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How to ease into retirement, why investment fees could be delaying your retirement date and some math on investing your CPP and OAS benefits – The Globe and Mail

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Tim Brennan is among many retirement-age Canadians making the decision to ease into retirement.Hans Peter Beinert

Content from The Globe’s weekly Retirement newsletter. To subscribe click here.

In 2019, Tim Brennan began thinking about what his postretirement life would look like.

The 60-year-old Halifax entrepreneur had spent 21 years with the company he co-founded, Fit First Technologies, which produces software tools for human resources and recruiting. That December, he sat down with his partners and began talking about how he might wind down his involvement.

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Then came the pandemic lockdowns weeks later, which put his plans into perspective: “I started walking in a city park every Wednesday afternoon during the first lockdown with a group of four or five guys I knew from a lawn-bowling club,” he recalls. “And I’d ask, ‘What do you do as a retired person?’

The biggest take-away from those walks, he says, was to “find out what’s important to you, and focus on that in retirement.”

For Mr. Brennan – whose identity, sense of purpose and social life was still substantially tied to work – that meant not retiring: At least not all the way.

He’s among many retirement-age Canadians making similar choices, says James Norris, a London, Ont.-based sales manager with human-resources firm Express Employment Professionals (EEP). Matthew Halliday reports

Retiree finds volunteering for ‘worthwhile causes’ helps build skills and connections

In the latest Tales from the Golden Age feature, retiree Chester Fedoruk talks about his life in retirement, and how his wife worried at first he didn’t have enough hobbies to keep busy. “I was able to ease her concerns relatively quickly,” he says. “My nonwork life has been busy with family and friends, reading, movies, restaurants, concerts and theatre.”

His advice for retirees is to find a worthwhile cause that builds on your past experience, expertise and interests “but that allows you to develop new skills and knowledge. Keep an open mind. Think of retirement as a new career; don’t specialize too early before you explore the volunteer marketplace and how you might fit in it.”

Calling all retirees

Are you a retiree interested in discussing what life is like now that you’ve stopped working? What are the highs and lows of leaving the so-called rat race? How has retirement evolved for you? As part of its expanded coverage, Globe Investor is launching a new feature called Tales from the Golden Age, which looks at the realities of retirement living. We’ll also ask you to offer some advice for others in retirement, or those considering it. If you’re interested in being interviewed for this feature, please e-mail us at: jcowan@globeandmail.com with “Golden Age” in the subject line.

How investing fees could delay your retirement

Getting people to care about the investing fees they pay has been one of the most successful achievements in the personal finance field, writes the Globe’s personal finance columnist Rob Carrick.

“But there is still work to do. Too much money sits today in high-fee investing products that do not justify the cost,” he says, citing a Mercer Canada report on the subject.

Read the full opinion piece here.

How advisers can help seniors with high debt or facing bankruptcy

More seniors are carrying alarming debt levels, and they may turn to advisers to help get them out of the red – especially when facing insolvency.

“They can make hard choices now or later,” Steve Bridge, an advice-only certified financial planner and money coach at Money Coaches Canada Inc. in Vancouver tells Deanne Gage in this article for Globe Advisor. “Hard choices now might save them from bankruptcy later.”

When seniors come to him for advice on managing debt, Mr. Bridge looks at debt consolidation, selling assets, examining cash flow and revisiting budgets. He notes that seniors who have a severe debt situation often want to liquidate all assets to pay off creditors.

“The creditors call and harass them and they feel they have to take care of the debt right away with any funds,” Mr. Bridge says. But he cautions them to reconsider as some assets are creditor-proof.

Cora wants a comfortable estate-planning strategy

At age 79 and recently widowed, Cora is seeking the best way to wind down her assets, keep taxes to a minimum and leave an inheritance for her four children. Looking back, Cora and her family enjoyed a comfortable lifestyle. Her husband was an independent businessman, Cora worked in education. The children are in their late 40s and early 50s.

“We retired in our 50s and our income – about $75,000 each before tax – is a combination of rental income, pensions and investments,” Cora writes in an e-mail. “I have always preferred real estate,” she adds. “We bought our first building, a five-plex, in 1968 for $50,000.” She was 26. “I took this lesson from my grandparents’ experience in the 1930s.”

When she was 50, Cora sat down to figure out how much money she would need to retire comfortably. “Like all women of my generation, I was penalized for being a mother” because the years of working part-time reduced her pension entitlement. “I saw that my pension was not adequate so I bought a duplex to make up the shortfall.” More purchases followed.

Today, Cora has a mortgage-free house in the Greater Toronto Area and a portfolio of rental properties that generates about $100,000 a year after expenses. She has a defined benefit pension, indexed to inflation, that pays nearly $25,000 a year.

“Would I be better off selling my properties gradually or after death?” Cora asks. “Would I be better off giving my children money now and lighten my tax burden?” She also plans to donate to charity, which would lower her capital gains tax bill.

In the latest Financial Facelift column, Warren MacKenzie, head of financial planning at Optimize Wealth Management in Toronto, to look at Cora’s situation.

In case you missed it

Why your will should include plans for your pets

Meika and Floyd are inseparable: So it makes perfect sense that ‘Pink Floyd,’ a flame-point Himalayan cat with peachy-pink ears, nose and paws, and sandy-coloured, long-haired Meika with pale blue eyes, remain together should anything happen to their human caretakers. “The four-footed are part of our family, and we want to make sure they stay together once we’re gone,” says co-parent Terry Cooke, a retired University of Manitoba administrative worker.

To ensure that happens, the two cats are in her and her partner Wes Pastuzenko’s will, with a special provision dictating their beloved felines go to a no-kill shelter. “They have agreed to take them as a pair until they are adopted together, or stay there together until the end of their lives,” says Ms. Cooke, adding the will also sets aside money to pay for their cats’ care at the shelter.

At one time, Ms. Cooke and her partner’s pet-focused estate plan would have seemed a little eccentric. But such provisions are now commonplace, particularly among retirees who increasingly consider their furry friends ‘companions’ instead of ‘pets,’ says Toronto lawyer Barry Seltzer. Joel Schlesinger reports

Why birdwatching has become the hot new hobby for seniors

Spring migration, winding down to retirement and the pandemic made a birder out of Diana Gibbs.

In May, 2020, the Toronto resident went with a birdwatching friend to the park on the Leslie Street Spit on Lake Ontario. Ms. Gibbs, now 66, was beginning to retire from her career fundraising for human rights and social justice organizations. “The woods were just alive with sound,” Ms. Gibbs says. “It was really quite striking … a memory that stayed with me.”

Ms. Gibbs joined the legions of Canadians who have discovered the joys of birdwatching, a flexible and addictive hobby that’s growing in popularity during the pandemic. Birds Canada reports that the online bird checklist platform, eBird Canada, saw a 30 per cent jump in people submitting data between 2019 and 2020, says Jody Allair, the organization’s director of community engagement. The number jumped another 14 per cent to 31,961 users in 2021, he says. Kathy Kerr reports

Ask Sixty Five

Question:

Great piece in the March 10 newsletter on the ramifications and the math when starting Canada Pension Plan (CPP) and Old Age Security (OAS) benefits and whether that be early, at 65, or when you defer it until 70. What I have not seen – and I would like to see – is the workup for the example when someone takes CPP early and invests the entire amount, takes OAS at 65 and invests the entire amount, and doesn’t access these monies until say age 70. I’m sure a reasonable rate of return can be assumed and what are the effects of compounding interest on those monies and how do they affect the break-even dates? Thank you for your consideration.

We asked Mike Preto, an adviser at Hillside Wealth Management who answered the original question, to answer this follow-up one:

Good question. Here’s what it looks like you take your CPP and OAS payments early, before you “need” them, and invest the retirement benefits until retirement.

Here are the key assumptions:

  1. Take the CPP at age 60 and their OAS at 65
  2. Invest all the after-tax proceeds from the pensions until age 70.
  3. Earn a 6-per-cent rate of return. Your CPP and eventual OAS payments both rise by 3 per cent per year.
  4. Pay tax at the 28.2 per cent marginal rate.
  5. No OAS is ever clawed back from 65-70.
  6. You save the first $6,000 per year into your tax-free savings account (TFSA) and the balance goes into a nonregistered account.

At the end of the year in which you turn 69, you would have about $79,000 in a TFSA and $62,500 in nonregistered investments. If we assume you draw 4.5 per cent per year from this portfolio, you could expect to receive an additional roughly $6,400 per year in retirement income. Of this, roughly 55 per cent is tax-free and the remaining 45 per cent is tax-preferred. The benefits of the TFSA and non- registered accounts shining bright here.

The government is going to “pay” you 7.2 per cent per year for every year you leave the CPP alone from 60 to 65 and the OAS from 65 to 70. You’ll receive an extra 8.4 per cent for every year you leave the CPP alone from 65 to 70.

Given these figures, you need to generate more than about 7.5 per cent per year on your investments – doable, but certainly not a given. In other words, 6 per cent isn’t going to cut it.

There is a catch though: if you took your pensions at 70 and then died at age 71, your beneficiaries would get nothing. If you took both pensions early, at 60 and 65, and you died at age 71, your beneficiaries would receive the market value of the portfolio at death.

Everyone’s situation is unique and proper care and attention are needed to make sure they are making decisions in line with their goals and dreams. We only get one chance at life; we better make the most of it.

Note to readers: We’ve received a number of Sixty Five reader questions on CPP and OAS benefits. In next week’s newsletter, we’ll answer many of those questions and provide some general information on these benefits. Stay tuned.

Have a question about money or lifestyle topics for seniors, or want to suggest a story idea for the Sixty Five series? Please e-mail us at sixtyfive@globeandmail.com and we will find experts and answer your questions in future newsletters.

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Investment funds that are moving to defensive positions, and some that are not – The Globe and Mail

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What are we looking for?

ETFs and DIY mutual funds that made notable changes to their defensive-sector exposure over 2022.

The screen

The year is off to a great start for equity investors, with most equity indexes posting single-digit gains on a year-to-date basis, perhaps fuelled by investors’ reinvigorated confidence that the world’s central banks have inflation under control. That said, a new economic environment of higher interest rates might prompt some investors to have a look at their sector exposures, perhaps allocating more to defensive sectors for risk-reduction purposes, or to more cyclical sectors if they’re bullish on market prospects. To help identify potential candidates, I thought to analyze funds that have made noticeable moves over the course of last year. To start with, I screened the Morningstar Direct database for Canadian-domiciled equity ETFs and DIY mutual funds for those that have a reasonable track record, denoted by their Morningstar Rating for Funds or “star” rating of three stars or better, implying that the initial universe performed at least as well as category peers.

I then looked at the sector allocations of each fund as they appeared at the end of 2022 and 2021. Specifically, I used Morningstar’s “super-sector” definitions to determine which funds have the largest changes in exposure to defensive sectors. Recall that Morningstar’s classification structure for stocks divides global companies into three “super sectors”: (1) cyclicals, which include basic materials, consumer cyclical, financial services and real estate stocks; (2) defensive, which includes consumer defensive, health care and utilities stocks; and finally (3) sensitive, which includes communications services, energy, industrials and technology companies. I used the change in exposure to the defensive sector over the 2022 calendar year as the sole metric to rank the list of three-star-or-better funds.

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What we found

20 funds moving into, and away from defensive sectors

Name Ticker Morningstar Category Annual Report Management Expense Ratio (MER) Morningstar Rating for Funds Total Ret YTD (%) Total Ret 1 Yr (%) Total Ret Annlzd 3 Yr (%) Total Ret Annlzd 5 Yr (%) Defensive Supersector (12M % Change) Equity Econ Super Sector Defensive % (Net) 2022-12 Equity Econ Super Sector Defensive % (Net) 2021-12 Sensitive Supersector (12M % Change) Equity Econ Super Sector Sensitive % (Net) 2022-12 Equity Econ Super Sector Sensitive % (Net) 2021-12 Cyclical Supersector (12M % Change) Equity Econ Super Sector Cyclical % (Net) 2022-12 Equity Econ Super Sector Cyclical % (Net) 2021-12
Funds Moving to Defensive Sectors:
Fidelity US Momentum ETF FCMO-T US Equity 0.32 0.3 -1.7 41.7 48.4 6.7 -30.1 31.7 61.8 -11.8 19.6 31.4
Invesco S&P 500 Momentum ETF CAD MOM-NE US Equity 0.53 2 -1.0 4.0 1.6 3.5 38.3 49.3 10.9 -11.1 36.9 48.0 -27.8 12.9 40.7
iShares MSCI USA Momentum Ftr ETF XMTM-T US Equity 0.32 3 -1.1 -0.9 4.9 29.9 46.2 16.3 -13.2 36.8 50.0 -16.5 16.8 33.3
Purpose Global Innovators ETF PINV-T North American Equity 1.23 1 4.0 -24.7 -3.8 28.8 43.3 14.5 -28.4 37.1 65.5 -5.5 4.6 10.1
CI Munro Global Growth Equity ETF CMGG-T Global Equity 1.06 3.5 -4.7 22.6 38.4 15.8 -18.4 34.7 53.1 -6.7 21.8 28.5
CI Global Climate Leaders ETF C$ CLML-T Global Equity 0.93 1.4 -3.6 21.5 39.6 18.0 -8.3 43.8 52.1 -16.4 9.5 25.9
SmartBe U.S. Quantitative Momentum ETF SBQM-NE US Equity 0.99 1.3 12.2 18.6 30.1 11.6 18.5 58.3 39.8 -36.7 11.3 48.0
Fidelity International Low Vol ETF FCIL-T International Equity 0.48 3 2.4 -1.3 -0.7 16.7 50.4 33.7 -0.4 23.8 24.2 -16.7 24.8 41.4
CI WisdomTree Intl Qual DivGrETF IQD-T International Equity 0.58 5 6.6 0.7 5.6 6.2 16.6 42.1 25.5 -4.2 30.7 34.9 -11.9 27.0 39.0
SmartBe Canadian Quantitative Mmntm ETF SBCM-NE Canadian Equity 0.08 2.4 1.7 15.1 20.3 5.2 9.4 48.4 39.0 -24.4 30.9 55.2
Funds Moving away from Defensive Sectors:
Leith Wheeler Intl Equity Plus Series B International Equity 1.59 2 6.3 -1.9 1.0 -0.8 -12.0 15.1 27.1 5.2 25.9 20.8 12.7 30.1 17.4
Invesco S&P 500 Hi Div Low Vol ETF CAD UHD-NE US Equity 0.39 2 1.6 10.2 5.4 6.1 -12.1 40.3 52.4 -3.6 22.3 25.8 16.3 36.9 20.6
Beutel Goodman North American Focus Eq D Canadian Focused Equity 1.49 4 4.4 4.8 8.7 7.2 -12.3 18.4 30.7 11.5 34.9 23.4 0.1 44.2 44.1
Fidelity US Value ETF FCUV-T US Equity 0.36 6.0 12.2 -12.9 18.3 31.3 7.4 46.4 39.0 4.6 34.2 29.6
Fidelity US Value Currency Neutral ETF FCVH-T US Equity 0.39 7.5 5.1 -13.0 18.3 31.3 7.3 46.2 39.0 5.2 34.8 29.6
Horizons NASDAQ-100 Cov Cll ETF QQCC-T International Equity 0.85 1 6.7 -4.1 0.6 -1.1 -16.2 15.6 31.8 36.8 68.7 32.0 -19.2 15.2 34.5
TD Q Canadian Dividend ETF TQCD-T Canadian Dividend & Income Equity 0.39 1 7.4 9.3 5.5 -16.7 11.5 28.2 6.6 40.9 34.4 10.3 47.1 36.8
Invesco S&P GlbexCndHiDivLowVol ETF CAD GHD-NE Global Equity 0.67 2 4.3 6.3 1.5 3.2 -18.8 33.3 52.1 5.8 22.1 16.3 11.5 39.0 27.5
First Trust Morningstar Div Lrs ETF CADH FDL-T US Equity 0.66 3.2 8.3 11.3 7.8 -19.4 31.1 50.5 9.4 45.0 35.7 10.7 22.1 11.4
Guardian Fundamental All Country Eq ETF GGAC-T Global Equity 1.05 7.7 2.4 -25.2 2.1 27.4 -20.6 12.0 32.6 -23.2 13.9 37.1

Source: Morningstar Direct | Data as of January 27, 2023

The accompanying table includes 10 funds that have shifted their exposure toward defensive sectors the most, and the 10 funds that have shifted the furthest away from defensive sectors. The table also displays fees, trailing performance, ratings and inception dates. It is worthwhile noting that the three funds that have moved most into defensive sectors (XMTM-T, FCIL-T and IQD-T) are “smart beta” products, which are rules-based in nature and do not follow the discretion of a portfolio manager. Interestingly, the three funds are exposed to quite different factors. Also noted is the fact that several smart beta products that look for exposure to dividends (such as FCUD-T, XHU-T and VIDY-T), have shifted away from defensive sectors, while RBC’s actively managed mutual funds have increased their exposure to defensive sectors.

This article does not constitute financial advice. Investors are encouraged to conduct their own independent research before purchasing any of the investments listed here.

Ian Tam, CFA, is director of investment research for Morningstar Canada.

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CPP Investments Anchors New IndoSpace Fund with US$205 Million Investment – Yahoo Canada Finance

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MUMBAI, India, Jan. 30, 2023 /CNW/ – Canada Pension Plan Investment Board (CPP Investments) today announced an investment of US$205 million as an anchor investor in IndoSpace‘s new real estate fund. IndoSpace is a leading real estate company in India. The investment marks the first close for IndoSpace Logistics Parks IV (ILP IV), the company’s fourth development vehicle, targeting US$600 million of total equity commitments.

Image of sites (CNW Group/Canada Pension Plan Investment Board)

Image of sites (CNW Group/Canada Pension Plan Investment Board)

This is the latest venture between CPP Investments and IndoSpace. The first joint venture, IndoSpace Core, was established in 2017 and now owns the largest portfolio of stabilized modern logistics assets in India. CPP Investments has also invested in ILP III. Following the investment in ILP IV, the partnership will exceed US$1 billion in assets.

ILP IV will add an additional 25-30 million square feet to the IndoSpace portfolio, furthering IndoSpace’s leading position in the Indian market. ILP IV will focus on India’s largest logistics real estate markets: Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. The establishment of ILP IV follows on from the first three development funds, which have a combined total of 56 million square feet of modern logistics real estate in India.

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Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments, said, “Over the past few years, we have made numerous investments in India’s industrial space, where we see strong demand as the manufacturing sector continues to grow and the e-commerce sector matures. We are pleased to be working with our longstanding partner IndoSpace to further capitalize on opportunities in this space and believe this investment will deliver strong risk adjusted returns for CPP contributors and beneficiaries.”

Brian Oravec, Managing Partner and CEO, IndoSpace Capital Asia, said, “We are excited to extend our successful partnership with CPP Investments. CPP Investments’ commitment to ILP IV is a testament to IndoSpace’s leadership in the industrial and logistics real estate space in India. ILP IV will allow us to continue to expand our unique national network to better serve our customers. Industrial and logistics infrastructure is a key enabler of economic growth. To meet India’s aim of becoming a US$5 trillion economy by 2025, IndoSpace is excited to continue to be one of India’s key infrastructure creators.”

About CPP Investments

Canada Pension Plan Investment Board (CPP InvestmentsTM) is a professional investment management organization that manages the Fund in the best interest of the 21 million contributors and beneficiaries of the Canada Pension Plan. To build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. As per September 30, 2022, the Fund totalled C$529 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedInFacebook or Twitter.

About IndoSpace

IndoSpace (www.indospace.in) is the largest investor, developer, and operator of grade A industrial and logistics real estate in India. IndoSpace has the largest national network of 50 logistics parks with 56 million square feet delivered/under development across 10 cities. With India’s largest and most experienced industrial real estate team, IndoSpace continues to lead the development of key logistics infrastructure for India’s economic growth. For more information, visit www.indospace.in and follow us on LinkedIn, Twitter, and Facebook.

CPP Investments logo (CNW Group/Canada Pension Plan Investment Board)CPP Investments logo (CNW Group/Canada Pension Plan Investment Board)

CPP Investments logo (CNW Group/Canada Pension Plan Investment Board)

IndoSpace logo (CNW Group/Canada Pension Plan Investment Board)IndoSpace logo (CNW Group/Canada Pension Plan Investment Board)

IndoSpace logo (CNW Group/Canada Pension Plan Investment Board)

SOURCE Canada Pension Plan Investment Board

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Zacks Investment Ideas feature highlights: Meta Platforms, Alphabet, Snap, Oracle and Global Social Media ETF

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For Immediate Release

Chicago, IL – January 30, 2023 – Today, Zacks Investment Ideas feature highlights Meta Platforms META, Alphabet GOOGL, Snap Inc SNAP, Oracle ORCL and Global Social Media ETF SOCL.

TikTok Ban Coming: 3 Stocks That Would Benefit

The Social Media Landscape Is Evolving

The social media landscape has changed dramatically over the past few years with the rapid ascent of the personalized video platform app TikTok. Despite TikTok’s rapid rise, Meta Platforms and Alphabet are still the dominant players. In terms of monthly active users, three Meta platforms make up the top four rankings globally: Facebook (#1), Whatsapp (#3), and Instagram (#4).

Alphabet holds the second spot with its video platform Youtube and TikTok is ranked #6. Even with the continued dominance of existing players like META and GOOGL, stock performance has been lackluster in recent years. The Global Social Media ETF is the most followed social media ETF (note that it does not include TikTok).

What has Led to the Underperformance of Existing Players?

For one, Meta CEO Mark Zuckerberg is paying less attention to his lucrative social media business and instead investing valuable resources in what he sees as the future – the metaverse. Approximately 20% of Meta’s current investments are aimed at this project. While the bold bet has not panned out for Zuckerberg and Meta yet, he plans to stay the course.

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The other major factor leading to the underperformance in domestic social media platforms such as Instagram, Youtube, and Snap Inc’s Snap Chat platform is TikTok’s success.

Chinese-based ByteDance launched TikTok in the United States in 2016, and since then, the platform has dominated. The app, which allows users to create and modify short-form videos, has caught on, especially with the younger generation. TikTok’s competitors have noticed. To win eyes back, Instagram has launched “Reels” and Youtube has created “Shorts” –aimed at users who prefer short, customizable videos like Tik Tok.

SnapChat, already in the short video space, has suffered the most from TikTok’s rise.

National Security Concerns

Though TikTok is one of the dominant global social media players and shows little signs of slowing growth – other factors may play a significant role in the social media space moving forward. Concerns are growing that ByteDance is collecting unnecessary personal data on its users and possibly supplying it to the Chinese government (the biggest rival of the U.S.).

Former President Donald Trump attempted to ban TikTok in 2020, but ultimately the app was able to remain active. The Biden administration struck down the potential Trump ban on TikTok but ordered a national security investigation.

A Potential Catalyst for Domestic Social Media Platforms

Even with the failed TikTok bans of the past, momentum is growing for a new possible attempted ban. In the past year, FBI director Christopher Wray, FCC Commissioner Brendan Carr, and Senator Josh Hawley have called for a domestic TikTok ban. Meanwhile, several U.S. colleges have implemented their own bans (via WiFi) amid security concerns.

Tuesday, Josh Hawley announced he would introduce a bill to ban the app. Investors who follow the social media space should keep a close eye on how the efforts to ban the app play out. If the app is ultimately banned, SNAP will benefit the most, along with META and GOOGL. Software giant Oracle, which supports TikTok via its cloud platform, would stand to lose.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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