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Ontario Pension says any loss from FTX investment to have limited impact

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TORONTO, Nov 10 (Reuters) – The Ontario Teachers Pension Plan (OTPP) said on Thursday it had invested a total of $95 million to the troubled cryptocurrency exchange FTX and any financial loss from the exposure will have limited impact on the pension plan.

OTPP, Canada’s No. 3 pension fund, said it made the investments in FTX International and FTX U.S. exchange through its Teachers’ Venture Growth fund, representing less than 0.05% of the pension fund’s total net assets, it said.

FTX is scrambling to raise funds from investors and rivals as Chief Executive Sam Bankman-Fried urgently seeks to save the cryptocurrency exchange that has been buffeted by a rush of customer withdrawals. read more

OTPP is the second Canadian pension fund that has found itself caught up in the crypto turmoil.

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In August, Canada’s No. 2 pension fund Caisse de dépôt et placement du Québec wrote down about $150 million of its investments in crypto lending firm Celsius after it filed for bankruptcy protection earlier this year.

In an interview with Reuters in September, OTPP had described its investment in FTX as the one having “lowest” risk profile in this space.

Teacher’s Venture Growth invests in early stage start-ups.

“Naturally, not all of the investments in this early-stage asset class perform to expectations,” the fund said.

The Ontario government, which is a joint sponsor of the pension fund, said that the Financial Services Regulatory Authority of Ontario, as the regulator of OTPP, engages with plans to ensure appropriate risk management processes are in place. FSRAO did not provide an immediate comment.

Most other Canadian pensions fund, who are prolific global investors, have stayed away from crypto investments. Canada’s fifth-largest fund PSP said it wanted to be cautious despite being interested in the crypto space,

“You have to be careful as a pension fund and as a long term investor when you step into innovation and a new technology,” said Herman Bril, head of Responsible Investment at Montreal-based Public Sector Pension Investment Board.

Reporting by Divya Rajagopal and Maiya Keidan in Toronto, editing by Deepa Babington

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Imperial Oil to invest $720M in renewable diesel plant near Edmonton – Yahoo Canada Finance

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Calgary-based Imperial Oil says its renewable diesel project will be the largest of its kind in Canada. (GETTY)

Imperial Oil (IMO.TO)(IMO) says it will invest $720 million to advance its Strathcona renewable diesel facility near Edmonton.

The Calgary-based company has touted the project as the largest of its kind in Canada, aiming to produce more than one billion litres per year, or 20,000 barrels per day, of renewable diesel. Imperial says the fuel has the potential to eliminate about three million tonnes of emissions per year, compared to conventional fuels.

Imperial projects renewable diesel production will begin in 2025. The company says hydrogen and biofeedstock will be combined with a proprietary catalyst to produce premium lower-carbon diesel fuel. The project was first announced in August 2021.

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Last year, Imperial said a final investment decision for the renewable diesel facility was expected in the coming months, based on factors including government support and approvals, market conditions and economic competitiveness. The company said on Thursday that regulators are expected to approve the project “in the near term.”

“Imperial supports Canada’s vision for a lower-emission future, and we are making strategic investments to reduce greenhouse gas emissions from our own operations and to help customers in vital sectors of the economy reduce their emissions,” CEO and president Brad Corson said in a news release on Thursday.

In September, Imperial announced a long-term contract with Air Products and Chemicals (APD ) to supply low-carbon hydrogen for the proposed renewable diesel complex. The company says it is looking for third parties for bio-feedstock supply needed to produce renewable diesel fuel.

Imperial says a significant portion of the renewable diesel from Strathcona will be supplied to British Columbia in support of the province’s plan to lower carbon emissions.

Imperial has laid out goals to reduce its greenhouse gas intensity by 30 per cent by 2030 and reach net-zero in the company’s oilsands operations by 2050. The company says it plans to use renewable diesel in its operations to reduce emissions.

Imperial will report fourth-quarter 2022 financial results on Jan. 31.

Toronto-listed shares added 1.75 per cent to $71.00 as at 11:07 a.m. ET Thursday. The stock has added about 38 per cent over the last 12 months.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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Imperial Oil to invest $720-million to construct renewable diesel facility in Canada – The Globe and Mail

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Imperial Oil Ltd. IMO-T says it is going ahead with a $720-million project to build a renewable diesel facility at its Strathcona refinery near Edmonton.

The project, first announced in August 2021, is expected to produce 20,000 barrels per day of renewable diesel once it is complete.

The company says a significant portion of the production will be sent to British Columbia to support the province’s plan to lower carbon emissions.

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Imperial says it also plans to use renewable diesel in operations as part of its emission reduction plans.

Renewable diesel production is expected to start in 2025.

Imperial says the project is expected to create about 600 direct construction jobs.

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Is Tesla (TSLA) Still a Worthy Investment?

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Distillate Capital, an investment management firm, released its fourth quarter 2022 investor letter, a copy of the same can be downloaded here. At the end of the fourth quarter, Distillate’s U.S. FSV strategy declined 10.58% on a total return basis net of fees compared to a decline of 18.11% for the S&P 500 benchmark. Better relative performance for Distillate’s SMID QV strategy continued into 2022 with a decline of 8.64% on a total return net-of-fee basis, significantly ahead of a comparable decline of 20.49% for the Russell 2000 ETF and -14.67% for the Russell 2000 Value ETF. On the other hand, Distillate’s Intl. FSV strategy again lagged its MSCI ACWI Ex-US benchmark in 2022, while the Distillate’s U.S. FSV strategy’s free cash flow to market cap yield valuation of 7.2% compares very favorably to 5.1% for the same measure for the S&P 500. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

In its Q3 2022 investor letter, Distillate Capital mentioned Tesla, Inc. (NASDAQ:TSLA) and explained its insights for the company. Founded in 2003, Tesla, Inc. (NASDAQ:TSLA) is an Austin, Texas-based multinational automotive and clean energy company with a $454.3 billion market capitalization. Tesla, Inc. (NASDAQ:TSLA) delivered a 16.81% return since the beginning of the year, while its 12-month returns are down by -53.00%. The stock closed at $143.89 per share on January 24, 2023.

Here is what Distillate Capital has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q3 2022 investor letter:

“The fund’s relative outperformance occurred despite a nearly 2.5% headwind from being underweight the energy and utilities sectors where cash flow instability and leverage tend to limit our holdings domestically. By individual stock, the largest contributors to relative outperformance were unowned positions in Amazon and Tesla, Inc. (NASDAQ:TSLA) which declined around 50% and 65% during the year, respectively.”

Tesla
Tesla

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Our calculations show that Tesla, Inc. (NASDAQ:TSLA) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Tesla, Inc. (NASDAQ:TSLA) was in 88 hedge fund portfolios at the end of the second quarter of 2022, compared to 73 funds in the previous quarter. Tesla, Inc. (NASDAQ:TSLA) delivered a -35.31% return in the past 3 months.

In January 2023, we also shared another hedge fund’s views on Tesla, Inc. (NASDAQ:TSLA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q4 2022 page.

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Disclosure: None. This article is originally published at Insider Monkey.

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