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Jennifer Ablan

Andrew Left's Citron Capital posted net return of 24.7% in 1st half of 2019

7:38pm BST

Andrew Left's Citron Capital posted a net return of 24.7% after fees and expenses in the first half of 2019, according to an investment letter posted on the fund's website Wednesday, but said "it has been an extraordinarily challenging environment to be a short seller."

UPDATE 1-Andrew Left's Citron Capital posted net return of 24.7% in 1st half of 2019

7:27pm BST

July 17 Andrew Left's Citron Capital posted a net return of 24.7% after fees and expenses in the first half of 2019, according to an investment letter posted on the fund's website Wednesday, but said "it has been an extraordinarily challenging environment to be a short seller."

CQS looking to grow U.S. presence under new CEO Rolet

16 Jul 2019

CQS, the London-based global multi-strategy credit-focused asset management firm with $17.7 billion (£14.2 billion) in assets, is looking to grow its presence in the United States, Xavier Rolet, who took over the chief executive officer role from its founder in January, said.

Investors pour $28 billion in money-market funds as S&P 500 hit record high: Lipper

11 Jul 2019

U.S.-based money-market funds attracted about $28 billion in the week ended Wednesday, their largest weekly inflow since mid-May, as the S&P 500 Index rose above 3,000 for the first time on Wednesday.

UPDATE 2-Investors pour $28 bln in money-market funds as S&P 500 hit record high -Lipper

11 Jul 2019

(Adds analyst comment, table) By Jennifer Ablan July 11 U.S.-based money-market funds attracted about $28 billion in the week ended Wednesday, their largest weekly inflow since mid-May, as the S&P 500 Index rose above 3,000 for the first time on Wednesday. It was money funds' third consecutive week of cash inflows, with a four-week moving average of $18.8 billion, according to data by Refinitiv's Lipper. The move in safe, conservative money-market funds is notable as the S&P 500 Index and the Dow Jones Industrial Average rose above 3,000 and over 27,000 for the first time, respectively, this week. Earlier this year, BlackRock Chief Executive Larry Fink pointed out that mom-and-pop investors were under-invested in equity markets and that the group could put money to work in U.S. stocks if markets continue to rise. "We have a risk of a melt-up, not a meltdown here," Fink said at the time. From an economic standpoint, the net inflows into money market funds over the last three weeks could be seen as "investors putting money on the sidelines," said Pat Keon, senior research analyst at Lipper. "Money is taken out of play like this, particularly in stocks, during times of uncertainty," he said. "Federal Reserve chairman Jerome Powell has pointed to the current uncertainty multiple times in the recent past with respect to the U.S.-China trade war, global growth concerns and the still tepid inflation data." For the week ended Wednesday, U.S.-based equity funds - which include both mutual funds and exchange-traded funds - attracted just $1 billion in the week, following three weeks of cash withdrawals. Keon said this week's inflows stem from "the strength of equity ETFs (Exchange-Traded Funds) with plus-$4.3 billion of inflows, while equity mutual funds saw negative $3.3 billion leave their coffers - the group’s 21st consecutive week of net outflows." The flows into equity ETFs were concentrated in one product, the SPDR S&P 500 ETF, which took in over $3.7 billion, Keon said. "Domestic equity mutual funds were responsible for the lion’s share of the net outflows at negative $2.6 billion," he said. "This is the continuation of a long-term trend as the group has had 22 straight weeks of net outflows for a total of -$87.1 billion." U.S.-based leveraged loan funds posted cash withdrawals of $332 million, extending their weekly outflow streak since November 2018. "Loan funds have floating rates. So, a rising interest-rate environment is good for them, therefore the Fed’s actions have hurt this classification while helping the fixed-rate investment grade classifications," Keon said. The following is a broad breakdown of the flows for the week, including mutual funds and exchange-traded funds: Sector Flow Chg % Assets Assets Count ($Bil) ($Bil) All Equity Funds 1.031 0.01 7,368.745 11,782 Domestic Equities 1.753 0.03 5,279.100 8,388 Non-Domestic -0.722 -0.03 2,089.645 3,394 Equities All Taxable Bond 2.109 0.07 2,964.296 5,836 Funds All Money Market 27.898 0.90 3,125.234 1,006 Funds All Municipal Bond 1.009 0.21 477.347 1,342 Funds (Reporting by Jennifer Ablan Editing by Susan Thomas and Bill Berkrot)

Anonymous Analytics goes long cannabis with Turning Point Brands

10 Jul 2019

Activist research group Anonymous Analytics has turned its attention to the cannabis industry, initiating a buy rating on Turning Point Brands Inc in a report on Wednesday.

Investors pour $6 billion into U.S.-based high-yield, investment-grade bond funds: Lipper

27 Jun 2019

Investors' appetite for risk-taking was on display in the latest week, as U.S.-based high-yield junk bond funds attracted more than $3 billion in the week ended Wednesday, their third consecutive week of inflows.

UPDATE 1-Investors pour $6 bln into U.S.-based high-yield, investment-grade bond funds -Lipper

27 Jun 2019

June 27 Investors' appetite for risk-taking was on display in the latest week, as U.S.-based high-yield junk bond funds attracted more than $3 billion in the week ended Wednesday, their third consecutive week of inflows.

UPDATE 2-U.S.-based investment-grade bond funds post inflows for 3rd straight week

20 Jun 2019

(Adds U.S.-based equity, money-market funds, table) By Jennifer Ablan June 20 U.S.-based investment-grade corporate bond funds attracted over $3.65 billion of net new cash in the week ended Wednesday, for a third consecutive week of inflows, according to data released on Thursday by Refinitiv's Lipper. Overall, taxable bond funds had net inflows of greater than $7 billion for a second straight week. "This was the group’s two largest weekly net inflows since the first week of the year," said Pat Keon, senior research analyst at Lipper. "Looking at the peer group breakouts, the net inflows are almost across the board." Core Plus Bond Funds had the largest increases with more than $1.2 billion of inflows, followed by short investment-grade bond funds with more than $1.1 billion of inflows, and corporate debt funds BBB-rated with more than $1.1 billion. Wall Street’s main indexes and corporate credit markets have gained in recent weeks on expectations that the Federal Reserve will cut interest rates and hopes of a revival of trade talks between the United States and China at the Group of 20 meeting next week in Japan. On Thursday, the benchmark S&P 500 index, which has risen about 7% so far in June, posted a record closing high. "The Fed’s belief that the economy is weakening sparked a bond rally this week," Keon said. "The yield on the 10-year Treasury note dipped below 2.00% this week and this yield had been as high as 2.5% just 6 weeks ago." For their part, U.S.-based equity funds posted cash withdrawals of $3.68 billion for the week ended Wednesday, following the previous week's inflows of $4.4 billion. U.S.-based money-market funds also posted outflows for the week, roughly $800 million of net cash withdrawals. That came after eight consecutive week of inflows, according to Lipper data. The following is a broad breakdown of the flows for the week, including mutual funds and exchange-traded funds: Sector Flow change Pct of Assets Count ($ blns) Assets ($ blns) All Equity Funds -3.683 -0.05 7,254.865 11,824 Domestic Equities 1.143 0.02 5,185.058 8,420 Non-Domestic -4.826 -0.24 2,069.807 3,404 Equities All Taxable Bond 7.204 0.25 2,938.753 5,839 Funds All Money Market -0.798 -0.03 3,039.256 996 Funds All Municipal Bond 0.856 0.18 470.857 1,343 Funds (Reporting by Jennifer Ablan Editing by James Dalgleish, Leslie Adler and Jonathan Oatis)

DoubleLine's Gundlach says Fed's 'pivot' is following bond market's lead

19 Jun 2019

Jeffrey Gundlach, chief executive of DoubleLine Capital and the most widely followed bond investor, said the Federal Reserve's dovish turn in its policy statement on Wednesday took its lead from the bond market.

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