9 percent in performance terms so far this year
Non classé / 19 juillet 2014
Canada Goose Jackets Hedge funds uk canada goose back off banks as mutual funds dip in Canada Goose Jackets
canada goose clearance LONDON (Reuters) Hedge funds who have tried to make money canadian goose jacket out of European buy canada goose jacket cheap banks during the euro debt crisis are becoming frustrated with the sector erratic movements just as canada goose factory sale some bigger, and more patient, institutions are dipping tentatively back in. canada goose clearance
canada goose black friday sale But the sector canada goose clearance at the root of the global financial crisis has repeatedly disappointed investors after each attempt to call a floor, from a rally at the canada goose uk black friday beginning of 2009 on hopes that the worst of the global credit crunch was over to short Canada Goose sale lived optimism over the European Central Bank liquidity injections. canada goose black friday sale
canada goose store In addition, scandals and increasing regulatory demands have been shrinking returns canada goose sale on equity while economic recession is likely to keep loan growth on the ropes for years to come. canada goose store
That has prompted at least some hedge funds to pull out, while mutual funds and other institutional investors are stock picking only with considerable caution, reluctant to call any sustained rally in the unchartered territory cheap Canada Goose of the euro crisis.
buy canada goose jacket cheap One hedge fund investor who spoke on condition of anonymity told Reuters that more hedge canada goose black friday sale funds have been cutting canada goose coats on sale their positions than increasing them, while Canada Goose Outlet some had given up altogether, viewing the sector as too opaque. buy canada goose jacket cheap
cheap Canada Goose lot of managers feel long term they good holdings society does still need banks and valuations (are interesting). But the view is that they less and less analysable, said the investor, who holds Canada Goose Online money in a wide range of hedge funds, said. cheap Canada Goose
Canada Goose Parka seen a few examples where they thrown in the towel or used banks as a source of capital for something else, said the investor, who declined to be canada goose uk shop identified because of hedge fund reluctance to detail investment decisions. Canada Goose Parka
Among those to have reduced their positions is Lansdowne Partners, according to the source. Lansdowne, which runs $11 canada goose billion (6.77 billion pounds) in assets and whose $6.8 billion Developed Markets fund fell 20 percent last year, has Canada Goose Parka been hurt by bank holdings. The firm, which is up 5.9 percent in performance terms so far this year, declined to comment.
Canada Goose Outlet Data suggests hedge funds are now scaling back both on owning bank stocks and on short positions bets on a lower price. Canada Goose Outlet
Hedge canada goose coats fund long exposure to financials bets on rising prices has come down to 19.1 percent in July from 20.4 percent in February, according to JP Morgan data, while Markit data buy canada goose jacket on stock lending a good proxy for shorting shows positions being cut.
canada goose coats The volatility of banks can be particularly hard for the hedge fund sector, whose investors tend canada goose clearance sale to be more fickle than mutual fund investors and can become disgruntled faster than institutional investors by poor returns. canada goose coats
Canada Goose online 4 1/2 years, it the first time I convinced it is worth looking at them again, said Andreas Thomae, portfolio manager financials at Germany Deka Investment, which canada goose store manages 150 billion euros (121 billion pounds) of assets. Canada Goose online
canadian goose jacket think we have seen the low point in bank valuations. in steps (the rally) can become a trend. canadian goose jacket
Despite a rebound that outperforms the pan European Stoxx600 for this year, banks are still by far the worst performing sector in the region since the Lehman 2008 collapse, having lost nearly 50 percent.
canada goose do like banks. We see a lot of financials firms that are very cheap, trading perhaps below book value but producing very decent levels of profit, said Bill Maldonado, head of global equities at HSBC Global Asset Management. present bank shares are pricing a very negative global economy and we don attach a material probability to this occurring. canada goose
The European bank index is trading at about 0.7 times book value.
canada goose clearance sale John Velis, cheap canada goose uk EMEA head of capital markets research of Russell Canada Goose Jackets Investments, said the firm, which has over $150 billion in assets under management, has turned from negative to neutral on banks and slightly moderated its underweight position. canada goose clearance sale
buy canada goose jacket that things seem to be for the time off the Canada Goose Coats On Sale boil, perhaps only for the short term, there is no reason to be negative Europe or the banking sector, Velis said. buy canada goose jacket
canada goose deals But he warned that it was hard to predict how things uk canada goose outlet would develop, a caution echoed by mutual funds and other institutional investors treading back to bank stocks. canada goose deals
Canada Goose sale Carmignac Gestion, which runs over $60 billion, is edging back after shunning bank stocks for two years. Banks now account for 5 percent of its European portfolio, said Didier Saint Georges of Carmignac investment committee. Canada Goose sale
canada goose coats on sale (ECB President) Draghi has said opens up enough possibilities of a reduction of the sovereign debt risk for us to be a bit https://www.canadagoosesale.info canada goose uk outlet less cautious on banks, Saint Georges said. But he Canada Goose online added: are cautious and choosing banks that seem strong enough and where there is little risk of capital increase. canada goose coats on sale
Additional reporting by Joel Dimmock, Steve Slater and Sujata Rao; Graphics by Vincent Flasseur and Scott Barber; Editing by Ruth Pitchford.