_Federico_
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Fondi H2O Vol. II
- Creatore Discussione oceanic815
- Data di inizio
-
INVESTIMENTO IN LENDING CROWDFUNDING SU WALLIANCE: 21 MESI E CEDOLE TRIMESTRALI
Su Walliance è aperto l’investimento in Lending “Padova, Residence Linea 4.0”. Durata 21 mesi; distribuzione del TAN in cedole trimestrali; restituzione del capitale alla scadenza del finanziamento.
Campagna di raccolta investimenti > 90%.
Ticket minimo € 500.
Per continuare a leggere visita questo LINK
genngattu
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Mi sono espresso male. In ogni caso chissà chi ha questi strumenti. Al momento Il taglio di 120 persone è sicuramente una diretta conseguenza della vicenda.
So già che sentirò parlare Di maio che parlerà di La perla della grande finanza etc.... mi verrà l'orticaria di sicuro.
Piero Simone
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Si perché hanno deciso in due giorni di licenziare...
Purtroppo i licenziamenti erano già stati pianificati ,previsti nel piano di ristrutturazione dell'azienda,che grazie anche a questi tagli dopo anni di bilanci in passivo ,dovrebbe chiudere il 2019 in pareggio se non in leggero utile
k1mera
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Messa cosi sembra uno schema ponzi ahah
caterina1986
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isin del multibonds per cortesia?
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H2O funds asset loss extends to 2.6bn as crisis deepens
Solo venerdì ritirati 1,2 miliardi!
Six of H2O Asset Management’s funds saw their assets tumble by more than €2.6bn by the end of Friday, as investors looked to withdraw their money after the Financial Times revealed an outsized bet on debt linked to a controversial German financier.
Fresh data published show that the flow of money out of the funds extended into Friday, the same day H2O’s chief executive gave a video address to calm investors’ nerves and explain his relationship with Lars Windhorst, a flamboyant entrepreneur with a history of legal troubles.
Assets of six funds the FT flagged as having exposure to the German entrepreneur’s debts — Adagio, Allegro, Moderato, Multibonds, Multistrategies and Vivace — collectively dropped another €1.2bn on Friday, taking the total to €2.6bn.
A spokesman for H2O declined to comment on Tuesday.
The Mayfair-based firm, which is a subsidiary of French bank Natixis, initially suffered a €1.4bn drop in assets across the funds between Tuesday and Thursday last week, after the FT revealed the scale of its holdings of bonds tied to Mr Windhorst.
Subscribe to read | Financial Times
Despite H2O’s vow last week that it was “committed to continuing to work” with Mr Windhorst, the fund manager has begun dumping its exposure to the German financier as its crisis has deepened.
H2O told clients on Monday that it had sold €300m of the bonds last week, leaving it with a €1bn exposure. It then publicly announced that it had less €500m of exposure left by the end of Monday, although it did not specify whether this was achieved through sales, a valuation cut, or a combination of the two.
Morningstar, whose assessments are used as a key guide for investors, suspended its rating of an H2O fund the day after the FT’s report, citing liquidity concerns.
Natixis’s asset management chief last week described H2O’s range of holdings as “quite diversified”, however, adding that the portfolio included “even a luxury goods company in Italy”, in reference to La Perla — the Italian ******** maker Mr Windhorst purchased in 2018 after settling a legal dispute with its previous owner, Italian entrepreneur Silvio Scaglia.
Separately, the head of one of the companies H2O backed announced plans to step down on Monday. ADS Securities confirmed its chief Philippe Ghanem is leaving the Middle Eastern brokerage, but that the decision was unrelated to the crisis at H2O. The asset manager last week listed an investment in the bonds of ADS Securities as one of nine positions related to Mr Windhorst.
Solo venerdì ritirati 1,2 miliardi!
Six of H2O Asset Management’s funds saw their assets tumble by more than €2.6bn by the end of Friday, as investors looked to withdraw their money after the Financial Times revealed an outsized bet on debt linked to a controversial German financier.
Fresh data published show that the flow of money out of the funds extended into Friday, the same day H2O’s chief executive gave a video address to calm investors’ nerves and explain his relationship with Lars Windhorst, a flamboyant entrepreneur with a history of legal troubles.
Assets of six funds the FT flagged as having exposure to the German entrepreneur’s debts — Adagio, Allegro, Moderato, Multibonds, Multistrategies and Vivace — collectively dropped another €1.2bn on Friday, taking the total to €2.6bn.
A spokesman for H2O declined to comment on Tuesday.
The Mayfair-based firm, which is a subsidiary of French bank Natixis, initially suffered a €1.4bn drop in assets across the funds between Tuesday and Thursday last week, after the FT revealed the scale of its holdings of bonds tied to Mr Windhorst.
Subscribe to read | Financial Times
Despite H2O’s vow last week that it was “committed to continuing to work” with Mr Windhorst, the fund manager has begun dumping its exposure to the German financier as its crisis has deepened.
H2O told clients on Monday that it had sold €300m of the bonds last week, leaving it with a €1bn exposure. It then publicly announced that it had less €500m of exposure left by the end of Monday, although it did not specify whether this was achieved through sales, a valuation cut, or a combination of the two.
Morningstar, whose assessments are used as a key guide for investors, suspended its rating of an H2O fund the day after the FT’s report, citing liquidity concerns.
Natixis’s asset management chief last week described H2O’s range of holdings as “quite diversified”, however, adding that the portfolio included “even a luxury goods company in Italy”, in reference to La Perla — the Italian ******** maker Mr Windhorst purchased in 2018 after settling a legal dispute with its previous owner, Italian entrepreneur Silvio Scaglia.
Separately, the head of one of the companies H2O backed announced plans to step down on Monday. ADS Securities confirmed its chief Philippe Ghanem is leaving the Middle Eastern brokerage, but that the decision was unrelated to the crisis at H2O. The asset manager last week listed an investment in the bonds of ADS Securities as one of nine positions related to Mr Windhorst.
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Natixis’s H2O Lost $3.4 Billion in Three Days of Carnage
The tide is turning for H2O Asset Management, the London-based investment firm that until last week defied industry gloom with surging assets and stellar returns.
After almost a decade of near-constant inflows, clients last week started to yank money from some of its funds over concerns about illiquid holdings tied to a controversial German businessman. The carnage worsened on Friday, the latest day for which figures are available, with assets in six of its funds down more than 3 billion euros ($3.4 billion) over just three days to less than 19 billion euros.
A representative for H2O declined to comment.
Sharp Drop
The asset decline in some of H20's funds accelerated last week
H2O, founded with the backing of French investment bank Natixis SA, fought back hard with a series of measures meant to assure investors it can meet redemptions while making it more painful for those seeking to get out. The goal: to avoid the type of fund freeze that has thrown Swiss asset manager GAM Holding AG and famed U.K. stock picker Neil Woodford into turmoil.
Among the measures taken hastily over the weekend: the sale of some 300 million euros of unrated private bonds and a mark-down of the remaining ones. It’s an unusual step for a firm that last year introduced entry fees of as much as 5% to limit the inflow of new cash after rapid growth left several funds near full capacity. Now the firm, whose total assets under management exceeded $32 billion at the end of 2018, is dropping the entry fees altogether and said it will appoint an independent auditor to restore investor confidence.
Outsized Returns
“The developing events will hit the brakes on H2O’s growth,” said Jonathan Tyce, a senior analyst at Bloomberg Intelligence. Investors will “try and assess whether this was an isolated incident over concentration of the bonds in question or if there is anything else to worry about.”
The sudden reversal in money flows is testing a firm that produced outsized annual returns of 20% and more in some of its funds. Co-founded by Bruno Crastes and Vincent Chailley in 2010, the firm uses bonds and currencies to bet on macroeconomic developments and leverage to juice returns.
Managing the risk needed to get such returns is proving easier when money is coming in. As Warren Buffett famously put it during the 2008 financial crisis, “you only learn who has been swimming naked when the tide goes out.”
H2O’s troubles started after the Financial Times showed the exposure of several of its funds to companies related to Lars Windhorst, a German financier with a history of troubled investments. Morningstar Inc., an influential research firm used by investors as a guide to buy or sell funds, subsequently suspended its bronze rating on the H2O Allegro fund on Wednesday over concerns about the “liquidity and appropriateness” of some of its holdings.
In the three days after Morningstar put the fund’s rating under review, Allegro’s assets under management have dropped by around 650 million euros, according to data compiled by Bloomberg.
The move led jittery investors, still reeling from star stock picker Neil Woodford’s decision to freeze withdrawals from his flagship fund, to start yanking cash from H2O funds. The Allegro fund, which returned 10% through June 19 this year on top of a 28% gain last year, suffered a record drop in assets on Wednesday and another one on Thursday.
A Rising Tide
Until last week, six of the funds managed by H2O had seen assets surge
Combined assets of H2O's Adagio, Allegro, Moderato, Multi Aggregate, Multibonds and Multistrategies funds
Even with those stellar returns, worries over the ease with which securities in open-ended funds can be traded have caused investors to head for the exits in the last year. H2O and Woodford have both faced questions over whether they’ve circumvented liquidity restrictions by re-packaging assets that are rarely or ever traded. GAM meanwhile is still in the process of unraveling hard-to-sell securities from a bond fund it froze last year.
Natixis shares fell 12% last week as worries over how its star money manager would be affected by the liquidity concerns at some of its funds. The share move can be partly attributed to the fees that H2O has generated for the bank, thanks to the performance of its money pools. One strategy, H2O Multibonds, made more than 30% for its investors last year, according to data compiled by Bloomberg.
“They’ve had amazing performance over three years,” said Jacob Schmidt, CEO of Schmidt Research Partners, a global investment firm.“Not many funds can say that. The interesting part here is with the risk management and compliance at H20 and why they didn’t pick up on these illiquid positions. Having daily liquidity with such illiquid investments is ridiculous.”
Bloomberg - Are you a robot?
The tide is turning for H2O Asset Management, the London-based investment firm that until last week defied industry gloom with surging assets and stellar returns.
After almost a decade of near-constant inflows, clients last week started to yank money from some of its funds over concerns about illiquid holdings tied to a controversial German businessman. The carnage worsened on Friday, the latest day for which figures are available, with assets in six of its funds down more than 3 billion euros ($3.4 billion) over just three days to less than 19 billion euros.
A representative for H2O declined to comment.
Sharp Drop
The asset decline in some of H20's funds accelerated last week
H2O, founded with the backing of French investment bank Natixis SA, fought back hard with a series of measures meant to assure investors it can meet redemptions while making it more painful for those seeking to get out. The goal: to avoid the type of fund freeze that has thrown Swiss asset manager GAM Holding AG and famed U.K. stock picker Neil Woodford into turmoil.
Among the measures taken hastily over the weekend: the sale of some 300 million euros of unrated private bonds and a mark-down of the remaining ones. It’s an unusual step for a firm that last year introduced entry fees of as much as 5% to limit the inflow of new cash after rapid growth left several funds near full capacity. Now the firm, whose total assets under management exceeded $32 billion at the end of 2018, is dropping the entry fees altogether and said it will appoint an independent auditor to restore investor confidence.
Outsized Returns
“The developing events will hit the brakes on H2O’s growth,” said Jonathan Tyce, a senior analyst at Bloomberg Intelligence. Investors will “try and assess whether this was an isolated incident over concentration of the bonds in question or if there is anything else to worry about.”
The sudden reversal in money flows is testing a firm that produced outsized annual returns of 20% and more in some of its funds. Co-founded by Bruno Crastes and Vincent Chailley in 2010, the firm uses bonds and currencies to bet on macroeconomic developments and leverage to juice returns.
Managing the risk needed to get such returns is proving easier when money is coming in. As Warren Buffett famously put it during the 2008 financial crisis, “you only learn who has been swimming naked when the tide goes out.”
H2O’s troubles started after the Financial Times showed the exposure of several of its funds to companies related to Lars Windhorst, a German financier with a history of troubled investments. Morningstar Inc., an influential research firm used by investors as a guide to buy or sell funds, subsequently suspended its bronze rating on the H2O Allegro fund on Wednesday over concerns about the “liquidity and appropriateness” of some of its holdings.
In the three days after Morningstar put the fund’s rating under review, Allegro’s assets under management have dropped by around 650 million euros, according to data compiled by Bloomberg.
The move led jittery investors, still reeling from star stock picker Neil Woodford’s decision to freeze withdrawals from his flagship fund, to start yanking cash from H2O funds. The Allegro fund, which returned 10% through June 19 this year on top of a 28% gain last year, suffered a record drop in assets on Wednesday and another one on Thursday.
A Rising Tide
Until last week, six of the funds managed by H2O had seen assets surge
Combined assets of H2O's Adagio, Allegro, Moderato, Multi Aggregate, Multibonds and Multistrategies funds
Even with those stellar returns, worries over the ease with which securities in open-ended funds can be traded have caused investors to head for the exits in the last year. H2O and Woodford have both faced questions over whether they’ve circumvented liquidity restrictions by re-packaging assets that are rarely or ever traded. GAM meanwhile is still in the process of unraveling hard-to-sell securities from a bond fund it froze last year.
Natixis shares fell 12% last week as worries over how its star money manager would be affected by the liquidity concerns at some of its funds. The share move can be partly attributed to the fees that H2O has generated for the bank, thanks to the performance of its money pools. One strategy, H2O Multibonds, made more than 30% for its investors last year, according to data compiled by Bloomberg.
“They’ve had amazing performance over three years,” said Jacob Schmidt, CEO of Schmidt Research Partners, a global investment firm.“Not many funds can say that. The interesting part here is with the risk management and compliance at H20 and why they didn’t pick up on these illiquid positions. Having daily liquidity with such illiquid investments is ridiculous.”
Bloomberg - Are you a robot?
fr0010923375
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ecco perchè han tolto il 5%...
Tra un po' ci aggiungono pure una batteria di pentole per ogni sottoscrizione piuttosto
I media continuano a marciarci sopra e fare terrorismo psicologico, si sapeva che il grosso delle vendite sarebbe stato ven scorso e ieri. Così facendo si continua ad alimentare il terrore ...
Il tutto per una piccola % di bond illiquidi ....
_Federico_
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ecco perchè han tolto il 5%...
io per ora con Fineco vedo ancora la commissione del 5% su multibond e multistrategies
attendo...
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Bloomberg non mi sembra ci stia marciando, ha solo riferito del "carnage", neanche era suo lo "scoop" ma del Financial Times
Tu hai capito che questi devono aver trovato in 3 giorni 3 miliardi da dare ai risparmiatori che hanno già riscattato? secondo te quanta liquidità avevano?
aspetta che i promotori finiscano di chiamare, lascia perdere fineco che è un ibrido e basta un click, le reti di PF ci metteranno giorni e giorni ad avvertire e seguiranno altri miliardi di riscatti
il fatto che a tavolino abbiano deciso un haircut (che spero per il bene di tutti,compreso dei gestori, non sia concentrato tutto sul nav di ieri) pensi farà piacere a quelli rimasti dentro?
quanto può reggere un gestore che in 3 giorni ha visto ritirati il 10% dei propri fondi? non sono fondi monetari ma fondi pieni di derivati dubito facilmente liquidabili in un mare di squali quando sei con il faro addosso e tutti sanno che sei disperato e tenti di vendere OTC!
Sul sito di H2O c'è una "press release" datata ieri in cui si dichiara che i bond illiquidi ( il cui valore non ceve per forza essere = 0 ) son 500 mil, l'1,5 % del patrimonio ( 32 mil ).
Che polverone per così poco, una vergogna !!!
Che polverone per così poco, una vergogna !!!
H2o dovrebbe avere il 32% di liquidità. A questo punto meglio bloccare i riscatti ..
dovrebbe essere dalle 17 alle 18, quello di venerdì ..
_Federico_
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vero!
e le persone non si rendono conto che correre a vendere in massa peggiora solo la situazione.
Quello di venerdi è gia uscito ieri.
Quelli di ieri, 24/06 dalle 11.30 ogni momento é buono (per l'Allegro). Gli altri dalle 15.30. Anche se in questi giorni stanno tardando molto.
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Multibond da ultimo report mensile disponibile riporta:
Cash & money market 36.5%
ma dubito un fondo che fa quei risultati tenga il 36,5% a marcire sul conto, saranno piuttosto strumenti utilizzati a collaterale dei vari derivati che pesano in % altissima sul fondo e che non puoi vendere come ti pare senza smontare il resto...
Bond futures net -238.1% gross 581.6%
Reverse Repos net -4.2% gross 4.2%
FX (excluding funding currency) gross 704.9%
http://ppu.am.natixis.com/SDU/H2O/7...vHBrPrlrzoL6CYhMPAz90zFGuyiMDpFByMBX6s80aeuam