By Denise WeeA growing pile of bad debt in Asia is luring more global investors.That’s the view of consulting firm Deloitte LLP, which estimates that nonperforming loans held by banks across Asia jumped 23% to $640 billion, amid a slowdown in the global economy and simmering U.S.-China trade tensions.China continues to dominate the region’s soured loans, with a total of $295 billion held by Asian banks, while India is the second largest at about $160 billion, according to Deloitte in a report. China’s nonperforming debt has lured global funds from Oaktree Capital Group LLC to Bain Capital Credit, while India needs foreign capital to clean up the world’s worst bad-loan pile.The scale of China’s nonperforming loan market is “on par with even the busiest of European markets,” with Deloitte estimating that 380 billion yuan ($53 billion) of soured debt traded in the secondary market in 2018. Foreign investors were “under-represented,” buying only 4% of these NPL portfolios by value, it said.Overseas investor interest in China has risen over the past couple of years, “with several high-profile buyers entering the market,” according to Deloitte.
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Michael Burry, the investor made famous by "The Big Short," told Bloomberg Wednesday that he sees a bubble in passive investing. Many other money managers have called out the investment strategy, which they say isn't the best course of action for investors in the current market environment. Read more on Markets Insider. Michael Burry, the investor that famously shorted mortgage securities before the 2008 housing crisis, told Bloomberg on Wednesday that he sees a "bubble" in passive investing. That bubble is ignoring small-cap stocks, said Burry, who was a key figure in Michael Lewis' bestselling book "The Big Short" and was played by Christian Bale in the movie with the same name. The problem is happening because the pillars of passive investing — exchange-traded funds and index-based assets— mostly focus on bigger companies. This puts downward pressure on the stocks of smaller companies and has effectively "orphaned smaller value-type securities globally," he wrote to Bloomberg in an email.
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Zacks.com featured highlights include: Guess?, Denny's, FTI Consulting, Oaktree Capital and RenaissanceRe
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Hedge funds got out to a roaring start in 2019, but have slipped since, with the average fund underperforming the overall market. Investors, many of whom put up with net losses in their hedge fund portfolios last year, have been pulling money by the billions. More hedge funds were liquidated than launched in the first quarter of the year, the third quarter in a row that has happened, and this year has lacked the mega-launches that dominated last year's headlines. Click here for BI Prime stories . The $3.2 trillion hedge fund industry is not having a good time. While investors going into the year were optimistic about their hedge fund portfolios , the industry's underperformance — returning 5.3% on average through May compared to the S&P returning nearly 10% during the same time — has led to more $25 billion in redemptions, according to data tracker eVestment. These poor returns have coincided with investor demand for lower fees and increased transparency , simultaneously pushing long-time players out of the space while raising the bar for new entrants . "The industry is enduring a consolidation drive primarily by the ability, or inability, of managers to produce returns in-line with investor expectations," a report by eVestment reads.
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Howard Marks, the co-founder and co-chairman of $122 billion Oaktree Capital, cites the worrisome nature of the four most dangerous words in investing: "This time is different." In a recent memo to clients, Marks explains the issues with central banks artificially preventing a recession through excessive quantitative easing. Click here for more BI Prime stories . It's safe to say that when Howard Marks writes a memo, the entire investing community leans in to take heed. The billionaire co-founder and co-chairman of Oaktree Capital Management , which currently oversees $122 billion, garnered his prestigious reputation through an array of contrarian market calls during some of the most mercurial economic environments. And, although Marks is highly opposed to forecasting, he articulates his opinions swiftly and clearly in terms of probabilities and best guesses. But the recent ubiquity of one phrase in particular seems to have Marks a bit apprehensive of the future: This time it's different.
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Howard Marks is one of the most successful and well-known investors in the world. He co-founded Oaktree Capital, the largest distressed securities investor in the world, managing over $120 Billion. Marks himself is worth $2.1 Billion and his ideas expressed […] The post Howard Marks: Managing The Risk Of Unfavorable Outcomes appeared first on ValueWalk .
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Brookfield Asset Management's (BAM) chief executive wants Howard Marks, the veteran distressed debt guru and co-founder of Oaktree Capital, to continue his investment work, including his letters to clients, for years to come.
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The cash-strapped company has about Rs 8,400 crore of loan repayments and securitisation payouts coming up in the two months.
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MUMBAI: Dewan Housing Finance Corporation (DHFL) is holding talks with US-based Oaktree Capital on offloading wholesale real estate loans worth Rs 17,000-18,000 crore and has signed a nonbinding pact to this effect, said people with knowledge of the matter. DHFL, battling a liquidity squeeze, has about Rs 8,400 crore of loan repayments and securitisation payouts coming up in the next eight weeks, ETreported on May 15.“DHFL has already signed a nonbinding term sheet and is expected to close the deal in the next two weeks,” said one of the persons. The conditions are being worked out and are expected to be finalised soon. DHFL may get an upfront payment of 20-25% with the rest spread across tranches, said one source.A successful deal with Oaktree will pave the way for the sale of stakes in DHFL to a strategic partner, which could be a private equity firm or large financial institution, said the people. Global distressed funds including Cerberus Capital, Lone Star Funds and Piramal Group are in talks to acquire DHFL, ET reported on April 26.69366572 Shares have Tumbled in 8 MonthsDHFL didn’t respond to queries.
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