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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....
...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....
...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...
...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...
...“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...
...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....
...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....
...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...
...Over the past 10 years, the 1.5 per cent the FTSE 100 has returned annually on average has been dwarfed by the 9.7 per return an investor in the S&P 500 has enjoyed....
...Funds wise, I’d go for the Xtrackers Nikkei 225 UCITS ETF, which charges just nine basis points, or the L&G Japan Equity UCITS ETF....
...Blackstone in September became the first private equity group to be included in the S&P 500 index and its rivals Apollo Global and KKR are hoping they are not far behind....
...L Gates....
...Monday France, Germany, Italy, Japan, UK, US: S&P Global/Cips/HCOB manufacturing and services purchasing managers’ index (PMI) data Germany: monthly retail sales figures Results: Cranswick Q1 trading...
...The ad hoc group includes funds and accounts managed by King Street Capital Management, L.P., funds and accounts managed by BlackRock, funds and accounts managed by Brigade Capital Management, and other...
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