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Federated Investors' top fund manager thinks the market is wrongly pricing in a 2019 recession

Federated Investors' top fund manager thinks the market is wrongly pricing in a 2019 recession

Finance
Wall Street angst over a possible recession may be increasing, but one bull refuses to waver. Federated Investors' Steve Chiavarone believes there's nothing on the horizon that suggests the 2018 market corrections will become a massive downturn next year.Rather, he sees stocks hitting fresh record highs — citing labor market trends, inflation levels, the Treasury yield curve and credit spreads as key factors contributing to a favorable economic and market environment. "We don't have any of the early signs of recession. Yet, we have a market where despite 20 percent earnings growth, the P/Es [price-earnings ratios] have ...
Norwegian fund, German utility exchange barbs over coal mine

Norwegian fund, German utility exchange barbs over coal mine

Technology
A Norwegian pension fund is doubling down on its criticism of German utility firm RWE over the power company's long-term plans to use coal. The chief executive of Storebrand, Jan Erik Saugestad, said Thursday that "continued expansion of coal mines and support of coal-fired power has no future" if the world wants to limit global warming to 1.5 degrees Celsius . Saugestad, whose company manages assets worth $ 85 billion, had called earlier this week for investors to sell their shares in RWE because of its plans to expand a coal mine by chopping down Germany's ancient Hambach forest . RWE hit back Wednesday, saying "everybody needs to do their part" and coal-fired plants are needed to ensure stable power supplies in Germany following the country's decision to phase out nuclear plants.Let's...
Mutual fund investors are not cashing out

Mutual fund investors are not cashing out

Finance
MUMBAI: A section of the retail investors in India is showing signs of maturity. Despite a sharp slide in the leading indices, several investors are not rushing to redeem their investments from equity mutual funds. This is a clear departure from earlier habits when retail investors hurried to redeem when markets showed a sharp southward movement. In fact, some are considering investing more since prices of a large number of good quality stocks are down, fund managers and financial planners said. In September, there were net inflows of about Rs 8,000 crore in equity funds, of which about Rs 7,000 crore was through the systematic investment plan (SIP) route and the balance as the lump sum investments, said A Balasubramanian, chairman, AMFI, the mutual fund industry trade body. MF distributor...
Top-ranked female portfolio managers discuss gender imbalance in fund management

Top-ranked female portfolio managers discuss gender imbalance in fund management

Finance
It's hardly a surprise that the asset management industry has a gender problem. Even so, some might be taken aback by the actual scale of the issue. Of the 16,084 portfolio managers tracked by Citywire around the world, just 1,662 — or 10.3 percent — are women. In the United States that figure falls to 9 percent. (Citywire is a financial publishing and information group that tracks the performance of fund managers.) There are multiple social and structural reasons for this but, crucially, no evidence that women underperform men when it comes to running money. In an effort to highlight the best female portfolio man...
New cash will fund Canadian shale operations

New cash will fund Canadian shale operations

Business
Aug. 17 (UPI) -- Australian energy company Calima said Friday that investment interest was strong enough to support a robust drilling campaign in a Canadian shale basin. In an emailed statement, the company said it was oversubscribed in a share placement, taking in $ 18.1 million (USD) that it would use to fund operations in the Montney shale basin in western Canada. "Proceeds from the placement will be used by Calima to drill and test three wells on the Calima lands within the Montney," Alan Stein, the managing director for Calima Energy, said. The company said it's uncovered more than 500 drilling sites near its acreage that revealed promise for a hydraulic fracturing campaign in the Montney shale basin in British Columbia. Advances in horizontal drilling and hydraulic fracturing, or f...