We were thinking the same thing this afternoon so we went to check out the data on the Nashville Area ETF (Ticker: NASH). Excluding the expected big opening-day number, an average of about 18,000 shares have changed hands daily since. But the real number looks to be closer to 10,000 because a big volume day Thursday is skewing the small data set.
Locally based REIT Investment Group, which helps private real estate investment trusts find and keep investors, recently hit a customer count landmark and now works with more than 200 REITs around the country. The six-year-old company, founded by Chairman and CEO Bill McGugin and Iroquois Capital Group, manages a shareholder base of more than 500 people and helps private REITs gather the 100 investors they need via its broker-dealer. The company then also handles the compliance and reporting needs of those REITs for clients ranging from private-equity firms to investment banks to institutional investors. McGugin, pictured here, says his team more than doubled its customer count in the year ended March 31.
UPDATE: Volume fell off big time after the first 90 minutes of trading, with only about 30,000 shares changing hands after that flurry. The ETF ended its first trading session up slightly versus its opening price and up 1.5 percent from its launch level.
The Nashville Area ETF (Ticker: NASH) backed by a group of local entrepreneurs began trading this morning, rising slightly from the $25 at which it started its life. More than 80,000 shares changed hands in the first hour of trading.
The ETF is the first city-specific investment vehicle to hit the market — and has drawn plenty of skepticism as a result — but fund manager Bill Decker says the LocalShares team has its eye on similar products once the Nashville Area ETF has proven itself.
A young hedge fund has become one of the first investors to declare a Dollar General stake of more than 5 percent since the discount retail giant went public in late 2009 and its private-equity owners began to shrink their stakes. Soroban Capital, which was launched in late 2010 and now manages more than $4 billion, filed papers with the Securities and Exchange Commission saying it owns almost 22 million shares of Dollar General. That's way up from the 7.2 million shares (and options to buy another 3.5 million) the firm controlled at the end of March.
Since the end of the first quarter, Dollar General shares (Ticker: DG) have generally traded between $50 and $54. But don't look for Soroban, which is run by a former partner of TPG-Axon Capital Management, to make a fuss anytime soon about that stasis: Its filing indicates it will be a passive investor in Dollar General.
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