSTENERGY CORP Utilities 0.10%
FIRSTENERGY TRANSMISSION Utilities 0.04%
FISERV INC Technology 0.34%
FIVE CORNERS FUNDING TRS Insurance 0.13%
FLIR SYSTEMS INC Technology 0.01%
FLORIDA GAS TRANSMISSION Energy 0.03%
FLORIDA POWER & LIGHT CO Utilities 0.11%
FLOWERS FOODS INC Consumer Non-Cyclical 0.01%
FLOWSERVE CORPORATION Capital Goods 0.02%
FLUOR CORP Consumer Cyclical 0.03%
FMC CORP Basic Industry 0.05%
FMC TECHNOLOGIES INC Energy 0.01%
FMR LLC Non-Bank/Insurance Financials 0.04%
FORD MOTOR COMPANY Consumer Cyclical 0.29%
FORD MOTOR CREDIT CO LLC Consumer Cyclical 1.34%
FORTIVE CORPORATION Capital Goods 0.10%
FORTUNE BRANDS HOME & SE Capital Goods 0.04%
FOX CORP Communications 0.11%
FRANKLIN RESOURCES INC Non-Bank/Insurance Financials 0.01%
FRESENIUS MED CARE II Consumer Non-Cyclical 0.16%
FRESENIUS MED CARE US Consumer Non-Cyclical 0.06%
FRESENIUS US FINANCE II Consumer Non-Cyclical 0.09%
FS KKR CAPITAL CORP Non-Bank/Insurance Financials 0.06%
GATX CORP Non-Bank/Insurance Financials 0.07%
GE CAPITAL FUNDING LLC Non-Bank/Insurance Financials 0.18%
GEICO CORP Insurance 0.01%
GENERAL DYNAMICS CORP Capital Goods 0.18%
GENERAL ELECTRIC CO Capital Goods 1.48%
GENERAL MILLS INC Consumer Non-Cyclical 0.22%
GENERAL MOTORS CO Consumer Cyclical 0.13%
GENERAL MOTORS FINL CO Consumer Cyclical 1.01%
GENZYME CORP Consumer Non-Cyclical 0.08%
GEORGIA POWER CO Utilities 0.17%
GEORGIA-PACIFIC LLC Basic Industry 0.11%
GILEAD SCIENCES INC Consumer Non-Cyclical 0.41%
GLAXOSMITHKLINE CAP INC Consumer Non-Cyclical 0.51%
GLENCORE FUNDING LLC Basic Industry 0.36%
GLOBAL ATLANTIC FIN CO Insurance 0.01%
GLOBAL PAYMENTS INC Technology 0.14%
GLOBE LIFE INC Insurance 0.02%
GOODMAN US FIN ONE LLC REITs 0.01%
GOODMAN US FIN TWO LLC REITs 0.02%
GOODRICH CORP Capital Goods <0.01%
GOOGLE INC Technology 0.01%
GRAPEVINE FINANCE LLC Non-Bank/Insurance Financials <0.01%
GTE LLC Communications 0.01%
GTP ACQUISITION PARTNERS Non-Bank/Insurance Financials 0.01%
GUARDIAN LIFE GLOB FUND Insurance 0.05%
GULF POWER CO Utilities 0.01%
GULF SOUTH PIPELINE Energy 0.02%
HALLIBURTON CO Energy 0.16%
HARLEY-DAVIDSON FINL SER Consumer Cyclical 0.11%
HARMAN INTL IND Consumer Cyclical 0.01%
HASBRO INC Consumer Non-Cyclical 0.07%
HEALTHCARE REALTY TRUST REITs 0.01%
HEALTHCARE TRUST OF AMER REITs 0.03%
HEALTHPEAK PROPERTIES REITs 0.10%
HELMERICH & PAYNE INC Energy 0.01%
HERSHEY COMPANY Consumer Non-Cyclical 0.07%
HESS CORP Energy 0.05%
HIGHWOODS REALTY LP REITs 0.03%
HILLENBRAND INC Consumer Cyclical 0.01%
HILLSHIRE BRANDS CO/THE Consumer Non-Cyclical 0.01%
HISTORIC TW INC Communications 0.01%
HOME DEPOT INC Consumer Cyclical 0.43%
HONEYWELL INTERNATIONAL Capital Goods 0.24%
HORMEL FOODS CORP Consumer Non-Cyclical 0.01%
HOST HOTELS & RESORTS LP REITs 0.05%
HP ENTERPRISE CO Technology 0.20%
HP INC Technology 0.07%
HUBBELL INC Capital Goods 0.03%
HUMANA INC Insurance 0.09%
HUNTINGTON INGALLS INDUS Capital Goods 0.03%
HUNTSMAN INTERNATIONAL L Basic Industry 0.04%
HYATT HOTELS CORP Consumer Cyclical 0.03%
HYUNDAI CAPITAL AMERICA Consumer Cyclical 0.47%
IBM CORP Technology 0.71%
IBM CREDIT LLC Technology 0.27%
IDAHO POWER CO Utilities 0.03%
IDEX CORP Capital Goods 0.01%
ILLINOIS TOOL WORKS INC Capital Goods 0.12%
INDIANA MICHIGAN POWER Utilities 0.03%
INDIANTOWN COGENERATION Utilities <0.01%
INFINITY PROPERTY & CASU Insurance 0.01%
INGERSOLL-RAND CO Capital Goods 0.02%
INGERSOLL-RAND GL HLD CO Capital Goods 0.07%
INGREDION INC Consumer Non-Cyclical 0.03%
INTEGRYS HOLDING INC Utilities 0.02%
INTEL CORP Technology 0.42%
INTERCONTINENTALEXCHANGE Non-Bank/Insurance Financials 0.10%
INTERNATIONAL PAPER CO Basic Industry 0.16%
INTERPUBLIC GROUP COS Communications 0.06%
INTERSTATE POWER & LIGHT Utilities 0.04%
INTL FLAVOR & FRAGRANCES Basic Industry 0.07%
INTL LEASE FINANCE CORP Non-Bank/Insurance Financials 0.45%
IPALCO ENTERPRISES INC Utilities 0.06%
ITC HOLDINGS CORP Utilities 0.16%
JABIL INC Technology 0.05%
JACKSON NATL LIFE GLOBAL Insurance 0.27%
JB HUNT TRANSPRT SVCS Transportation 0.02%
JEFFERIES FIN GROUP INC Non-Bank/Insurance Financials 0.04%
JEFFERIES GROUP LLC Non-Bank/Insurance Financials 0.08%
JEFFERIES GRP LLC / CAP Non-Bank/Insurance Financials <0.01%
JERSEY CENTRAL PWR & LT Utilities 0.03%
JM SMUCKER CO Consumer Non-Cyclical 0.10%
JOHN HANCOCK LIFE INS CO Insurance 0.01%
JOHNSON & JOHNSON Consumer Non-Cyclical 0.46%
JOHNSON (S.C.) & SON INC Consumer Non-Cyclical 0.04%
JONES LANG LASALLE INC Non-Bank/Insurance Financials <0.01%
JUNIPER NETWORKS INC Technology 0.03%
KAISER FOUNDATION HOSPIT Consumer Non-Cyclical 0.06%
KANSAS CITY SOUTHERN Transportation 0.05%
KANSAS CITY SOUTHERN RY Transportation <0.01%
KCP&L GREATER MISSOURI Utilities 0.01%
KELLOGG CO Consumer Non-Cyclical 0.14%
KEMPER CORP Insurance 0.01%
KENNAMETAL INC Capital Goods 0.01%
KENTUCKY UTILITIES CO Utilities 0.05%
KERR-MCGEE CORP Energy 0.01%
KEURIG DR PEPPER INC Consumer Non-Cyclical 0.19%
KEYSIGHT TECHNOLOGIES Technology 0.03%
KILROY REALTY LP REITs 0.04%
KIMBERLY-CLARK CORP Consumer Non-Cyclical 0.11%
KIMCO REALTY CORP REITs 0.07%
KINDER MORGAN ENER PART Energy 0.32%
KINDER MORGAN INC Energy 0.22%
KIOWA POWER PARTNERS LLC Utilities <0.01%
KLA CORP Technology 0.05%
KOHL’S CORPORATION Consumer Cyclical 0.04%
KOMATSU FINANCE AMERICA Capital Goods 0.03%
KROGER CO Consumer Non-Cyclical 0.19%
L3 TECHNOLOGIES INC Capital Goods 0.01%
L3HARRIS TECH INC Capital Goods 0.10%
LABORATORY CORP OF AMER Consumer Non-Cyclical 0.10%
LACLEDE GAS CO Utilities 0.02%
LAM RESEARCH CORP Technology 0.07%
LAND O’LAKES INC Consumer Non-Cyclical 0.02%
LAS VEGAS SANDS CORP Consumer Cyclical 0.19%
LEGACY VULCAN LLC Capital Goods <0.01%
LEGG MASON INC Non-Bank/Insurance Financials 0.03%
LEGGETT & PLATT INC Capital Goods 0.04%
LEIDOS INC Technology 0.05%
LENNOX INTERNATIONAL INC Capital Goods 0.02%
LEXINGTON REALTY TRUST REITs 0.01%
LG&E AND KU ENERGY LLC Utilities 0.07%
LIBERTY MUTUAL GROUP INC Insurance 0.13%
LINCOLN NATIONAL CORP Insurance 0.09%
LOCKHEED CORP Capital Goods <0.01%
LOCKHEED MARTIN CORP Capital Goods 0.23%
LOEWS CORP Insurance 0.03%
LOUISIANA LAND & EXPLOR Energy 0.01%
LOWE’S COS INC Consumer Cyclical 0.27%
LYB INT FINANCE III Basic Industry 0.08%
MACKINAW PWR LLC Utilities <0.01%
MAGELLAN MIDSTREAM PARTN Energy 0.07%
MAIN STREET CAPITAL CORP Non-Bank/Insurance Financials 0.01%
MAPCO LLC Energy <0.01%
MARATHON OIL CORP Energy 0.08%
MARATHON PETROLEUM CORP Energy 0.18%
MARKEL CORP Insurance 0.06%
MARKWEST ENERGY PART/FIN Energy <0.01%
MARRIOTT INTERNATIONAL Consumer Cyclical 0.17%
MARS INC Consumer Non-Cyclical 0.04%
MARSH & MCLENNAN COS INC Insurance 0.19%
MARTIN MARIETTA MATERIAL Capital Goods 0.05%
MASCO CORP Capital Goods 0.05%
MASSMUTUAL GLOBAL FUNDIN Insurance 0.16%
MASTERCARD INC Consumer Cyclical 0.13%
MAXIM INTEGRATED PRODUCT Technology 0.02%
MCCORMICK & CO Consumer Non-Cyclical 0.06%
MCDONALD’S CORP Consumer Cyclical 0.53%
MCKESSON CORP Consumer Non-Cyclical 0.14%
MEAD JOHNSON NUTRITION C Consumer Non-Cyclical 0.12%
MEDTRONIC INC Consumer Non-Cyclical 0.48%
MERCK & CO INC Consumer Non-Cyclical 0.39%
MET LIFE GLOB FUNDING I Insurance 0.74%
MET TOWER GLOBAL FUNDING Insurance 0.08%
METLIFE INC Insurance 0.46%
METROPOLITAN EDISON CO Utilities 0.03%
MICHAEL KORS USA INC Consumer Cyclical 0.03%
MICHIGAN BELL TELEPHONE Communications <0.01%
MICRON TECHNOLOGY INC Technology 0.07%
MICROSOFT CORP Technology 1.18%
MID-AMERICA APARTMENTS REITs 0.05%
MIDAMERICAN ENERGY CO Utilities 0.06%
MIDWEST CONNECTOR CAPIT Energy 0.09%
MOBIL CORP Energy 0.01%
MOHAWK INDUSTRIES INC Capital Goods 0.05%
MOLEX ELECTRONICS TECH Technology 0.01%
MOLSON COORS BEVERAGE Consumer Non-Cyclical 0.15%
MONDELEZ INTERNATIONAL Consumer Non-Cyclical 0.25%
MONONGAHELA POWER CO Utilities 0.02%
MONSANTO CO Basic Industry 0.03%
MOODY’S CORPORATION Communications 0.09%
MOSAIC CO Basic Industry 0.07%
MOTOROLA SOLUTIONS INC Technology 0.09%
MPLX LP Energy 0.25%
MYLAN INC Consumer Non-Cyclical 0.19%
NASDAQ INC Non-Bank/Insurance Financials 0.06%
NATIONAL FUEL GAS CO Energy 0.03%
NATIONAL GRID NA INC Utilities 0.15%
NATIONAL OILWELL VARCO I Energy 0.04%
NATIONAL RETAIL PROP INC REITs 0.04%
NATIONAL RURAL UTIL COOP Utilities 0.34%
NATIONAL SECS CLEARING Non-Bank/Insurance Financials 0.01%
NATIONWIDE FINANCIAL SER Insurance 0.06%
NBCUNIVERSAL ENTERPRISE Communications 0.15%
NBCUNIVERSAL MEDIA LLC Communications 0.10%
NESTLE HOLDINGS INC Consumer Non-Cyclical 0.37%
NESTLE PURINA PETCARE CO Consumer Non-Cyclical 0.01%
NETAPP INC Technology 0.02%
NEW JERSEY BELL TELEPHON Communications 0.01%
NEW JERSEY NATURAL GAS Utilities 0.01%
NEW YORK LIFE GLOBAL FDG Insurance 0.30%
NEWMARK GROUP INC Consumer Cyclical 0.01%
NEWMARKET CORP Basic Industry 0.01%
NEWMONT CORP Basic Industry 0.11%
NEXTERA ENERGY CAPITAL Utilities 0.49%
NGPL PIPECO LLC Energy 0.03%
NIAGARA MOHAWK POWER Utilities 0.12%
NIKE INC Consumer Cyclical 0.05%
NISOURCE INC Utilities 0.13%
NISSAN MOTOR ACCEPTANCE Consumer Cyclical 0.32%
NOBLE ENERGY INC Energy 0.12%
NOMURA AMERICA FINANCE Non-Bank/Insurance Financials <0.01%
NORDSTROM INC Consumer Cyclical 0.04%
NORFOLK SOUTHERN CORP Transportation 0.18%
NORFOLK SOUTHERN RAIL CO Transportation 0.02%
NORTHERN BORDER PIPELINE Energy <0.01%
NORTHERN ILLINOIS GAS CO Utilities <0.01%
NORTHERN INDIANA PUB SER Utilities <0.01%
NORTHERN NATURAL GAS CO Energy 0.02%
NORTHERN STATES PWR-MINN Utilities 0.07%
NORTHERN STATES PWR-WISC Utilities 0.01%
NORTHROP GRUMMAN CORP Capital Goods 0.22%
NORTHROP GRUMMAN SYSTEMS Capital Goods <0.01%
NORTHWEST NATURAL GAS CO Utilities 0.01%
NOVARTIS CAPITAL CORP Consumer Non-Cyclical 0.35%
NSTAR ELECTRIC CO Utilities 0.03%
NUCOR CORP Basic Industry 0.07%
NV ENERGY INC Utilities 0.02%
NVIDIA CORP Technology 0.03%
NVR INC Consumer Cyclical 0.01%
NY STATE ELECTRIC & GAS Utilities 0.04%
OAKTREE CAP MANAGEMENT Non-Bank/Insurance Financials <0.01%
OAKTREE SPECIALTY LEND Non-Bank/Insurance Financials <0.01%
OFFICE PPTY INCOME TRST REITs 0.03%
OHIO POWER COMPANY Utilities 0.06%
OLD REPUBLIC INTL CORP Insurance 0.02%
OMEGA HLTHCARE INVESTORS REITs 0.06%
OMNICOM GP/OMNICOM CAP Communications 0.10%
ONCOR ELECTRIC DELIVERY Utilities 0.11%
ONE GAS INC Utilities 0.02%
ONEBEACON US HOLDINGS IN Insurance 0.03%
ONEOK INC Energy 0.09%
ONEOK PARTNERS LP Energy 0.10%
ORACLE CORP Technology 0.87%
ORANGE COGEN FUNDING Utilities <0.01%
O’REILLY AUTOMOTIVE INC Consumer Cyclical 0.06%
OTIS WORLDWIDE CORP Capital Goods 0.10%
OTTER TAIL POWER CO Utilities 0.01%
OVINTIV INC Energy 0.09%
OWENS CORNING Capital Goods 0.06%
OWL ROCK CAPITAL CORP Non-Bank/Insurance Financials 0.01%
OWL ROCK CAPITAL CORP II Non-Bank/Insurance Financials <0.01%
PACCAR FINANCIAL CORP Consumer Cyclical 0.11%
PACIFICORP Utilities 0.14%
PACKAGING CORP OF AMERIC Basic Industry 0.04%
PARKER-HANNIFIN CORP Capital Goods 0.10%
PARSLEY ENERGY LLC/FINAN Energy 0.03%
PAYPAL HOLDINGS INC Technology 0.08%
PEACHTREE FUNDING TRUST Insurance 0.03%
PECO ENERGY CO Utilities 0.04%
PENNSYLVANIA ELECTRIC CO Utilities 0.01%
PENSKE TRUCK LEASING/PTL Transportation 0.16%
PENTAIR INC Capital Goods 0.01%
PEPSICO INC Consumer Non-Cyclical 0.50%
PFIZER INC Consumer Non-Cyclical 0.57%
PHARMACIA LLC Consumer Non-Cyclical <0.01%
PHILA SUBURBAN WATER CO Utilities <0.01%
PHILIP MORRIS INTL INC Consumer Non-Cyclical 0.49%
PHILLIPS 66 Energy 0.15%
PHILLIPS 66 PARTNERS LP Energy 0.03%
PIEDMONT NATURAL GAS CO Utilities 0.01%
PIEDMONT OPERATING PARTN REITs 0.01%
PINNACLE WEST CAPITAL Utilities 0.03%
PIONEER NATURAL RESOURCE Energy 0.04%
PLAINS ALL AMER PIPELINE Energy 0.17%
PNM RESOURCES INC Utilities 0.03%
PORTLAND GENERAL ELEC Utilities <0.01%
POTLATCH CORPORATION Basic Industry <0.01%
POTOMAC ELECTRIC POWER Utilities 0.04%
PPG INDUSTRIES INC Basic Industry 0.08%
PPL CAPITAL FUNDING INC Utilities 0.16%
PPL ELECTRIC UTILITIES Utilities 0.06%
PRAXAIR INC Basic Industry 0.20%
PRECISION CASTPARTS CORP Capital Goods 0.08%
PRICOA GLOBAL FUNDING 1 Insurance 0.35%
PRIMERICA INC Insurance 0.02%
PRINCIPAL FINANCIAL GRP Insurance 0.13%
PRINCIPAL LFE GLB FND II Insurance 0.13%
PROASSURANCE CORP Insurance <0.01%
PROCTER & GAMBLE – ESOP Consumer Non-Cyclical 0.01%
PROCTER & GAMBLE CO/THE Consumer Non-Cyclical 0.36%
PROGRESS ENERGY INC Utilities 0.07%
PROGRESSIVE CORP Insurance 0.08%
PROLOGIS LP REITs 0.13%
PROSPECT CAPITAL CORP Non-Bank/Insurance Financials 0.03%
PROTECTIVE LIFE GLOBAL Insurance 0.18%
PROVIDIAN CORPORATION Insurance <0.01%
PRUDENTIAL FINANCIAL INC Insurance 0.20%
PRUDENTIAL FUNDING LLC Insurance 0.02%
PSEG POWER LLC Utilities 0.07%
PUB SVC NEW HAMP Utilities 0.03%
PUBLIC SERVICE CO OF NEW Utilities 0.02%
PUBLIC SERVICE COLORADO Utilities 0.08%
PUBLIC SERVICE ELECTRIC Utilities 0.10%
PUBLIC SERVICE ENTERPRIS Utilities 0.07%
PUBLIC SERVICE OKLAHOMA Utilities 0.03%
PUBLIC STORAGE REITs 0.03%
PUGET ENERGY INC Utilities 0.09%
PVH CORP Consumer Cyclical 0.02%
QUAKER OATS Consumer Non-Cyclical <0.01%
QUALCOMM INC Technology 0.24%
QUEST DIAGNOSTICS INC Consumer Non-Cyclical 0.07%
RALPH LAUREN CORP Consumer Cyclical 0.01%
RAYONIER INC Basic Industry 0.02%
RAYTHEON COMPANY Capital Goods 0.21%
RAYTHEON TECH CORP Capital Goods 0.04%
REALTY INCOME CORP REITs 0.09%
REGENCY CENTERS CORP REITs 0.03%
REGENCY CENTERS LP REITs 0.02%
REINSURANCE GRP OF AMER Insurance 0.06%
RELIANCE HOLDINGS USA Energy 0.39%
RELIANCE STAND LIFE II Insurance 0.07%
RELIANCE STEEL & ALUM Basic Industry 0.03%
RELX CAPITAL INC Communications 0.09%
RELX INC Technology 0.02%
RENAISSANCERE FINANCE Insurance 0.02%
REPUBLIC SERVICES INC Capital Goods 0.12%
RETAIL OPPORTUNITY IN REITs 0.01%
RETAIL PROPERTIES OF AME REITs 0.01%
REYNOLDS AMERICAN INC Consumer Non-Cyclical 0.20%
RGS AEGCO FUNDING CORP Utilities 0.01%
RGS I&M FUNDING CORP Utilities 0.01%
RJ REYNOLDS TOBACCO CO Consumer Non-Cyclical <0.01%
RLI CORP Insurance <0.01%
ROCHE HOLDINGS INC Consumer Non-Cyclical 0.29%
ROCHESTER GAS & ELECTRIC Utilities 0.02%
ROCKIES EXPRESS PIPELINE Energy 0.06%
ROCKWELL AUTOMATION Capital Goods 0.04%
ROCKWELL COLLINS INC Capital Goods 0.23%
ROPER TECHNOLOGIES INC Capital Goods 0.10%
ROSS STORES INC Consumer Cyclical 0.01%
RPM INTERNATIONAL INC Basic Industry 0.04%
RYDER SYSTEM INC Transportation 0.11%
SABINE PASS LIQUEFACTION Energy 0.48%
SALESFORCE.COM INC Technology 0.06%
SAN DIEGO G & E Utilities 0.05%
SCHLUMBERGER HLDGS CORP Energy 0.16%
SCRIPPS NETWORKS INTERAC Communications 0.01%
SEMPRA ENERGY Utilities 0.24%
SERVICE PROPERTIES TRUST REITs 0.08%
SHERWIN-WILLIAMS CO Basic Industry 0.14%
SIERRA PACIFIC POWER CO Utilities 0.02%
SIMON PROPERTY GROUP LP REITs 0.29%
SITE CENTERS CORP REITs 0.03%
SL GREEN OPERATING PARTN REITs 0.02%
SL GREEN REALTY CORP REITs 0.01%
SMITHFIELD FOODS INC Consumer Non-Cyclical 0.03%
SNAP-ON INC Capital Goods 0.02%
SOLAR CAPITAL LTD Non-Bank/Insurance Financials <0.01%
SONOCO PRODUCTS CO Capital Goods 0.02%
SOUTHEAST SUPPLY HEADER Energy 0.01%
SOUTHERN CAL EDISON Utilities 0.15%
SOUTHERN CALIF GAS CO Utilities 0.03%
SOUTHERN CO Utilities 0.24%
SOUTHERN CO GAS CAPITAL Utilities 0.06%
SOUTHERN NAT GAS/ISSUING Energy 0.02%
SOUTHERN POWER CO Utilities 0.07%
SOUTHERN UNION CO Energy <0.01%
SOUTHWEST AIRLINES CO Transportation 0.05%
SOUTHWEST GAS CORP Utilities 0.04%
SOUTHWESTERN ELEC POWER Utilities 0.03%
SOUTHWESTERN PUBLIC SERV Utilities 0.02%
SPECTRA ENERGY PARTNERS Energy 0.33%
SPIRE INC Utilities 0.01%
SQUARE BUTTE ELECTRIC Utilities <0.01%
STANCORP FINANCIAL GROUP Insurance 0.04%
STANLEY BLACK & DECKER I Capital Goods 0.06%
STARBUCKS CORP Consumer Cyclical 0.17%
STARWOOD HOTELS & RESORT Consumer Cyclical <0.01%
STEEL DYNAMICS INC Basic Industry 0.05%
STRYKER CORP Consumer Non-Cyclical 0.17%
SUNOCO LOGISTICS PARTNER Energy 0.10%
SWISS RE TREASURY (US) Insurance 0.04%
SYMETRA FINL CORP Insurance 0.04%
SYSCO CORPORATION Consumer Non-Cyclical 0.14%
SYSTEM ENERGY RESOURCES Utilities 0.01%
TAMPA ELECTRIC CO Utilities 0.07%
TANGER PROPERTIES LP REITs 0.02%
TAPESTRY INC Consumer Cyclical 0.02%
TARGET CORP Consumer Cyclical 0.18%
TC PIPELINES LP Energy 0.03%
TECH DATA CORP Technology 0.02%
TENASKA ALABAMA II PART Utilities <0.01%
TENASKA VIRGINIA PARTNRS Utilities 0.01%
TERRENO REALTY LLC Consumer Cyclical <0.01%
TEXACO CAPITAL INC Energy <0.01%
TEXAS EASTERN TRANSMISSI Energy 0.12%
TEXAS GAS TRANSMISSION Energy 0.02%
TEXAS INSTRUMENTS INC Technology 0.09%
TEXTRON INC Capital Goods 0.06%
THERMO FISHER SCIENTIFIC Consumer Non-Cyclical 0.34%
TIFFANY & CO Consumer Cyclical 0.01%
TIMKEN CO Capital Goods 0.03%
TJX COS INC Consumer Cyclical 0.03%
TOYOTA MOTOR CREDIT CORP Consumer Cyclical 1.74%
TPG SPECIALTY LENDING IN Non-Bank/Insurance Financials 0.02%
TRANS-ALLEGHENY INTERSTA Utilities 0.03%
TRAVELERS COS INC Insurance 0.08%
TRIMBLE INC Technology 0.03%
TRISTATE GEN&TRANS ASSN Utilities 0.04%
TRW AUTOMOTIVE INC Consumer Cyclical <0.01%
TTX CO Transportation 0.05%
TUCSON ELECTRIC POWER CO Utilities 0.10%
TWDC ENTERPRISES 18 CORP Communications 0.39%
TYSON FOODS INC Consumer Non-Cyclical 0.18%
UDR INC REITs 0.05%
UIL HOLDINGS CORP Utilities 0.07%
UNILEVER CAPITAL CORP Consumer Non-Cyclical 0.42%
UNION CARBIDE CORP Basic Industry 0.05%
UNION ELECTRIC CO Utilities 0.03%
UNION PACIFIC CORP Transportation 0.40%
UNITED ILLUMINATING CO Utilities 0.05%
UNITED PARCEL SERVICE Transportation 0.34%
UNITEDHEALTH GROUP INC Insurance 0.62%
UNS ELECTRIC INC Utilities 0.01%
UNUM GROUP Insurance 0.05%
USX CORPORATION Energy 0.01%
VALERO ENERGY CORP Energy 0.14%
VALSPAR CORP Basic Industry <0.01%
VENTAS REALTY LP REITs 0.12%
VENTAS REALTY LP/CAP CRP REITs 0.02%
VEREIT OPERATING PARTNER REITs 0.05%
VERISK ANALYTICS INC Technology 0.04%
VERIZON COMMUNICATIONS Communications 1.60%
VERIZON VIRGINIA LLC Communications <0.01%
VF CORP Consumer Cyclical 0.03%
VIACOMCBS INC Communications 0.28%
VIRGINIA ELEC & POWER CO Utilities 0.15%
VISA INC Consumer Cyclical 0.26%
VMWARE INC Technology 0.35%
VOLKSWAGEN GROUP AMERICA Consumer Cyclical 1.74%
VORNADO REALTY LP REITs 0.01%
VOYA FINANCIAL INC Insurance 0.02%
VOYA HOLDINGS INC Insurance 0.01%
VULCAN MATERIALS CO Capital Goods 0.04%
WALGREEN CO Consumer Cyclical 0.05%
WALGREENS BOOTS ALLIANCE Consumer Cyclical 0.14%
WALMART INC Consumer Cyclical 0.78%
WALT DISNEY COMPANY/THE Communications 0.49%
WARNER MEDIA LLC Communications 0.01%
WASHINGTON GAS LIGHT CO Utilities <0.01%
WASHINGTON REIT REITs 0.01%
WASTE CONNECTIONS US INC Capital Goods 0.03%
WASTE MANAGEMENT INC Capital Goods 0.21%
WEA FINANCE LLC REITs 0.08%
WEA FINANCE LLC/WESTFIEL REITs 0.31%
WEC ENERGY GROUP INC Utilities 0.07%
WEINGARTEN REALTY INVEST REITs 0.02%
WELLCARE HEALTH PLANS Insurance 0.01%
WELLTOWER INC REITs 0.15%
WESTERN ATLAS INC Energy 0.02%
WESTERN MIDSTREAM OPERAT Energy 0.44%
WESTERN UNION CO/THE Consumer Cyclical 0.05%
WESTINGHOUSE AIR BRAKE Capital Goods 0.07%
WESTLAKE CHEMICAL CORP Basic Industry 0.04%
WESTROCK MWV LLC Basic Industry 0.01%
WESTROCK RKT LLC Basic Industry 0.06%
WESTSIDE INTERMODAL Non-Bank/Insurance Financials <0.01%
WEYERHAEUSER CO Basic Industry 0.10%
WHIRLPOOL CORP Consumer Non-Cyclical 0.07%
WILLIAMS COMPANIES INC Energy 0.33%
WILLIS NORTH AMERICA INC Insurance 0.09%
WISCONSIN ELECTRIC POWER Utilities 0.06%
WISCONSIN POWER & LIGHT Utilities 0.03%
WISCONSIN PUBLIC SERVICE Utilities 0.03%
WM WRIGLEY JR CO Consumer Non-Cyclical 0.06%
WP CAREY INC REITs 0.07%
WRKCO INC Basic Industry 0.09%
WW GRAINGER INC Capital Goods 0.03%
WYETH LLC Consumer Non-Cyclical 0.05%
XCEL ENERGY INC Utilities 0.09%
XILINX INC Technology 0.03%
XYLEM INC Capital Goods 0.03%
ZENECA WILMINGTON Consumer Non-Cyclical 0.04%
ZF NA CAPITAL Consumer Cyclical 0.15%
ZIMMER BIOMET HOLDINGS Consumer Non-Cyclical 0.14%
ZOETIS INC Consumer Non-Cyclical 0.10%

10 comments on “Fed Unveils Composition Of Corporate Bond Portfolio. Why Not Have A Look?

  1. Good the see Carlyle alumnus Powell bailing out his former firm with treasury financing. No conflict of interest there. But what do I know, I’m just a shrill member of the peanut gallery.

    • It’s a conspiracy. It’s all a conspiracy. Board up the doors. Shut the blinds.

      • It doesn’t have to be. But since 2008, it does feel like the elites are pretty keen on covering each others’ bottoms.

        We’re only getting fiscal support of normal people this time coz it’s an R in the WH. C’mon. You know I’m right. If Clinton was President, we’d have a repeat of the Obama admin desperate attempts at getting bigger fiscal stimulus blocked by Rs yelling about deficits…

      • No conspiracy system just a political / economic system in panic mode with limited options standing at cliffs edge…lol

    • Classic straw-man. I’m not saying it’s a conspiracy, however just like Powell personally owning $35M of stock and bond ETFs (mainly with BlackRock), it is a massive conflict of interest.

      • Hey, would you really want an old poor economist guy who knows nothing about financial markets to be in charge of the Fed?

  2. I can understand the derision of those who repeatedly cry moral hazard / cryonism / etc. But I think, in the long run, they are right. The Fed really has painted itself into a corner. So I’d agree that these moves seem necessary to stave off an extreme amount of short-term pain, but I also agree that this is another significant step away from the free enterprise system and towards a state-directed economy. Which is highly disturbing in the long run, because economic liberalism proved to be an incredibly dynamic force of wealth-creation and poverty reduction…

  3. some left field vision thinking, more money does not cure a virus

    science and medicine cures virus

    • Actually, no virus can be “cured,” Treated, some can be, prevented, in some cases, but cured, none can be, by anything.

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