The Nashville Area ETF run by downtown-based LocalShares last week sold another block of 50,000 shares to investors. The sale comes five months after the most recent one and brings to 350,000 the number of shares outstanding, lifting the ETF's market value to almost $11 million.
The fund (Ticker: NASH) started life in the summer of 2013 with about $6 million in assets and has since steadily outperformed the Standard & Poor's 500 Index, returning 17 percent last year versus 14 percent for the benchmark index. Below is a full breakdown of its holdings as of Dec. 18.
The managers of the Nashville Area ETF are basking in some pretty strong performance numbers. Research firm Lipper has the 15-month-old investment vehicle atop its list ranking the performance of more than 800 ETFs and mutual funds focused on the core small-cap companies. The ETF (Ticker: NASH) has about $9 million in assets under management and is changing hands this afternoon at around $30. It has climbed 10 percent year to date.
It was a big day Friday for the team at Compass EMP in Brentwood. The investment firm marked the launch of its fourth new exchange-traded fund in 2014 by ringing the opening bill at the NASDAQ stock exchange. Here are a couple of photos from the visit. Pictured on the NASDAQ's massive Times Square video tower. Pictured here are, from left to right, Co-founder and Chief Investment Officer Stephen Hammers, Co-founder and Chairman David Moore and President Rob Walker Jr.
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.
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.
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