Aug 30, 2023

Rosneft CEO Slams Russia’s Oil-Output Cuts for Curbing Potential Wintershall Dea Weighs Selling Stake in Germany’s WIGA Pipeline Hyundai to Invest $400 Million for Stake in an EV Metal Company Asia Shares Primed for Gains on China, Fed Outlook: Markets Wrap UK Mortgage Approvals Fall for First Time in Three Months Raimondo Emphasizes Need for ‘Predictable’ Regulations in China Novo Buys Embark Biotech to Find New Avenues for Weight Loss Kyiv Hit in Biggest Strike in Months, Targets Russia With Drones Tiger Cubs’ Wrong-Way Bets Cut Flow of Fresh Cash to a Trickle PetroChina Says First-Half Profit Rose 4.5% to 85.3 Billion Yuan Europe Markets Reverberate From Gabon Coup as Bonds, Shares Fall Where Defaults Loom, This Trading Strategy Is Delivering Big Returns Austria Caps Home Rent Increases to Ease Inflation Pressure Thailand Mulls Easing Visa Rules to Lure Chinese, Indian Tourists Oil Gains on Signs of Tighter Market as US Stockpiles Seen Lower China Issues New Data Regulations for Money Brokers Aimed at Protecting Security Hurricane Idalia Upgraded to Category 4 Storm, NHC Says Euro-Area Economic Confidence Falls Again as ECB Mulls Next Move UK Home Sales Set to Plunge to Lowest in Over a Decade This Year Canadian tech company uses AI to assess loan qualifications Don’t shy away from asking for a raise, even with recession fears: Experts Finding the right investments for a FHSA can be tricky Canadian spending habits showing early signs of slowing, RBC report finds Dale Jackson: Is your mutual fund really an overpriced ETF? Young Canadians flocking to First Home Savings Accounts, banks say Spending on fun isn’t impossible — it’s just hard, experts say Majority of parents worry about their kid's financial future: Survey Bank of Canada delivers growth and security to retirement portfolios What to consider before budgeting with the cash-stuffing method Northwest Territories to increase minimum wage by nearly 5.6 per cent WonderFi interim CEO on possible changes now that crypto merger is finalized Debt, savings worries up as higher interest rates and costs take a toll: surveys Set your investment portfolio for summer, but don’t forget it Canada Post, TD end MyMoney loan program after less than a year Bank stocks versus GICs: Battle of the income titans Government benefits helped lower-income households afford rising cost of living: PBO CPA Canada says provincial organizations severing ties over governance disagreements Interest rate shock won't hit fixed-rate mortgage borrowers until 2025, expert says Austria Caps Home Rent Increases to Ease Inflation Pressure UK Home Sales Set to Plunge to Lowest in Over a Decade This Year Everything China Is Doing to Juice Its Flagging Economy China Asks Citic to Examine Finances of Shadow Bank Zhongrong Claims-Hit Insurer Direct Line Taps New CEO: The London Rush Troubled Swedish Landlord SBB Finds Internal Successor to Outgoing CFO South Korea to Cut Mortgage Rates for New Parents to Push Births Poor Americans Tap Debt, Buy Less Food as Consumer Cracks Widen China’s Mortgage Rate Cuts Fall Short of ‘Game Changer’ Policies Lenders Modified $4 Billion in US Property CLOs Last Quarter Australia’s Inflation Cools, Boosting Case to Extend Pause China’s Property Woes to Weigh on Steel Prices Through Next Year Country Garden to Issue HK$270 Million of Shares to Offset Loan New Zealand Opposition Would Ease Ban on Foreign Home Buyers China Banks to Cut Rates on Mortgages, Deposits in Stimulus Push New Zealand’s Main Opposition Party Unveils Tax-Cuts Policy Largest Shareholder of Troubled Chinese Shadow Bank Plans to Delist Brainard to Get New Deputy With Portfolio on Housing, Markets Mexico’s Femsa Sells $1.7 Billion Stake in Envoy in Latest Divestment Wintershall Dea Weighs Selling Stake in Germany’s WIGA Pipeline Hyundai to Invest $400 Million for Stake in an EV Metal Company Raimondo Told Chinese Officials That Email Hack ‘Erodes Trust’ Asia Shares Primed for Gains on China, Fed Outlook: Markets Wrap UK Mortgage Approvals Fall for First Time in Three Months Raimondo Emphasizes Need for ‘Predictable’ Regulations in China Novo Buys Embark Biotech to Find New Avenues for Weight Loss Kyiv Hit in Biggest Strike in Months, Targets Russia With Drones Tiger Cubs’ Wrong-Way Bets Cut Flow of Fresh Cash to a Trickle PetroChina Says First-Half Profit Rose 4.5% to 85.3 Billion Yuan Spanish Inflation Quickens in First Glimpse of Key Data for ECB Europe Markets Reverberate From Gabon Coup as Bonds, Shares Fall Where Defaults Loom, This Trading Strategy Is Delivering Big Returns Austria Caps Home Rent Increases to Ease Inflation Pressure Thailand Mulls Easing Visa Rules to Lure Chinese, Indian Tourists China Issues New Data Regulations for Money Brokers Aimed at Protecting Security UK Home Sales Set to Plunge to Lowest in Over a Decade This Year Saudi Arabia Buys Stake in Professional Martial Arts League Orsted Shares Plunge as Company Warns of $2.3 Billion US Hit Hurricane Idalia Barrels North as Florida Girds for Disaster Rosneft CEO Slams Russia’s Oil-Output Cuts for Curbing Potential Wintershall Dea Weighs Selling Stake in Germany’s WIGA Pipeline Hyundai to Invest $400 Million for Stake in an EV Metal Company Asia Shares Primed for Gains on China, Fed Outlook: Markets Wrap Raimondo Emphasizes Need for ‘Predictable’ Regulations in China Kyiv Hit in Biggest Strike in Months, Targets Russia With Drones PetroChina Says First-Half Profit Rose 4.5% to 85.3 Billion Yuan Europe Markets Reverberate From Gabon Coup as Bonds, Shares Fall Where Defaults Loom, This Trading Strategy Is Delivering Big Returns Oil Gains on Signs of Tighter Market as US Stockpiles Seen Lower Hurricane Idalia Upgraded to Category 4 Storm, NHC Says Saudi Arabia Buys Stake in Professional Martial Arts League Orsted Shares Plunge as Company Warns of $2.3 Billion US Hit Finland’s Fishermen Say EU’s Planned Herring Quota a Death Knell Looming Australian Strikes Still Not Fazing Asian LNG Buyers China’s Zijin Mining Slows M&A on Valuations, Geopolitical Risks There’s a New Way to Prove a $1,500 Designer Bag Is Real Eastern Europe Hit by Heat Wave as Storms Lash West of Region Canada will be affected by China's economic volatility: Expert ​The Daily Chase: Autoworkers approve strikes; Bank earnings week Canadian banks face squeeze between climate expectations, market pressures Unifor autoworkers overwhelmingly vote to authorize strikes at GM, Ford, Stellantis Grocery prices stayed high in June: StatsCan ​The Daily Chase: View from Jackson Hole; Teck coal bids Back-to-school: Parents offer tips on how they save during annual shopping spree Cap on foreign student visas 'sensible' way to quell rental demand: Expert ​The Daily Chase: RBC beats profit expectations; TD misses ​Canada likely sitting on the largest housing bubble of all time: Strategist ​The Daily Chase: Canadian retail sales up; Peloton in trouble Back-to-school shoppers expected to head back to stores but pull back on spending The Daily Chase: Shopify shares rise; Retail earnings show consumer slowdown Detached home values slide year-over-year in Toronto, Vancouver and Fraser Valley Housing minister open to cap on foreign student visas The Daily Chase: Markets point to positive open, Trudeau faces inflation outrage 'Canada is becoming a riskier place to insure,' says IBC vice president Home prices post second-biggest monthly jump since 2006: Teranet The Daily Chase:​ China slowdown; Crypto price plunge Kyiv Hit in Biggest Strike in Months, Targets Russia With Drones Europe Markets Reverberate From Gabon Coup as Bonds, Shares Fall Thailand Mulls Easing Visa Rules to Lure Chinese, Indian Tourists UK’s Cleverly Urges China to Help End Russia’s War in Ukraine Pakistan Court Orders to Keep Imran Khan in Jail for 14 Days Finland’s Fishermen Say EU’s Planned Herring Quota a Death Knell China’s Zijin Mining Slows M&A on Valuations, Geopolitical Risks India Protests China Map Claiming Disputed Territory Before G-20 Xi Demands Answers About Flood Deaths as Five Detained for Lying Italy’s Meloni Says Not Going After Banks’ ‘Legitimate’ Profits Soldiers Seize Power in OPEC Member Gabon After Election UK Seizes on US-China Thaw as Moment to Reset Ties With Beijing Orban Urges ‘Deal’ With Putin, Rejects Ukraine NATO Membership Citigroup Sees Focus on Motor Fuel Prices Ahead of India Polls What to Know About Australia’s Indigenous ‘Voice to Parliament’ Vote Super Typhoon Slams Philippines, Threatens Taiwan and Hong Kong Modi Leads With Voters Seeing India’s Global Influence Expanding Meloni Weighs Further Aviation Moves After Italian Price Caps Australia to Hold Historic Indigenous Referendum on Oct. 14 Raimondo Told Chinese Officials That Email Hack ‘Erodes Trust’ Asia Shares Primed for Gains on China, Fed Outlook: Markets Wrap There’s a New Way to Prove a $1,500 Designer Bag Is Real Everything China Is Doing to Juice Its Flagging Economy China Steel Website Zhaogang Nears Hong Kong’s First SPAC Merger, Sources Say Claims-Hit Insurer Direct Line Taps New CEO: The London Rush Gangs Trap Hundreds of Thousands in Southeast Asia Scams, UN Says Huawei’s Stealth Phone Launch Energizes Chinese Chip Stocks Poor Americans Tap Debt, Buy Less Food as Consumer Cracks Widen Europe Car Sales Jump 17% as Growth Streak Reaches a Full Year CNN Reportedly Poised to Pick Mark Thompson as Next CEO Super Typhoon Slams Philippines, Threatens Taiwan and Hong Kong The World’s Biggest Bitcoin Fund Posts Best Day in Two Years on Court Ruling BYD Confident of Hitting 3 Million Sales Despite China Weakness China’s Woes Spell Caution for Australia’s Biggest Investors OpenAI Nears $1 Billion of Annual Sales as ChatGPT Takes Off Crypto Bank SEBA Gets Nod to Advise on Virtual Assets in HK UK Needs Tough Rules on AI Using Copyrighted Data, Lawmakers Say Crypto’s Top Enemy Gensler Put on Defensive by Grayscale Ruling The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Biggest China ETF Sees Record Inflow on Market Turnaround Bets US Court Paves Way for First Bitcoin ETF in Grayscale Ruling What Grayscale's Court Victory Means for Crypto and a US Spot-Bitcoin ETF Bitcoin, Crypto Stocks Jump After US Court Paves Way for ETF Crypto ETF Drags ESG Label Into Wildly Volatile World of Bitcoin Wall Street Reels From Painful August as Winning Trades Go Sour Five Key Charts to Watch in Global Commodity Markets This Week Bitcoin ETF Deadlines Loom Again for SEC Ahead of Labor Day Weekend JPMorgan Sees ‘Limited Downside’ for Crypto Near Term After Bitcoin’s Recent Rout Nvidia’s AI Windfall Set to Rescue Nasdaq 100 From Dismal August Vanguard Wannabe Faces SEC Battle to Mimic Tax-Slashing Funds Bitcoin Miners’ Stock Market Lifeline Becomes Irritant to Shareholders Investors Are Dipping Their Toes Into Commodities Again After Months of Outflows Cboe CEO Says Firm Is Open to Acquisitions in Open Jurisdictions ‘Thematic Fatigue’ Hobbles Once-Hot Slice of ETFs With Outflows Bitcoin Rival Ether’s Perilous Chart Outlook Adds to Crypto Gloom Vanguard’s Tax-Busting Fund Design Is Getting Its Latest Revamp Long Jim Cramer ETF Shutters After Luring in Just $1.3 Million Jeremy Grantham’s GMO Files for First ETF to Track Quality Stocks BCE You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan, and submit your feedback using our Accessibility webform. Hema Parmar and Miles Weiss, Bloomberg News Daniel Sundheim, founder and chief investment officer of D1 Capital Partners LP, speaks during the Sohn Investment Conference in New York, U.S., on Monday, May 6, 2019. The conference gathers top investors from around the globe for a day of fresh market insights. Photographer: Alex Flynn/Bloomberg , Bloomberg (Bloomberg) -- Not so long ago, investors couldn’t get enough of the Tiger Cubs, the hedge funds run by Julian Robertson’s proteges. Now the flood of money has slowed to a trickle, after the portfolios posted some of their worst returns ever. Cash from US investors flowing into funds run by Steve Mandel, Philippe Laffont and Dan Sundheim has plunged, in some cases down 98% from the prior 12 months, according to regulatory filings. It’s a sharp reversal from years when a single one of them might take in hundreds of millions — if not billions — of fresh money. Mandel’s Lone Pine Capital attracted only $24 million in its hedge fund for the 12 months ended in March, while Sundheim’s D1 Capital Partners collected $30 million during a 12-month span that ended in July. That’s down from $364 million and $1.4 billion, respectively, for the comparable periods a year earlier. The intake at the hedge fund of Laffont’s Coatue Management dropped to $370 million from $892 million. “Investors have soured to the Nth degree when it comes to most of the Tiger Cubs,” said Brian Payne, chief strategist of private markets and alternatives at BCA Research and former investment officer at the Teachers’ Retirement System of Illinois. “I’m not surprised to see this drop in flows, given the group’s performance last year. Institutional investors are now questioning what diversification they get from long-short equity managers that have had high-beta to tech stocks.” For Coatue, the 12-month period through early May marked the lowest inflows since at least 2017. For D1, the 12 months through the first week of July was the first time it took in less than $1 billion since its founding. Tiger Alums Inflows shrank at two other cubs. The hedge fund at Chase Coleman’s Tiger Global Management added $13 million in the 12 months through July 7, versus $2 billion a year earlier, while the pool at Andreas Halvorsen’s Viking Global Investors gathered $221 million through March 3, down 81% from the previous period, though the funds were closed to new investors for much of that time. Still, it’s not uncommon for funds to accept cash while they’re ostensibly closed to replace redemptions, or make exceptions for influential investors. The five funds were dubbed Tiger Cubs because their founders are veterans of the late Julian Robertson’s Tiger Management. D1’s Sundheim, who worked at Viking, is considered a grand-cub. While Tiger Management spawned a vast network of hedge fund founders, these names became the biggest and most successful, with outsize gains that landed them on lists of the industry’s top performers. But early last year, plunging tech stocks and sinking private company valuations hit hard. Some of them rushed to sell shares to stop the bleeding, but this curtailed their gains amid July’s powerful stock rally, when the Nasdaq Composite posted its best month since December 2020. Bloomberg examined regulatory Form D filings, which essentially update the total amount of money that a fund has raised from US-based investors during the preceding 12 months. Because money managers update their Form Ds on different dates, the inflows can have end dates that vary from peers by months. The filings generally don’t include inflows from investors outside the US, nor do they show redemptions in that period. Representatives for the firms declined to comment. In June of last year, Tiger Global decided to close to new cash, turning away some investors who sought to contribute, according to people familiar with the matter, asking for anonymity to discuss the private fund. It’s unclear how many requests to invest the firm fielded following its 56% loss. The $13 million its hedge fund added over the 12 months through July came from employees and commitments made to clients in previous years, one person said. Viking Reopens Viking’s hedge fund also was closed to new cash for most of the period in question. In January, the fund opened its doors for the first time in more than a decade after seeing redemptions. Viking has had inflows since then, a person familiar with the fund said, but the amount hasn’t been made public. “Even if a fund is closed to new capital, they will often open up for influential investors or big tickets,” Payne said. “So if a fund is so-called closed and has a huge drop in new investor cash, it might suggest that their waitlist has dried up.” In 2021, Lone Pine still took in more than $1 billion when it was closed, as did Viking in 2017. A year later, Tiger Global’s hedge fund accepted $1.3 billion when it, too, was closed. Client inflows after a bad year are key for a hedge fund. After losses, most hedge fund investors don’t pay the full array of fees, but new clients would be subject to them. Firms typically get 2% of clients assets and a 20% cut of profits; coveted managers can charge even more. Amid that backdrop, it’s been a struggle to raise money for some hedge-fund firms, especially for stock-pickers, as rising rates hurt performance and investors trimmed allocations. They pulled $13.1 billion from hedge funds in June alone — the 13th consecutive month of net redemptions, according to eVestment. “Hedge fund sentiment has dropped pretty dramatically, and that certainly influences flows,” said Mark Yusko, founder of Morgan Creek Capital Management, which manages about $2 billion and invests in hedge funds. “This large group of managers have the same DNA, a lot of overlap of holdings and investing style. And that area I would say is as far out of favor as any time I’ve seen it.” --With assistance from Katherine Burton. ©2023 Bloomberg L.P.