Dimensional U.S. Small Cap ETF (ARCA: DFAS)

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To achieve its investment objective, the US Small Cap ETF, using a market capitalization weighted approach, generally purchases a broad and diverse group of securities of U.S. small cap companies. A companys market capitalization is the number of its shares outstanding times its price per share. In general, the higher the relative market capitalization of the U.S. small cap company, the greater its representation in the Portfolio.

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Small-cap ETFs see record-breaking inflows, driven by retail investors. Bank of America predicts bullish outlook for 2024.

Small-Cap ETFs Enjoy Record Inflows Due To Optimistic Retail Investors: Is This The Decade Of 10% Annual Returns?

Dimensional U.S. Small Cap ETF

Loar Holdings Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOAR#NYSE">LOAR</a>) shares are trading lower premarket on Friday. The company signed a put option agreement to acquire 100% of&nbsp;LMB Fans &amp; Motors for 365 million euros (around $382 million) plus net debt,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/ac43867432/loar-announces-put-agreement-to-acquire-lmb-fans-motors-and-record-preliminary-fourth-quarter-and" rel="noreferrer noopener">payable in cash at closing</a>.&nbsp;
Founded over 60 years ago, LMB is a specialty player in designing and producing customized high-performance fans and motors.
The put option grants Loar exclusive rights to finalize the deal, pending consultation with LMB&#8217;s social and economic committee.
Loar plans to finance the acquisition through additional borrowings under its existing credit agreement and available cash.
The transaction&nbsp;is expected&nbsp;to close in&nbsp;the third&nbsp;quarter of 2025, following regulatory approvals and customary closing conditions.&nbsp;
Preliminary Results: For&nbsp;the fourth quarter&nbsp;of 2024, the company&nbsp;sees&nbsp;net sales of $108.1&nbsp;million-$110.1&nbsp;million (vs. consensus of $100.01 million), Adjusted EBITDA of $39.0&nbsp;million-$39.8&nbsp;million and net income of $2.7&nbsp;million-$3.3 million.
For 2024, Loar expects net sales of $400.5&nbsp;million-$402.5&nbsp;million (vs. consensus of $392.7 million), Adjusted EBITDA of $145.2 million- $146.0&nbsp;million and net income of $21.2&nbsp;million-$21.8&nbsp;million.
Outlook: For FY25, the company continues to expect net sales of $470 million and $480 million (vs. consensus of $483.4 million), while adjusted EPS outlook raised to $0.67-$0.72 (<a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">vs. consensus of $0.72) from $0.45-$0.50</a>.
&#8220;Given the visibility provided by our backlog we are reaffirming our topline and Adjusted EBITDA 2025 guidance as well as updating the guidance for the impact of the secondary offering completed in December 2024,&#8221; stated Glenn D&#8217;Alessandro, Loar&#8217;s Treasurer and CFO.
The company plans to release the fourth quarter and 2024<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> earnings&nbsp;on March 31, 2025</a>.
As of September 30, 2024, cash and cash <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/ac41937195/loar-holdings-inc-reports-q3-2024-results-upward-revision-to-2024-and-initial-2025-guidance" rel="noreferrer noopener">equivalent stood at $55.179 million</a>.
Price Action: LOAR shares are down 0.58% at $69.00 premarket at the last check Friday.
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Photo via Shutterstock.

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LOAR

Loar Holdings Expands With LMB Acquisition, Raises FY25 EPS Outlook

B of A Securities analyst Curtis Nagle maintains Wayfair (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) with a Neutral and lowers the price target from $52 to $50.

Price Target

B of A Securities Maintains Neutral on Wayfair, Lowers Price Target to $50

Needham analyst Bernie McTernan reiterates Wayfair (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) with a Buy and maintains $50 price target.

Reiteration

Needham Reiterates Buy on Wayfair, Maintains $50 Price Target

B of A Securities analyst Robert Ford maintains MercadoLibre (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) with a Buy and raises the price target from $2500 to $3000.

MELI

B of A Securities Maintains Buy on MercadoLibre, Raises Price Target to $3000

Benchmark analyst Cody Acree maintains Indie Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDI#NASDAQ">INDI</a>) with a Buy and lowers the price target from $9 to $8.

INDI

Benchmark Maintains Buy on Indie Semiconductor, Lowers Price Target to $8

Institutional investors were bullish on technology and financials during the fourth quarter of 2024 as these sectors saw major inflows, according to 13F filings with the Securities Exchange Commission (SEC). Investors were seen pulling back from the healthcare sector.
What Happened: 13F filings are mandatory reports filed by the managers overseeing at least $100 million in assets filed with the SEC. Adam Turnquist, the chief technical strategist at LPL Financial analyses the big rotation in the holdings of such funds for the fourth quarter.
<h3 class="wp-block-heading">Tech&#8217;s Resurgence and Financial Gains</h3>
The results of the U.S. presidential elections, hopes for deregulation, and the possibility of increased lending activity in the wake of Fed rate cuts led the investors to bump their stakes in technology and financials in the fourth quarter according to Turnquist.
After a slight dip in the third quarter, tech holdings surged by 0.7%, reflecting confidence in the sector&#8217;s growth potential. Rotation into financials increased by 0.6%.
&#8220;Communication services and consumer discretionary allocations both increased 0.5% from the third quarter, while allocations toward exchange-traded funds rose 0.4%,&#8221; according to LPL Financial&#8217;s note.
<h3 class="wp-block-heading">Healthcare Under Pressure</h3>
On the other hand, healthcare experienced a sharp decline, with allocations dropping by 1.4%.
This retreat followed a period of stagnation and was likely influenced by political factors. Turnquist said that &#8220;The nomination of the so-called anti-vaccine Health Secretary, Robert F. Kennedy, Jr. and the potential for reduced Affordable Care Act subsidies,&#8221; was also a potential trigger.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Sectors</td>
<td>Changes In Q4</td>
</tr>
<tr>
<td>Technology</td>
<td>0.70%</td>
</tr>
<tr>
<td>Financials</td>
<td>0.60%</td>
</tr>
<tr>
<td>Communications</td>
<td>0.50%</td>
</tr>
<tr>
<td>Consumer Discretionary</td>
<td>0.50%</td>
</tr>
<tr>
<td>Other</td>
<td>0.40%</td>
</tr>
<tr>
<td>Energy</td>
<td>-0.10%</td>
</tr>
<tr>
<td>Industrials</td>
<td>-0.20%</td>
</tr>
<tr>
<td>Utilities</td>
<td>-0.20%</td>
</tr>
<tr>
<td>Consumer Staples</td>
<td>-0.30%</td>
</tr>
<tr>
<td>Materials</td>
<td>-0.30%</td>
</tr>
<tr>
<td>Real Estate</td>
<td>-0.30%</td>
</tr>
<tr>
<td>Health Care</td>
<td>-1.40%</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/25/02/43876325/quantum-computing-top-holders-in-q4-blackrock-vanguard-ubs-state-street-pour-money-in-rigetti-d-wave-ionq-qubt">Top Holders Of Quantum Computing Stocks In Q4: BlackRock, Vanguard, UBS, State Street Pour Money In Rigetti, D-Wave, IonQ, QUBT</a>
Why It Matters: These filings provide a window into the strategies of major players like hedge funds, pension funds, and endowments.
LPL Research&#8217;s Strategic and Tactical Asset Allocation Committee remains neutral on equities but favors large-cap growth and domestic companies. They also maintain a neutral stance on fixed income, recommending an &#8220;up-in-quality&#8221; approach and cautioning against adding duration due to expected interest rate volatility.
<h3 class="wp-block-heading">Hedge Funds Latgely Follow The Trend</h3>
Hedge funds largely mirrored the broader trend, increasing their tech holdings while reducing exposure to healthcare, according to the note.
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) were among the top picks, with significant increases in market value. However, Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) saw a net selling of 2.1 million shares, and Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) and PDD Holdings Inc. ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) also faced substantial reductions.
While the overall trend was consistent, individual hedge fund strategies varied. While Warren Buffett&#8216;s Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) increased its tech exposure and added Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) while reducing its stake in Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>).
Conversely, Scion Asset Management, led by Michael Burry, favored healthcare and consumer staples, exiting positions in financials and consumer discretionary.
<h3 class="wp-block-heading">Bond Market Bets And ETF Insights</h3>
Beyond individual stocks, 13F filings revealed that four of the top ten purchased bond ETFs tracked the U.S. bond market. Large-cap growth ETFs also saw significant inflows, indicating a preference for these high-growth stocks, highlighted the note.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/02/43875557/donald-trump-airs-fort-knox-inspection-as-gold-edges-closer-to-3000-it-is-an-essential-component-of-portfolio-says-expert">Gold Is An &#8216;Essential Component&#8217; Of Portfolio, Says Expert As It Nears $3000 While Trump, Musk Suggest Fort Knox Inspection Amid The Surge</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Government

Hedge Funds

Markets

AMZN

MSFT

NVDA

Citigourp Global Markets 2% Protected Notes Linked To The Djia

PLTR

TSLA

Institutional Investors Load Up On Technology And Financial Stocks In Q4 While Reducing Positions In Healthcare Sector Amid Political Uncertainty

B of A Securities analyst Madeline Brooks downgrades Akamai Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) from Buy to Neutral and lowers the price target from $125 to $100.

Downgrades

AKAM

B of A Securities Downgrades Akamai Techs to Neutral, Lowers Price Target to $100

Needham analyst David Saxon maintains Glaukos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GKOS#NYSE">GKOS</a>) with a Buy and raises the price target from $149 to $176.

GKOS

Needham Maintains Buy on Glaukos, Raises Price Target to $176

<a href="https://x.com/BillAckman/status/1892912458840547554" title="https://x.com/BillAckman/status/1892912458840547554">https://x.com/BillAckman/status/1892912458840547554</a>

General

Investor Bill Ackman, In Response To Wall Street Journal Report Of DoJ Investigation Into United Health's Medicare Billing Practices, Posted on X He Would Avoid The Stock

Needham analyst James Ricchiuti maintains Universal Display (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NASDAQ">OLED</a>) with a Buy and lowers the price target from $215 to $170.

OLED

Needham Maintains Buy on Universal Display, Lowers Price Target to $170

HC Wainwright &amp; Co. analyst Ed Arce reiterates Ardelyx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARDX#NASDAQ">ARDX</a>) with a Neutral and maintains $5.5 price target.

ARDX

HC Wainwright & Co. Reiterates Neutral on Ardelyx, Maintains $5.5 Price Target

United States Cellular (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USM#NYSE">USM</a>) reported quarterly earnings of $0.05 per share which beat the analyst consensus estimate of $(0.05) by 200 percent. This is a 68.75 percent decrease over earnings of $0.16 per share from the same period last year. The company reported quarterly sales of $970.00 million which beat the analyst consensus estimate of $965.87 million by 0.43 percent. This is a 3.00 percent decrease over sales of $1.00 billion the same period last year.

Earnings Beats

United States Cellular Q4 2024 GAAP EPS $0.05 Beats $(0.05) Estimate, Sales $970.00M Beat $965.87M Estimate

HC Wainwright &amp; Co. analyst Raghuram Selvaraju reiterates Repligen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGEN#NASDAQ">RGEN</a>) with a Buy and maintains $180 price target.

RGEN

HC Wainwright & Co. Reiterates Buy on Repligen, Maintains $180 Price Target

NIXX

Nixxy Enters Telecommunications And Data Sectors With AI Integration And Software Asset Purchase, Targets $5M Monthly Revenue In Q2

<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">TDS Telecom</td>
<td colspan="1" rowspan="1">2025 Estimated Results</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">Actual Results for the Year Ended December 31, 2024</td>
</tr>
<tr>
<td colspan="1" rowspan="1">(Dollars in millions)</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Total operating revenues</td>
<td colspan="1" rowspan="1">$1,030-$1,070</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">$1,061</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Adjusted OIBDA (Non-GAAP)</td>
<td colspan="1" rowspan="1">$310-$350</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">$340</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Adjusted EBITDA&nbsp;(Non-GAAP)</td>
<td colspan="1" rowspan="1">$320-$360</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">$350</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Capital expenditures</td>
<td colspan="1" rowspan="1">$375-$425</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">$324</td>
</tr>
</tbody>
</table>
</figure>

Guidance

Telephone and Data Systems' TDS Telecom Segment Expects FY25 Operating Revenue Of $1.03B-$1.07B Vs $1.06B YoY, Capex Of $320M-$360M Vs $350M YoY

Sunstone Hotel Investors Expects FY25 Adjusted FFO Per Share Of $0.86 - $0.98, Est $0.97

HC Wainwright &amp; Co. analyst Raghuram Selvaraju reiterates Benitec Biopharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTC#NASDAQ">BNTC</a>) with a Buy and maintains $28 price target.

BNTC

HC Wainwright & Co. Reiterates Buy on Benitec Biopharma, Maintains $28 Price Target

NCTY

The9 Forms Joint Venture With Chengdu Qing Cheng Network To Expand Mobile Game Operations In China's Sinking Market

Canaccord Genuity analyst Kyle Mikson maintains Repligen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGEN#NASDAQ">RGEN</a>) with a Hold and raises the price target from $165 to $170.

Canaccord Genuity Maintains Hold on Repligen, Raises Price Target to $170

Mizuho analyst Vijay Rakesh maintains Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) with a Neutral and raises the price target from $11 to $13.

RIVN

Mizuho Maintains Neutral on Rivian Automotive, Raises Price Target to $13

Small-cap exchange-traded funds (ETFs) have witnessed their largest weekly inflows since Bank of America began tracking <a href="https://www.benzinga.com/topic/small-caps">the data in 2017.</a> 



According to a note shared Wednesday, this surge is predominantly fueled by retail investors, marking a significant shift in market dynamics. 



Over the past 23 weeks, 22 have seen positive inflows, culminating in a record-breaking week that attracted over $3.5 billion into small-cap ETFs.



Data derived from Tradingview shows that the Pacer US Small Cap Cash Cows ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALF#NYSE">CALF</a>) has emerged as a frontrunner, drawing in over $3 billion in the last three months, closely followed by the Vanguard Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VB#NYSE">VB</a>) with $2.6 billion of inflows, of which $1.615 billion recorded in the last month alone. 



Despite this record influx of funds, Bank of America highlights that small caps remain undervalued relative to their historical performance.



Top 10 Small-Cap ETF By Inflows Over The Last Three Months



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Small-Cap ETF </td><td>1M Flows</td><td>3M Flows</td></tr><tr><td>Pacer US Small Cap Cash Cows </td><td>1.194B </td><td>3.096B</td></tr><tr><td>Vanguard Small-Cap ETF </td><td>1.615B </td><td>2.608B</td></tr><tr><td>iShares Core S&amp;P Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJR#NYSE">IJR</a>)</td><td>116.003M </td><td>1.651B</td></tr><tr><td>Avantis U.S. Small Cap Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVUV#NYSE">AVUV</a>)</td><td>695.473M </td><td>1.646B</td></tr><tr><td>Vanguard Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTWO#NYSE">VTWO</a>)</td><td>750.154M </td><td>1.411B</td></tr><tr><td>SPDR Portfolio S&amp;P 600 Small Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPSM#NYSE">SPSM</a>)</td><td>417.995M</td><td>915.308M</td></tr><tr><td>Vanguard Small-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VBK#NYSE">VBK</a>)</td><td>440.327M</td><td>741.54M</td></tr><tr><td>Schwab U.S. Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHA#NYSE">SCHA</a>)</td><td>520.145M </td><td>622.329M</td></tr><tr><td>Dimensional U.S. Small Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFAS#NYSE">DFAS</a>)</td><td>131.079M</td><td>507.818M</td></tr><tr><td>SSGA SPDR ETFS EUROPE II PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSEUF#NYSE">SSEUF</a>)</td><td>184.185M</td><td>484.932M</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Small Caps: A Bullish Outlook For 2024</h2>



Bank of America&#8217;s analysis suggests a turning tide for small caps. Analyst Jill Carey Hall, CFA, maintains a bullish outlook, predicting that 2024 could mark the year when small caps outperform large caps for the first time in nearly a decade. 



This optimism stems from a resilient small-cap sector, which has priced in a recession that has yet to materialize, as evidenced by the Russell 2000&#8217;s performance.



With investor sentiment improving and valuations becoming more attractive, small caps present a compelling opportunity for long-term investors. The Russell 2000&#8217;s forward P/E ratio has dipped to 14.3x, positioning small caps as the only size segment that is historically inexpensive. 



According to Bank of America, the valuation gap between small and large caps is reminiscent of the disparity seen during the Tech Bubble, which preceded a decade of exceptional returns for small caps.



Bank of America&#8217;s analysis implies potential annualized returns of 10% over the next decade for the Russell 2000, compared to a modest 3% for the Russell 1000.



For 2024, Bank of America reinforces the strategy of focusing on value within the small and mid-cap spaces. This approach favors high-quality stocks over non-earners. Financials, Communication Services, and Industrials are identified as top sector overweights within small caps. 



Read Now: <a href="https://www.benzinga.com/money/best-small-cap-stocks">Best Small Cap Stocks Right Now</a>



Photo: Shutterstock

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