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...Though Calastone’s figures are not comprehensive, they are seen as offering a useful snapshot of investment fund flows....
...But perhaps more importantly — given that most L/S funds actually have a clear long bias — its “Hedge Fund VIP” index of the chunkiest long positions has performed strongly....
...They would pump in $1.8bn in debt to refinance maturing loans and fund working capital and the growth of new clubs, Equinox said in a press release on Friday....
...He argued the bond market will continue in a protracted bear market marked by higher interest rates due to higher-than-expected inflation and massive debt issuance to fund continued deficits....
...There they can remain until they are so large they qualify for the S&P 500, or are flipped to another PE fund or rival company....
...That would bring them back to where they were a decade ago. Also on a multiple of sales, L Catterton’s offer looks underwhelming — just 1.7 times this year’s revenues....
...Assume it continues to outperform and sales grow by a 10th this year, ebitda margins stay at 20 per cent and net debt remains roughly constant....
...When the S&P 500 finally let Tesla join the index a few years ago, its stock soared....
...Given a constitutional prohibition on using borrowing to fund day-to-day spending, receipts from debt sales are passed over to be managed by GIC, the government’s wholly-owned fund manager, and invested...
...Meanwhile, we take a look at a new effort to kick-start a watery corner of the sustainable debt market....
...Let’s look at the S&P then, right? So you’ve got to be big. You’ve got to be liquid for the S&P 500. You also have to have a certain number of quarters of profitability in order to get in....
...The group also includes executives of Related Companies, private credit groups Ares Management and HPS, and L Catterton, a private equity group that invested in Equinox in 2017. Read more here...
...And since 2021 a phased inclusion of Chinese debt into the FTSE Russell World Government Bond Index has been in train....
...“It’s certainly less of a no-brainer now to substitute equity with debt....
...Joydeep Mukherji of the credit rating agency S&P points out that the government has regained market access, which it is using to reprofile its debt....
...In the US, the S&P 500 had its best first quarter since 2019. Fixed income funds reported inflows of $42bn and equity funds received $18bn, for total long-term flows of $76bn....
...“Unlike opportunistic credit funds, which intentionally acquire debt after it already has traded at a substantial discount, par holders encounter distressed situations by accident,” said Vincent Indelicato...
...The data suggests Europe is experiencing a similar phenomenon to the US, where fund managers are increasingly concerned about the narrowness of a rally led by tech companies such as Nvidia, which surged...
...Unlike many trading firms, Jane Street also makes a point out of paying its people according to their contribution to the broader company, rather than tying it to personal P&L or the earnings of their desk...
...S&P publishes a regular report on the performance of mutual funds....
...S&P this month downgraded Thames Water’s top-ranked class A debt to BBB-, the bottom rung of investment-grade, just one notch above junk....
...The world’s largest convertible bond manager has unveiled a “synthetic convertibles” exchange traded fund to spread the concept to companies that are so cash-rich they do not need to issue real bonds....
...fund business turnarounds....
...Which is why this new report from S&P Dow Jones Indices caught FT Alphaville’s eye....
...Its credit funds returned 13.3 per cent over the past year net of fees. The company’s shares have risen almost 75 per cent over the past year, outpacing the benchmark S&P 500’s 22 per cent gain....
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