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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....
...Here’s the data he sent showing the contrasts: I asked Wright what might be the catalyst for these valuation gaps to close....
...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....
...to the industry’s challenges nor an assured catalyst for growth....
...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....
...This could be a catalyst for discretionary investors to cut back elevated positioning. Presently, S&P 500 vol priced for next Wednesday’s FOMC day is still muted....
...In Europe, for example, more than 90 per cent of active equity funds now trail their benchmarks over a decade, based on S&P Dow Jones data....
...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....
...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...
...The closely followed SPDR S&P Biotech ETF tumbled almost two-thirds from its 2021 high, weighed down by rising interest rates and a backlash to pandemic-era over-optimism about new drugs....
...“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...
...So I think I’m a great S&P 500 tracker fund guy....
...But you need a catalyst for a volatility event. Anything that ruins the idea that we’ve hit peak rates and that cuts are coming would probably do the trick.” Markets have yet to factor in such risks....
...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....
...That euphoria has yet to be duplicated, though the IPOs in 2020 saw an average of 50 per cent first-day returns relative to the S&P 500....
...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....
...Thiel’s venture firm, Founders Fund, put in $400mn, its single largest cash investment into any company. General Catalyst eventually decided to invest, too, handing over $30mn in 2019....
...Another big catalyst for catastrophe bonds has been rising interest rates....
...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....
...Meanwhile, he added, large tech stocks “could have more room to run” as there is not yet an obvious catalyst for them to reverse....
...For more than 10 years I’ve been hooked; it’s been a catalyst to travel, to follow the wind to new places....
...and factor investing hedge funds, to have a kind of wide-ranging discussion about factor of investing value, all kinds of stuff....
...You would not stay there very long unless you boosted the P&L....
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