This is the final post in my three-part series on performance measurement for private market funds and the difficulties of using the internal rate of return (IRR) measure as equivalent to a rate of return on investments. In Part I, I discussed the rise of global assets under management (AUM) in private market funds and how this trend may have been driven by a perception of superior returns compared to traditional investments. As I illustrated, a root cause for this belief is the generalized use of IRR to infer rates of return, which is problematic. In Part II, I discussed…
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Image source: Getty Images The Scottish Mortgage (LSE: SMT) share price has lit up my portfolio, jumping almost 20% in the last three months. The Baillie Gifford-managed investment trust is up 21.94% over the last year, as it continues to recover from the brutal 2022 sell-off, when the tech crash knocked 50% of its share price. It enjoyed a real bounce from the post-presidential election ‘Trump bump’, which boosted its tech-heavy portfolio. With Elon Musk in favour with the President-elect, investors were reminded that Scottish Mortgage has exposure to Musk’s unquoted SpaceX operation. It now makes up 5.1% of the total…
(Bloomberg) — Chime Financial Inc., a financial technology company focused on no-fee banking services, has submitted a confidential filing with the US government for its initial public offering, according to people familiar with the matter. Most Read from Bloomberg The company aims to go public in 2025, said the people, who asked not to be identified because the information is private. The IPO timing is not finalized and the plans could still change, they added. Chime provides a digital-first mobile banking offering, though it does not operate as a bank itself, and is among a wave of such companies that…
Bank First’s significant retail investors ownership suggests that the key decisions are influenced by shareholders from the larger public A total of 25 investors have a majority stake in the company with 34% ownership Insiders have sold recently Every investor in Bank First Corporation (NASDAQ:BFC) should be aware of the most powerful shareholder groups. We can see that retail investors own the lion’s share in the company with 59% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company. Meanwhile, institutions make up 31% of the company’s shareholders. Insiders…
By Dan Burns and Howard Schneider WASHINGTON (Reuters) – The world’s economic reckoning with the incoming Trump administration kicked off in earnest this week, with the U.S. Federal Reserve flagging fewer rate cuts and other leading central banks signaling caution over future rate decisions. The Fed cut rates as expected on Wednesday amid a busy year-end run of central bank meetings from Ottawa and Frankfurt to Tokyo and London that showed heightened uncertainty ahead of Donald Trump entering the White House in the new year. But Fed officials dialed back projections for rate cuts in the face of stubborn inflation…
LONDON – Asset Value Investors (AVI) has announced that BEENOS Inc. (TSE:3328), a holding in the AVI Japan Opportunity (SO:) Trust plc (AJOT) portfolio, has received a tender offer from LY Corporation (TSE:4689). The offer aims to acquire the entire company, with AJOT agreeing to sell its 9.3% stake. BEENOS, a part of AJOT’s portfolio, represents 9.3% of AJOT’s net asset value (NAV) as of December 18, 2024. The tender offer price is set at ¥4,000 per share, a 19% premium over the closing price on the same date. If the share price aligns with the tender offer, AJOT’s NAV…
Investing.com — Shares of Swedish biotech company BioArctic AB (ST:) soared by more than 27% on Thursday after the company announced a collaboration with U.S. pharmaceutical giant Bristol Myers (NYSE:) Squibb. The partnership centers on two of BioArctic’s next-generation Alzheimer’s disease programs, BAN1503 and BAN2803. The latter incorporates BioArctic’s innovative brain transporter technology, which analysts at RBC Capital Markets flagged as a potentially transformative approach in targeting amyloid beta plaques in the brain. Under the terms of the agreement, BMS will pay BioArctic an upfront sum of $100 million, with the potential for up to $1.25 billion in milestone payments…
“The American dream of owning a house may be vanishing,” the U.S. Government Accountability Office said in a research report, “because of higher housing prices and a decline in housing affordability.” “Many young, middle-income, and first-time home buyers can no longer afford to buy an existing house.” The GAO released this dire news on May 11, 1978. The median selling price of a house “hit an all-time high of $44,300” in 1976, the GAO glumly reported. This embedded content is not available in your region. Fast forward four and a half decades and the median price of a home is…
The pound gained ground against the US dollar in early European trading on Wednesday, rising 0.4% to $1.2622. The uptick came as the currency rebounded from steep losses incurred late the previous day, following remarks from US Federal Reserve officials that sent the dollar surging. The Fed’s decision to remove two expected rate cuts from next year’s projections triggered the dollar’s climb. The Fed’s move, which included a 25-basis-point interest rate hike, also saw policymakers adjust their 2024 rate expectations. They now predict only a 50bps reduction in borrowing costs next year — half the amount originally forecast in September.…
Image source: Getty Images The last time I could pick up Glencore (LSE: GLEN) shares for 360p was back in December 2021. From its Covid-lows in March 2020, its share price surged over 400%, topping out at 575p in January 2023. Since then, it has been on something of a roller-coaster ride, but the trend has most definitely been downward. As an investor who has been steadily increasing my position in the company over the last four years, I have certainly lived the highs and the lows of such volatility. But I have found that when investing in mining businesses,…