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’[SFTW] The ship is easier to salvage than the supermarket
Two solid FTSE stocks, covered by a total of more than 50 analysts, fell by 15% in a day during the first couple of weeks of January. It would have been downright spooky for any of Carnival’s crew of followers to have predicted the bizarre sinking of the Costa Concordia,
Snap news
Breaking pre-market news on Monday,
- BHP Billtion to plough $4bn into US shale gas — statement.
- Sage rejects claims for damages by Archer Capital — statement.
- ITV reduces capex forecast;
Snap news
Breaking pre-market news on Wednesday,
- 3i appoints Greenhill’s Simon Borrows as its new chief investment officer — statement and results.
- Sodexo sees Q3 sales growth slow, but retains targets — statement.
Ding dong! merrily on high
6 per cent and rising….
Anthony Bolton, manager Fidelity’s China Special Situations Fund, on what lies behind December’s stock market rally:
During the last few weeks the global bull market appears to have resumed.
Chasing the dragon with Anthony Bolton
Solved. Anthony Bolton’s nice-to-have Chinese problem.
From Fidelity’s China Special Situations fund on Tuesday afternoon:
In the period from admission to trading on the London Stock Exchange on 19 April 2010 to 8 November 2010,
Bolton’s special situation
Here’s a nice problem to have.
Via a stock exchange announcement from Anthony Bolton’s Fidelity China Special Situations (FCSS) investment trust:
Due to the consistently high levels of market demand,
Bolton’s comeback – the details
Click for the Fidelity China Special Situations prospectus…
Related links:
Chasing the dragon - FT Alphaville
Bolton’s new China investment trust unveiled – FT
Chasing the dragon
Launching the Fidelity China Special Situations this week, star fund manager Anthony Bolton claimed China was the place to be, from an investment perspective, over the next 10 years:
“I firmly believe that China is the investment opportunity of the next decade.
Bolton on tour
Click to enlarge:
Those are the planned movements of Anthony Bolton over the next couple of weeks, as the star fund manager looks to raise £630m for his new venture in China.
Fidelity China Special Situations will be a closed-ended investment company that will be listed on the LSE in mid-April if all goes to plan.
Fidelity forecasts positive decade for stocks
When it comes to talking their own books, the big beasts of the money management world are never backward in coming forward.
So far in January, we have been treated to Pimco’s view on UK and US government debt,
Attention Anthony Bolton
With the Fidelity man off to China in the not too distant future, we have some suggested reading for him.
It’s the latest Popular Delusions note from SocGen’s Dylan Crisis (née Grice).
Like Bolton he thinks there is plenty of long-term upside in China but he reckons China’s looming financial crisis will provide the next buying opportunity.
Bolton in surprise China move
Anthony Bolton, Fidelity’s president of investments and former star stock-picker at Fidelity International, has shelved his retirement plans to relocate from London to Hong Kong to set up a China-focused fund.
Guess who’s back
FT Alphaville could not let the day pass without commenting on the news that Anthony Bolton is deferring his retirement and returning to running money.
And the reason for the comeback? The Fidelity man is very excited by the investment opportunities available in China.
SEC manages to win an insider trading case
What’s this? Has the SEC managed to successfully prosecute someone for insider trading?
Looks like it, according to Reuters:
Federal securities regulators won an insider trading case when a jury in Boston ruled that a former Fidelity employee illegally profited from trading stocks that the mutual fund giant was buying for itself.
Adventures in hybrid debt, fixed income fund edition
So who buys banks’ hybrid, or subordinated, debt?
Fixed income funds (FIFs), for a start. And S&P’s just-released report into UK FIFs makes for an interesting illustration of what’s been going on in the sector.
KKR plans Dollar General IPO
KKR is in advanced preparations for an IPO of stock in houseware and food retailer Dollar General, as the US buyout firm tries to solidify its reputation ahead of its own trip to the public markets, reports the WSJ.
Bolton says ♥ short selling monsters
That’s Anthony Bolton, of course.
Writing in Thursday’s FT, the nearest thing the UK has to a Warren Buffett-style investment guru, says we should learn to appreciate the activities of those fine upstanding citizens of W1:
Fidelity joins KKR in listings deal
Mutual fund group Fidelity is teaming up with US buyout firm KKR, in an unusual deal that will give Fidelity’s huge retail client base access to future public listings of KKR-owned and underwritten companies.
Bull market Britain
Anthony Bolton‘s right! The FTSE 100 is up 21.6 per cent from its March low.
Which gives us an excuse to break out this JPEG:
Anthony “The Bull” Bolton
Sorry, but we could not resist this insight, from Fidelity’s finest.
From Bloomberg on Thursday morning:Anthony Bolton, president of investments at Fidelity International, said a bull market in equities has already begun and financial shares are poised to drive recent gains higher.
Bottom fishing, by Anthony Bolton
We have noted here before that Anthony Bolton is about as close as the British investment community gets to a Warren Buffet-style “investment sage”.
So each time, Bolton, now semi-retired from Fidelity International,
Fidelity to rank independent researchers
Independent research firms will come under pressure in coming months as the agreement requiring Wall Street companies to offer third-party research expires. As the end of the regulatory settlement nears,
Fidelity set to axe hundreds of UK staff
Fidelity International is cutting several hundred jobs from its UK operations as deteriorating investment markets take their toll on the group’s revenues and profitability. The latest round of job cuts will be completed by the new year,
The ARS saga: Wider and wider….
There’s no stopping him: the office of New York attorney general Andrew Cuomo is now probing the relationship between Fidelity Investments and Goldman Sachs as part of its investigation into the sale of auction-rate securities,
Wall St feuds over ARS buybacks
A feud is brewing between those Wall Street firms that have agreed to buy back auction-rate securities and those that haven’t, reports the WSJ. In recent weeks, UBS, Citigroup, JPMorgan, Morgan Stanley,
Ex-Fidelity executive to head Putnam
Bob Reynolds, the former chief operating officer at Fidelity who was once considered the heir apparent to Fidelity chief Ned Johnson, has been appointed chief executive of Putnam Investments, the beleaguered Boston-based fund group.
Holiday weekend catch-up
In case you missed these stories:
Macro hedge funds show double-digit returns
Hedge funds that place bets based on views of the global economic outlook are the only categories of the investment vehicles to have racked up double-digit returns so far this year.
Private equity – a clumsy trick with too much debt?
It’s caused Michael Panzner at Financial Armageddon to revisit an old favourite, while Yves Smith at Naked Capitalism marvels at how otherwise sophisticated individuals want to believe in magic bullets.
Jail Ackman!
The monoline appreciation society clearly extends beyond those directly in the business of providing bond insurance wrappers.
Warren Buffett’s interest may have been of the exploitative variety, but now the likes of MBIA,
Fidelity re-opens Magellan flagship fund
It’s nice to know, amid the wrack and ruin of a horrible year for investment funds, that some are taking the reverse course.
Fidelity has reopened its flagship Magellan fund, which has been closed for a decade,