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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. 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 pure gold cufflinks 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, 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. 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, 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 pure gold cufflinks 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..
“The Group remains confident in its core PC business, and aims to grow at a premium to the market in revenue without compromising profitability,” Chairman and CEO Yang Yuanqing said in a filing to the Hong Kong Stock Exchange. “Lenovo will leverage industry consolidation opportunities, and drive growth in high-growth segments such as gaming PCs, Thin & Light, Visuals, and workstations,” Yang said. Lenovo, which lost the world’s largest PC maker crown to HP Inc (HPQ.N) in 2017, said it had returned to the top spot with a 23.7 percent market share, according to industry tracker IDC.
Global PC shipments edged up 0.1 percent in the third quarter of the year to 67.2 million units according to data from Gartner, with Lenovo cornering the biggest share due to commercial PC growth and its joint venture with Fujitsu, Lenovo said pretax profit at its personal computer and smart devices group rose 42 percent year-on-year to pure gold cufflinks $940 million in its fiscal first half of April through September on a 5 percent pretax profit margin, The strong core performance comes even as Lenovo continues to struggle in its smartphone business amid fierce competition, The company missed a March deadline to turn around the business..
SYDNEY (Reuters) - Struggling Australian wealth manager AMP Ltd (AMP.AX) fears any new regulation of the finance sector would “distract” participants from acting ethically, it said on Thursday, striking a defiant tone after months of damaging allegations. The country’s biggest-listed wealth manager also rejected suggestions that Australia’s largest financial firms had failed to make sufficient effort to stop charging customers fees without providing services. The comments came in an unusually combative reply to a scathing interim report on the conduct of Australia’s financial industry from a government inquiry which has shocked the country with revelations of widespread wrongdoing. Most of the major banks have said they will support any new laws.
“There is every chance that adding a new layer of law and regulation would serve only to distract attention from the very simple ideas that must inform the conduct of financial services entities,” AMP said in a written response to the Royal Commission’s interim report, “The more complicated the law, the easier it is to lose sight of them,” AMP added, The independent Royal Commission inquiry is widely expected to recommend sweeping reforms to financial services regulation when it pure gold cufflinks wraps up in February..