ClearBridge Investments, an investment management firm, published its “Global Infrastructure Value Strategy” second quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Global Infrastructure Value Strategy performed well versus the infrastructure benchmark, which underperformed global equities for the quarter. You can take a look at the fund’s top 5 holdings to have an idea about their top bets for 2021.
In the Q2 2021 investor letter of ClearBridge Investments, the fund mentioned Enbridge Inc. (NYSE: ENB) and discussed its stance on the firm. Enbridge Inc. is a Calgary, Canada-based natural gas distribution company with an $81 billion market capitalization. ENB delivered a 25.10% return since the beginning of the year, while its 12-month returns are up by 38.19%. The stock closed at $40.02 per share on October 01, 2021.
Here is what ClearBridge Investments has to say about Enbridge Inc. in its Q2 2021 investor letter:
“On a regional basis, the U.S. and Canada was the top contributor to quarterly performance, of which Canadian energy infrastructure company Enbridge was one of the lead performers. Enbridge owns and operates one of the largest oil and gas pipeline networks in North America. The company also owns regulated gas distribution utilities in Ontario, Canada. Enbridge’s Line 3 Replacement Project received a favorable court ruling regarding the adequacy of its Environmental Impact Statement. This significantly lowers the execution risk for the project and enables the company to place the project into service later in the year.”
Based on our calculations, Enbridge Inc. (NYSE: ENB) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. ENB was in 19 hedge fund portfolios at the end of the first half of 2021, compared to 22 funds in the previous quarter. Enbridge Inc. (NYSE: ENB) delivered a -1.65% return in the past 3 months.
Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research has shown that hedge funds’ small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest-growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage.
Disclosure: None. This article is originally published at Insider Monkey.
Kelowna investment banker fined | Business | pentictonherald.ca – pentictonherald.ca
A Kelowna investment portfolio manager had inadequate compliance systems, record-keeping, and financial reporting, an investigation has found.
Kilburn Ogilvie Waymann Investment Management Ltd. has paid $55,700 to the B.C. Securities Commission in a settlement agreement for not managing business-associated risks and not providing reasonable assurance that it complied with securities legislation.
“Despite the deficiencies, there is no evidence that any clients were harmed,” the BCSC stated in Monday release.
As part of the firm’s settlement agreement with the BCSC, it must retain an independent compliance consultant for two years.
During a 2019 field investigation, BCSC staff found various problems with Kilburn Ogilvie Waymann Investment Management Ltd. These included:
– making unsubstantiated marketing claims
– not maintaining records capable of generating certain account activity reports
– inaccurately calculating its excess working capital
– producing deficient audited financial statements
The company’s chief compliance officer also failed to adequately perform his duties, the BCSC says.
The company’s website shows two employees, Trevor Kilburn, based in Kelowna, and John Waymann, based in Toronto. Between them, they have more than 75 years of combined investing experience, the website says.
Doug Ford promises ‘huge’ investment in Windsor, Ont., auto plant after shift cuts – Global News
TECUMSEH, Ont. — Ontario Premier Doug Ford says the province and federal governments will be making a “huge” investment in a Windsor, Ont., auto assembly plant to help ramp up production after the company announced a shift cut.
Stellantis, formerly known as Fiat Chrysler Automobiles, announced last week that it will cut its Windsor Assembly Plant down to one shift next spring in a move that will mean about 1,800 lost jobs.
The company says the move comes as the automotive industry faces significant headwinds including the semiconductor shortage and the effects of COVID-19.
The cut from two shifts comes after Stellantis cut the third shift at the minivan plant in 2020 at a loss of about 1,500 jobs.
Ford, speaking near Windsor on Monday, says he wants to see three shifts again at the plant, and he will be speaking with Stellantis leadership on Tuesday.
The premier was not able to offer details on the investment, but said between both levels of government it’s “hundreds of millions” of dollars.
Stellantis has reaffirmed its commitment in a 2020 collective agreement with the local Unifor union to spend upwards of $1.5 billion at the plant.
The Windsor plant produces the Chrysler Pacifica, Chrysler Voyager and Chrysler Grand Caravan.
Ford also spoke of his interest in having a battery facility in Windsor.
“We have all the natural resources, we have the lithium, we have the nickel, we have the cobalt, folks, everything is here,” he said.
“We don’t need to bring these batteries in from overseas. We have everything here. On top of that we have the best workforce anywhere in the world … Any people out there that are listening that want to expand in Ontario, especially the battery business, we’ll be at your front doorstep and we’ll be ready to make a deal with you.”
© 2021 The Canadian Press
Boris Johnson Says UK Doesn't Want to Turn Away Chinese Investment – BNN
(Bloomberg) — Prime Minister Boris Johnson said he is not about to “pitchfork away” offers of Chinese investment despite the concerns of some of his own lawmakers.
Decisions to bar Chinese companies from Britain’s fifth-generation communication networks and nuclear power, and condemnation of China’s human-rights record have soured relations with Beijing over the last few years, but Johnson maintains he is pro-China.
“I am no Sinophobe — very far from it,” Johnson said in an interview with Bloomberg Editor-in-Chief John Micklethwait on Monday. “I’m not going to tell you that the U.K. government is going to pitchfork away every overture from China.”
Read More: Johnson Hosts Business Leaders’ Dinner Amid U.K. Investment Push
Johnson was speaking ahead of an investment conference in London on Tuesday designed to boost investment into the U.K. and just a fortnight before he hosts the Cop-26 climate summit in Scotland. With Chinese President Xi Jinping likely to be absent from the summit, concerns are growing China may refuse to set new climate change goals and deprive Johnson of a clear win on tackling global warming.
U.K. imports from China amounted to 67.6 billion pounds ($92.8 billion) in the year through June, according to U.K. statistics, a rise of nearly 40% from the previous year. That makes China the U.K.’s third largest trading partner.
“China is a gigantic part of our economic life and will be for a long time — for our lifetimes,” Johnson said. “But that does not mean that we should be naive in the way that we look at our critical national infrastructure.”
The government has said that Chinese firms are welcome to invest in non-strategic parts of the economy but Johnson refused to spell out exactly where he would draw the line. “You’d have to look at what you’re defining as strategic,” he said.
As part of the investment conference, Huaneng will invest in a 50-megawatt battery project.
The U.K. has already introduced legislation making it harder for foreign investors to take significant stakes in critical national infrastructure.
Read More: China Blasts ‘Despicable’ U.K. Move to Ban Envoy From Parliament
Last month, China’s ambassador to London, Zheng Zeguang, was prevented from participating in a meeting in the U.K. Parliament in a case that crystallized the conflicting attitudes among Tory MPs.
Zheng had been asked to attend by Conservative member Richard Graham, who chairs a group of lawmakers seeking to foster good relations with China. But the invitation drew outrage from others who have been sanctioned by Beijing for speaking out over alleged human rights abuses and the invitation was canceled by Parliamentary Speaker Lindsay Hoyle.
Beijing has repeatedly denied any mistreatment of its Muslim Uyghur minority and insists crackdowns in Hong Kong are to prevent insurrection.
Johnson insisted that the relationship can prosper “in spite of all the difficult conversations about the Dalai Lama or Hong Kong or the Uyghurs.”
“Actually trade with China has continued to expand for a very long time and I think probably will continue to expand for the rest of our lives,” he said.
©2021 Bloomberg L.P.
Kelowna investment banker fined | Business | pentictonherald.ca – pentictonherald.ca
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