Adnoc nears €14.4bn takeover of Covestro

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Do public benefit corporations live up to the hype?

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Ghana strikes deal with bondholders to end debt default

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US Stocks Are (Still) Leading The Major Asset Classes In 2024

There was a brief period earlier this year when US shares gave up the leadership crown to commodities, but American stocks have retaken the performance throne in June, based on a set of ETFs through Friday’s close (June 21).

Vanguard Total US Stock Market ETF (VTI) closed last week with a strong 13.5% year-to-date gain. In close pursuit in the number-two slot: commodities (GCC), which had been leading in 2024 back in April and early May.

Stocks ex-US are well behind their US counterparts, but respectable gains in offshore shares are still conspicuous this year. Equities in emerging markets (VWO) have rebounded and are currently posting a third-place win in 2024 of 7.5%. Shares in developed markets ex-US (VEA) are in fourth place with a 4.0% year-to-date increase.

US bonds have recovered over the past two months but have yet to post a meaningful year-to-date gain. Vanguard Total Bond Market (BND) is essentially flat in 2024.

There are plenty of losers elsewhere in global markets, including property shares and foreign bonds. The biggest decline is currently found in developed-market government bonds ex-US (BWX), which is in the hole by 6.2%.

Notably, a forecast-free, passive measure of holding all the world’s markets in market-value weights continues to generate solid results this year. This unmanaged benchmark holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive measure for multi-asset-class-portfolio strategies. GMI is currently up 9.7% in 2024, outperforming all its components except two: US stocks and commodities.

Peloton’s financing tells the tale of a bike ride gone wrong

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Triple Point Energy Transition asset realisation hits £61.6m as managed wind-down continues

In its annual results to 31 March 2024 published today (24 June), TENT noted the realisations came from the disposals of the Boxed LED facility, the BESS portfolio and the CHP portfolio, as well as the repayment of the Innova Development debt facility. Triple Point Energy Transition realises £11.6m as part of managed wind-down These represented 52.2% of the trust’s gross asset value as of the end of March. The only realisation “below par” was one regarding the disposal of the CHP portfolio, TENT noted. This was because it was refinanced for a total of £17.5m, of which £14.5m was re…

European ESG fund fees fall further than non-ESG peers over past decade

According to data from Morningstar Sustainalytics, the average asset-weighted representative cost for ESG funds in six of the most popular Morningstar categories was 0.83%, compared to 0.9% recorded for non-ESG funds. The report used a sample of over 110,000 retail share classes from over 37,400 funds in Europe and analysed funds within the Global Large-Cap Blend Equity, Europe Large-Cap Blend Equity, US Large-Cap Blend Equity, Global Emerging Market Equity, as well as Europe Corporate Bond and Other Bond groups. Morningstar: Money market funds dominate inflows in May The latest fi…

Rathbones AM hires LGIM’s James Crossley as head of distribution

Crossley joins after a six-year stint as LGIM head of UK wholesale distribution, prior to which he worked at Jupiter Asset Management for 14 years, latterly as its head of retail distribution. Investment management drives 13.6% rise in operating income for Rathbones Effective September, Crossley will be focused on “building our asset management business and brings significant experience from his time at LGIM and Jupiter”, according to Jayne Roger, executive chair of RAM and chief distribution officer of Rathbones Group. Alongside Crossley, Rathbones has hired former Big Exchange CE…

Carlyle brings new private equity offering to non-US investors

Carlyle AlpInvest Private Markets SICAV utilises the firm’s global investment solutions business, AlpInvest, to offer access to a range of global investments. FCA and Bank of England clash over systemic threat posed by private equity According to the fund’s documentation, the SICAV will target 55-75% of its holdings in US investments, with 20-35% held across European private offerings and the remaining 0-10% across rest of world opportunities. Just 2.5-12.5% of the fund’s capital will be held in primary investments, with 35-60% allocated to secondaries, and 25-50% in co-investments…

London Tunnels ditches London IPO plan for Amsterdam

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