Latest news with #NinetyOne
Bloomberg
3 days ago
- Business
- Bloomberg
AT1 Yield Hunters Are Skewing the Arcane Math of Risky Bank Debt
A relentless hunt for yield is messing up the intricate bond math in the riskiest type of bank debt. Investors of all stripes are piling into new Additional Tier 1 debt, lured by some of the highest yields among existing bonds, and demand is far outstripping the flood of fresh sales. The problem, according to veterans like AllianceBernstein and NinetyOne is that the new buyers are focusing too much on the high coupons. While that may work for other markets, it doesn't for AT1s.
Bloomberg
7 days ago
- Business
- Bloomberg
Ninety One's Kent on Blurring Lines Between EM and DM: EM Lens
Traditional safe havens are misbehaving as the once distinct boundaries between emerging and developed markets begins to blur. Peter Kent, Co-Head of Emerging Market Fixed Income at Ninety One, joins Bloomberg Intelligence Chief EM Fixed Income Strategist Damian Sassower to break down the risks and opportunities facing asset allocators across the globe. Kent and Sassower touch on global trade, supply shocks, capital flows, fiscal balances, investor positioning and currency volatility as the perceived safety of developed market debt is called into question.
Daily Maverick
14-07-2025
- Entertainment
- Daily Maverick
The Gathering 2025: Daily Maverick's flagship event returns for its 15th edition
After another sold-out edition in 2024, Daily Maverick's headline event, The Gathering 2025, brought to you in partnership with Ninety One, returns on Thursday, 28 August 2025, at the Cape Town International Convention Centre, with general access tickets to the public now officially open. This isn't just another current affairs conference — The Gathering is where South Africa's boldest thinkers and leaders come together to tackle the country's most urgent challenges and explore ideas that could shape the future. Last year's tickets sold out in record time — proof that South Africans are hungry for spaces that matter, conversations that count and change that lasts. This year's theme: Changemakers | The Impact Edition The 2025 edition will spotlight people and ideas driving meaningful change across South Africa, with a programme designed to challenge, provoke and inspire. Hosted by award-winning journalist, sharp political commentator and one of South Africa's most distinctive voices Rebecca Davis, she confirmed speakers joining us on stage include: Cosatu president Zingiswa Losi, Minister of Basic Education Siviwe Gwarube, acclaimed artist Mary Sibande, CEO of SmartStart Grace Matlhape, journalist and human rights activist Mark Heywood, philanthropist and co-founder of the Kolisi Foundation Rachel Kolisi and fibertime founder Alan Knott-Craig. Plus: Co-founders of Murmur Intelligence Kyle Findlay and Aldu Cornelissen, Daily Maverick CEO Styli Charalambous, award-winning journalists Pieter-Louis Myburgh, Estelle Ellis and Zukiswa Pikoli, and a special performance of Round of Applause: Freshly Squeezed for Daily Maverick by Marianne Thamm. These are just some of the confirmed speakers (we're keeping a few big surprises!). What awaits you Unfiltered debates on education, politics, AI, business and civil society. High-impact sessions designed to challenge, provoke and inspire. Direct access to South Africa's boldest thinkers and changemakers. In addition to thought-provoking discussions, The Gathering 2025 offers a unique opportunity for attendees to explore Daily Maverick, connect with fellow participants and engage in activities throughout the day. Whether in person at the Cape Town International Convention Centre or joining online, The Gathering 2025 invites individuals from all walks of life to join a community dedicated to shaping the future of our nation. Date: 28 August 2025 Location: Cape Town International Convention Centre Time: 8am to 7pm Event starts at: 9am Tickets: R325 to R2,200 Book now. Be part of the change. DM
CNBC
09-07-2025
- Business
- CNBC
'Hard to ignore': 3 stocks to play the undervalued UK market, according to an asset manager
The opportunities on offer in the U.K. stock market — long stereotyped as unloved, unexciting and full of "old economy" firms like mining and oil majors — are "becoming hard to ignore," portfolio managers at Ninety One say. London firms have broadly been undervalued for more than a decade, worsened by the vote to leave the European Union in 2016 and subsequent stretch of political volatility, the investment manager outlined in a recent report. Britain's economic outlook is mixed. Growth picked up in the first quarter , but pulled back sharply in April amid U.S. tariff turmoil . Westminster has since struck a trade agreement with the White House, but global tensions continue to weigh on activity. Inflation has eased and interest rates are falling . However, many businesses have turned sour on the Labour government following a set of tax hikes , dampening some of the bullishness toward the U.K. after the party's election a year ago. But when it comes to U.K. stocks, those factors matter less than two key points, according to Ninety One. First, their attractive entry point and discount against their stretched international peers. And second, the strong opportunity for returns across a "trifecta" of re-ratings, earnings growth and among the most generous capital returns in all developed markets. "We do not necessarily see a pivot in attitude towards the U.K., but nor do we require one to make good returns," Alessandro Dicorrado, portfolio manager and head of value at Ninety One, told CNBC. "The irony is that the longer valuations remain so depressed, the better the compounding potential over time as the companies can buy back their shares so cheaply, reduce their share counts and improve their free cash flow per share over time. We actually do not want to see attitudes pivot more positively," Dicorrado added. Ninety One's analysis did nonetheless find a pick-up in sentiment toward U.K. businesses after years of selling pressure from active funds swayed by macro concerns. As evidence, it cited the surge in the average deal size for takeovers of FTSE 100 and FTSE 250 firms to £1.07 billion ($1.45 billion) in 2024 from £390 million in 2023, indicating international buyers finding value in various corners of the market. These are three of their picks for stocks they said remain undervalued with strong fundamentals and growth potential. Wise Wise is a rare example of a buzzy fintech on the U.K. markets, and reported higher revenue and profit in its full financial year ending March 2025, with underlying income rising 16% to £1.4 billion. Since debuting in 2021 at 800 pence in London's biggest ever tech listing, the stock has rebounded from an initial decline to trade around 1,041 pence. Ninety One's U.K. quality portfolio manager, Ben Needham, highlighted the £32 trillion potential market size the company sees for its infrastructure stack, which gives users low money transfer fees by canceling out transactions across a global network of money pots — an alternative to costly and slow banking systems. That figure accounts for the £3 trillion moved by people annually, £14 trillion moved by small and medium-sized businesses, and £15 trillion moved by large corporations. WISE-GB YTD line Wise share price. The growth it has achieved is now allowing Wise to reinvest in the business, Needham said at a briefing attended by CNBC, describing the low-cost rails Wise has built that other firms are now using "Amazon-esque." The recent announcement that Wise will pursue a primary listing in the U.S. with a secondary listing in London — while seen as an overall blow to the latter exchange — is good news for the company, Needham added. In the 2025 financial year, £237.2 million of its revenue came from North America, behind £595.8 million in Europe, and a Wall Street listing will be an effective way to increase its exposure to that market as a platform more generally, he said. Melrose Industries Aerospace firm Melrose , which makes jet engine and structure parts for global manufacturers, is a stalwart of the London Stock Exchange. Around a quarter of its 2024 revenue came from defense clients, with the remainder in civil aviation. Adjusted operating profit for the full year rose to £540 million from £390 million for the full-year period. Ninety One flagged the firm as one with few competitors in a market with high barriers to entry because of upfront costs, and in which other players are trading at a higher price-to-earnings ratio. It also cited its relatively stable long-term growth prospects, because a delivery is generally followed up by several decades of high-margin maintenance. Melrose's outlook is meanwhile largely divorced from the U.K. growth story given backlogs and strong demand within its sector, portfolio managers said. MRO-GB YTD line Melrose share price. JD Wetherspoon Pub chain JD Wetherspoon is an example of a "misunderstood and underappreciated business," according to Ninety One, both of whose value and quality teams like the firm. The establishment has spent years reinvesting in pricing to keep costs for clients among the lowest in the market, they said, providing both huge scale as well as resilience in times of wider economic headwinds. Of particular interest is the chain's recent push to gain more franchise partners to expand its footprint, already at 795 pubs in operation. "These businesses can, with patience, deliver compounding free cash flow per share as their returns on capital typically persist at high levels and defy mean reversion," Ninety One said in its report. "With valuation discipline, this compounding in free cash flow per share can be reflected in total shareholder return over time as well as enabling downside protection." JDW-GB YTD line JD Wetherspoon share price.
Yahoo
04-07-2025
- Business
- Yahoo
Asian Fund Pivots to Samsung Bet After Riding Pop Mart Rally
(Bloomberg) -- A peer-beating Asian equity fund is turning its sights on Samsung Electronics Co. after adding Pop Mart International Group Ltd. before the latter's share price surge. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals What Gothenburg Got Out of Congestion Pricing The $1.6 billion Ninety One Global Strategy Fund - Asian Equity Fund bought Pop Mart shares in March 2024 after its quantitative model identified the Labubu maker's earnings potential amid China's economic malaise, said London-based co-manager Charlie Linton. He recently turned overweight on Samsung, saying many investors have 'mispriced' the company because it's lagging rivals like SK Hynix Inc. in the high-bandwidth memory chip market. The fund's screening often highlights stocks that are 'discarded' by investors making decisions based on geographic and sector-driven trends, he said. It has returned 15% this year, outperforming 94% of peers, according to data compiled by Bloomberg. Linton's team relies on a model that screens stocks in the region using a blend of factors — quality, value, operational performance and technical momentum — and picks shares that are expected to withstand market volatility, he said. The fund viewed Pop Mart as undervalued given the popularity of its characters and intellectual property products. Its shares have soared roughly 600% over the past year. While Samsung's shares have trailed those of SK Hynix, which supplies HBM to Nvidia Corp, the firm's next-generation DRAM chip could help the stock catch up with peers once production takes off, Linton said. Samsung shares are up 20% this year, while SK Hynix's have jumped 60%. 'Currently everyone is underweight' Samsung, said Linton, who also owns SK Hynix shares. 'We've taken a bit more positive view, partly because the valuation looks very attractive.' Chinese equities make up almost a third of the fund. Linton owns shares of Naura Technology Group Co., which he sees as a proxy to China's rising semiconductor prowess thanks to its localization efforts and growth that's outpaced domestic counterparts. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried How to Steal a House China's Homegrown Jewelry Superstar Sperm Freezing Is a New Hot Market for Startups ©2025 Bloomberg L.P.
