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Search resuls for: "Heather Gillers"


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☆ Bonds vs. Bond Funds: How Higher Rates Are Changing the Calculation
  + stars: | 2023-11-11 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
The new era of higher interest rates has reignited a long-smoldering Wall Street debate: Is it better for ordinary investors to buy individual bonds outright? Or shares of bond mutual funds? During the yearslong period of near-zero interest rates, the answer seemed simple: Funds had low fees and were easy to buy and sell, and share values rose alongside bond prices. If any one bond defaulted, losses were minimal.
☆ Investors Like New York Subways. San Francisco’s BART? Not So Much.
  + stars: | 2023-10-27 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investors-like-new-york-subways-san-franciscos-bart-not-so-much-e20bc29a
Persons: Dow Jones, bart
☆ Muni Funds That Use Borrowed Money Take a Big Hit
  + stars: | 2023-10-11 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/muni-funds-that-use-borrowed-money-take-a-big-hit-1dce1221
Persons: Dow Jones
☆ Why Wisconsin’s Pension Chief Earns Eight Times the Governor’s Salary
  + stars: | 2023-09-09 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/why-wisconsins-pension-chief-earns-eight-times-the-governors-salary-dea166b9
Persons: Dow Jones
☆ How Did Things Go So Wrong at This Arizona Park Built With Muni Bonds?
  + stars: | 2023-08-28 | by ( Heather Gillers | Photographs Caitlin O Hara For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/how-did-things-go-so-wrong-at-this-arizona-park-built-with-muni-bonds-a30a54f0
Persons: Dow Jones Locations: arizona
☆ Some Hospitals That Spent Big on Nurses During Pandemic Are Now Short on Cash
  + stars: | 2023-07-05 | by ( Heather Gillers | Melanie Evans | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/some-hospitals-that-spent-big-on-nurses-during-pandemic-are-now-short-on-cash-d20f0435
Persons: Dow Jones
☆ Wall Street Sours on America’s Downtowns
  + stars: | 2023-06-20 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/cities-real-estate-bonds-taxes-c6736f8b
Persons: Dow Jones
☆ Pension Funds Consider Unloading Stocks, Adding Credit
  + stars: | 2023-05-05 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
The California State Teachers’ Retirement System is moving to lower risk without bringing down returns. Photo: Max Whittaker for The Wall Street JournalSome of the nation’s largest pension funds are looking at pulling back on stocks and adding private credit, while grappling with the possibility of a prolonged economic slowdown. Board members of the $307 billion California State Teachers’ Retirement System voted Thursday to reduce the fund’s stockholdings to 38% from 42%, a shift staff and consultants said would lower the fund’s risk level without bringing down returns. The public pension fund, the nation’s second-largest, is closely watched by other retirement managers.
☆ Muni Junk Bond King John Miller to Retire
  + stars: | 2023-04-13 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/muni-junk-bond-king-john-miller-to-retire-f1dc147d
☆ Rising Rates Take Some Shine Off Private Markets
  + stars: | 2023-04-03 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
After years of shifting money into private market investments, public pension and investment funds are taking a fresh look at publicly traded debt, thanks to the highest yields in more than a decade. “Bonds are back,” said California State Teachers’ Retirement System investment chief Christopher Ailman . He predicted that public pension funds will shift an additional 2% to 5% of assets into publicly traded debt, reversing a multidecade trend of shrinking fixed-income portfolios.
☆ Some Public Pension Funds Are Pulling Back on Private Equity
  + stars: | 2023-03-20 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Some U.S. public pension and investment funds are pulling back on private equity after a decade of state and local retirement systems aggressively pursuing the expensive, risky and hard-to-trade asset class. Maryland’s $65 billion retirement system is investing less new money in private equity. At Alaska’s $77 billion state fund, the investment chief wants to cancel a planned ramp-up. And the $615 million pension fund of Mendocino County, Calif., last month opted against introducing private equity to its investment mix.
☆ U.S. Stocks Gain; First Republic Keeps Falling
  + stars: | 2023-03-20 | by ( Caitlin Ostroff | Heather Gillers | ) www.wsj.com   time to read: 1 min
U.S. stocks climbed Monday on hopes for stability in the banking sector after regulators engineered a deal for Swiss banking giant UBS to take over rival Credit Suisse . The Dow Jones Industrial Average added 382.60 points, or 1.2%, to 32244.58, its largest one-day percentage gain since Jan. 6. The S&P 500 rose 34.93 points, or 0.9%, to 3951.57. The tech-focused Nasdaq Composite climbed 45.02 points, or 0.4%, to 11675.54. The indexes declined Friday.
☆ New Threat to Town, School District Budgets: Rising Rates
  + stars: | 2023-03-07 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Rising interest rates are squeezing cash-strapped towns and school systems that use short-term borrowing to keep cash flowing while they wait for property tax dollars to come in. A-rated cities and school districts are paying 3.16% for a one-year loan issued March 3, compared with 0.21% at the beginning of 2022, according to data from Refinitiv MMD. In places where local budgets are already burdened by inflation, rising borrowing costs add to the pressure to raise taxes or cut services.
☆ Rising Rates Squeeze Small Town Borrowers
  + stars: | 2023-03-07 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Rising interest rates are squeezing cash-strapped towns and school systems that use short-term borrowing to keep cash flowing while they wait for property tax dollars to come in. A-rated cities and school districts are paying 3.16% for a one-year loan issued March 3, compared with 0.21% at the beginning of 2022, according to data from Refinitiv MMD. In places where local budgets are already burdened by inflation, rising borrowing costs add to the pressure to raise taxes or cut services.
☆ China’s Power in Emerging Markets Creates Headache for Global Investors
  + stars: | 2023-03-05 | by ( Frances Yoon In Hong Kong | Heather Gillers In New York | Frances Yoon | ) www.wsj.com   time to read: 1 min
China has lifted Covid-19 restrictions and pivoted back to focusing on the country’s growth. China’s outsize position in emerging markets has created a dilemma for many investors. For years, as companies from the world’s second-largest economy grew rapidly and became more valuable, China came to make up more than 40% of some major international benchmarks for stocks and corporate bonds. Investment funds with similarly large allocations to Chinese assets did well in 2019 and 2020, when the country’s rise drove gains in emerging markets.
☆ Fed Rate Policy Is Shaking Up the World of Muni Debt
  + stars: | 2023-02-24 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Concerns that the Federal Reserve will continue to increase rates have affected municipal fund inflows. The markets’ bumpy start to 2023 is causing whiplash even in the historically placid realm of state and local government debt. Municipal bonds this month have erased nearly all of their January gains after fears of rate increases cooled investor appetites. “It has been a roller coaster,” said Nathan Will , head of municipal credit research at Vanguard Group.
☆ Stocks Edge Higher After Strong Retail Data
  + stars: | 2023-02-15 | by ( Joe Wallace | Heather Gillers | ) www.wsj.com   time to read: 1 min
Stocks bobbled Wednesday after data showed a rebound in retail sales, a sign of economic strength that could encourage the Federal Reserve to keep raising interest rates. The indexes spent much of the day in the red, then turned higher. The Nasdaq Composite Index climbed 110.45 points, or 0.9%, to 12070.59. The S&P 500 rose 11.47 points, or 0.3%, to 4147.60. The Dow Jones Industrial Average bumped up 38.78 points, or 0.1%, to 34128.05.
☆ Pension Investments in Private Credit Hit Eight-Year High
  + stars: | 2023-01-29 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Private credit now amounts to more than $100 billion in the retirement savings of U.S. and Canadian teachers and other public workers, according to an estimate. North American pension-fund investment in private-market loans reached an eight-year high in 2022, even as banks pulled back on lending and default rates inched upward. The average share of these retirement funds parked in the illiquid, typically unrated debt has crept up steadily to 3.8%, the highest on record, according to analytics company Preqin. Though a fraction of the overall portfolio, private credit now amounts to more than $100 billion in the retirement savings of U.S. and Canadian teachers, police and other public workers, according to a Wall Street Journal estimate based on Federal Reserve data and pension financial reports. And the pensions are planning to add more: Their average target allocation is 5.9%.
☆ For Closed-End Fund Investors, Paper Losses Turn Real
  + stars: | 2023-01-12 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Six BlackRock municipal-bond funds experienced at least two payout cuts last year. Investors in closed-end funds are feeling a painful consequence of the historic market slump: cuts to their monthly payouts. A Pacific Investment Management Co. California municipal-bond fund slashed dividends by 45% this month, while a Nuveen LLC stock fund endured a 7% cut. Eaton Vance Management in November cut distributions across six stock funds by as much as 24%. Six BlackRock muni funds endured at least two payout cuts last year, with dividends falling by as much as 38% in total.
☆ After Muni-Bond ‘Bloodbath,’ Expectations for 2023 Are Muted
  + stars: | 2022-12-27 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
State and local government bonds are on track to post their worst yearly performance since 1981, a deep slump for an investment prized for safety and stability. “This year was a bloodbath,” said Nicholos Venditti, a municipal bond fund portfolio manager with Allspring Global Investments. “It was a bloodbath in munis the same way it was across all asset classes.”
☆ Cash Cushions Dwindle at U.S. Pension Funds
  + stars: | 2022-12-27 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
Cash holdings are the lowest since the financial crisis at U.S. government pension funds and just above last year’s 13-year low for U.S. corporate pensions, heading into a year that many on Wall Street expect to test investors. Cash holdings hit 1.9% of assets at state and local government pension funds and 1.7% of assets at corporate pension funds as of June 30, according to an annual snapshot from Wilshire Trust Universe Comparison Service.
☆ Bond Investors Swap Mutual Funds for ETFs at Record Pace
  + stars: | 2022-12-10 | by ( Eric Wallerstein | Heather Gillers | ) www.wsj.com   time to read: 1 min
The aggressive pace of Federal Reserve tightening has led to a difficult year in the bond market. Worn down from record losses, investors have fled bond mutual funds en masse. But many aren’t quitting on bonds—they are just turning to exchange-traded funds. Some investors sell beaten-down positions in bond funds to harvest tax losses. In many cases this year, investors have opted to put cash into similar ETFs to maintain bond exposure in their portfolios.
☆ Biden Administration Awards $36 Billion to Pensions for Truckers, Warehouse Workers
  + stars: | 2022-12-09 | by ( Heather Gillers | Catherine Lucey | ) www.wsj.com   time to read: 1 min
President Biden, joined by labor leaders Thursday, says thousands of union retirees and workers could be reassured that the pensions they worked for would be there when needed. The Biden administration has awarded its biggest pension bailout to date under a 2021 package aimed at shoring up near-insolvent retirement plans. The $36 billion in taxpayer aid announced Thursday will prevent threatened cuts to the pension checks of 350,000 truck drivers, warehouse workers and others, according to a document provided by the White House.
☆ Local Governments, Many on Wall Street Line Up Against Muni-Data Bill
  + stars: | 2022-11-26 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
A pitched battle over data is under way in the $4 trillion market that finances roads and sewers. At issue is a little noticed measure in proposed federal legislation that would mandate how state and local governments across the country present their financial results to investors. The municipal-bond market in some ways remains stuck in the last century. Municipalities file reports erratically according to different standards, and the files aren’t machine-readable by investors attempting to study city or state finances before they buy or sell. That marks a contrast to corporate disclosures, where standardized data can be extracted by computers.
☆ Voters Approve Tens of Billions of Dollars in Muni Projects
  + stars: | 2022-11-13 | by ( Heather Gillers | ) www.wsj.com   time to read: 1 min
U.S. voters said yes to tens of billions of dollars for road-paving, school-building and other local projects last Tuesday, promising a new wave of bonds for eager investors. The voters approved $57 billion out of the $63 billion in ballot measures for which results are available, according to data from S&P Global Market Intelligence. If that 90% approval rate holds steady, the total amount of new municipal debt authorized Tuesday will come to about $90 billion, the most from any election day in the data, which goes back to 2012.
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