PBS is down 2% over the past month, but that is better than the 3% shed by the S&P 500. The media ETF has also outperformed broader discretionary ETFs. For example, the Vanguard Consumer Discretionary ETF (NYSEArca: VCR) is off 3.7% in the past month. [Media ETF Rallies]
A less considered catalyst that could still prove to be efficacious for PBS is short-covering. Recent data show CBS (NYSE: CBS), Gannett (NYSE: GCI) and Cablevision (NYSE: CVC) are among the most heavily shorted stocks by hedge funds. Those names combine for about 10.6% of PBS’ weight, according to PowerShares data.
PowerShares Dynamic Media Portfolio
