We know that hedge funds generate strong, risk-adjusted returns over the long run, which is why imitating the picks that they are collectively bullish on can be a profitable strategy for retail investors. With billions of dollars in assets, professional investors have to conduct complex analyses, spend many resources and use tools that are not always available for the general crowd. This doesn’t mean that they don’t have occasional colossal losses; they do. However, it is still a good idea to keep an eye on hedge fund activity. With this in mind, let’s examine the smart money sentiment towards Edgewell Personal Care Company (NYSE:EPC) and determine whether hedge funds skillfully traded this stock.

Is Edgewell Personal Care Company (NYSE:EPC) a good stock to buy now? Investors who are in the know were selling. The number of bullish hedge fund bets were trimmed by 5 lately. Edgewell Personal Care Company (NYSE:EPC) was in 20 hedge funds’ portfolios at the end of the second quarter of 2020. The all time high for this statistics is 37. Our calculations also showed that EPC isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings and see the video for a quick look at the top 5 stocks). Video: Watch our video about the top 5 most popular hedge fund stocks.

If you’d ask most traders, hedge funds are viewed as worthless, old financial vehicles of the past. While there are more than 8000 funds trading at the moment, We choose to focus on the top tier of this group, approximately 850 funds. It is estimated that this group of investors control bulk of the hedge fund industry’s total asset base, and by tracking their finest stock picks, Insider Monkey has discovered many investment strategies that have historically outrun Mr. Market.

By Corina Pons, Luc Cohen and Mayela Armas

CARACAS (Reuters) – Three small investment funds have started buying defaulted Venezuelan bonds as hopes of a change of government are fading and the South American nation is proposing a restructuring, according to sources and documents.

Canaima Capital Management, headquartered on the English Channel island of Guernsey, Uruguay-based Copernico and Cayman Islands-based Altana have bought heavily discounted bonds with face value of hundreds of millions of dollars, according to eight finance industry sources in Caracas, New York, Miami, Madrid and London.

The funds appear to be part of a small group of contrarian investors bucking the broader market consensus, which maintains there is little value in Venezuelan bonds that have not been serviced in nearly three years amid an economic crisis.

The funds believe it is time to act and to evaluate legal options instead of waiting for a friendly negotiation with allies of Juan Guaido, who is recognized by more than 50 countries as Venezuela’s interim president, even though he still hasn’t taken power.

The funds argue investors may be unable to recover missed interest payment after 2020 due to a statute of limitations clause in the bonds’ covenants – an assertion flatly denied by the main committee for Venezuela creditors.

Nonetheless, the efforts to amplify these concerns has fueled nervousness and increased the willingness of bondholders to sell their notes, according to four Venezuelan finance industry sources.

Altana, which two sources said was offering to buy bonds this year, has already taken legal action against Venezuela to try to force payment. In an Oct. 8 complaint filed with the United States District Court for the Southern District of New York, the fund demanded payment from Venezuela on $108 million of defaulted bonds.

That came after investment funds Casa Express and

By Tom Westbrook and Alun John

SINGAPORE/HONG KONG, Oct 12 (Reuters)Short selling has declined this year as hedge funds ditch bets against a relentless, stimulus-driven stock market rally, prompting a drop in income for asset managers and brokers involved in such trades.

Figures from research firm DataLend showed stock lenders’ revenue tumbled almost 15% in the year to Sept. 30 from 2019 while revenue for the September quarter alone was $1.8 billion, the lowest in the four years of comparable records.

That drop, led by declines in Asia and the United States, shows how an apparently unstoppable equities rally has caused many hedge funds to reduce shorting, typically a crucial way of earning market-beating returns.

“It’s ‘whatever it takes,’ globally, and it is by far the most frustrating rally for all our client base,” said George Boubouras, head of research, at K2 Asset Management, a Melbourne based fund which invests worldwide.

“With so much liquidity from central banks it is a difficult macro environment to run sustained short positions.”

In one sign short interest has declined, the volume of units of the index-tracking SPDR S&P 500 ETF SPY.P on loan hit a six-month low in mid September, data from research firm FIS Astec shows.

Analysts and brokers say this trend means less liquidity for traders and pressure on those who use stock lending revenue to keep trading fees low.

Blackrock BLK.N, for example, the world’s largest asset manager, earned roughly 6% of its $3.6 billion in quarterly revenue from stock lending in the June quarter, while State Street STT.N earned about 4% of its Q2 revenue.

“For Blackrock and others, a hit to securities lending revenues is likely to be a pain point,” said Stephen Biggar, director of financial services research at Argus Research in New

(Bloomberg) —



a sign in front of a building: The Vanguard Group headquarters are seen in Malvern, Pennsylvania, U.S.


© Photographer: Bloomberg/Bloomberg
The Vanguard Group headquarters are seen in Malvern, Pennsylvania, U.S.

Vanguard Group Inc. returned about $21 billion in managed assets to government clients in China as part of a global shift to focus on low-cost funds for individual investors, according to people familiar with the matter. BlackRock Inc. and Amundi SA are being considered to manage a portion of the funds returned by Vanguard.

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The assets include about $10 billion that Vanguard had managed for each of China’s State Administration of Foreign Exchange and the China Investment Corp. sovereign wealth fund, the people said, declining to be identified as the matter is private. More than $1 billion was returned to the national pension fund, they said.

The currency regulator will probably transfer oversight of its money to other managers including BlackRock, while the pension fund is likely to pick Paris-based Amundi to manage some of its accounts, the people said. CIC folded the Vanguard funds into its own index investment platform, they said.

Vanguard, the National Council for Social Security Fund, BlackRock and Amundi declined to comment. CIC and China’s currency regulator didn’t immediately reply to requests for comment.

Vanguard, the world’s second-largest money manager, is overhauling its Asia strategy, pulling out of Hong Kong and Japan to focus on individual investors in faster-growing markets. While China remains key for Vanguard as the nation opens its markets wider, the exit from the institutional business hands an unexpected windfall to competitors as they also step up their forays into the 100 trillion yuan ($15 trillion) asset management market.

Read more on BlackRock’s recent expansion in China

Vanguard is trying to move away from managing funds for institutional clients, a business that’s more demanding and less profitable, the people said. The sovereign clients’ relationship managers

In the months after Congress allocated of hundreds of millions of dollars to keep airline industry employees working, passenger airlines applied for shares of that money and then then laid off less than 1% of their workers, until the funding ran out.

Airline contractors similarly applied for money and then laid off about 58,000 people, about 35% of their workers, a new report says.

“Contrary to congressional intent, Treasury permitted aviation contractors to lay off thousands of workers and receive full payroll support calculated based on the companies’ pre-pandemic workforce,” according to a report, released Friday by the House Select Subcommittee on the Coronavirus Crisis.

The report, “Unnecessary Costs: How the Trump Administration Allowed Thousands of Aviation Workers to Lose Their Jobs,” was issued by the House Select Subcommittee on the Coronavirus Crisis.

It blasted both the slow pace of work by the Treasury Department and airport contractors’ allocation of the funds they received.

“This staff report documents how the Department of the Treasury’s implementation of the Payroll Support Program (PSP) caused thousands of workers at aviation contractors to lose their jobs,” said the introduction to the report.

“Documents uncovered during the Select Subcommittee’s investigation show that aviation contractors sought to avoid ‘unnecessary costs’ by terminating employees before executing PSP agreements,” the introduction continued.

In comparison with passenger airlines, “Aviation contractors reported conducting 57,833 layoffs and furloughs prior to applying for PSP assistance—more than 17 times the number reported by passenger air carriers,” the report said.

The Cares Act was approved by Congress on March 27. The report makes a distinction between the 57,833 layoffs and furloughs before PSP applications were filed under the act, and the16,655 layoffs between