It is the 15th of September 2019

News

Explaining Today's Market Action (Hint: Blame Risk Parity)

From Charlie McElligott, head of cross-asset strategy  of RBC

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This Won't End Well - US Asset Managers Target Australia's $1.5 Trillion Pension Funds

Hedge funds attracted a net $44 billion in assets globally last year, the smallest amount since 2012. As these increasingly desperate funds try to change that in 2016, one enormous target has been identified in Australia.

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"It Been Horrendous" - Investor Tries To Pull Cash From Valeant-Heavy Fund, Gets Shares Instead

When people talk about the historic collapse of Valeant's stock price (down 65% this year), the first name that usually comes to mind is that of Bill Ackman whose Pershing Square has been one of the biggest investors in VRX stock and also one of the biggest losers, wiping out billions in assets under management as a result of Valeant's unprecedented unwind late last summer.

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In "Very Unusual" Move, Avenue Capital's Junk Bond Fund Stops Reporting Asset Levels

A month after we first noted the major redemptions at Avenue Capital Group's credit fund (note this is a different fund from Third Avenue), and just one trading day after CEO Marc Lasry strolled arrogantly on to CNBC and told the public that "I don't think it's a time to panic, I think it's actually a time where you've got opportunities out there," Morningstar reports the Avenue Credit Strategies Fund has failed to report asset levels since about mid-December.

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