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...He added: “If you’re growing at the pace that we are, then the P&L does manifest itself in cash requirements.” Sales at Interpath’s advisory business climbed to £26.9mn, up from £2.8mn a year earlier....
...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....
...Earlier this week, rating agencies S&P Global and Moody’s put Equinox on watch for downgrades deeper into junk territory, fearing that it could face a restructuring if it were unable to refinance the loans...
...As such the buyout does not look too shabby at 20 times this year’s operating profit on S&P Capital IQ estimates. But with more effort management might be able to double these earnings....
...Katie MartinSo in real life, this person who’s giving you $1bn or like the person in the street who’s just, like, looking at how fund managers perform, ultimately they look at the S&P 500 and they say, well...
..., a law partner at Proskauer Rose, where he runs the restructuring practice....
...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....
...Crédit Agricole’s stance was first reported by online publication L’Informé....
...Distressed debt hedge funds are also circling, including US-based Attestor, which allied with Křetínský on the bankruptcy of French food retailer Casino last year....
...The hedge fund manager getting all the attention, of course, is Nelson Peltz, the octogenarian co-founder of Trian Fund Management....
...YeeFarn Phua, a director of sovereign ratings at S&P Global, estimates that the government has amassed a liquid portfolio worth more than $1tn — twice the level of GDP....
...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...
...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....
...It was bought by French cosmetics giant L’Oréal in 2006 and later acquired for £880mn by Natura in 2017....
...“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...
...Disney shares are up about 6 per cent this year, underperforming the broader S&P 500, which has gained about 24 per cent....
...That’s around a quarter of an Nvidia or a single SPDR S&P 500 ETF. Things have changed....
...Here’s what else I’m keeping tabs on today: Economic data: Brazil and South Africa release third-quarter gross domestic product figures, while S&P Global/Cips data for November on the services purchasing...
...Credit rating agency S&P Global downgraded Ethiopia’s debt to default on December 15 after the initial deadline for payment was missed....
...L’Estabel’s Flache says he applies for public funds to renovate the winery every year. Perhaps he should get some tips from Santadi....
...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....
...Lumen garnered recent headlines for a complex debt restructuring that pushed out maturities a few years in exchange for paying higher interest rates....
...Some investors said the relaxation of sanctions could pave the way for an eventual restructuring of Caracas’s debt....
...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...
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
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