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Joseph Chi, co-head of portfolio management at Dimensional Fund Advisors, said there is research that shows that high-demand stocks that borrowers are paying high fees on tend to underperform the market. The underperformance is generally in line with the fee paid by the borrower to the fund loaning the stock, he said ferragamo cufflinks amazon uk sale. Yet if a fund company’s securities lending agent is keeping a large percentage of the revenue, what investors get may fall short of making up for the stock’s underperformance, Chi said..
Mutual funds and pension funds have long lent their securities to short-sellers to boost income for investors. In some cases, the borrowing fees can be substantial, offsetting most or all of a fund’s operating expenses ferragamo cufflinks amazon uk sale. The DFA Emerging Markets Small Cap Portfolio (DEMSX.O) generated $28.5 million in securities lending income during the six-month period that ended April 30. That was more than the fund’s $25.2 million in total expenses, giving investors a boost of nearly 0.4 percent on net assets of $7.25 billion, fund disclosures show..
Another drawback to securities lending is how borrowed shares affect pivotal corporate elections, such as takeover proposals because asset managers who loan their shares give up their right to vote attached to those shares. Bruce Goldfarb, president of Okapi Partners, a so-called “proxy solicitor” who rounds up votes in corporate elections, said the widespread lending of stock for short-selling often factors in those elections ferragamo cufflinks amazon uk sale. A common way this plays out, Goldfarb said, is when corporate leaders forget that an asset manager may not have as many available votes as their listed portfolio holdings suggest. Goldfarb said this probably happened in 2014 when he represented hedge fund Casablanca Capital in its successful takeover of miner Cliffs Natural Resources, now Cleveland-Cliffs Inc (CLF.N)..
“We couldn’t understand why the company was so confident” it would win the contest, Goldfarb said. James Kirsch, Cliffs’ chairman at the time, declined to comment ferragamo cufflinks amazon uk sale. Fund managers can recall loaned-out shares for voting, but that option is often weighed against the extra money to be made from securities lending. Regulatory disclosures suggest asset managers often choose the money. “We believe that, generally, the likely economic value of casting most votes is less than the securities lending income,” BlackRock said in an Oct. 26 fund disclosure..
HONG KONG (Reuters) – Chinese PC maker Lenovo Group (0992.HK) reported a 21 percent rise in second-quarter net profit, beating expectations, thanks to more premium computers it sold during the period ferragamo cufflinks amazon uk sale. Net profit for the quarter ended September came in at $168 million, versus $139 million a year earlier and an average estimate of $118 million from 9 analysts, according to Refinitiv data. Revenue rose 14 percent to $13.38 billion, the highest quarterly revenue in almost four years, helped by an improvement in product mix toward more commercial PCs – a more lucrative category than consumer PCs..