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In 2023, private markets experienced a slowdown in fundraising, deal activity, and performance due to macroeconomic headwinds such as rising financing costs and an uncertain growth outlook. Full-year fundraising declined globally, with North America and Asia being particularly affected. However, private equity buyout strategies had their best fundraising year ever, and larger managers and funds performed well. The concentration of fundraising among the largest fund managers increased, while smaller and newer funds struggled. Private markets also saw an increase in dry powder reserves and a decline in performance in real estate. Private debt remained resilient, and infrastructure fundraising declined but is expected to bounce back. Private markets still have work to do in terms of diversity, and there is growing excitement about the potential of artificial intelligence in the industry. [Extracted from the article]

Boaz Weinstein, the founder of Saba Capital Management, has returned to London and is focusing on UK investment trusts. Weinstein's hedge fund has invested in 36 UK trusts, including those managed by JPMorgan Asset Management, BlackRock Inc., Schroders Plc, and Baillie Gifford. He sees an opportunity in the UK due to better governance and the large discounts on closed-end funds. Weinstein has previously waged campaigns to close discounts at US firms and is now targeting the European Opportunities Trust in the UK. He believes that high fees and poor governance are issues in the industry. [Extracted from the article]

Investors are increasingly grappling with the challenge of accounting for Scope 3 emissions, which are the emissions produced by a company's customers and supply chain. These emissions typically make up over 80% of a company's carbon footprint. Regulators in various countries are signaling that mandatory disclosures of Scope 3 emissions are on the horizon. However, there are practical challenges in reporting and calculating Scope 3 numbers, including low disclosure rates, variable data quality, and poor comparability. Efforts are being made to define materiality and prioritize certain categories of Scope 3 emissions for investors. [Extracted from the article]

The Ireland Strategic Investment Fund (ISIF) has committed €50 million to P Capital Partners (PCP) Fund V, a closed-end fund that provides debt financing to mid-sized companies in Northern Europe, with a focus on the renewable and beyond-infra sectors. PCP Fund V considers ethical and environmental factors in its investment evaluations. ISIF's commitment aligns with its strategy of supporting Irish indigenous businesses. PCP Fund V's other investors include Folksam and LGPS. [Extracted from the article]

Ackman said his proposed new fund would invest in 12 to 24 core holdings in a closed-end structure designed for regular investors. [ABSTRACT FROM AUTHOR]

The chief investment officer for responsible investment at Man Group, Rob Furdak, suggests that the best defense against Republican attacks on ESG (environmental, social, and governance) investing is to demonstrate its positive impact on financial performance. Furdak emphasizes that Man Group incorporates ESG risks into their investment process because they believe it improves their overall strategy, not just to make the world a better place. He also notes that the perception that the US is anti-ESG is inaccurate, as there are more assets in pro-ESG states than anti-ESG states. Furdak highlights the importance of considering climate change as a risk and incorporating it into investment frameworks. Man Group uses screens to identify ESG risks, such as the exposure of food companies to drought, and emphasizes the relevance of supply chain risks in industries like mining and beverages. The article also mentions that ESG investors have faced losses recently, but ESG may be a safe strategy to protect against potential losses in a disrupted world. [Extracted from the article]

The chief investment officer for responsible investment at Man Group, Rob Furdak, suggests that the best defense against Republican attacks on environmental, social, and governance (ESG) investing is to demonstrate its ability to generate returns. Furdak emphasizes that Man Group incorporates ESG risks into its investment process because it believes it improves their investment strategy, not solely to make the world a better place. Despite the controversy surrounding ESG, Furdak states that it has not impacted Man Group's investment process and has reinforced their focus on financial materiality. He also highlights the importance of considering climate change risks in investment frameworks and supply chains. The article also mentions the recent losses faced by ESG investors and the potential for ESG to be a safe investing strategy in a disrupted world. [Extracted from the article]

The world's largest publicly traded hedge fund, Man Group, is emphasizing the ability of environmental, social, and governance (ESG) investing to generate returns as a defense against Republican attacks on the strategy. Man Group's chief investment officer for responsible investment, Rob Furdak, stated that they incorporate ESG factors into their investment process because they believe it improves their decision-making. Despite criticism from high-profile Republicans, Furdak stated that the focus on financial materiality has not impacted their investment process. ESG investors have faced losses recently, but some sectors, such as smart grid infrastructure, have performed well. Additionally, ESG may be seen as a safe strategy in a disrupted world, according to Virginie Maisonneuve, chief investment officer for equities at Allianz Global Investors. [Extracted from the article]

The New York State Common Retirement Fund (NYSCRF) has committed $250 million to the Stonepeak Opportunities Fund, a closed-end vehicle that focuses on infrastructure in the middle market. The investment closed on October 27, 2023, and as of October 31, the Stonepeak Opportunities Fund had raised $2.464 billion. NYSCRF has a preexisting relationship with Stonepeak, and no placement agents were involved in the deal. In addition to the Stonepeak commitment, NYSCRF also made LP commitments of $375 million to the Fundamental Empire Fund and $250 million to Castlelake's Aviation V Stable Yield fund, both in October. [Extracted from the article]

Municipal bond funds that use borrowing to increase returns had a strong month in November, surging almost 12%. Market experts believe that this is just the beginning, as evidence of slowing job growth and cooling inflation has led traders to believe that the Federal Reserve's rate-rise cycle is over. Leveraged closed-end muni funds are still trading at significant discounts to their net asset value, which has historically led to market-beating performance. Activist investors are also becoming interested in these funds, which could lead to measures that boost share value. However, some experts caution that the cost of leverage used by these funds is still high, and some funds are not earning enough from their holdings to sustain their dividends. [Extracted from the article]

The document titled "FINANCIAL OPERATIONS: OWNERSHIP OF FEDERAL SECURITIES: TABLE OFS-2--Estimated Ownership of U.S. Treasury Securities" provides a table showing the estimated ownership of U.S. Treasury securities. The data includes various categories such as Federal Reserve and Government accounts, pension funds, depository institutions, U.S. savings bonds, state and local governments, insurance companies, mutual funds, foreign and international investors, and other investors. The table presents the ownership figures for different time periods, from 2013 to 2023. The information is sourced from the Office of Debt Management and the Federal Reserve Board of Governors. The text explains that ownership data for property-casualty insurance companies was no longer included in the total starting in December 2018, and historical data updates were not captured due to a change in reporting. However, a new series is now being captured and the data for "Insurance companies" has been revised back to June 2013. This information is important for researchers studying property-casualty insurance companies and their ownership data. [Extracted from the article]

Presents data that rates closed-end stock funds on their relative performance to the Standard & Poor's 500 over four market cycles. Annualized total return over three specific periods; Assets as of June 30, 2000; Annual expenses; Closed-end funds include stock funds, taxable bond funds, and municipal bond funds.

The article observes the shift of investors to asset-based securitizations (ABS) as public song portfolio funds disappear. It discusses the stumbling blocks facing Hipgnosis Songs Fund and Round Hill fund in the music business including investors' misunderstanding of the way that music copyright grants administrative control to the owner, interest rates and debt. It differentiates ABS from the investment trust model and discusses the flexibility of securitizations over traditional debt.

Discusses investments in closed-end funds and evaluates a number of closed-end equity funds and closed-end bond funds. How closed-ends are trying to improve their visibility; Advantages of closed-end bond funds over conventional bond-funds; The best closed-end funds.

Several tables are presented with ratings of different types of funds such as stock funds, closed-end investment companies, and balanced funds as of 1976, including Explorer Fund, Madison Fund, and Northeast Investors Trust.

Several charts are presented depicting scoreboards for closed-end funds in the U.S. as of 1987.

Presents a look at the erratic behavior of closed-end funds. How the funds invest like mutual funds but trade on the market like stocks; Performance of the Thai Fund whose performance caused the Asian financial crisis in 1997; Risks in buying bond funds strictly on their yield; Charts ranking 190 closed-end funds.

Presents ratings of closed-end equity funds. Risk; Expense ratio; Yield; Maturity; Trend; Premium/discount. INSET: How To Use the Tables.

Features a guide for closed-end funds investing. Gains in net value (NAV); Market appreciation of shares; Navigating the closed-end world; Trickiness of investing in a closed-end fund; Bargains; Mark of foreign investing; Shrinking of premiums; Widening of discounts; Reasons for the trend; Best closed-end funds.

The article lists stock funds including closed-end funds, gold funds and funds that invest abroad, which were ranked and rated by "Forbes' Magazine and presented with their corresponding performance and investment results in 1987.

The article looks at Canadian-based closed-end investment company Argus Corp. as of February 1959. Topics include the company's investment policy, its stock performance, and its president Edward Plunket Taylor. A chart listing companies in Argus' portfolio including Canadian Breweries, Dominion Tar & Chemical, and agricultural equipment manufacturer Massey-Ferguson is presented.

The article looks at the fiscal performance of the closed-end investment companies in 1955. Topics discussed include the companies' sole purpose to invest in shares of other companies, decline in the asset value of the industry as measured by both Standard & Poor's (S&P) 90 Stock Average and the Dow-Jones Industrials (DJI), 12.8 percent increase in the net asset value of Adams Express, 12 percent for Tri-Continental and 7.9 percent for Lehman Corp.

Several charts are presented which list the performance as of August 1973 of several types of U.S. mutual funds, including balanced, stock, and closed-end funds.

The article presents the magazine’s survey of the mutual fund industry in the United States between 1962 and 1972, including ratings of individual funds' performance. Focus is given to ratings of load and no-load stock funds, closed-end funds, and balanced funds. The Forbes Mutual Fund Average index is compared to the Standard & Poor's 500 stock market index and some predictions regarding future trends in American mutual fund industry are provided.

The article discusses the different methods that newcomers can use to pick stocks in the U.S. It says that newcomers can completely rely on their own investment touch for choosing stocks or they can rely on the advice of their brokers. The author adds that newcomers can also hire professional money managers or form investor clubs with friends. A comparison between closed-end companies and open-end funds is also presented.

The article reports on closed-end and open-end mutual funds and statistics released by the National Association of Investment Companies. Open-end funds' flexible capital structure is usually common stock. They are part of the over-the counter market, sold by a securities dealer, and purchased at net asset value plus "loading charge." Closed-end funds have a fixed capitalization structure that might contain bonds and preferred stock. They are listed on the securities exchange, sold through a brokerage, and sometimes purchased at a discount. Examples are the closed-end Tri-Continental Corporation and the open-end Massachusetts Investors Trust. Statistics indicate that open-end investments have grown three times the aggregate amount of closed-end funds.

The article examines the growth of mutual funds from 1941 to 1952. Hard-selling mutuals controlled four times the assets of their closed-end counterparts, growing 707.5 percent. Some factors attributed to the success of mutuals included the small investment receiving the same professional management as the biggest private portfolio and funds offering a diversification of holdings.

Blue Owl Capital Corp. II and FS KKR Capital Corp. have entered the US investment-grade market, raising $350 million and $400 million respectively. They join Oaktree Specialty Lending Corp., which priced a $300 million deal. These business development companies (BDCs) are closed-end investment firms that provide capital to small and mid-sized companies. The move to tap the market now is aimed at boosting liquidity to manage loan portfolios, as bond maturities for BDCs are expected to increase in the next year and surge in 2025. Demand for new bonds appears strong, but investors should be cautious about giving up new issue premiums. Oaktree Specialty Lending had to sweeten its deal in August after it failed to gain traction. [Extracted from the article]

The British investment trust industry, which includes closed-end funds traded on stock exchanges, is experiencing a rapid decline. The sector, valued at £260 billion ($318 billion), has been hit hard by rising central bank interest rates and bond yields. As a result, many trusts are trading at a discount to their asset value, fundraising has plummeted, and multiple funds are closing or merging. The industry is also facing challenges from the disclosure of costs and competition from cheaper, passive, and liquid products. [Extracted from the article]

Analysts forecast the firm would collect a net $800 million during the period and manage $163.5 billion at the end of September, according company-compiled estimates. (Bloomberg) -- Man Group Plc reported assets reached a new high after clients poured more money into its funds and following its acquisition of private credit firm Varagon Capital Partners. [Extracted from the article]