Share to Twitter Share to Linkedin Hedge funds generally ended 2022 on a strong note. Funds administered by the Citco group of companies recorded a weighted-average return of 4.11% for the fourth quarter. The median return of 2.44% indicates that larger hedge funds broadly outperformed smaller ones by sizable percentages. Looking at the hedge fund industry more broadly, the PivotalPath Composite Index rose 0.4% in December, capping 2022 at -0.8%. However, the composite's cumulative spread above the S&P 500 jumped significantly in December, ending 2022 at 18.6% for the largest outperformance since 2008. For all of 2022, managed futures and global macro funds generated the most alpha. Performance by strategy for hedge funds in Q4 More than 70% of the hedge funds administered by Citco generated positive returns for the fourth quarter, with gains across every fund size. In the fourth quarter, multi-strategy and equities funds were the strongest … [Read more...] about Q4 Brought Robust Hedge Fund Returns, But Just Two Strategies Accounted For Most Of 2022’s Alpha
Closed end funds
Share to Twitter Share to Linkedin A few weeks back, bond giant PIMCO trimmed a bunch of payouts from its closed-end funds (CEFs). Which was no bueno for income investors, who buy CEFs solely for their dividends. We don’t own any PIMCO funds in our premium portfolios currently. But readers, who rightfully recognize me as a PIMCO fanboy, have written in to ask what’s up. “Any thoughts on PIMCO recent slashing of dividends? Do you think they will also cut PDI’s dividend?” — John S John, you know me well. Maybe too well! My nightstand currently boasts a copy of The Bond King: How One Man Made a Market, Built an Empire, and Lost It All . (I’m 128 pages in… and would enthusiastically recommend it to fellow fixed-income geeks.) Bond nerd or not, most of us dividend investors do know the “Bond King” Bill Gross. He was Morningstar’s Fixed Income Manager of the Decade from 2000 to 2009. Gross netted 7.7% yearly returns for his investors—a big … [Read more...] about We Dumped This 13% Dividend—Time To Reconsider?
Key Adani group stocks, led by flagship Adani Enterprises, rebounded on February 3 on likely covering of positions by short sellers. There were unconfirmed reports that the beleaguered group managed to get fund commitments from some Middle East investors. But most stocks from the Adani stable remained under pressure, with as many as six hitting the lower end of the intra-day circuit filter. At the close, Adani stocks had shed $111 billion in market capitalisation in eight trading sessions since Hindenburg Research published a scathing report on the group’s governance practices. This contrasted with the upbeat mood in the market as the benchmark indices rose over 1 percent on February 3. Adani Enterprises ended 1.4 percent higher over its previous close at Rs 1,586.80, after almost slipping into three digits earlier. Theoretically, those who bought the stock at the day’s low of Rs 1,017.45 and still holding it would have made an over 50 percent profit. However, the outlook … [Read more...] about Select Adani stocks rebound as bears cover, but Street still wary
Adani Group chairman Gautam Adani Touting February 3, 2023, as an eventful day might be an understatement for the Adani Group. A stunning recovery from the worst-ever intraday fall in Adani Enterprises' stock to Finance Minister Nirmala Sitharaman's first comments on the entire Hindenburg-Adani fiasco , there was a lot of action. After falling 35 percent intraday, Adani Enterprises closed in the red on NSE – down 2 percent – while on BSE it was over a percent higher. Adani Ports closed 5 percent higher on the NSE at Rs 488.40 after falling to Rs 395 intraday. ACC and Ambuja Cements gained 5 percent and 4 percent, respectively. Meanwhile, Adani Total Gas and Adani Wilmar ended at a 5 percent lower circuit. Here's a recap of all that happened, starting from pre-market developments ASM Framework Read More Pre-market open, the big news was National Stock Exchange (NSE) placing Adani Enterprises, Adani Ports and Ambuja Cements under an additional … [Read more...] about Adai Group stocks: A recap of everything that happened on February 3
Share to Twitter Share to Linkedin The torrent of executive departures from Tesla continued this weekend as news emerged on Friday night that senior vice president of engineering Doug Field is "taking a break from the company," and the Wall Street Journal reported that Tesla’s former director of field performance engineering, Matthew Schwall, left for Alphabet's Waymo last week. Field’s decision to take a hiatus is a stinging blow for Tesla, as he was the closest thing to a "car guy" in Tesla's senior leadership team. That Field could be considered a car guy when his automotive experience, according to his LinkedIn profile, consisted of six years as an engineer at Ford that ended 25 years ago shows how bereft of automotive manufacturing experience Tesla is at the senior level. Rescue workers proceed with caution around the spot where a Tesla slammed into a tree in Baarn, on ... [+] September 7, 2016. Pioneering US electric car firm Tesla said on … [Read more...] about Tesla Executives Continue To Flee As The Company Goes Rogue With Its Balance Sheet
Share to Twitter Share to Linkedin “In the beginner's mind there are many possibilities, in the expert's mind there are few,” writes Shunryu Suzuki in Zen Mind, Beginner’s Mind . This idea is anathema to most politicians, for whom the very idea that a 28-year-old woman from a minority with no political experience could beat out a well-funded, high-ranking politician with legitimate aspirations to become Speaker of the House was outrageous. Until this past Tuesday, that is. Alexandria Ocasio-Cortez beat out the Democratic incumbent Joseph Crowley in a defeat few saw coming. As the 28-year-old challenger who was outspent 18-1, she enjoyed a crushing victory over the long-time incumbent who was twice her age, with 57% of the vote. In a sense, age was also a real protagonist in this election. Ocasio-Cortez demonstrated that age does not have to define — or limit rather — what you can accomplish. Alexandria Ocasio-Cortez, the winner of a … [Read more...] about A Beginner’s Mind: Ocasio-Cortez’s Key To Cracking A Political Victory
Share to Twitter Share to Linkedin This article is part of a larger series on the risks of molnupiravir. For a summary of the risks at the level of the individual, see here , and for an overview of the risks on a societal level, see here . Mutations to the SARS-CoV-2 genome, especially in the spike protein, help the virus elude vaccines, natural immunity, and monoclonal antibody treatments. Such mutations can also help improve viral fitness, including quicker viral replication, shorter incubation periods, and increased immunosuppressive capabilities. Together, these issues pose a serious challenge to pandemic control. One potential area of hope are antiviral drugs. Unfortunately, none of our current options are effective in preventing infection. In fact, one of the more widely-used drugs against Covid-19 —molnupiravir— may supercharge viral mutation and spawn new variants. When I first voiced this concern , it was sidelined as largely … [Read more...] about Taking A Closer Look At Molnupiravir. Is Continued Use Justified?
Share to Twitter Share to Linkedin In November, I wrote that fossil fuel subsidies worth $700 billion are stalling the energy transition. Many readers emailed me asking for specific examples of these subsidies. Others pointed out that $700 billion is a low estimate because it doesn’t account for the related health and environmental costs that are borne by the general public. Because you asked, let’s examine in more detail how your tax dollars give oil, gas and coal an unfair edge over clean energy. In addition, let’s consider why these subsidies persist despite their astronomical cost to taxpayers and victims of climate change. What Counts as a Subsidy? To recap, my team and I found that the 1,801 largest publicly traded oil, gas and coal companies worldwide earned net profits worth $500 billion USD in 2013 yet received direct subsidies worth $700 billion. This is a moderate estimate. On the low end of the scale is the latest estimate from the … [Read more...] about Yes, Fossil Fuel Subsidies Are Real, Destructive And Protected By Lobbying
Share to Twitter Share to Linkedin Week in Review Asian equities started the week off lower and then rallied higher in the middle of the week as central bank rate hikes dominated market news, though China maintained its easing stance. January Manufacturing PMI, reported on Monday, was 50.1 versus expectations of 50.1 and December’s 47, while the Non-manufacturing (Service) PMI was 54.4 versus expectations of 52 and December’s 41.6. Both indicated an expansion, which was more pronounced in services. Baidu BIDU announced Tuesday that it would be rolling out a Chat GPT-like AI search feature. China’s currency rallied this week on reopening and an increase in demand for RMB-denominated assets. Friday’s Key News Asian equities had a strong night as India rebounded. Concerns of Adani’s implosion leading to a broader crisis lessened, though Mainland China and Hong Kong underperformed. Asia saw impressive equity performance overnight as Amazon … [Read more...] about Consumer Rebound Rolls On, Week In Review