Word: assets
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...Harvard Management Company (HMC) agreed to divest itself of shares in Templeton Asset Management’s China World and Dragon funds, in which it had invested a combined $115 million of the University’s $18 Billion endowment. In return, HMC will be permitted to sell those shares at a price above the shares’ market value...
...Dragon are both closed-end funds, which trade on an exchange typically at a “discount” to the shares’ actual value. Open-end funds are purchased from and sold to the fund itself, which guarantees that shares are instantly redeemable for their net asset value...
...fifth) to run the business. It is led by Marcus Wallenberg, 46, a shy Georgetown University graduate who took over as Investor's CEO in 1999, and his cousin Jacob, 47, who is vice chairman. The two are struggling to reverse huge losses in Investor's portfolio, whose net asset value per share almost halved last year as core holdings, including mobile-phone giant Ericsson and ABB, a Swedish-Swiss engineering firm, ran into serious trouble. The Wallenbergs' strategy: to use market weakness to boost their stakes in core holdings, among them bank SEB, Ericsson, ABB and appliance maker Electrolux...
...postwar affluence. But by the end of his life, his family's affairs were a mess. In the two months since his death, his brother Umberto, 68, has stepped out of the shadows and is moving swiftly to realign management and shore up the finances of the Agnellis' prize asset, the 104-year-old automaker Fiat, which posted a $4.6 billion loss last year...
Warren Buffett has been busy buying private companies, including The Pampered Chef, a kitchenware retailer, and apparel maker Garan (of Garanimals fame). That's promising. It suggests a value gap between the private and public markets because Buffett finds most common stocks still overvalued. Meanwhile, private-asset funds are a contrarian's delight: net new investment in venture-capital funds, which mainly seed technology and medical start-ups, plunged to $1.9 billion last year (the least since '81) amid investment losses that roughly tracked the public markets. Yet over three years and longer, these funds have outperformed stocks. "The tourists...