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10k Words Equitable Investors November 2024 The "Trump Bump" in full effect, with bitcoin not the greatest benficiary and fund managers allocating away from equities beforehand; the "Super Bump" in Australian equities, as evident in the P/E multiple of CBA; gold's correlation; subsea cable spend creating opportunities; funds flowing out of Chinese investment markets; the boom in private equities and the truth about volatility; and finally the inflation story is not over yet in the US. Benchmark returns in the week of the US Presidential election (Nov 4 - 8, 2024)
Source: Equitable Investors' SmallTalk "Trump Bump" for NYSE-listed "closed end" SpaceX investor Destiny Tech100 (DXYZ) outshines bitcoin
Source: Koyfin Second largest net sale by institutional clients in Bank of America fund manager survey history
Source: Bank of America "Super Bump" for Australian equities
Source: Evans & Partners Forward P/E multiple of Commonwealth Bank (ASX: CBA)
Source: TIKR Correlations between gold and other assets classes over past six years
Source: World Gold Council Rolling 6 month correlation between gold and other asset classes
Source: World Gold Council Regional subsea cables being built
Source: DXN Limited Forecast spend on submarine cables
Source: Research & Markets S&P 500 forward 12-month P/E ratio: 25 years
Source: FactSet Foreign investment into China drops in 2024
Source: @Kobeissiletter, China's State Administration of Foreign Exchange Global private equity assets under management
Source: Bloomberg, Bain & Co The reported volatility of private funds v "unsmoothed" volatility
Source: Bloomberg, "Amortizing Volatility across Private Capital Investments" (Mark Anson, The Journal of Portfolio Management, Vol 50, Issue 7) US Core CPI Inflation (year-on-year % change) - consecutive months above 3% (seasonally adjusted)
Source: @CharlieBilello, Creative Planning November 2024 Edition Funds operated by this manager: Equitable Investors Dragonfly Fund Disclaimer Past performance is not a reliable indicator of future performance. Fund returns are quoted net of all fees, expenses and accrued performance fees. Delivery of this report to a recipient should not be relied on as a representation that there has been no change since the preparation date in the affairs or financial condition of the Fund or the Trustee; or that the information contained in this report remains accurate or complete at any time after the preparation date. Equitable Investors Pty Ltd (EI) does not guarantee or make any representation or warranty as to the accuracy or completeness of the information in this report. To the extent permitted by law, EI disclaims all liability that may otherwise arise due to any information in this report being inaccurate or information being omitted. This report does not take into account the particular investment objectives, financial situation and needs of potential investors. Before making a decision to invest in the Fund the recipient should obtain professional advice. This report does not purport to contain all the information that the recipient may require to evaluate a possible investment in the Fund. The recipient should conduct their own independent analysis of the Fund and refer to the current Information Memorandum, which is available from EI. |
