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...Second, it’s increasingly hard to fault a global investor for skipping a China allocation altogether; the unquantifiable political risks are daunting. Still, US investors can’t escape China’s impact....
...The firm and its investors contributed about $9bn of the purchase price while Canadian pension fund CPP Investments put in $1.75bn....
...In those transactions, a pool of assets — such as mortgages, credit card receivables or auto loans — are packaged together, with the interest payments funding new slices of debt that are sold on to investors...
...OK, so there was a liquidity problem with SVB and something about mortgage-backed-securities, and fundamental timing mismatches of liabilities....
...Mortgage issuance is going to be down when you double rates. Same thing with auto lending. The one shoe that hasn’t dropped yet are cap rates and debt yields on commercial real estate....
...The last time the industry saw such a big haul was in 2007 when John Paulson made about $15.6bn betting against subprime mortgages. It’s a huge feat for the soon-to-be Florida-based firm....
...Klarman spent much of his letter critiquing the Fed’s response to the financial crisis, when the central bank cut interest rates close to zero and began hoovering up Treasuries and mortgage-backed securities...
...The Big Short movie chronicled short selling directed against US mortgage-backed securities while the Netflix documentary Skandal!...
...that ARKK represents “the canary in the coal mine for the regime shift because it began its descent in February 2021” and was the first of many prominent growth funds, including Baillie Gifford’s Scottish Mortgage...
...The New York-based securitised products business packages debts, such as mortgages and loans for yachts, before selling them on as securities....
...Late last year it revealed plans to return about $15bn to investors while also raising billions of dollars in a private equity-style format....
...By originating assets directly, Apollo and Pimco are trying to ensure they have a steady source of credit investments as well as a good sense of the quality of the paper they are selling on to their investors...
...Over the past 12 months, Apollo’s various lending platforms, which range from operations spanning equipment finance, mortgages and mezzanine real estate loans, have originated more than $100bn in debt, including...
...“While China remains out of favour among most investors, our Chinese longs have declined less year to date than their US counterparts,” the hedge fund wrote to investors in an August 3 letter seen by the...
...The fund invests in US agency mortgage-backed securities and collateralised mortgage obligations, which aren’t especially liquid markets....
...Other high-profile casualties among growth investors include Baillie Gifford’s Scottish Mortgage Investment Trust and Cathie Wood’s flagship Ark Innovation ETF, both of which have nursed big losses in the...
...The neobank posted its first annual profit last week fuelled by its move into the mortgage market....
...Blackstone has been criticised for watering down investors’ voting rights in the past....
...One thing to start: Intercontinental Exchange has deepened its push into the US housing market data business, striking the largest deal in its history by agreeing to purchase mortgage software company Black...
...Meanwhile Baillie Gifford’s Scottish Mortgage Investment Trust — aka the thinking person’s ARKK — marked down its private investments by an average of 9.1 per cent in January alone, according to analysis...
...The uptick in Treasury yields has lifted borrowing costs for companies and also driven mortgage rates higher....
...As of January, brokers and fund managers were trading more than $1.1tn a day of bond, mortgage and derivatives deals on its electronic markets as investors position themselves for rising interest rates and...
...in the early days of 2022. 10 unmissable stories this week The painful start to the year for global equities has knocked the performance of many star stockpickers, including Baillie Gifford’s Scottish Mortgage...
...But the Scottish fund manager failed to garner enough support from fellow shareholders to rebuff the approach, said James Anderson, joint manager of Baillie Gifford’s £20.7bn Scottish Mortgage Investment...
...The US investor agreed to take New York-listed housebuilder The New Home Company private in a $338m deal earlier this year and is investing in UK mortgage lender Foundation Home Loans....
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