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...Earlier this year, L’Oréal snapped up minimalist soap maker Aesop in a $2.5bn deal....
...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....
...Two managers of UK stock funds wrote to say I was not looking hard enough....
...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....
...The Granolas’ share of the Stoxx Europe 600 index has climbed to 25 per cent, approaching the Magnificent Seven’s 28 per cent weighting in the S&P 500....
...Using ETF fund data from etfdb.com and equity market data from www.cboe.com, I calculated rebalancing flows for all US equity L&I ETFs on this day to be just over US$20 billion of equities sold, representing...
...However, in order to size the potential maximum impact to banks’ P&L, a scenario we think would be unlikely but possible, for example in times of financial distress, we have assumed that everyone older than...
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...“PE compensation is predominantly derived from the P&L of the firm — which is based on the management fee of the fund, and this is locked in for the life of the fund,” said Tom Thackeray, a partner at Heidrick...
...So far this year, the S&P banks index is down about 12 per cent, while the benchmark S&P 500 has risen more than 13 per cent. An index of regional back stocks has lost almost a quarter of its value....
...The US has its “Magnificent Seven” tech stocks, Japan has its “Seven Samurai” and Europe has the “Granolas”: GSK, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP and Sanofi....
...The best paper on this is probably Jean-François L’Her, Rossitsa Stoyanova, Kathryn Shaw, William Scott, and Charissa Lai’s paper “A Bottom-Up Approach to the Risk-Adjusted Performance of the Buyout Fund...
...Europe also boasts the Amundi MSCI India II Ucits ETF, which tracks the same index as the iShares ETF, and the L&G India INR Government Bond Ucits ETF, for those interested in fixed income....
...The biggest offender I could find is the L&G Tracker Trust CTF, which launched in 1999 and in 2023 still has an eye-watering ongoing charge of 1.56 per cent for the £1.3bn invested in the fund....
...So I think I’m a great S&P 500 tracker fund guy....
...Many have already moved their cash into higher-yielding time deposits or money market funds. Assets invested in US money market funds hit a record $5.7tn this month....
...States’ rainy-day funds had climbed to $136.5bn at the end of fiscal 2022, according to S&P Ratings, a 71-per-cent increase from $80bn in 2019....
...You would not stay there very long unless you boosted the P&L....
...L’Oréal recently bought the latter for $2.5bn or 4.7 times last year’s sales. Creed generated over €250mn of revenues in the year to March....
...Global luxury brands LVMH and L’Oréal collectively account for almost a quarter of the returns from French stocks. These are not outliers....
...Prized possessions included a luxury Paris property acquired from the aristocratic Pozzo di Borgo family on Rue de l’Université and a fleet of luxury cars, including Ferraris and Mercedes....
...The performance of the S&P 500 index is now the most concentrated it has been since the 1970s....
...But renewable energy businesses need to borrow to fund big projects that are crucial to their growth....
...The S&P Global Clean Energy Index, made up of 100 of the biggest such companies, is set for its worst annual performance since 2013....
...Here HoldCo says SVB got the halo of being a tech stock, not a bank stock: HoldCo also said SVB could revert quickly to its previous valuation: Here, HoldCo points out that SVB’s P&L unusually benefited...
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