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...The investment managers that form the layer in between get their capital from insurance companies, sovereign wealth funds, pension funds and so forth....
...Not so minority shareholders, probably irritated that they are not being offered the same opportunity....
...The fund also holds Cairn Homes, the Irish housebuilder with a London listing, which trades on a p/e of 8.7 times, compared with US housebuilders such as Lennar, trading at nearly 11 times....
...When l told my wife, she asked if I’d lost the house (which we owned outright). l said, no, even l was not that stupid. She then laughed and said that it ‘doesn’t really matter much then’....
...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....
...The lack of access to equity markets “definitely means we have to be more selective around the opportunities we pursue”, said Edward Mountney, fund manager at JLEN, which is listed in London with a market...
...Over the past year the FTSE 100 has gained 1.23 per cent, while the S&P 500 has risen by 31.3 per cent....
...Tom Slater, the trust’s manager, said: “The stock market has yet to fully recognise their progress, which creates the opportunity for us to buy the portfolio for less than its market value.”...
...But some opportunities we can’t pass up....
...It’s no coincidence that the S&P 500 is also having a stellar run....
...“It holds a lot of weight when we calculate loan-to-value, or our measure of leverage,” said Jennifer Panger, the lead S&P analyst covering Icahn Enterprises....
...around 3.8% of the total value of all S&P 500 shares traded (or the equivalent of just over 100,000 E-mini S&P 500 futures — as an old futures and options trader, these numbers made me gulp!)....
...“I suspect the money following the S&P 500, if that is what they go into, is much larger,” he added. “The S&P 500 is just a bigger pot. The FTSE is a dot compared to the S&P market cap.”...
...Funds targeting cheaper “value” stocks amassed just $5.3bn, the lowest reading for four years, while minimum volatility ETFs bled $16.4bn....
...Instead, he’s looking at “deep value” stocks in Europe and elsewhere that he thinks present some startling opportunities....
...For the third time in less than 12 months, an earnings warning had sliced a significant amount of value off the FTSE 100 wealth manager....
...“It’s very hard not to look at the Carlyle brand . . . and think there’s a huge value opportunity there,” he said....
...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...
...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....
...It simply said: if you’re an index fund, you own the market. That means if you take the index funds out of the picture, you’re left with the same portfolio, the market....
...An opportunity for close China-watchers, perhaps. (Ethan Wu) One good read How the US could respond to Iran....
...The ETFs bear some resemblance to the $94mn WisdomTree PutWrite Strategy Fund (PUTW), which sells put options written on the S&P 500, although that fund uses one-month, rather than zero-day, options....
...Goldman Sachs’ Very Important Short Position index, which tracks the 50 constituents of the S&P 500 with the highest total dollar value of short interest outstanding, is on track for its best month since...
...“This is the biggest opportunity in global financials,” Lars Förberg, Cevian’s co-founder, told the Financial Times....
...investor Oaktree....
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