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Michael Burry, known for calling the subprime mortgage crisis, piled into a physical gold trust in the first quarter, making it his biggest bet, according to a new regulatory filing. Burry, who now manages hedge fund Scion Asset Management, bought more than 440,000 units of the Sprott Physical Gold Trust (PHYS), worth more than $10 million in the first quarter. The closed-end fund holds its assets in physical gold bullion. The gold trust is trading at a discount to its net asset value. The widest discount PHYS has traded at over the past 52 weeks is 2.52%.
Persons: Michael Burry, Burry, It's, Michael Lewis Organizations: Asset Management, Nuveen, JD.com, HCA Healthcare, Citigroup, Block, Securities and Exchange
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDon't expect inflation to come down to target in 2024, says Nuveen's Saira MalikSaira Malik, Nuveen CIO, joins 'Squawk Box' to discuss the latest market trends, state of the economy, Fed's interest rate outlook, and more.
Persons: Nuveen's Saira Malik Saira Malik
Enter the closed-end fund, a relative of the traditional, open-end mutual fund. Gundlach highlighted closed-end funds on CNBC's " Closing Bell " Wednesday afternoon, noting that it's "a pretty good environment for moderate risk assets." "For retail investors, closed-end funds have gone back to trading at discounts broadly, and with some leverage involved there, there's double-digit yields available without taking a ton of credit risk," he said. Searching for discounts Drivers of these closed-end fund discounts, particularly those that hold bonds, include sharp spikes in yields. The Abrdn National Municipal Income Fund (VFL) , for instance, is trading at a 15% discount to its net asset value, according to Nuveen's CEF Connect, a database of closed-end funds.
Persons: Jeffrey Gundlach, Gundlach, Eaton Vance Organizations: Income Fund, Income Trust, Fidelity Locations: Eaton Vance California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNuveen's Dan Close on why the muni market is benefitting from the Fed's stance on ratesDan Close, head of municipals at Nuveen, joins CNBC's 'The Exchange' to break down how the muni market has reacted to the Fed's rate outlook, 'oppor(muni)ties' to buy, and more.
Persons: Dan, Dan Close Locations: Nuveen
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBroadening out in earnings will be the catalyst to take the market above 5,200: Nuveen's Saira MalikSaira Malik, Nuveen CIO, joins 'Squawk Box' to discuss the latest market trends, what to expect from today's CPI data, impact on the Fed's interest rate outlook, and more.
Persons: Nuveen's Saira Malik Saira Malik
April 15 is the deadline for taxpayers to file their income tax returns and pay sums owed for 2023. MLPs themselves aren't subject to federal income taxes, but limited partners owe taxes on the income distributed. MLPX has a total return of 7.6% in 2024, and MLPA's year-to-date total return is 9.3%, according to Morningstar. In 2024, IYK has a total return of nearly 4.7%, while XLU's total return is about 0.7%, according to Morningstar. MFM's total return this year is 3.66%, and NZF has a total return of 3.4% in 2024, according to Morningstar.
Persons: Jared Woodard, Woodard, , MLPX, IYK, Morningstar, XLU, NZF Organizations: Bank of America, MLP & Energy Infrastructure, X MLP, Morningstar, Consumer Staples, Income Trust, Income Locations: MLPs, Indonesia, America, Nuveen
Overall, consumer prices rose 0.3% in January 2024 from December 2023, according to the latest Consumer Price Index. The Labor Department releases its Consumer Price Index for February on Tuesday. The drivers of services inflation have been threefold: Vehicle insurance, hospital insurance, and financial services. The US Labor Department releases its Consumer Price Index for February. The US Commerce Department releases February figures on retail sales in addition to January data on business inventories.
Persons: don’t abate, Price, it’s, Bell, Saira Malik, They’ve, I’ve, Biden, Joe Biden, I’m, , Biden’s, Read, Guess Organizations: Washington CNN, Federal Reserve, Labor Department, Oracle, Asana, Vail Resorts, US Labor Department, US Treasury Department, National Statistics, Adobe, Dollar, Sporting Goods, Getty, US Commerce Department, The New York Fed, Manufacturing Index, University of Michigan Locations: Nuveen, Thursday’s State, America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetail real estate 'under invested in' and outlook is strong, says Nuveen's Carly TrippCarly Tripp, Nuveen Real Estate Head of Investments, joins 'Closing Bell Overtime' to talk pending home sales dropping in January.
Persons: Carly Tripp Carly Tripp Organizations: Investments
But there is a bigger, less-flashy counterpart to the equity market: the bond market. At the heart of the fixed income space lies U.S. Treasurys, one of the safest investments in the world. "We have not paid attention to the Treasury market because it was a market for foreigners or for the Fed," said Priya Misra, fixed income portfolio manager at J.P. Morgan Asset Management. "What we're observing is that [the new buyers] are a lot more price sensitive," said Anders Persson, global fixed income chief investment officer at Nuveen. Watch the video above to find out more about why major buyers are fleeing the U.S. Treasury market, the impact on yields and the economy at large, and how investors can best navigate the market going forward.
Persons: Priya Misra, Anders Persson, They're Organizations: Treasury, Morgan Asset Management, U.S, Federal Reserve, U.S . Treasury Locations: U.S, China, Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMuni trends of 2024: Nuveen's Daniel Close on the search for yieldDaniel Close, Nuveen's head of municipals, joins 'The Exchange' from the CBOE trading floor to discuss 2024 muni inflow trends, the value of tax exemption in munis, and more.
Persons: Nuveen's Daniel Close, Daniel Close Organizations: Muni Locations: munis
"Investors have registered $195mn of outflows from HY muni ETFs over the past year while piling $3,130mn into long duration US Treasury bond funds. … In our view, Treasury bond ETFs have too much inflation risk and will continue to underperform Prudent Yield credit assets. Municipal bonds are debt issued by state and local governments whose interest payments can be tax-free for investors. But municipal bonds look relatively safe within that group, according to Bank of America. Bank of America's top-rated municipal bond ETFs include the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (HYMB) and the VanEck High Yield Muni ETF (HYD) .
Persons: Jared Woodard, Woodard, munis, HYMB Organizations: Bank of America, HY muni, , Federal Reserve, Bank of America's, Bloomberg, ETF, Muni Locations: HY
Strong earnings, or rate cuts? Instead of worrying about weak earnings growth and persistently high interest rates, investors are now counting on the opposite. Markets should cut their expectations by half and prepare for mid-single-digit profit growth and three to four rate cuts, Doll said. At that point, a flurry of rate cuts from the Fed wouldn't be enough to save stocks, the Crossmark CIO said. However, there are two mega-cap growth stocks that Doll is enamored with: Meta Platforms ( META ) and Microsoft ( MSFT ).
Persons: , Bob Doll, Doll, who's, . Doll, they're, I'm Organizations: Service, Global Investments, Business, Federal Reserve, BlackRock, Consumer, Microsoft, IBM Locations: Nuveen, What's
Nuveen's Saira Malik expects more market volatility ahead
  + stars: | 2024-02-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNuveen's Saira Malik expects more market volatility aheadSaira Malik, Nuveen chief investment officer, joins 'Power Lunch' to discuss her market outlook and breaking out of current market levels.
Persons: Saira Malik
Valentine Andrews, 52, will report to Lorentz and lead the firm's "next era of private markets growth," he wrote. She will remain in New York City, where Manulife's private equity and private credit teams are based. Valentine Andrews joined BlackRock in 2014 from Morgan Stanley, where she spent seven years and helped establish the firm's infrastructure-investing platform. She previously worked at Macquarie Bank, the firm known for its infrastructure investments, in Melbourne and New York. "I like to think about living life in chapters," Valentine Andrews wrote in a post on LinkedIn last month.
Persons: CQS, Anne Valentine Andrews, Paul Lorentz, Valentine Andrews, Lorentz, Angelo Gordon, Nuveen, BlackRock, Edwin Conway, Salim Ramji, Vipon, Brian Kernohan, Marc Feliciano, Morgan Stanley Organizations: Manulife Investment Management, Business, BlackRock, Manulife, Investment, Global Infrastructure Partners, TPG, Macquarie Bank, LinkedIn Locations: Toronto, Massachusetts, Manulife, New York City, Melbourne, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI don't see the catalyst that can take this market higher, says Nuveen's Saira MalikSaira Malik, Nuveen CIO, joins 'Squawk Box' to discuss the latest market trends ahead of opening bell on Friday.
Persons: Nuveen's Saira Malik Saira Malik
That comes as the rest of the “Magnificent Seven” — Nvidia, Microsoft, Meta Platforms, Amazon, Apple and Alphabet — continue climbing higher. Excluding Tesla, the Magnificent Seven is projected to report an aggregate 53.7% fourth-quarter earnings growth from the prior year, according to FactSet. Companies in the S&P 500 index are expected to report a 10.5% earnings decline minus those six firms. The “Magnificent Seven” excluding Tesla has a combined market cap of roughly $12 trillion, according to Bespoke Investment Group data through Wednesday’s close. Her firm owns all of the Magnificent Seven stocks except for Tesla.
Persons: Tesla, Howard Silverblatt, Dow, “ You’re, , Saira Malik, Russell, , Shelby McFaddin, Wall, Joe Mazzola, Charles Schwab Organizations: New, New York CNN — Tech, Nvidia, Microsoft, Meta, Amazon, Apple, Companies, Big Tech, Dow Jones, Investors, Federal Reserve, Dow, Tesla, Investment, Federal, Locations: New York
All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Employment numbers are the most important economic data, with Friday's January nonfarm payrolls report carrying the most weight. The January ISM Manufacturing report on Thursday and December's factory orders report Friday are expected to show the sector still in contraction mode. But earnings and commentary this week from peer Sartorious made us encouraged about a return to growth in 2024.
Persons: nonfarm, December's, Sartorious, We've, Stanley Black, Decker, We're, We'd, Royal Philips, Crane, Woodward, ServisFirst, Cadence Bancorporation, CADE, Johnson, Phillips, Avery Dennison, Columbus McKinnon, Robinson, SIRI, Cardinal Health, Parker, DOV, Pitney Bowes, Ferrari N.V, CSW, COLM, W.W, Grainger, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Gross, Procter, Gamble, Gillette, Super, Consumer, JPM Healthcare, Amazon, Microsoft, Honeywell, Aerospace, Solutions, Apple Watch, Masimo, Vision Pro, Franklin Resources, Resource Partners, Bank of Marin Bancorp, Bank7 Corp, Pacific Premier Bancorp Inc, Provident Financial Holdings, Dynex, Cliffs Inc, Nucor Corp, Whirlpool Corp, F5 Networks, Capital Southwest Corp, Harbors Investment Corp, Crane Co, Payne, Equity, Heartland Financial, Cadence, FinWise Bancorp, Five Star Bancorp, PotlatchDeltic Corporation, Sanmina Corporation, Pfizer, General Motors Corp, United Parcel Service, JetBlue Airways Corporation, Smith Corp, Marathon Petroleum Corp, HCA Healthcare, Oshkosh Corporation, SYSCO Corp, Danaher Corp, Johnson Controls, M.D.C . Holdings, Commvault Systems Inc, Hope Bancorp, Hubbell Incorporated, Malibu Boats, Polaris Industries, Inc, Camden National Corp, Cambridge Bancorp, Microsoft Corp, Starbucks Corp, Devices, Electronic Arts Inc, Juniper Networks, Stryker Corp, Lending, Canadian, Canadian Pacific Kansas City Limited, Mondelez, Chubb Corporation, Modine Manufacturing, Partners, Management, Hawaiian Holdings, Manhattan Associates, Unum Group, UNM, Axos, Enova, Boston Properties, Boeing Co, Novo Nordisk, Mastercard Inc, Roper Technologies, Boston Scientific Corporation, MarketAxess Holdings, Fisher, Aptiv PLC, Hess Corp, Nasdaq, United Microelectronics Corp, Rockwell Automation, Teva Pharmaceutical Industries, Ltd, Avery, Avery Dennison Corp, Extreme Networks, Otis Worldwide Corporation, OTIS, Columbus, Columbus McKinnon Corp, Central Pacific Financial Corp, Brinker International, Fortive Corporation, Qualcomm, Technology, Metlife, Hanover Insurance, Barn Holdings, CONMED Corporation, DLH Holdings Corp, Meritage Homes Corporation, Honeywell International, Eaton Corp, Altria, Royal Caribbean Cruises Ltd, Merck, Co, Enterprise Products Partners, Dorian LPG, SiriusXM Holdings, Cardinal, Hannifin Corporation, Allegheny Technologies Incorporated, Tractor Supply Company, Trane Technologies, Dover Corp, Huntington Ingalls Industries, Brunswick Corporation, Dickinson, Canada Goose Holdings, Kirby Corp, WEC Energy Group, WestRock Company, Allegro MicroSystems, Ball Corporation, Broadridge Financial, BrightSphere Investment Group, CMS Energy Corp, Lancaster Colony Corp, Rogers Communications Inc, Sanofi, Apple, Atlassian Corporation, United States Steel Corp, Corp, Adtalem Global, Homes, DXC Technology Company, Eastman Chemical Company, Gen, Post Holdings, America, Columbia Sportswear Company, Exxon Mobil Corp, Chevron Corporation, Myers Squibb Co, CIGNA Corp, Regeneron Pharmaceuticals, Charter Communications, AON, Cboe, Dwight, Banco Santander, Jim Cramer's Charitable, CNBC, Apple Vision, Getty Locations: China, East, United States, Europe, Cleveland, Alexandria, California, Corning, Canadian Pacific, Teradyne, TER, Novo, Hanover, PBI, Skechers U.S.A, Bristol, Chile
The S & P 500 just notched a record high to declare its bull market status, but according to one money manager who helps oversee more than $1 trillion, there are a few names investors could focus on for the next leg of the cycle. "We're concerned about U.S. consumers, who are burdened by record levels of credit card debt at elevated interest rates." .SPX 1Y mountain S & P 500 The S & P 500 , which hit an all-time intraday peak on Friday, roared back at the end of 2023, notching a 24% gain for the year. Infrastructure stocks Malik believes that global infrastructure companies benefit from inelastic demand for the necessary services they provide, and are thus insulated from most recession risks. "Both dividend growth and global infrastructure stocks have historically weathered down markets relatively well," Malik said.
Persons: Saira Malik, Malik, that's, Linde Organizations: Investors, Fed, CNBC Pro, Motorola Solutions, Deutsche Bank, Motorola, CMS Energy Locations: Jackson, Michigan
The trend worries some U.S. lawmakers who fear corporate interest will make agricultural land unaffordable for the next generation of farmers. Investment firm acquisitions are also outpacing farmland purchases by foreign entities, according to data from the U.S. Department of Agriculture (USDA). Lawmakers debated this year whether to curtail foreign farmland ownership, concerned that adversaries might buy land to exert political influence. "If the next generation isn’t enticed to come back to the farm," he said, "then who’s going to own that land?" About 60% of U.S. farmland is farmer-owned and -operated, with the rest owned by non-farmer operators including individuals, trusts, and corporations, according to USDA.
Persons: Nuveen, Paul Schadegg, Tim Gibbons, isn’t, It’s, David Gladstone, Gladstone, Cory Booker, Bruce Sherrick, Leah Douglas, Richard Valdmanis, Anna Driver Organizations: Investment, Reuters, Manulife Investment Management, National Council of Real Estate Investment, United Nations, U.S . Department of Agriculture, Lawmakers, Senate, National Defense, Farmers National Company, Missouri Rural Crisis Center, USDA, Gladstone, Agriculture Committee, TIAA, Research, University of Illinois, Thomson Locations: U.S, United, China, Russia, Iran, North Korea, Missouri
Closed-end funds offer a fixed number of shares, but they also trade publicly on exchanges. Right now, a confluence of events is resulting in some sharp discounts for closed-end funds, especially for those that hold bonds. Investors in closed-end funds have shed some of those holdings and that's resulting in sharper discounts to net asset value. Closed-end fund plays Financial advisors have called out closed-end funds holding municipal bonds as a way to add duration on the cheap. Closed-end funds offer other ways to pick up income: Paul Winter, CFP and portfolio manager at Five Seasons Financial Planning, likes funds that use buy-write strategies.
Persons: Dave Lamb, Lamb, Jeffrey Gundlach, Robert Finley, Paul Winter, BOE, Nuveen's Lamb Organizations: Treasury, Western Asset, Muni Fund, Asset Management, Five, Virtus, Strategy, BlackRock Locations: New York, York
TikTok's London office is based out of a WeWork building in Holborn called Aviation House. WeWorkWeWork , the U.S. office rental startup, filed for Chapter 11 bankruptcy, threatening office closures across the U.S. where it has become a major destination for tech firms. The company's restructuring may also have implications for its London operations, where it is one of the biggest tenants. According to CoStar, the commercial real estate data company, the company has 36 offices in London, spanning more than 2.89 million square feet. "We've actually got an agreement with them for another seven months," Tailor, who is based in London, told CNBC.
Persons: WeWork WeWork, WeWork, Deepak Tailor, We've Organizations: Aviation, WeWork, CNBC, Lease Locations: London, Holborn, U.S, Canada, Waterloo, WeWork
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect Fed Chair Powell to sound hawkish Thursday, says Nuveen's Saira MalikSaira Malik, Nuveen Chief Investment Officer, joins 'Closing Bell Overtime' to talk Fed Chair Powell speaking on Thursday, market headwinds, portfolio positioning and more.
Persons: Powell, Nuveen's Saira Malik Saira Malik
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. CEA chairman Jason Furman: Maybe what we're seeing here is labor supply, not labor demandJason Furman, Harvard’s Kennedy School of Government professor and former CEA chairman under President Obama, Tyler Goodspeed, Cato Institute adjunct scholar and former acting CEA chair, Sair Malik, Nuveen CIO, and CNBC’s Steve Liesman, join 'Squawk Box' to break down the September jobs report.
Persons: Jason Furman, Obama, Tyler Goodspeed, Sair Malik, Steve Liesman Organizations: Harvard’s Kennedy School of Government, Cato
Consensus estimates for the third quarter were recently lowered with expectations for flat revenue growth and slightly positive earnings growth. The three stocks below are also growing revenues, earnings, cash flows, and dividends as they have fundamentally attractive businesses that are less cyclical. Motorola Solutions (MSI) is a video and telecommunications equipment, software, systems, and services provider with an annual yield of 1.28%. It has an annual yield of 1.38%. And Eaton Corporation (ETN), is a power management company with an annual yield of 1.68%.
Persons: Saira Malik, Malik, I'm Organizations: Investors, Treasury, Retail, Walmart, Motorola Solutions, Linde, Eaton Corporation
Instead, people like Ken Kencel — CEO of Churchill Asset Management, a private credit division of asset management giant Nuveen — held court. In the next decade, he predicted that private credit shops and direct lenders could fill in the holes in the asset-based lending space, as well as home and auto loans. Private credit — or alternative credit or direct lending — is a subsect of finance that has grown rapidly thanks to higher interest rates and distressed banks. Higher interest rates are forcing institutions — the pensions and endowments that make up hedge funds' biggest investors — to rethink their portfolios. But while the Bridgewater founder had the rapt attention of the room, it was at a direct lending panel a couple of hours later when an ambitious audience member pitched himself to the private credit executives onstage.
Persons: Ray Dalio, Cliff Asness, Ken Kencel, , I've, Banks, Gregory Robbins, Jan Van Eck Organizations: Greenwich Economic, Churchill Asset Management, Golub Capital, Bridgewater Locations: Greenwich, China
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