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...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....
...When the S&P 500 finally let Tesla join the index a few years ago, its stock soared....
...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....
...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....
...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....
...“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...
...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....
...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....
...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....
...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....
...“It’s certainly less of a no-brainer now to substitute equity with 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....
...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...
...S&P publishes a regular report on the performance of mutual funds....
...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....
...Data from S&P Global indicated that a fifth of the company’s stock — totalling €930mn — is being targeted by short sellers, who typically borrow shares in order to sell them, buying them back later to profit...
...alike,” said Mike Riddell, a bond fund portfolio manager at Allianz Global Investors....
...Last year, Wells Fargo signed a deal to lend billions to a new credit fund run by Centerbridge, a $40bn private equity firm that led the buyouts of restaurant chain P.F....
...Pacer Funds, meanwhile, has issued a suite of so-called cash cow ETFs that invest in companies with excess cash flow....
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