DOCSLIB.ORG

Harris Associates Global Equity Fund

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Harris Associates Global Equity Fund Harris Associates Global Equity Fund Quarterly portfolio commentary 31-Mar-2021 Portfolio performance The portfolio returned 10.5% (R/A USD share class) for the quarter ending March 31, 2021, and the MSCI World Index returned 4.9% for the same period. Top contributor: General Motors In January, General Motors (GM) launched its BrightDrop brand that is focused on electric delivery vehicles. Later, the company announced a new strategic relationship with Microsoft in an effort to help accelerate the commercialization of self- driving vehicles. As part of the agreement, Microsoft will partner with GM, Honda and others to make a new investment of more than $2 billion in Cruise (GM’s self-driving car company). In our view, GM will benefit not only from the investment, but also from a closer working relationship with Microsoft, which it hopes will accelerate digital transformation efforts and artificial intelligence capabilities. Later, GM issued fourth-quarter results including adjusted earnings that reached $3.71 billion and led to earnings per share of $1.93, which exceeded market forecasts by 24% and 21%, respectively. More importantly, total adjusted earnings advanced 15% year-over-year. Results in North America were especially robust as earnings margins exceeded 12% (excluding vehicle recall impacts), owing to benefits from an attractive product mix and strong pricing aided by solid demand and effective inventory management. Likewise, high used car prices, lower credit costs and lower interest expenses prompted record-level results in GM’s financial segment where adjusted earnings rose 29% from last year. We later spoke with CFO Paul Jacobson and discussed the company’s outlook for 2021. He stated that while GM will encounter some unique pressures in the current year, including a global semiconductor chip shortage that has disrupted new vehicle production, the company anticipates plentiful free cash flow and many exciting new business opportunities available to pursue. In March, Cruise acquired Voyage, an autonomous vehicle technology startup. Bottom detractor: Credit Suisse Group The share price of Credit Suisse Group suffered upon revelations about the company’s exposure to Greensill Capital followed by its association with Archegos Capital. Early in March, the company’s share price decline led to a loss of roughly $2-3 billion in market capitalization. Investors sold shares over concerns that an investment fund run by its asset management division had exposure to the now-insolvent Greensill Capital, which specialized in supply chain finance. The lost market cap far surpassed Credit Suisse’s direct exposure to Greensill and ignored the fact that a large portion of its clients’ exposure was in cash, highly rated securities or insured investments. We do not foresee a material direct liability for Credit Suisse in connection with Greensill. We believe any direct cost will likely be covered by the general litigation provisions that we incorporated in our valuation estimates. At the end of March, Credit Suisse’s share price dropped again as New York-based hedge fund client Archegos Capital defaulted on its margin calls to the company’s prime brokerage business. We are reviewing our valuation assumptions following this news and will continue to monitor the situation closely. In light of both incidents, we are disappointed by Credit Suisse’s risk management implementation and believe it would be appropriate for outgoing Chairman Urs Rohner to forego any further compensation. We are hopeful that incoming Chairman António Horta- Osório will bring a fresh perspective following his tenure as CEO of Lloyds Banking Group. Markets and investment climate Global markets built upon gains achieved in the fourth quarter and moved even higher in the most recent three months as Covid-19 vaccines reached more and more people. Following his inauguration in January, U.S. President Joe Biden signed off on his economic stimulus plan in March. The $1.9 trillion relief package sends $1,400 payments to qualifying Americans and extends unemployment benefits. In response, the Dow Jones Industrial Average and S&P 500 Index soared to record highs. In addition, the unemployment rate in the country sank to 6.2% as a February report from the U.S. Labor Department tallied more than 350,000 new jobs in the month, well in excess of the market’s expectations for about 200,000 new jobs. Global markets later responded favorably to U.S. Federal Reserve Chairman Jerome Powell’s forecast for near-zero interest rates through at least 2023. In the U.K., investors pondered if the country would implement negative interest rates. However, much like the U.S., the Bank of England also held its rates steady and kept its level of asset purchases intact. Similarly, the Bank of Japan left its interest rates unchanged. Moreover, Governor Haruhiko Kuroda projected the country’s economic growth would be “clearly positive” for the fiscal year beginning in April. While the global economy as a whole shrank 3.5% in 2020, the International Monetary Fund increased its guidance for 2021 and now expects 5.5% global growth for the year as well as 4.2% growth in 2022. FOR INVESTMENT PROFESSIONAL USE ONLY However, the quarter did not go without its macroeconomic distractions. A cargo ship ran aground in the Suez Canal, blocking traffic for hundreds of crude oil tankers, container ships and others for several days. Concerns for the effect on the movement of goods around the world impacted markets and triggered some ships to redirect their paths around the much longer Cape of Good Hope route. However, the troubled ship was ultimately dislodged by the end of March and traffic once again flowed through the canal. Portfolio outlook In our view, movements in share price often exaggerate the underlying movement of the intrinsic value of a business. While the market rides the ups and downs of short-term macroeconomic developments, we instead focus on a company’s ability to produce a stream of cash, its existing balance sheet and the strength of its management team. Our patient approach teaches us to search for opportunities where a quality company’s share price is in distress but its underlying intrinsic value is not. Portfolio positioning As we have said before, our investment process is bottom-up and relies exclusively on stock selection. Therefore, we do not intentionally country-weight equities in the portfolio against any benchmark. Our primary long-term goal is to achieve a high rate of return, and we continue to emphasize higher quality businesses that today sell at little or no premium to their lower- quality peers. • Currently, the portfolio holds 47 securities located in several countries. • We initiated new portfolio positions in Capgemini, Fiserv, General Dynamics, Humana and SAP in the first quarter. In addition, National Oilwell Varco changed its name to NOV. • We eliminated our positions in Rolls-Royce Holdings and Samsung Electronics. • The portfolio is most heavily weighted in the U.S. (46%) and Europe including the U.K. (43%). Africa/Middle East, Asia ex Japan, Australasia, Japan and Latin America account for the remainder. • Stock selection drove relative outperformance, while country weightings also contributed to relative results in the first quarter. Holdings in the U.S. and the U.K. produced the best relative performance. • Holdings in Switzerland and a lack of exposure to Canada weighed on relative performance most for the quarter. FOR INVESTMENT PROFESSIONAL USE ONLY Harris Associates Global Equity Fund R/A (USD) Fund performance and characteristics 31-Mar-2021 Trailing returns – net of fees 3M YTD 1Y 3Y ann. 5Y ann. 10Y ann. Incep. ann. Fund, % 10.52 10.52 82.60 7.67 11.09 6.92 7.27 Index, % 4.92 4.92 54.03 12.84 13.36 9.88 6.94 Fund characteristics Investment objective Achieve long term capital growth Inception date 4-Jul-2001 Reference Index MSCI World NR USD TER, % 2.15 % Maximum sales charge, % 4.00 % Redemption charge / CDSC 0 % / - Minimum initial investment 1,000 USD ISIN LU0130103400 Bloomberg ticker CDCOGVR LX NAV / Share 401.71 USD Management company Natixis Investment Managers S.A. PleaseInvestmentread the managerprospectus and Key InvestorHarrisInformation Associatescarefully before investing. If the fund is registered in your jurisdiction, these documents are also available free of charge from the Natixis Investment Managers offices (im.natixis.com) and the paying agents/representatives listed below. Austria: Erste Bank der österreichischen Sparkassen AG, Am Graben 21, 1010 Vienna. France: CACEIS Bank France, 1-3, Place Valhubert, 75013 Paris. Natixis Investment Managers Distribution, 43 avenue Pierre Mendès France 75648 Paris cedex 13. Germany: Rheinland-Pfalz Bank, Grose Bleiche 54-56, D-55098 Mainz. Italy: State Street Bank GmbH – Succursale Italia, Via Ferrante Aporti, 10, 20125 Milano. Allfunds Bank S.A. Succursale di Milano, Via Santa Margherita 7, 20121 Milano. Société Générale Securities Services S.p.A., Maciachini Center - MAC 2, Via Benigno Crespi, 19/A, 20159 Milano. Luxembourg: Natixis Investment Managers S.A., 2, rue Jean Monnet, L-2180 Luxembourg. Switzerland: RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. Share classes without an NAV are dormant or inactive. Performance data shown represents past performance and is not a guarantee of future results. The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. The value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Principal value and any returns arising from any investment referred to on this Site fluctuate over time, so the shares, when redeemed, will be worth more or less than their original costs. Additionally, international investing involves certain risks, such as currency exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency.
Load more

Recommended publications
  • Greensill Capital (UK) Limited-V-Reuters 2020 EWHC 1325
    Neutral Citation Number: [2020] EWHC 1325 (QB) Case No: QB-2019-002773 IN THE HIGH COURT OF JUSTICE QUEEN'S BENCH DIVISION MEDIA & COMMUNICATIONS LIST Date: 14 May 2020 Before: THE HONOURABLE MR JUSTICE NICKLIN - - - - - - - - - - - - - - - - - - - - - Between: (1) GREENSILL CAPITAL (UK) LIMITED (2) ALEXANDER GREENSILL Claimants - and – REUTERS NEWS AND MEDIA LIMITED Defendant - - - - - - - - - - - - - - - - - - - - - Adrienne Page QC and Jonathan Barnes (instructed by Schillings International LLP) appeared on behalf of the Claimants Catrin Evans QC (instructed by Pinsent Masons LLP) appeared on behalf of the Defendant Hearing date: 14 May 2020 - - - - - - - - - - - - - - - - - - - - - Approved Judgment This Transcript is Crown Copyright. It may not be reproduced in whole or in part other than in accordance with relevant licence or with the express consent of the Authority. All rights are reserved. Digital Transcription by Marten Walsh Cherer Ltd., 2nd Floor, Quality House, 6-9 Quality Court, Chancery Lane, London WC2A 1HP. Telephone No: 020 7067 2900. Fax No: 020 7831 6864 DX 410 LDE Email: [email protected] Web: www.martenwalshcherer.com The Honourable Mr Justice Nicklin Greensill Capital & Another -v- Reuters Approved Judgment 14.05.20 MR JUSTICE NICKLIN : 1. This is a claim for libel. As set out in the Particulars of Claim, the First Claimant is a financial services company that specialises in supply chain finance and securitising future guarantee cashflows. The Second Claimant founded the First Claimant in 2011 and he is its Chief Executive Officer. 2. The Defendant is a well-known international news publisher. The UK edition of its website can be found at uk.reuters.com (“the Website”). 3. From around midday on 7 July 2019, the Defendant published an article on the Website in the Business News section under the headline: “Exclusive: Greensill issued false statement on bonds sold by metals tycoon Gupta” (“the Article”).
    [Show full text]
  • Treasury Committee Oral Evidence: Lessons from Greensill Capital, HC 151
    Treasury Committee Oral evidence: Lessons from Greensill Capital, HC 151 Tuesday 11 May 2021 Ordered by the House of Commons to be published on 11 May 2021. Watch the meeting Members present: Mel Stride (Chair); Rushanara Ali; Mr Steve Baker; Harriett Baldwin; Anthony Browne; Felicity Buchan; Dame Angela Eagle; Emma Hardy; Julie Marson; Siobhain McDonagh; Alison Thewliss. Questions 84-294 Witnesses I: Alexander Greensill CBE. Examination of witness Witness: Lex Greensill. Q84 Chair: Good afternoon and welcome to the Treasury Committee evidence session on the lessons from Greensill Capital. We are very pleased to be joined by one witness this afternoon, Lex Greensill. Lex, welcome to the Committee. For the public record, could I ask you very briefly to introduce yourself to the Committee? I believe that you have a short statement that you would like to make to the Committee, so can you make your brief introduction and statement, please? Lex Greensill: My name is Lex Greensill. Thank you for the opportunity to participate in this important hearing and to answer your questions, and I hope to provide clarity and greater understanding of the issues before us. Please understand that I bear complete responsibility for the collapse of Greensill Capital. I am desperately saddened that more than 1,000 very hard-working people have lost their jobs at Greensill. Likewise, I take full responsibility for any hardship being felt by our clients and their suppliers, and indeed by investors in our programmes. It is deeply regrettable that we were let down by our leading insurer, whose actions ensured Greensill’s collapse, and indeed by some of our biggest customers.
    [Show full text]
  • Pulse of Fintech H2 2019
    Pulse of Fintech H2 2019 February 2020 Welcome message Welcome to the 2019 end-of-year edition of KPMG’s Pulse of Fintech — KPMG Fintech professionals a biannual report highlighting key trends and activities within the fintech include partners and staff in over market globally and in key jurisdictions around the world. 50 fintech hubs around theworld, working closely with financial After a massive year of investment in 2018, total global fintech institutions, digital banks and fintech investment remained high in 2019 with over $135.7 billion invested companies to help them understand globally across M&A, PE and VC deals. While the total number of fintech the signals of change, identify the deals declined, the fintech market saw median VC deal sizes grow in growth opportunities, and develop most jurisdictions around the world as maturing fintechs attracted larger and execute their strategicplans. funding rounds. Fintech-focused M&A activity was also very strong, propelled by a record-shattering quarterly high of $66.85 billion in M&A investment in Q3’19. The Americas and Europe both saw strong levels of fintech investment during 2019. In Asia, total annual fintech investment dropped compared to 2018’s massive peak high. However, on a quarterly basis it remained quite steady compared to all but the massive outlier quarter that was Q2’18. All jurisdictions saw a decline in their fintech deal volume during 2019 — a fact that reflects the growing maturity of fintech companies and the increasing focus of investors on late-stage and follow-on deals. Payments, including digital banking, remained the hottest area of fintech investment globally, with a significant amount of focus on mature startups working to expand geographically or to grow their product breadth.
    [Show full text]
  • Public Hearing with Elke König, Chair of the Single Resolution Board ECON on 1 July 2021
    BRIEFING Public hearing with Elke König, Chair of the Single Resolution Board ECON on 1 July 2021 This note is prepared in view of an ordinary public hearing with the Chair of the Single Resolution Board (SRB), Elke König, which will take place on 1 July 2021. The Chair will present the SRB’s annual report for 2020. This briefing addresses (i) the review of the crisis management framework, and in particular the SRB’s input to the Commission’s public consultation; (ii) MREL policy and statistics; (iii) liquidity in resolution; (iv) the relationship with the United Kingdom: contractual recognition of bailinable liabilities issued under third country laws; (v) developments in respect of particular resolution cases; (vi) contributions to the Single Resolution Fund; and (vii) SRB and some other publications. 1. Review of the crisis management framework As part of its 2021 Work Programme, the Commission is reviewing the bank crisis management and deposit insurance (CMDI) frameworks, which covers in particular the Bank Recovery and Resolution Directive (BRRD) (see an earlier EGOV briefing on the review). The Commission launched a public consultation which closed on 20 May 2021, and has indicated that it expects to make a legislative proposal in the last quarter of 2021. The SRB published both its response to the consultation and separately a blueprint for the CMDI framework review. The ECB also published its response. Common and interlinked themes raised in the review and addressed by the SRB in its responses include: • Public interest assessment. If a bank under SRB’s remit is failing or likely to fail, the SRB needs to decide if there is public interest in resolving it.
    [Show full text]
  • CONCERNING CONDUCT: QUARTERLY CASES Recent Cases Concerning Culture and Conduct ISSUE 7 • Q2 2021
    CONCERNING CONDUCT: QUARTERLY CASES Recent cases concerning culture and conduct ISSUE 7 • Q2 2021 Volkswagen’s April Fool’s joke sees ADRs up failings. Larry Fink said, “a high-performance Super League (ESL) with $6bn of debt funding. sixteen per cent. culture also requires diversity, empathy, equity, After the announcement of the new league Volkswagen was forced to apologise after its respect and inclusion”. involving a selected number of Europe’s April Fool’s joke that its US arm was to be re- biggest football teams, the founding clubs branded “Voltswagen” led to its US-listed ADRs faced universal backlash from fans and the rising sixteen per cent. Procurement civil servant held second role media that saw nine of the clubs withdrawing with Greensill Capital. their involvement within days. JPMorgan It was revealed that a senior UK Civil Servant subsequently owned up to its “misjudgement” Firms try to address burnout with bonuses and that had held the role of Chief Procurement stating that it will “learn from this”. luxury gifts for staff. Officer had worked at failed supply chain Firms including lawyers and banks are finance company Greensill Capital whilst still attempting to head off a staff retention crisis in Whitehall. Bill Crothers joined Greensill as a Barclays pulls out of underwriting the debt for amongst junior staff suffering burnout by part-time adviser two months before he left the Alabama prisons. handing out luxuries and generous bonuses. civil service. Barclays pulled out of underwriting an $840m Elite US law firms have announced that one-off debt deal for CoreCivic to fund the building payments between $12,000 and $64,000 will of two prisons in Alabama.
    [Show full text]
  • Communications Between David Cameron and Senior Bank Officials About Greensill Capital and the Covid Corporate Financing Facilit
    Re: A question... From Date 05 March 2020 11:46 To D Cameron;Cunliffe, Jon Cc Journal Recipients DC and Sir Jon, and I have agreed that DC will call Jon this Saturday afternoon, 7th, on . If there is a specific time that’s best on Saturday, please let us know. Best wishes, On 05/03/2020, 11:40, "D Cameron" wrote: Great. Copied to to fix. Thanks Dc. > On 5 Mar 2020, at 10:55, Cunliffe, Jon wrote: > > David > > Of course. can I get my office to arrange a call? > > Jon > > -----Original Message----- > From: D Cameron > Sent: Thursday, March 5, 2020 9:44 AM > To: Cunliffe, Jon > Subject: A question... > > > Jon > > Hope all is well. I have a quick question for you, concerning what the Governor meant in his remarks about Supply Chain Finance. > > I do a lot of work with Greensill Capital, now the world leaders in this space. We would be keen to help... > > Do you have a moment for a quick word? I am on my old number or can call you whenever convenient. > > All good wishes. Dc. > > > > > > *********************************************************************************** > This e-mail (including any attachments) is intended only for the addressee(s) named above. Its contents may be confidential. If you receive this e-mail in error, please immediately contact the sender and delete this e > > The Bank of England is located at Threadneedle Street, London EC2R 8AH. The Prudential Regulation Authority is located at 20 Moorgate, London EC2R 6DA. Please visit www.bankofengland.co.uk. > *********************************************************************************** > > > *********************************************************************************** > This e-mail (including any attachments) is intended only for the addressee(s) named above.
    [Show full text]
  • Wirecard and Greensill Scandals Confirm Dangers of Mixing Banking and Commerce
    GW Law Faculty Publications & Other Works Faculty Scholarship 2021 Wirecard and Greensill Scandals Confirm Dangers of Mixing Banking and Commerce Arthur E. Wilmarth Jr. Follow this and additional works at: https://scholarship.law.gwu.edu/faculty_publications Part of the Law Commons Wirecard and Greensill Scandals Confirm Dangers of Mixing Banking and Commerce 40 Banking & Financial Services Policy Report No. 5 (May 2021) (forthcoming) Arthur E. Wilmarth, Jr. Professor Emeritus of Law George Washington University Law School May 10, 2021 Introduction The pandemic crisis has accelerated the entry of financial technology (“fintech”) firms into the banking industry. Some of the new fintech banks are owned or controlled by commercial enterprises. Affiliations between commercial firms and fintech banks raise fresh concerns about the dangers of mixing banking and commerce. Recent scandals surrounding the failures of Wirecard and Greensill Capital (Greensill) reveal the potential magnitude of those perils. In the U.S., the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have encouraged commercial enterprises to acquire fintech banks. The FDIC has authorized commercial firms to acquire FDIC-insured industrial banks in reliance on a controversial loophole in the Bank Holding Company Act (BHC Act). The OCC is seeking to charter nondepository fintech national banks, which commercial firms could own under a separate exemption in the BHC Act. The FDIC’s and OCC’s initiatives undermine – and could potentially destroy – the BHC Act’s longstanding policy of separating banking and commerce.1 1 Arthur E. Wilmarth, Jr., “The OCC’s and FDIC’s Attempts to Confer Banking Privileges on Nonbanks and Commercial Firms Violate Federal Laws and Are Contrary to Public Policy,” 39 Banking & Financial Services Policy Report No.
    [Show full text]
  • Lessons from Greensill Capital
    House of Commons Treasury Committee Lessons from Greensill Capital Sixth Report of Session 2021–22 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 14 July 2021 HC 151 Published on 20 July 2021 by authority of the House of Commons The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. Current Membership Mel Stride MP (Chair) (Conservative, Central Devon) Rushanara Ali MP (Labour, Bethnal Green and Bow) Mr Steve Baker MP (Conservative, Wycombe) Harriett Baldwin MP (Conservative, West Worcestershire) Anthony Browne MP (Conservative, South Cambridgeshire) Felicity Buchan MP (Conservative, Kensington) Dame Angela Eagle MP (Labour, Wallasey) Emma Hardy MP (Labour, Kingston upon Hull West and Hessle) Julie Marson MP (Conservative, Hertford and Stortford) Siobhain McDonagh MP (Labour, Mitcham and Morden) Alison Thewliss MP (Scottish National Party, Glasgow Central) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the internet via www.parliament.uk. Publication © Parliamentary Copyright House of Commons 2021. This publication may be reproduced under the terms of the Open Parliament Licence, which is published at www.parliament.uk/site-information/copyright-parliament/. Committee reports are published on
    [Show full text]
  • Black Or White How Risks Become Opportunities
    Scope CREDIT SUISSE ASSET MANAGEMENT (SWITZERLAND) LTD. Q2/2017 Security & Safety Black or White How Risks Become Opportunities 06 The Scope Interview 42 Investment Solutions 48 Investment Solutions How to Rethink Returns Benefits in Bulk Supply Chain Finance André Helfenstein on What makes multi-factor Specialized funds enable the challenges and solutions index funds attractive short-term, low-risk investments for pension funds with attractive returns 075519E Leader in Digital Security www.airlock.com Editorial Security Megatrend Are you familiar with the fear of crime paradox? It asserts that some people are very afraid of crime, although they are not particularly threat- ened by it, whereas other people have no fear of it, even though their threat is above average. Recognized some years ago, this paradox was confirmed in 2017 in a security survey conducted by ETH Zurich. Overall, the results of the survey are very gratifying. Nine out of ten Swiss people feel secure. However, security isn’t a condition. It’s a value. This means that security also comes at a price. And that – in simplified form – is a key theme of the second issue of “Scope.” We show you how the increasing global demand for solutions to security and safety is becoming a megatrend and leading to interesting investment opportunities. We also address the challenges the Swiss pension system is facing. The 2017 Credit Suisse Pension Fund Survey makes clear how urgent the need for action is. As Credit Suisse Asset Management, we have the expertise to support pen- Eric Varvel sion managers through words and deeds.
    [Show full text]
  • Investigation Into the British Business Bank's Accreditation of Greensill
    A picture of the National Audit Office logo Investigation into the British Business Bank’s accreditation of Greensill Capital HM Treasury, Department for Business, Energy & Industrial Strategy, British Business Bank REPORT by the Comptroller and Auditor General SESSION 2021-22 7 J ULY 2021 HC 301 We are the UK’s We support Parliament independent in holding government public spending to account and we watchdog. help improve public services through our high-quality audits. The National Audit Office (NAO) scrutinises public spending for Parliament and is independent of government and the civil service. We help Parliament hold government to account and we use our insights to help people who manage and govern public bodies improve public services. The Comptroller and Auditor General (C&AG), Gareth Davies, is an Officer of the House of Commons and leads the NAO. We audit the financial accounts of departments and other public bodies. We also examine and report on the value for money of how public money has been spent. In 2020, the NAO’s work led to a positive financial impact through reduced costs, improved service delivery, or other benefits to citizens, of £926 million. Investigation into the British Business Bank’s accreditation of Greensill Capital HM Treasury, Department for Business, Energy & Industrial Strategy, British Business Bank Report by the Comptroller and Auditor General Ordered by the House of Commons to be printed on 5 July 2021 This report has been prepared under Section 6 of the National Audit Act 1983 for presentation to the House of Commons in accordance with Section 9 of the Act Gareth Davies Comptroller and Auditor General National Audit Office 30 June 2021 HC 301 | £10.00 Investigations We conduct investigations to establish the underlying facts in circumstances where concerns have been raised with us, or in response to intelligence that we have gathered through our wider work.
    [Show full text]
  • Deal Drivers EMEA
    The comprehensive review of mergers and acquisitions in the EMEA region FY 2019 Deal Drivers EMEA mergermarket.com WIN MORE MANDATES DatasiteOne Marketing is the first solution focused on optimizing and automating the LEARN early stage M&A asset marketing process. MORE > EMEA +44 20 3031 6300 UK&I +44 20 3031 6300 Germany +49 69 244 321 450 France +33 1 4006 1313 [email protected] #DatasiteOne merrillcorp.com ©Merrill Communications LLC. All rights reserved. All trademarks are property of their respective owners. Mergermarket Deal Drivers EMEA FY 2019 3 Contents Contents The comprehensive Foreword 04 Consumer 36 EMEA Heat Chart 05 Telecoms, Media & Technology 42 review of mergers All Sectors 06 Transportation 48 and acquisitions in Financial Services 18 Pharma, Medical & Biotech 54 the EMEA region Industrials & Chemicals 24 The Middle East & North Africa 60 throughout 2019. Energy, Mining & Utilities 30 About Merrill Corporation 67 mergermarket.com Mergermarket Deal Drivers EMEA FY 2019 4 Foreword Foreword Welcome to the full-year 2019 edition of disappointment and a reassurance. While this Deal Drivers provides readers with an in-depth Deal Drivers EMEA, published by Mergermarket annual figure represented a 6.4% fall in volume review of EMEA-based M&A during 2019 using in association with Merrill DatasiteOne. This and a 16% drop in value on 2018’s annual total, sector-specific and geographical data – all report provides an extensive review of M&A some sense of reassurance can be derived filtered through the expert lens of Mergermarket activity across Europe, the Middle East and North from the fact that dealmaking activity has not journalists.
    [Show full text]
  • Case 1:21-Cv-03385 Document 1 Filed 04/16/21 Page 1 of 36
    Case 1:21-cv-03385 Document 1 Filed 04/16/21 Page 1 of 36 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK x CITY OF ST. CLAIR SHORES POLICE AND : Civil Action No. 1:21-cv-03385 FIRE RETIREMENT SYSTEM, Individually : and on Behalf of All Others Similarly Situated, : CLASS ACTION : Plaintiff, : COMPLAINT FOR VIOLATION OF THE : FEDERAL SECURITIES LAWS vs. : : CREDIT SUISSE GROUP AG, THOMAS : GOTTSTEIN, LARA J. WARNER and : DAVID R. MATHERS, : : Defendants. x DEMAND FOR JURY TRIAL Case 1:21-cv-03385 Document 1 Filed 04/16/21 Page 2 of 36 Plaintiff, City of St. Clair Shores Police and Fire Retirement System (“plaintiff”), individually and on behalf of all others similarly situated, by plaintiff’s undersigned attorneys, for plaintiff’s complaint against defendants, alleges the following based upon personal knowledge as to plaintiff and plaintiff’s own acts and upon information and belief as to all other matters based on the investigation conducted by and through plaintiff’s attorneys, which included, among other things, a review of the U.S. Securities and Exchange Commission (“SEC”) filings by Credit Suisse Group AG (“Credit Suisse” or the “Company”), Company press releases, conference call transcripts and media reports about the Company. Plaintiff believes that substantial additional evidentiary support will exist for the allegations set forth herein after a reasonable opportunity for discovery. INTRODUCTION 1. This is a securities class action on behalf of all persons who purchased or otherwise acquired Credit Suisse American Depositary Receipts (“ADRs”) between October 29, 2020 and March 31, 2021 (the “Class Period”), against Credit Suisse and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934 (“1934 Act”).
    [Show full text]