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...“Local governments have run out of options to have a balanced budget,” said Bo Zhuang, a Singapore-based economist at asset manager Loomis Sayles....
...In 2017 Lansdowne began discussions with BlackRock head of European credit Michael Phelps over whether the London firm might be able to bring his team on board to launch a credit fund, according to several...
...Nor does the EFW argument imply that no individual private credit manager can generate alpha. The point is simply that private credit does not generate alpha systematically, as an asset class....
...It offers funds of funds that give institutional investors access to private debt, infrastructure and private equity strategies....
...“A whole swath of consumers are just not going to be able to get cars,” said Jennifer Thomas, a portfolio manager at Loomis Sayles....
...In the hope of getting a more detailed view of what is going on, I spoke to Jennifer Thomas, a portfolio manager at Loomis Sayles who specialises in asset-backed securities....
...From there, his starting point is a 2018 academic paper studying returns at hundreds of private credit funds since 2004....
...UniCredit has offered to buy the shares from the Hellenic Financial Stability Fund, the country’s bank recapitalisation fund set up during the sovereign debt crisis....
...Forecast free cash flow for Verizon and AT&T is roughly double estimated cash dividends for the next two years, according to analyst data on Visible Alpha....
...The situation comes as analysts at Loomis Sayles have sounded the alarm about a potential “doom loop” in US commercial real estate, where defaults cause banks to restrict lending and as a result prompt more...
...Loomis Sayles said it owned 11.5mn shares of Nvidia across several investment teams, with the vast majority in growth strategies that are “a long-term holder of the stock”....
...Ahead of the 2008 financial crisis, Chanos had also warned about the risks of a credit crisis....
...Another potential growth area is in biodiversity credits. These are basically the lesser known cousin of carbon credits....
...And it’s a well-known that fees tend to gobble up alpha even where it can be found, which is why the headline findings tend to show that bond funds also underperform in the longer run, albeit less dramatically...
...According to Preqin Pro data, an increasing number of pension funds have added private credit as an asset class over the last three years, and asset allocations for those (ie, pension funds that invest in...
...Unhedged: Pimco is a shop that prides itself on going after alpha — on earning excess return....
...and funds designed for wealthy individuals....
...It has struck a €350mn deal to buy Alpha Associates, a Zurich-based company that manages €8.5bn of assets across funds of funds investing in private debt, infrastructure and private equity strategies....
...State Street, Fidelity, Amundi, Ameriprise’s Columbia Threadneedle and Loomis Sayles all cut positions in Nvidia in the first quarter of 2023....
...Jenn Thomas, portfolio manager at Loomis Sayles and Unhedged’s favourite consumer debt expert, tells us that the stress in subprime auto is concentrated in the more recent vintages — loans taken out in 2020...
...UniCredit is buying its equity stake in Alpha Bank from the Hellenic Financial Stability Fund, the country’s bank recapitalisation fund set up during the debt crisis....
...One major US deal to start: Capital One has agreed to buy Discover Financial for $35.3bn, in an all-stock tie-up that is set to unite two of America’s largest credit card companies. Details here....
...There are also a ton of other well-known Natixis-owned affiliates, like Loomis Sayles, Harris Associates and AlphaSimplex....
...He did not discuss specific performance figures on either of the firm’s two primary strategies: its Pure Alpha fund — a traditional macro fund — or its risk-parity All Weather fund....
...“We will see a breakdown in private markets,” Stokes at Loomis Sayles added. “Every pension and endowment has shifted into [them].”...
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