Hints and tips:
...funds’ investments in high-growth private companies....
...Real Return fund, which avoids companies incompatible with the aim of limiting global warming to 2°C....
...“We shouldn’t give up on DB because the average duration is still 15 years,” says Nigel Wilson, chief executive of L&G....
...Columbia Threadneedle Investments (which bought BMO’s asset management business in EMEA in 2021; BMO bought F&C Asset Management in 2014)....
...Forthcoming highlights include, on May 16, Cimarosa’s rarely heard L’Olimpiade (not strictly an opera about the Olympics, though Paris 2024 is clearly its peg and the games are alluded to in its libretto...
...In 2020, Cucinelli funded the rebuilding of the Civic Tower Norcia, Perugia, after an earthquake, and this year announced the investment of €1mn in the Himalayan Regenerative Fashion Living Lab, which helps...
...According to a blog post laying out L&G’s voting intentions in the coming AGM season, the £1.3tn investment arm of the UK insurance group plans to vote against management on a whole range of issues....
...Several them own NFTs or NFT-adjacent companies — maybe that’s bad? Anyway, here are names and links — we’ll let you make your own mind up: Liquid 2 Venture Fund III L.P . . . ....
...L&G said there were no defaults and just 0.6% downgraded to high yield (vs market which saw 1.5%). We note L&G has a very high quality corporate bond portfolio with an average rating of single-As....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...Nordics P&C exposure through If P&C and Topdanmark supports around 60% of Sampo’s dividend, where this is expected to remain stable....
...L&G and its UK life peers were broadly allowed to pay dividends at FY19. Further, the UK regulator’s recent stress tests commentary suggest limited risk for life companies....
...A lower EBIT margin online vs C&H as a whole also means that if M&S does grow online to 30% of C&H sales by FY22e, the impact on margins will still be negative....
...nickel) or downstream (e.g. smelters) assets medium term; it recently placed the Metalloys Mn alloy smelter on care & maintenance....
...This reflects an overweight position in L&H Re, where exposure needs clarification, and uncertainty over the cancelled FY 2019 dividend....
...Current company-compiled consensus expectations are for revenue decline of c.7% for FY20 and EBITDA decline of c.15% (i.e. revenues of £516m and EBITDA of £115m)....
...Hence Total S/H return will remain low considering low L-T ROE generation....
...through the P&L....
...Some companies (such as Taylor Wimpey) escape....
...Multiple Phase II pipeline readouts expected in 2H’20, but these data points are less key to the company’s current investment thesis: GLPG have three Phase II trial readouts scheduled for 2H’20; namely,...
...Capital allocation will now become a more significant part of the investment case. INDV currently has a c.$650m net cash balance....
...Insurer dividends are a bit of a shitshow, to use the regulatory terminology, so who knows whether or not L&G’s resolve will be overrode either by the PRA or the local regulators that rule over its subsidiaries...
...Shot: NMC Health plc (“NMC” or the “Company”) notes the recent media speculation and confirms that it has received highly preliminary approaches from Kohlberg Kravis Roberts & Co. L.P....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
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