Investor fund – MS Coursing http://mscoursing.com/ Thu, 24 Nov 2022 05:13:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://mscoursing.com/wp-content/uploads/2021/07/icon-150x150.png Investor fund – MS Coursing http://mscoursing.com/ 32 32 Pressure on the Hong Kong dollar peg continues to build https://mscoursing.com/pressure-on-the-hong-kong-dollar-peg-continues-to-build/ Thu, 24 Nov 2022 03:51:57 +0000 https://mscoursing.com/pressure-on-the-hong-kong-dollar-peg-continues-to-build/ Comment this story Comment I wrote in April that the economic and social costs of maintaining the peg of the Hong Kong dollar to the US dollar were becoming unsustainable and perhaps should be abandoned. The pressure I described has only grown and is now probably greater than anyone outside the Hong Kong Monetary Authority […]]]>

Comment

I wrote in April that the economic and social costs of maintaining the peg of the Hong Kong dollar to the US dollar were becoming unsustainable and perhaps should be abandoned. The pressure I described has only grown and is now probably greater than anyone outside the Hong Kong Monetary Authority – which disputed my initial analysis – realizes.

The HKMA has a mandate to keep currency trading within a range of HK$7.75 to HK$7.85 per US dollar. The current group was created in 2005 and has never been broken up. When it gets too close to both ends of the strip, the HKMA steps in, either buying or selling the city’s currency. As the chart below shows, the currency has been trading at the low end of the range for most of the year, under pressure from the rising US Dollar. This pressure has eased somewhat recently, as interest rate expectations have eased somewhat. But this is probably only short-term relief, as the social and economic costs of anchor defense are enormous. The peg of the Hong Kong dollar is like being on the gold standard, and like the gold standard, the weaknesses of these mechanisms are always social and economic.

Due to the peg to the US dollar, Hong Kong does not have an independent monetary policy; it had to follow the Federal Reserve and tighten at a time when it should be doing the opposite. While China’s economy as a whole has struggled mightily due to its extraordinary ‘zero-Covid’ policies and mother of all debt bubble hangovers, Hong Kong’s has done even worse, falling back by 4.5% in the third quarter compared to the previous year. The benchmark Hang Seng index has shrunk by nearly half since its 2018 peak, even after a recent rebound.

With growth going in the wrong direction and the HKMA set to hike rates, Hong Kong had to resort to the only option for fixed-currency countries: massive government spending. There is, however, very little room for a country to increase its fiscal spending without investors worrying about the concomitant increase in borrowing (debt) and the sustainability of the peg. It is therefore not surprising that fiscal policy did little to mitigate the sharp slowdown.

Nor is it simply a cyclical problem. Hong Kong’s best days are behind him. China’s political interference has only increased. The active population, in particular high earners in finance, is shrinking. I doubt the weakness is simply cyclical and if not, Hong Kong’s tax base has been permanently eroded. Which is a problem, because Hong Kong is now a massively indebted economy.

That the government has very little debt is not really the issue because private sector debt more than makes up for it. Andrew Hunt, an independent economist who has followed Asia closely for decades, points out that the foreign debt amounts to nearly $500,000 for every person working in Hong Kong. Domestic debt levels have doubled since 2007, according to the World Bank. Real estate debt has been rising particularly rapidly, and despite a decline in prices that shows all signs of accelerating, real estate in Hong Kong remains one of the most expensive in the world.

It is this huge increase in debt, plummeting asset prices and increasingly bleak outlook for the Hong Kong economy that makes peg defense far more problematic than during the Asian crisis of the late 1990s. You can see the effects of all of this in the HKMA Exchange Fund, which, among other things, manages Hong Kong’s foreign exchange reserves. Its assets fell to $417 billion from $500 billion at the end of last year, according to the HKMA, its biggest drop ever.

However, most of the decline in Exchange Fund assets in recent months has not come from interventions but from two other sources. The first is that the government had to dip into the Exchange Fund to make up for the shortfall, according to data from the HKMA and the government. In addition to a slight surplus in 2020-21, the government has had a consolidated budget deficit since 2019. To reduce these deficits – and create this very small surplus – the government has dipped into the accumulated budget surplus managed by the Exchange Fund. After peaking at HK$1.17 trillion ($150 billion) in 2018-19, the budget surplus fell to HK$957 billion at the end of March and to HK$704 billion at the end of September. . Over four years, starting in 2019-20, the government also transferred HK$82.4 billion set aside as housing reserve, according to government and HKMA data. Although separate, it was also money from past budget surpluses.

These transfers are accounted for as current revenue in the government’s accounts, although they are the product of revenue from previous years. The government says it is because it uses cash accounting. It’s also the reason he cites for counting proceeds from $10 billion of “green bonds” he issued as income. He didn’t treat other debts this way and it wouldn’t happen in any other accounting system on the planet. Last year, the government doubled the green bond debt it could have at any time.

In addition, potential public commitments are increasing. Since 2019, the amount of loan guarantees the government has provided, mostly to small businesses, has increased from HK$27.8 billion to HK$133.4 billion, according to annual reports. These will only appear on the government’s balance sheet when companies default, and the current default rate, according to the government, is just 2.6%. But you can keep even insolvent companies on life support if you lend them enough money at rock-bottom rates.

To me, the intriguing ways in which government must find revenue smacks of desperation. And if spending is cut, the economy will almost certainly do even worse, creating a vicious circle of even slower growth, more defaults, and less revenue. The government says these are one-off issues caused by the pandemic and other isolated incidents. The problem is that budget deficits predate Covid. And given the likely profile of the Chinese economy in general and Hong Kong in particular, I don’t see that changing.

The second reason why Exchange Fund assets have fallen is due to investment losses. While most look at global assets when thinking about the firepower available to the HKMA, that’s not entirely accurate. The peg is not backed by all of that $417 billion, but by the guarantee fund, which is about half that amount and just 10% above the HKMA’s monetary base calculations. (the same percentage higher than a year ago). However, the overall amounts are lower because the money supply has shrunk by about 9%. While this gives an indication of the deflationary forces gripping Hong Kong, the money supply would have shrunk further had the HKMA not called on the Exchange Fund.

In various annual reports and statements, the HKMA indicates that, if necessary, it could use the rest of the wallet to defend the peg. There is a mechanism by which it will do this automatically if the assets of the guarantee fund shrink to only 5% more than the monetary base. On the other hand, if the value of the guarantee fund is at least 12.5% ​​higher than the monetary base, money is transferred to its investment portfolios. What the HKMA won’t tell me is if there is any discretion in this process.

There are three other portfolios: the Strategic Fund, which contains only the shares of its holdings in Hong Kong exchanges and clearings; the Investment Fund, which contains public debt and equities; and the Long-Term Growth Fund, which invests in real estate and private equity.

How much are all those funds worth now? The HKMA does not count the profits and losses of its strategic fund in the overall returns. Just as well. But the guarantee fund contains nothing but dollars and, presumably, short-term treasury bills or close substitutes (but since it suffered losses at market price, we can’t be sure) . The other two portfolios are where most of HKMA’s risk is. Based on reasonable assumptions, probably around a quarter of the funds’ exposures are to assets other than the US dollar.

According to the HKMA, the overwhelming majority of HKMA’s equity and credit risks, of which there are many, also reside there. Total equity exposures disclosed in its annual report at the end of last year stood at HK$745 billion. But there is almost certainly more. Exposures to private equity and real estate joint ventures are lumped together with real estate in another category of unlisted and rather nebulous “investment funds” amounting to HKMA$443 billion, it is very difficult to know where to find.

All publicly traded bonds and stocks are contained in the Investment Fund. It is reasonable to assume, although I’m not sure and the HKMA won’t say, that all holdings are marked to market monthly. Its Long-Term Strategic Growth Fund is another matter. At the end of last year, this fund had assets worth around HK$515 billion. Valuations of its unlisted investments are published semi-annually, but the latest performance figures used end-March valuations.

Apparently, the HKMA is very good in real estate and private equity investments since, contrary to almost everyone’s performance, it showed a small profit. These results should be taken with a grain of salt. As anyone involved in such valuations knows, they tend to reflect hope, modeling and heroic assumptions rather than anything approaching a price at which these assets could be sold. And things have since gotten much worse.

Call me old fashioned but a government clearly needs cash and some of the assets that have probably fallen in value further, so it’s more likely that Exchange Fund assets have fallen further – and the reasons for that put even more pressure on the ankle.

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Richard Cookson was Head of Research and Fund Manager at Rubicon Fund Management. Previously, he was Chief Investment Officer at Citi Private Bank and Head of Asset Allocation Research at HSBC.

More stories like this are available at bloomberg.com/opinion

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Mississippi treasurer urges state pension fund to divest from BlackRock over ESG https://mscoursing.com/mississippi-treasurer-urges-state-pension-fund-to-divest-from-blackrock-over-esg/ Mon, 21 Nov 2022 16:51:27 +0000 https://mscoursing.com/mississippi-treasurer-urges-state-pension-fund-to-divest-from-blackrock-over-esg/ Ray Higgins, executive director of Mississippi PERS, said in a statement that “PERS will continue to act with caution in the best interests of members.” “We take seriously our fiduciary duty to manage system investments with the goal of maximizing returns at an appropriate level of risk,” Higgins said. “As such, the Board adheres to […]]]>

Ray Higgins, executive director of Mississippi PERS, said in a statement that “PERS will continue to act with caution in the best interests of members.”

“We take seriously our fiduciary duty to manage system investments with the goal of maximizing returns at an appropriate level of risk,” Higgins said. “As such, the Board adheres to an existing policy which states that investment decisions will only be made with loyalty and care in the best interest of the members, and not solely on the basis of political considerations, environmental, social or governance.”

Mr. Higgins added that black rock is no longer a fund manager for PERS. However, he said a very small percentage of the portfolio has exposure to BlackRock through some of his other fund managers who act as trustees on his behalf while investing. Most of that exposure is in index funds, he said.

“I acknowledge Treasurer McRae’s focus on this important topic, and appreciate the leadership of all members of the PERS Board of Directors,” he said.

Mr McRae’s letter comes amid a growing backlash against BlackRock over its views on ESG investing. The $10.1 billion Missouri State Employees Retirement System, Jefferson City, for example, recently withdrew $500 million from BlackRock funds, while Louisiana Treasurer John M. Schroder withdrew $794 million. Texas, meanwhile, has blacklisted BlackRock and nine other companies it says boycott energy companies, a move taken to comply with a state law barring state pension funds from invest in companies that divest from fossil fuels.

BlackRock did not immediately comment, but in a letter to state attorneys general who have attacked ESG investing, BlackRock decried “policy initiatives that sacrifice pension plans’ access to high-quality investments and thus jeopardize the financial returns of retirees”.

“Free competition, free flow of information and freedom of opinion are at the heart of the strength of US financial markets,” BlackRock wrote in the Aug. 4 letter.

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Private equity fund backed by DeVos and Penske raises $100 million https://mscoursing.com/private-equity-fund-backed-by-devos-and-penske-raises-100-million/ Mon, 14 Nov 2022 20:39:41 +0000 https://mscoursing.com/private-equity-fund-backed-by-devos-and-penske-raises-100-million/ Jeff Helminski, chief executive of Auxo, said the fundraising period spans two separate periods, with the fund initially launching during the “COVID haze” and completing its fundraising as further uncertainties arise. focus on changing economic conditions. “I think the concept remains consistent,” Helminski told Crain’s on Monday of the fundraising period. “And the validity of […]]]>

Jeff Helminski, chief executive of Auxo, said the fundraising period spans two separate periods, with the fund initially launching during the “COVID haze” and completing its fundraising as further uncertainties arise. focus on changing economic conditions.

“I think the concept remains consistent,” Helminski told Crain’s on Monday of the fundraising period. “And the validity of the thesis has never been questioned.”

The Michigan Opportunity Fund, Auxo’s second private equity fund, will primarily focus on Michigan buyout deals across all sectors, particularly with baby boomer founders looking to make the transition but maintaining their company culture, Helminiski said.

“For people who really care about who’s next, who want the right successor or especially want to partner together to continue to grow the business, it’s hard to imagine a potential buyer would be a better fit than the Michigan Opportunity Fund,” Helminski said. said.

Sam Valenti, a longtime Michigan investor, CEO of Bloomfield Hills-based family office Valenti Capital and an adviser to Auxo Investment, agreed with that sentiment.

“It’s the right fund at the right time with the right management team,” Valenti told Crain’s. “The structure of the fund is perfectly suited to the investment environment of the next decade.”

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Turkish states create joint investment fund and appoint its head https://mscoursing.com/turkish-states-create-joint-investment-fund-and-appoint-its-head/ Sat, 12 Nov 2022 20:29:00 +0000 https://mscoursing.com/turkish-states-create-joint-investment-fund-and-appoint-its-head/ Leaders of the Organization of Turkish States (OTS) have formally established the Turkish Investment Fund and appointed Baghdad Amreyev, the bloc’s former general secretary, as its chairman, a statement said on Saturday. The special decision was signed on Friday during the ninth summit of the Organization of Turkic States in Samarkand, Uzbekistan. “The Turkish Investment […]]]>

Leaders of the Organization of Turkish States (OTS) have formally established the Turkish Investment Fund and appointed Baghdad Amreyev, the bloc’s former general secretary, as its chairman, a statement said on Saturday.

The special decision was signed on Friday during the ninth summit of the Organization of Turkic States in Samarkand, Uzbekistan.

“The Turkish Investment Fund will be the first and main joint financial institution established by the Turkish states and aims to mobilize the economic potential of the member states of the Organization of Turkish States to strengthen trade and economic cooperation among them and implement joint projects,” the statement said.

The fund “will primarily support small and medium-sized enterprises (SMEs) by providing financing through the assets of the fund as well as other relevant financial institutions”.

It aims to support the fields of agriculture, logistics and transport, energy efficiency, renewable and alternative energies, industrial projects in the manufacturing sector, information and communication technologies, tourism, infrastructure projects, public-private partnership projects, human development, creative industries and natural resources. and urban environment programs.

Meanwhile, Kubanychbek Omuraliev, Kyrgyzstan’s ambassador to Turkey, has been named the organization’s new secretary general.

A handover ceremony will take place at the group’s headquarters in Istanbul on Monday, where Omuraliev will succeed his predecessor Amreyev.

The Organization of Turkish States is an interstate bloc, created with the aim of expanding cooperation between Turkic-speaking countries in the fields of politics, economy, science, education, transport and tourism .

Its members are Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan.

EU countries Hungary, Turkmenistan and the Turkish Republic of Northern Cyprus (TRNC) have observer status.

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The Webster family, owners of the Seventy Ninth Group, launch a £100m private equity fund https://mscoursing.com/the-webster-family-owners-of-the-seventy-ninth-group-launch-a-100m-private-equity-fund/ Tue, 08 Nov 2022 13:22:00 +0000 https://mscoursing.com/the-webster-family-owners-of-the-seventy-ninth-group-launch-a-100m-private-equity-fund/ The Webster family, owners of asset management company Seventy Ninth Group, launched the Seventy Ninth Private Equity Fund. SUDPORT, England, November 8, 2022 /PRNewswire/ — The Seventy Ninth Private Equity Fund, which is an experienced investor fund (EIF)[1], specializes in the purchase and redevelopment of distressed assets, across various sectors of the UK property market […]]]>

The Webster family, owners of asset management company Seventy Ninth Group, launched the Seventy Ninth Private Equity Fund.

SUDPORT, England, November 8, 2022 /PRNewswire/ — The Seventy Ninth Private Equity Fund, which is an experienced investor fund (EIF)[1], specializes in the purchase and redevelopment of distressed assets, across various sectors of the UK property market and will provide experienced investors from around the world with direct access to lucrative property investments in the UK. It is the first investment option in the Webster Family Portfolio to focus on private equity.

The launch of this fund marks further growth in a truly remarkable year for the Southport-based asset management company, which in this year alone has grown to have more than doubled the staff they had last year and also more than doubled the number of investors in the assets under their management.

The investment objective is to achieve capital growth and/or rental income by investing in and developing property across residential, commercial and leisure assets. The Private Equity Fund is an open-ended fund capped at GBP 100,000,000.00.

Jacques Websterone of the investment managers of the Seventy Ninth Private Equity Fund, explains: “The purchase strategy is to acquire properties that have the possibility of increasing their value considerably.

“What makes this fund attractive for private equity is its robust and regulated framework and its ability to provide investors with exposure to the UK property market without the investor having to purchase a single property. The fund is housed in Gibraltara politically and financially stable jurisdiction, recognized worldwide for its financial services industry.

“The Fund implements the same business model that we have successfully applied for more than thirty years, which thrives in times of economic uncertainty and turmoil, providing investors with a suitable alternative to traditional ‘business as usual’ equities.

“Built from the ground up, we have always embodied an entrepreneurial spirit, exploring new and increasingly diverse opportunities for the benefit of our investors.”

The Webster family has successfully created value in the UK property market since 1985, acquiring, managing and developing several property assets, ranging from the renovation of single-detached houses to the development of walkway development projects. More than a thousand private and institutional investors from more than twenty-five jurisdictions trust them and consider The Seventy Ninth Group as the cornerstone of their investment portfolio.

The Seventy Ninth Private Equity Fund is regulated by the Gibraltar Financial Services Commission and has appointed a licensed fund administrator (Abacus Fund Administrators) and an auditor (Deloitte).

Notes to Editors

Seventy Ninth™ Private Equity Funds

The Seventy Ninth Private Equity Fund (PEF) is a type of private equity fund, known as an experienced investor fund, domiciled and based in Gibraltar, a British Overseas Territory. PEF is authorized and regulated by the Gibraltar Financial Services Commission (GFSC). The Fund is a growth-oriented financial offering designed to allow qualified investors to invest in a vehicle that strategically targets high-yielding assets, all of which are backed by and benefit from the performance track record of the Fund’s administrators.

About the Webster Family Portfolio

The Seventy Ninth Private Equity Fund (PEF) is owned by the Webster family, which also owns an extensive portfolio of other asset management firms, including the Seventy Ninth Group. The Seventy Ninth Group is an award-winning asset management company headquartered in the UKfounded by a serial entrepreneur David Webster and his sons, Jake and Curtis Webster. Alongside the Seventy Ninth Group, the Webster family companies consist of: Seventy Ninth Resources, Seventy Ninth Luxury Living, Seventy Ninth Commercial, Seventy Ninth Global and Seventy Ninth Global DMCC.

For more information, visit www.79thfund.gi

SOURCE The seventy-ninth group

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PHK CEF: High yield bond fund adapted to the current situation https://mscoursing.com/phk-cef-high-yield-bond-fund-adapted-to-the-current-situation/ Sun, 06 Nov 2022 11:41:56 +0000 https://mscoursing.com/phk-cef-high-yield-bond-fund-adapted-to-the-current-situation/ piranka ~ By Snehasish Chaudhuri, MBA (Finance) The PIMCO High Income Fund (New York stock market :PHK) is a closed-end fixed-income mutual fund (CEF) that invests in public bond markets around the world. This sales his wallet with high yield, low rated corporate bonds and highly secured low yield government bonds. This US-based fund was […]]]>

piranka

~ By Snehasish Chaudhuri, MBA (Finance)

The PIMCO High Income Fund (New York stock market :PHK) is a closed-end fixed-income mutual fund (CEF) that invests in public bond markets around the world. This sales his wallet with high yield, low rated corporate bonds and highly secured low yield government bonds. This US-based fund was established on April 30, 2003, and for nearly 20 years has paid out monthly dividends. The annual average yield over the last 10 years varied mainly between 11 and 14%, and for the year 2022 the return amounts to 10.7%.

However, the monthly payment was gradually reduced from $0.1219 in 2003 to $0.048 currently. As the yield remained within this range, it means that the market price of PHK gradually declined. PHK’s stock has rallied after the price shocks it suffered during the global financial crisis and the covid-19 pandemic. But, otherwise, the market price has been gradually declining. So, it is perhaps not shocking for PHK investors to see a price loss of 25% over the past year, while the market itself has suffered tremendously.

PHK is a well-diversified and well-managed fixed income fund

PIMCO High Income Fund was launched and is managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by a subsidiary of Allianz SE (OTCPK: ALIZF), named Pacific Investment Management Company LLC. (PIMCO). PIMCO is an American investment manager that manages over $2.2 trillion in assets through various fixed income funds. In addition to PHK, PIMCO also manages the PIMCO Corporate & Income Opportunity Fund (PTY). PHK employs a dynamic asset allocation strategy across multiple fixed income sectors, which may include corporate debt, government and sovereign debt, mortgages and other asset-backed securities, taxable municipal bonds, etc. .

The PIMCO High Income Fund compares to the ICE BofA US High Yield Total Return Index. This index is comprised of US dollar-denominated corporate debt securities rated below investment grade, ie, rated below BBB. The fixed income securities that make it up also have a residual maturity greater than 1 year, a minimum amount outstanding of $100 million and a fixed coupon schedule.

The average duration of PHK’s portfolio is 6.8. Duration is the measured percentage change in the price of a bond in response to a 1% change in the bond’s yield. The fund earns a weighted average coupon of 5.94% on its assets and has a high expense ratio of 1.18%. The asset quality of its corporate bond portfolio is relatively poor, with only 4% of the entire fund invested in securities rated BBB and above. Thus, the fund has a higher degree of credit risk or default risk. However, my biggest concern with this fund is the possible negative impact of the economic downturn.

Impact of monetary tightening on a bond portfolio

Oil prices have soared and global supply chains and logistics networks have deteriorated due to the ongoing conflict between Russia and Ukraine. Higher energy prices have led to higher input costs for most manufactured goods and hence high inflation. On the other hand, the supply chain crisis has increased the costs of the majority of consumable products. The inflation rate is expected to remain high over the next few months, although the US Federal Reserve (Fed) has tightened its monetary policy. During this year, the Fed raised the interest rate four times, totaling 2.75%.

However, although the fund offers the same yield, as interest rates rise, investors’ real income declines. This could be a likely reason why the price of this ETF has gradually declined, although it should theoretically rise in the current rising interest rate environment. The price may drop even further in the short term. However, this week the Fed hinted at smaller hikes than before [see here also] in the coming months, which, if it happens, could work well for investors in this fund. Economists have warned that further monetary tightening could push the economy into recession.

Investors looking to build a portfolio of monthly income streams can greatly benefit from an investment in the PIMCO High Income Fund. This fund managed to balance its portfolio. 33% of its assets are invested in government bonds. An equal proportion of its portfolio is invested in corporate bonds, municipal bonds, mortgage-backed securities and derivatives. Bond prices tend to fall when interest rates rise because the real income of bond investors declines. And as bond prices fall, investors tend to receive higher yields. So investors who buy when the price is low (as it is now) will likely be able to enjoy a higher return on their investment.

Investment thesis

Rising energy prices, supply-side shortages, rising property prices and the resulting inflation did not have a positive impact on the market. As the market has become very uncertain and the risks of economic recession persist, investing in fixed income securities becomes a wise option. This is because common stock dividends become highly uncertain, but bond coupon income remains almost certain. PIMCO High Income Fund is a fixed income CEF that has consistently generated exceptionally high returns and is less likely to experience a distribution cut because its investments always generate the same coupon. However, over the past 20 years, the fund has suffered a gradual price loss and is currently trading below $5.

Its corporate bond portfolio has a low credit rating, mostly lower quality, and is therefore vulnerable during a time when investors fear a recession. However, if the Federal Reserve does not opt ​​for further monetary tightening, investors have much less reason to worry. Additionally, this fund made the right decision by balancing its portfolio with high yield, low rated corporate bonds and highly secured low yield government bonds. Likely due to these factors, the fund is currently selling at a marginal premium to its net asset value (NAV). At a time when the broader market is shrouded in pessimism, the PIMCO High Income Fund certainly stands out, especially with its balanced portfolio and consistent double-digit return.

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Xiaomi-backed fund invests in chip developer Pride Silicon https://mscoursing.com/xiaomi-backed-fund-invests-in-chip-developer-pride-silicon/ Fri, 04 Nov 2022 12:33:40 +0000 https://mscoursing.com/xiaomi-backed-fund-invests-in-chip-developer-pride-silicon/ Shanghai (Gasgoo)- Chinese chip developer Pride Silicon recently completed its pre-A funding round, which was exclusively invested by Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership (LP), one of the industrial investment arms of Xiaomi Group, according to the Tianyancha enterprise information platform. Photo credit: Xiaomi Group The new round raised tens of millions of […]]]>

Shanghai (Gasgoo)- Chinese chip developer Pride Silicon recently completed its pre-A funding round, which was exclusively invested by Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership (LP), one of the industrial investment arms of Xiaomi Group, according to the Tianyancha enterprise information platform.

Photo credit: Xiaomi Group

The new round raised tens of millions of yuan for Pride Silicon. The product will be used in the R&D of CAN/Ethernet PHY series chips.

Founded in March 2021, Pride Silicon focuses on designing highly reliable hybrid digital-analog automotive chips. The company is licensed to operate businesses such as IC chip design, manufacture and sales, software development, as well as auto parts R&D, according to Tianyancha.

To date, it has completed two rounds of financing. Its angel investor round closed in December 2021, attracting investors such as Walden international, Sunic Capital, Innoangel Fund and OFUND Angel.

The Xiaomi Group has so far invested in more than 100 chip, semiconductor and electronics companies over the past five years, whose businesses involve photoelectric chips, automotive chips, semiconductor manufacturing equipment. -conductors and other fields.

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Trovio Group Launches $35M DeFi Fund Powered by Yield App https://mscoursing.com/trovio-group-launches-35m-defi-fund-powered-by-yield-app/ Wed, 02 Nov 2022 13:15:00 +0000 https://mscoursing.com/trovio-group-launches-35m-defi-fund-powered-by-yield-app/ Sydney, Australia, Nov. 02, 2022 (GLOBE NEWSWIRE) — Trovio Group, Asia-Pacific’s leading hybrid asset manager and technology solutions architect, today announces the launch of the $35 million Trovio DeFi fund, powered by Yield appa global FinTech company and digital wealth platform. The Trovio DeFi fund offers wholesale investors the opportunity to allocate capital to a […]]]>

Sydney, Australia, Nov. 02, 2022 (GLOBE NEWSWIRE) — Trovio Group, Asia-Pacific’s leading hybrid asset manager and technology solutions architect, today announces the launch of the $35 million Trovio DeFi fund, powered by Yield appa global FinTech company and digital wealth platform.

The Trovio DeFi fund offers wholesale investors the opportunity to allocate capital to a return-generating strategy within the DeFi ecosystem.

Managed by Trovio’s asset management team, in partnership with Yield App’s highly experienced DeFi risk management team, the fund has a strong focus on capital preservation, using proprietary capture tools. and sentiment analysis to protect the portfolio from market volatility.

These tools allow the Fund to generate a universe of DeFi investment opportunities which are then subjected to rigorous risk analysis. The proprietary internal risk model focuses on four pillars of security assessment (smart contract, platform, counterparty, financial and credit risk), using a sum of 135 measured variables compiled from historical data to analyze all aspects of risk exposure.

Lucas Kiely, CIO at Yield App, says, “Through this partnership with Trovio, we are making available to a wider audience of wholesale investors the internally proven DeFi strategy that has powered Yield’s yield-generating engine. App.”

He continues, “Yield App’s expertise in the DeFi space combined with Trovio’s long and successful track record in the digital asset industry, makes them the team best positioned in the market to take advantage of the opportunities available in DeFi. , while maintaining a strict focus on capital preservation throughout.

Jon Deane, CEO of Trovio Group, said, “Trovio has spent the past five years developing a market-leading asset management solution for native digital assets. Today we are delighted to announce the launch of the Trovio DeFi fund in partnership with Yield App, an institution we have worked closely with during this time. Yield App brings a wealth of experience in managing risk in decentralized finance, and we look forward to continuing to grow this partnership, providing our investors with recognizable institutional investment products aligned with best-in-class risk management and governance.

Tim Frost, CEO of Yield App, said, “We are proud to bring the industry-leading expertise of our world-class DeFi risk management team and our industry-leading proprietary risk model to Trovio, a leading asset manager in the digital asset space. . This exciting partnership presents an unprecedented opportunity to explore synergies between our two businesses and we look forward to collaborating with Trovio on this offering.

About the Yield app

Yield App believes that everyone should have access to the best earning opportunities. Its mission is to unlock the full potential of digital assets and combine them with the most rewarding opportunities available in the world. To achieve this, the company offers an innovative digital wealth platform and crypto app that connects traditional and decentralized finance in the easiest way possible. For more information, please visit yield.app.

About Trovio Group

Trovio Group is Asia-Pacific’s hybrid asset manager and technology solutions architect. Founded in 2017, Trovio Group is reimagining existing markets and infrastructure as well as the global economic landscape. Trovio believes that the evolution of commerce through digitization, data capture and decentralization challenges many sectors, creating opportunities for investors, executives and stakeholders. For more information, please visit trovio.io.

        
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Column: Oil funds trapped between low inventories and a slowing economy: Kemp https://mscoursing.com/column-oil-funds-trapped-between-low-inventories-and-a-slowing-economy-kemp/ Mon, 31 Oct 2022 13:22:00 +0000 https://mscoursing.com/column-oil-funds-trapped-between-low-inventories-and-a-slowing-economy-kemp/ LONDON, Oct 31 (Reuters) – Portfolio investors’ oil positions are showing significant week-to-week volatility as traders struggle to anticipate the net effect of an economic slowdown amid stocks exceptionally low crude and diesel. Hedge funds and other money managers bought the equivalent of 33 million barrels in the six largest oil futures and options contracts […]]]>

LONDON, Oct 31 (Reuters) – Portfolio investors’ oil positions are showing significant week-to-week volatility as traders struggle to anticipate the net effect of an economic slowdown amid stocks exceptionally low crude and diesel.

Hedge funds and other money managers bought the equivalent of 33 million barrels in the six largest oil futures and options contracts in the week to October 25.

The previous four weeks saw two big buys (+62m and +47m barrels) and two big sells (-34m and -50m barrels) as investor sentiment shifted.

The mixed picture continued last week, with big Brent buying (+29m barrels) and smaller buying NYMEX and ICE WTI (+6m) and US gasoline (+6m). ).

But this was partly offset by weak sales of US diesel (-4 million) and European diesel (-2 million).

Fund managers still have an overall bullish bias on oil, with longs outnumbering shorts by a ratio of 5.17:1 (66th percentile for all weeks since 2013).

But uncertainty is high and confidence is low, with a net position of just 503 million barrels (33rd percentile for all weeks since 2013).

In Brent, the long-short ratio is in the 75th percentile (bullish) but the net position is only in the 41st percentile (relatively low confidence).

In middle distillates, the long-short ratio is in the 74th percentile, but the net position is more modest in the 58th percentile.

card book: Trader CFTC and ICE Commitments

U.S. and global crude oil and distillate inventories are at their seasonal lows in decades, creating an upward bias for prices.

But the US Federal Reserve is raising interest rates at the fastest rate in 40 years to drive inflation out of the economy.

And most other major central banks are following suit, leading to a rapid tightening of financial conditions around the world.

The resulting cyclical slowdown should dampen crude and distillate consumption and rebuild inventories to more comfortable levels.

The timing of any rebuilding is uncertain, however, and inventories could remain tight or even depleted further in the near term.

In addition to purely economic factors, EU sanctions on shipping and insurance services for Russian crude and distillate exports expected to come into effect in December and February could further tighten supply.

With so many conflicting factors, traders and investors find it difficult to form a mid-term outlook on price with conviction, leaving the market directionless in the meantime.

Associated columns:

– Oil investors on the defensive as recessionary forces intensify (Reuters, October 24)

– OPEC⁺ cuts draw funds to oil market (Reuters, October 17)

— Diesel’s grim message for the global economy (Reuters, October 14)

– OPEC⁺ cut brings speculative funds back to oil market (Reuters, October 10)

– John Kemp is a market analyst at Reuters. Opinions expressed are his own.

Editing by Jan Harvey

Our standards: The Thomson Reuters Trust Principles.

The opinions expressed are those of the author. They do not reflect the views of Reuters News, which is committed to integrity, independence and non-partisanship by principles of trust.

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