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☆ These 10 funds had over $100 million each in Credit Suisse bonds — which are now worth nothing
▼ + stars: | 2023-03-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

A number of funds could be facing over $100 million in losses on their Credit Suisse investments after the lender's forced merger with its rival UBS . The funds face losses on Credit Suisse's additional tier-1 bonds (AT1), according to CNBC Pro analysis, after Swiss regulators deemed them worthless as part of the emergency merger . The Swiss regulator FINMA saw the merger between Credit Suisse and UBS as a trigger event to write down 16 billion Swiss francs ($17 billion) worth of the bonds. The following table shows the funds that held AT1 bonds with a par amount of at least $100 million each as of Mar. About 80 funds run either directly by PIMCO or one of its affiliates, held Credit Suisse AT 1 bonds, according to CNBC's analysis.

☆ Factbox: Chipmakers' plans for factories in Europe, US and Asia
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of semiconductor manufacturer Infineon is seen in Villach, Austria, June 3, 2018. The European Commission has earmarked 15 billion euros for public and private semiconductor projects by 2030, while U.S. President Joe Biden's administration passed the CHIPS Act last year to make over $52-billion worth of subsidies available for the American semiconductor industry. The Act deters companies using U.S. funds from undertaking any big expansions of overseas semiconductor manufacturing facilities in "countries of concern" such as China for 10 years, with some exceptions. India, Taiwan and South Korea have also offered incentives such as tax breaks to boost domestic chip production. Below are some of the chipmakers' plans for factories in Europe, North America and Asia:NORTH AMERICAEUROPEASIAReporting by Antonis Pothitos in Gdansk, Tiyashi Datta, Chavi Mehta and Aditya Soni in Bengaluru; editing by Josephine Mason, Mark Potter and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse managed funds' net outflows top $450 mln -Morningstar
▼ + stars: | 2023-03-17 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

SummarySummary Companies Net outflows seen March 14,15Data for March 16 yet to compiled -MorningstarLONDON, March 17 (Reuters) - Credit Suisse <CSGN.S> saw more than $450 million in net outflows from its U.S. and European managed funds from March 13 to 15, Morningstar Direct said on Friday, as retail and institutional counterparties pulled money out of funds managed by the embattled Swiss lender. The more than 300 European funds managed by the bank had an estimated net inflow of just over $14 million on March 13. By March 14 that had flipped to net outflows of $205 million, data provider Morningstar said. On March 15 there were net outflows of just over $211 million, it said. More than 20 U.S. funds tracked showed a $22,000 net outflow on March 13 which widened to $20 million the next day and to $29 million on March 15, Morningstar said.

☆ Want to invest in companies that empower women? Here's what you need to know
▼ + stars: | 2023-03-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +8 min

Known as gender lens or gender equity investing, the idea is to invest for financial return, while promoting gender diversity. Yet those funds represent less than 0.01% of total equity fund assets in the United States, according to the firm. Her women CEO and CFO clients were getting tremendous results, she said. In January, the asset management firm launched the Hypatia Women CEO exchange-traded fund (WCEO). Women in leadership matters, but we need a more robust scorecard to assess gender equity.

☆ China's property sector draws closer to exit from protracted slump
▼ + stars: | 2023-03-15 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s embattled property sector made new progress in its climb out of a months-long slump as official data on Wednesday showed much narrower declines in home sales, developer investment and construction starts in January-February. Property investment by developers fell 5.7% in January-February, improving from a 12% slump in December and a 10% decline for the entire 2022. Analysts expect property sales to be the first indicator to turn positive soon and see property investment rebounding in the second half of 2023. “The figures are a good start to the recovery of the property market for 2023, and will further boost confidence,” said Yan Yuejin, analyst at the E-house China Research and Development Institution in Shanghai. At the beginning of the annual meeting of China’s parliament this month, the government made guarding against risks to top property developers one of its top priorities this year, but added that it would prevent disorderly expansion by developers.

LATEST DATAIn the week ended Feb. 21, money managers cut nearly 19,000 CBOT corn futures and options contracts off their net long, which fell to 215,928 contracts. They also increased their net long in CBOT soyoil by nearly 12,000 futures and options contracts, and the resulting net long was 34,301 contracts, a one-month high. When adding other reportable traders’ net long, the overall speculative soymeal net long is also a record at 173,690 contracts. and Minneapolis wheat futures and options contracts as of Feb. 21. Most-active CBOT futures hit some milestone lows on Friday.

☆ How an ETF with an 11% yield shows a growing use case for active strategies
▼ + stars: | 2023-03-08 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

The JPMorgan Premium Equity ETF (JEPI) has a 12-month rolling dividend yield over 11%, and its 30-day SEC yield was just under that mark as of the end of February. The biggest funds in the market track indexes, like the S & P 500, and give investors market returns minus fees. But 2022 was a surprisingly good year for active managers , and active ETFs gained some share against their passive counterparts. The JPMorgan Ultra-Short Income ETF (JPST) has also been popular this year, with $1 billion of inflows and a 30-day SEC yield above 4%. Among the firm's smaller active fixed income funds, the Core Plus Bond ETF (JCPB) has a roughly similar yield, while the Income ETF (JPIE) yields above 6%.

☆ Half of Sequoia Capital's VC funds since 2018 have posted losses for the University of California's endowment
▼ + stars: | 2023-03-08 | by ( Ben Bergman | Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

The University of California endowment has invested over $800 million in Sequoia funds since 2018. The returns show ten Sequoia funds across all stages and geographies are now underwater for the investor. The University of California's massive $28 billion endowment, a limited partner in 20 Sequoia Capital funds since 2018, is underwater on half those investments, according to documents obtained by Insider. Meanwhile ten of the Sequoia funds that UC Investments has invested in have been marked down in value on paper. One of UC Investment's largest commitments to Sequoia is $232 million earmarked for the 2022 Sequoia Capital Fund.

LATEST DATAThe week ended Feb. 7, the last available week of CoT data, featured mild declines across most-active CBOT corn, wheat, soybean and soy product futures. In the four weeks ended March 7, most-active CBOT corn is down 6% and CBOT wheat has fallen 7%. Daily fund estimates collected by Reuters suggest that between Feb. 8 and March 7, commodity funds were net sellers of 42,500 CBOT corn futures and 38,000 CBOT wheat futures. Funds’ net long in soybean meal would be record-large per the trade estimates. CBOT corn and wheat have recently traded as if the Ukraine grain export deal will be extended before its March 18 expiration despite Russia’s resistance.

☆ Factbox: Want billions to make US chips? Here is how to get them
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +4 min

[1/3] CMOS chips, are shown at the manufacturing facility of VAS, an electronics manufacturer in San Diego, California April 14, 2009. Chip giant Intel Corp (INTC.O) moved ahead with the ground breaking of a $20 billion chip factory in Ohio after the chips bill passed. The CHIPS Program Office will give "strong preference" to projects that are largely funded with private capital. The department also said that the workers hired to build plants or chips should be able to join unions. The CHIPS Program Office will require any company given more than $150 million to return money if it makes more than they projected.

☆ The best fixed income deals for investors as interest rates surge higher
▼ + stars: | 2023-02-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Investors searching for income were buoyed by the move higher in the 10-year Treasury yield, but there are also some other opportunities to bring in some cash. "They can blend A with AA and AAA and you can get better yields," Weinberg explained. In fact, a good signal to buy munis is when their yields are at least 85% of corresponding Treasury yields, he said. Investors can also buy municipal bond funds to get exposure to the market. Investors can also get exposure through a diversified exchange traded fund, such as the iShares iBoxx $ Investment Grade Corporate Bond ETF .

Although winter weather has been gentle to Ukraine’s crops, the ongoing conflict has reduced the country’s 2023 winter wheat plantings 22% below last year’s harvested area. CROP CONDITIONSRecent rains for parched winter wheat in the U.S. Plains have also added to wheat market pressure, though updated crop conditions released late on Monday suggest risks remain. Winter wheat in Texas and Oklahoma is not doing well, but it is better than a year ago. This week, Oklahoma is at 36% GE versus 17% a month ago, 31% in November and 11% a year ago. Kansas, Texas and Oklahoma planted half of this year’s U.S. winter wheat acres, and producers there are hoping yields will rebound from last year’s drought.

As of Jan. 31, money managers held a net long of 219,924 CBOT corn futures and options contracts, a net long of 175,504 contracts in CBOT soybeans, a net long of 140,943 contracts in CBOT soymeal, a net long of 31,224 contracts in CBOT soyoil, and a net short of 63,628 contracts in CBOT wheat. That included 18,127 contracts of corn, soybeans 29,242 contracts, soymeal 5,440 contracts and CBOT wheat 10,305 contracts. Funds’ Jan. 31 net long in corn was the highest since November, and their net short in CBOT wheat as of Jan. 24 had been the strongest since May 2019. Daily fund estimates collected by Reuters suggest that between Feb. 1 and Feb. 24, commodity funds were net sellers of 26,500 CBOT corn futures and 34,500 CBOT wheat futures. Money managers have not been net sellers of more than 25,000 CBOT wheat futures and options combined over a four-week span since late 2021.

☆ Hong Kong spreads its wings, and its bets
▼ + stars: | 2023-02-23 | by ( Una Galani | ) www.reuters.com time to read: +7 min

HONG KONG, Feb 23 (Reuters Breakingviews) - For a sign that Hong Kong’s recovery is more than wishful thinking, look no further than the city’s Disneyland. The house of Mickey Mouse is implicitly betting Hong Kong will soon be back, and bigger than before. At its core, Hong Kong’s unique selling point is that it’s China-by-proxy for investors; enterprises in the People’s Republic account for 78% of the market capitalisation of Hong Kong’s main boards. Against such a backdrop, it’s logical that Hong Kong is trying to spread its bets. Hong Kong exchange boss Nicolas Aguzin’s pitch is strengthened by a Chinese plan to let overseas companies listed in Hong Kong be included in the Connect programme.

☆ These electric vehicle ETFs are up 20% this year — and analysts still see major upside ahead
▼ + stars: | 2023-02-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Electric Vehicle Charging Infrastructure ETF The Electric Vehicle Charging Infrastructure ETF (ELEC) by hanETF is expected to rise by 60.8% over the next year, according to the weighted average of analyst price targets of constituent stocks compiled by FactSet. The ETF, which tracks the Solactive Electric Vehicle Charging Infrastructure Index, is traded on the London Stock Exchange, Italy's Borsa Italiana, and Germany's Xetra and Gettex exchanges. ChargePoint , which operates the largest network of electric vehicle charging stations in North America and Europe, is the fund's largest holding as of Feb. 21, according to FactSet. For example, France's Renault is the ETF's largest holding at 4.9% of total assets. The Global X Autonomous & Electric Vehicles ETF was not included in the analysis due to a lack of price target data on FactSet.

☆ Allianz swings to Q4 net profit, bounces back from U.S. funds debacle
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: +1 min

Germany's Allianz on Friday swung to a fourth-quarter net profit, marking a return to the black after taking big charges a year earlier for a U.S. funds scandal. Net profit attributable to shareholders of 2.007 billion euros ($2.13 billion) in the three months through December compares with a loss of 292 million euros a year earlier. Analysts had expected a net profit of 2.034 billion euros. "We just run a very, very good company," Allianz CEO Oliver Bäte told CNBC on "Squawk Box Europe" Friday. Bäte also highlighted that the interest rate environment is "really good" for the bank and that Allianz would be making the most of that.

☆ U.S. Senator Rubio seeks review of Ford technology deal with China's CATL
▼ + stars: | 2023-02-15 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Anna Rose Layden/Pool via REUTERSWASHINGTON, Feb 14 (Reuters) - Senator Marco Rubio on Tuesday asked the Biden administration to review Ford Motor's (F.N) deal to use technology from Chinese battery company CATL (300750.SZ) as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan. The $430 billion IRA imposes restrictions on battery sourcing and is designed to wean the United States off the Chinese supply chain for electric vehicles (EVs). Treasury declined to comment, but Granholm said on Twitter on Monday that "bringing advanced manufacturing capabilities from overseas to the United States is key to our competitiveness, will stimulate our economy, and create good-paying American jobs." Ford said the plant would create 2,500 jobs and begin producing lower cost and faster recharging lithium-iron-phosphate batteries in 2026. Republican House Majority Leader Steve Scalise tweeted criticism of the Ford deal, while Republican Virginia Governor Glenn Youngkin said last month that his state had withdrawn from the competition to attract the Ford plant over concern's about China's potential involvement.

As of late January, large speculators held moderate to large net long positions across CBOT corn, soybeans and soybean products, and those collectively outweighed their sizable net short in CBOT wheat. CBOT futures have mostly strengthened since then. Black Sea concerns and worsening crops in Argentina also helped CBOT corn drift 0.5% higher in the last 13 days, ending at $6.80-1/2 per bushel Friday. Corn has been the most mild-mannered of CBOT contracts since Jan. 25, trading up or down by less than 2% since then. ESTIMATESAs of Jan. 24, money managers’ net long position in CBOT corn futures and options hit an 11-week high of 201,797 contracts.

MIAMI, Feb 2 (Reuters) - The mood at the annual 'Miami hedge fund week' gatherings this week was as bright as the winter sunshine, with one notable dark cloud on the 2023 horizon: U.S. stocks. But right now in the hedge fund and alternative market investor community, reluctance to get sucked in is trumping fear of missing out. And there is no shortage of reasons why - inflation, weak earnings, squeezed margins, recession, 'higher for longer' interest rates. Despite massive Fed tightening and the prospect of liquidity drying up significantly this year, investors see opportunities out there. This suggests equity investors are betting heavily on the Fed successfully engineering a 'soft landing' - possible, but far from certain.

New gross longs were the primary reason for the move, as has been the case in most recent weeks when funds were net corn buyers. CBOT corn ended at $6.83 per bushel Friday, up 5% from the month’s low and stronger than the year-ago $6.36. Most active CBOT wheat futures fell more than 2% in the week ended Jan. 24, including a 16-month low of $7.12-1/2 on Jan. 23. Most-active CBOT wheat had traded between $4.16 and $4.37 per bushel in April 2017. Their net long fell to 135,503 CBOT soymeal futures and options contracts from the all-time high of 150,939 a week earlier.

☆ Anthony Scaramucci's SkyBridge Capital limited redemptions as bets on FTX and crypto resulted in a 39% loss last year
▼ + stars: | 2023-01-27 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

Anthony Scaramucci's SkyBridge Capital suffered a 39% loss in its top funds in 2022, according to Bloomberg. That's due to losing bets on FTX and cryptocurrencies, pushing investors to pull their money out. SkyBridge investors asked to withdraw 60% of a top fund's capital in the September 30 redemption period, but it only returned 10%. SkyBridge investors asked to withdraw 60% of the top fund's capital in the September 30 redemption period, but it only returned 10%, according to filings cited by Bloomberg. Additionally, SkyBridge funds were listed as owning 244,196 common shares and 61,049 Series B-1 Preferred shares of FTX Trading.

[1/3] Mexico City's Mayor Claudia Sheinbaum speaks near Mexico's President Andres Manuel Lopez Obrador (not pictured) during a news conference at the Old City Hall (Antiguo Palacio del Ayuntamiento), in Mexico City, Mexico January 20, 2023. "If accidents continue, like a cable or the signal system breaks, the National Guard is not going to detect that or make a difference," Miranda said. A school collapse that killed 19 children in a 2017 earthquake happened on her watch as a district mayor of Mexico City. She filed a criminal complaint accusing two prior attorneys for the district of failing to enforce the law after discovering illegal construction, and became Mexico City Mayor in 2018. Now, Lopez Obrador has backed her decision to use the National Guard, in a clear sign of support for her.

☆ BlackRock, Vanguard stand apart as U.S. funds suffer first annual outflows
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Passive products from BlackRock Inc, (BLK.N) Vanguard Group and others were rare cash recipients last year as U.S. mutual and exchange-traded funds suffered $370 billion in net withdrawals, their first annual outflows on record, researcher Morningstar Inc (MORN.O) said. Passive funds took in $556 billion last year, Morningstar said. Although the amount was about 42% lower than their net deposits in 2021, "investors appear to be buying passive funds in both good times and bad," Morningstar said. Among fund families, the largest net withdrawals were recorded at T. Rowe Price at $59.2 billion, followed by American Funds, $55.5 billion. The biggest net deposits went into BlackRock's iShares ETF product line at $166.7 billion, and $82.7 billion to Vanguard, in line with their global flow pattern.

Most-active CBOT corn futures had declined more than 2% through Jan. 10, and CBOT soybeans fell fractionally. Corn and soybean futures both rose about 3% from Wednesday through Friday. However, strength in corn and soy, along with much lighter-than-predicted Dec. 1 U.S. wheat stocks, allowed CBOT wheat to rise 1.6% in the last three sessions. The managed money net short in Minneapolis wheat futures and options decreased slightly through Jan. 10 to 2,704 contracts. wheat futures and optionsKaren Braun is a market analyst for Reuters.

☆ As crypto hackers and thieves make off with billions, there's another kind of fraud lurking in the industry.
▼ + stars: | 2023-01-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm sorry to say when you dig deeper into the practices of opaque crypto exchanges, there's little to restore that faith. Timothy Cradle, director of regulatory affairs at Blockchain Intelligence, told Insider that wash trading is market manipulation. NBER researchers estimated that wash trading comprises nearly half of all transactions on Binance, the world's largest crypto exchange by volume. Similarly, KuCoin, another top-five crypto exchange, was estimated to have 52.9% of its transactions consist of wash trading (which the company denied). Are you surprised that the researchers found wash trading to be so rampant a practice?

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