Central Bank Gold Buying Slows After Record Rally Cools Demand
Central banks bought 166.5 tons in the three-month period, a third less than in the first quarter, bringing purchases for the first half of the year to the lowest since 2022, according to figures compiled for the World Gold Council, a trade body. Central bank demand is now forecast at about 815 tons for 2025.
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Yahoo
21 minutes ago
- Yahoo
C-suite access is the new divide in the hedge fund world
Corporate access has become the latest institutional shift for the largest hedge funds in the industry. The biggest firms have teams of people handling their relationships with companies and get the most access. Citadel, for example, does more than 30,000 meetings with executives a year. You can't buy time, but hedge funds are trying. Some of the most valuable time in the world is that of a CEO of a large public company like Jamie Dimon or Mark Zuckerberg, whose days are planned to the millisecond. They carve out time to speak to their companies' investors about strategy, expectations, and more, and it's those seconds that the biggest hedge funds in the world are increasingly monopolizing. Multistrategy giants like Izzy Englander's Millennium, Ken Griffin's Citadel, Steve Cohen's Point72, and Dmitry Balyasny's eponymous firm operate with dozens — sometimes hundreds — of investment teams under one roof, each running their own strategy. These firms' stock-picking teams compete with each other and rivals for face time with leaders at the world's biggest companies. In conversations with 15 portfolio managers, hedge fund executives, bankers, corporate access professionals, and investor relations heads, Business Insider found that access to C-suites — once a more level playing field — has become another area where the biggest firms dominate. The process is now a source of growing tension as smaller investment firms get edged out, companies are flooded with requests, and even top firms grapple with internal strains over who gets into the boardroom. A decade ago, the connection between these firms and corporations was run solely through brokers working at investment banks, also known as the sell-side. Now, while the sell-side has not been cut out of the equation, the biggest hedge funds employ large teams of corporate access pros themselves, with personnel based in the US, Europe, and Asia helping mega funds get their ever-growing investing team members face time with CEOs. Citadel boasts on its website that it does more than 30,000 meetings with corporate executives each year. Millennium's increasing allocation to externally run funds means more wallets to pay the sell-side, ensuring better access and preferential treatment from brokers. Balyasny has done educational events for corporate investor relations teams in Asia, India, and the US in the last 12 months to explain the firm's structure and introduce its broker relations leaders. Funds mentioned in this story declined to comment. "A big part of the job is keeping everyone happy," said one hedge fund executive who has managed stock-picking teams for more than a decade. 'Kids' table' Twenty-seven-year-olds in T-shirts. Cameras off during pandemic-era Zooms. Typing on laptops or phones while CEOs spoke. Twenty people on a call, all vying to ask a hyperspecific question, often related to next quarter's earnings. Companies, especially the largest ones with the busiest executives, were getting frustrated as the headcounts of the industry's elite swelled, according to two corporate investor relations executives. At bank-held conferences, alongside tenured portfolio managers from long-only funds and asset management giants like Fidelity and Wellington, "we were always the kids' table," one multistrategy executive admitted. It was "pretty common" between 2018 and 2021 for executives to say no to meeting with some of these firms, or sharply curtailing the number of seats allotted to these funds, said Christopher Melito, a former corporate access pro at Cowen, Citi, and Credit Suisse. Even with how much these firms paid the sell-side, "at the end of the day, a C-suite could say 'don't confirm that request, we aren't meeting with them,'" said Melito, who is now the head of investor access at consulting firm ICR. Though the industry started building corporate access teams as early as 2015, it took years for teams to get to their current efficiency. One early hire industry experts pointed to was when Citadel promoted Johnna Shields to the role of corporate relations manager within its Global Equities stockpicking unit. Now, these staffers play a critical role in smoothing the path for hedge funds, which aren't always trusted by CEOs who worry about potential short-sellers and capital that'll leave at the first sign of trouble. Similar to the growing importance of the business development role, those in corporate access have become a key cog within multistrategy firms, despite the fact that they don't manage capital themselves. Jain Global, for example, brought on Katie Vogt, a former Balyasny and Goldman Sachs staffer, to head its corporate access efforts, deeming the function important enough to hire someone pre-launch. There's now a much healthier two-way street between funds and corporates. For example, "a lot of top four funds stopped putting junior members in these meetings," Melito said, and started training younger investment team members on protocol. One former PM said that at Point72, blazers are required when meeting with an executive. At other large firms, Melito said, young analysts start by meeting with smaller-cap companies before shadowing more senior investors in meetings with large-cap corporations. Corporate access teams have shifted from booking agents to matchmakers, one person close to a big four fund said, pairing different teams and investors with the right executives. "The large four funds have been a lot more strategic about their asks," Melito said. Everything's political Although the relationships between funds and companies may be solid, there is still plenty of bickering internally at the asset managers. One portfolio manager at a large firm said the biggest fights he ever saw were between two teams wanting access to the same executive — and there would only be room for one. Firms often give more tenured teams the right of first refusal for a meeting, but sometimes big-name new hires will jump the line, causing a rift, another PM said. All jobs have an element of internal politics to them, but in the cutthroat hedge-fund world, where a right call could mean a life-changing annual bonus and a wrong call could mean a pink slip, the stakes are magnified. The growing staff at the biggest managers means that a potential meeting with a Fortune 500 CEO will have plenty of interested parties. At Citadel alone, there are roughly 300 stockpickers, Griffin said at a talk at his former high school in Florida earlier this year. While the biggest funds can offer eye-popping sign-on bonuses and larger books of capital to manage, smaller funds that haven't been able to keep up with the big boys on corporate access resources are leveraging the internal tiffs to help their recruiting. "We can say 'You're our tech guy,' and while we can't compete on upfront guarantees, we can give them better long-term incentives," said one individual who runs a smaller multistrategy firm. These incentives include automatic IPO distributions, he said, which can be hard to come by if you're lower down the totem pole in one of the bigger firms. In the ongoing war for talent that has top moneymakers getting offers of tens of millions of dollars in total potential compensation, an important question for candidates is how many other teams trade their specialty or sector, one recruiter said. "It's a make-or-break kind of question," he said. No one wants to be one of 20 investing in technology companies "unless the money's just stupid," he added. Is it 'something AI could do' or a differentiator? The reason these firms have been able to build up these teams and pay out such large commissions to the Street is because of the pass-through fee agreements that put their backers on the hook for business costs. The question limited partners need to ask: Is it worth it? Several PMs at firms with large corporate access teams told Business Insider they could do without. One European equity investor said CEOs have become more scripted than ever, so meetings are basically a rerun of what they've previously said on earnings calls or at conferences. Another, based in the US, said the biggest value from these meetings used to be a sentiment check on how other teams were thinking about the stock — but now questions are often too specific and narrow to give any kind of indication into their thinking. For one founder of a smaller activism fund, the meetings are a prime example of something that firms could eventually save money on by automating away. "All these young analysts are asking questions off a sheet of paper their PM gave them and then typing into their models right there," the activist said. "It's something AI could do." It's hard to quantify how much a 30-minute conversation with a CFO is worth to a fund's bottom line. One industry consultant believes the push for funds to adopt cash hurdles — which would require their net returns to be over that of a Treasury bond to earn performance fees — might lead to some firms cutting costs in different places, including payments to the sell-side. Still, longtime stockpickers appreciate time with executives, and the old guard believes there's value in it. Tiger Global's billionaire founder, Chase Coleman, sees merit in these meetings and still attends them, a person close to the firm said, and funds have brought in former CIA interrogators to help investors dissect body language and read between the lines of a prepared statement. Even beyond the informational advantages mega funds can glean from these meetings, corporate access is also a zero-sum game. The more meeting slots and conference registrations the industry's largest firms take up, the fewer everyone else can get. "It's a finite resource," said one sell-side broker. "They don't want to share." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
The Coca-Cola Company (KO): A Bull Case Theory
We came across a bullish thesis on The Coca-Cola Company on Valueinvesting subreddit by indian_coder. In this article, we will summarize the bulls' thesis on KO. The Coca-Cola Company's share was trading at $69.17 as of July 25th. KO's trailing and forward P/E were 24.53 and 23.31 respectively according to Yahoo Finance. ivan-borinschi-uh2Mw7S-OPo-unsplash Coca-Cola (KO) reported Q2 2025 earnings with profits surpassing expectations, driven by pricing power that offset softer demand, as global unit volumes declined 1% while organic revenue grew 5%. Management reaffirmed full-year organic revenue growth guidance of 5–6% and raised currency-neutral EPS growth expectations to about 8%, acknowledging some currency headwinds. Analysts forecast 5–6% revenue and 8–11% EPS growth over the next few years, reflecting steady but unspectacular growth. Morningstar pegs fair value at $69, broadly in line with the current share price, while Wall Street price targets range from $70–84, implying limited near-term upside and raising questions about the margin of safety for value investors. Innovation and portfolio diversification, such as continued momentum in Coke Zero Sugar, remain crucial to sustaining pricing-led revenue growth amid a competitive beverage landscape and evolving consumer preferences. The 2.9% dividend yield, supported by a 75–80% payout ratio and a long track record of increases, provides a reliable income stream, though the high payout limits reinvestment flexibility. For income-focused investors, KO offers a stable return profile, but for those seeking capital appreciation, the case hinges on management's ability to reignite volume growth while defending margins. Currency pressures and competitive intensity add to execution risks, though predictable cash flows and consistent capital returns lend resilience. With shares trading near perceived fair value, investors must weigh a dependable dividend and modest growth against a premium valuation and limited upside, making KO a defensive holding offering income stability but only moderate long-term appreciation potential. Previously we covered a on PepsiCo, Inc. (PEP) by Charts&Companies in May 2025, which highlighted its diversified portfolio, attractive valuation versus Coca-Cola, and stronger capital efficiency. The company's stock price has depreciated approximately 47% since our coverage, as muted sales and sentiment pressured performance. The thesis still stands given resilient cash flows and valuation support. indian_coder shares a similar view but emphasizes Coca-Cola's pricing power and defensive growth. The Coca-Cola Company is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held KO at the end of the first quarter which was 81 in the previous quarter. While we acknowledge the potential of KO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
22 minutes ago
- Entrepreneur
How to Prove the ROI of HR Tech to Skeptical Executives
Struggling to justify HR tech spend? For SMBs, every dollar counts. This means justifying a strong ROI is paramount to advancing people strategy. Opinions expressed by Entrepreneur contributors are their own. In the world of small and mid-sized businesses, every dollar counts. Leaders are constantly faced with difficult decisions about where to allocate limited resources to drive the greatest impact. With HR often viewed as a cost center for businesses, it comes as little surprise that a recent study found 64% of small to mid-sized businesses allocate less than 1% of their annual revenue to HR technology investments, and 36% are using virtually no HR technology. Not only does this make HR teams' jobs more difficult, requiring them to spend hours prioritizing labor-intensive back-office tasks, but it also reduces their ability to spend time on supporting employee needs and engagement initiatives that can have a real impact on a business's bottom line. To shift the tide, HR managers looking to make the case to leadership for technology investment in the coming year must advocate not only for the people side of the business but also do so in a way that speaks the language of bottom-line impact, operational efficiency and strategic growth. As we approach the end of the fiscal year, now is the time to prepare a business case that resonates with executive decision-makers. Here's how HR leaders can frame their proposals around real pain points and offer grounded, practical solutions that deliver measurable value. Related: These HR Techs Are Making Employee Management Easier Pain point 1: Limited budgets and uncertain returns Small and mid-sized business owners often face a barrage of competing priorities. With limited funds, it's not always clear which investments will stretch furthest or deliver the most meaningful results. HR, workforce management and payroll solutions can seem like overhead — until their impact is clearly articulated. The solution: To overcome the misconception around workforce investments, HR leaders should start by reframing HR technology as a strategic enabler rather than a cost center. By demonstrating how a unified workforce platform reduces administrative burden, alleviates compliance risk and frees up time for employees to focus on high-value work, leadership can more easily understand the business case for investing. For example, automating time tracking and payroll reduces errors and ensures accurate compensation, which in turn boosts morale and retention. These are not abstract benefits — they translate directly into fewer costly mistakes, lower turnover and more productive teams. Pain point 2: Difficulty connecting HR to business strategy In many small businesses, HR is either a one-person team or a shared responsibility across multiple departments. This makes it challenging to connect people-related initiatives to broader business goals like profitability, customer satisfaction or growth. The solution: Use data to bridge the gap. Even basic workforce analytics can reveal patterns in absenteeism, turnover and productivity that correlate with business performance. For instance, if your busiest sales periods coincide with spikes in employee fatigue or scheduling conflicts, that's a clear operational risk. By investing in tools that provide visibility into workforce trends, HR personnel can offer insights that help leadership make smarter, more strategic decisions. Moreover, when employees are supported with intuitive, mobile-friendly tools that make their jobs easier, they're more likely to go the extra mile. This often-overlooked discretionary effort is a key driver of profitability in small and mid-sized businesses. Related: 4 Ways Technology Improves the Human Resources (and Human) Experience Pain point 3: Lack of actionable data Many small businesses rely on spreadsheets, manual processes or disconnected systems that don't provide a clear picture of what's working and what's not. This makes it difficult to justify investments or identify areas for improvement. The solution: Advocate for a single source of truth. A consistent, integrated platform for HR, payroll and workforce management removes operational silos and ensures that decision-makers have access to real-time, reliable data. This enables proactive planning, whether it's forecasting staffing needs, managing compliance risks or identifying opportunities to improve employee engagement. With built-in reporting and AI-driven insights, even small HR teams can deliver executive-level intelligence that not only builds credibility but positions HR as a strategic partner in driving business outcomes. Making the ROI case To make a compelling case for investment, HR leaders must speak in terms that resonate with executives: cost savings, risk reduction and revenue impact. Here are a few data points to consider: According to a recent McKinsey report, organizations that make data-driven decisions are 63% more likely to adapt to changing business environments. A study conducted by UKG in partnership with found that HR teams equipped with the right data are five times more likely to make strategic recommendations. A Great Place to Work report found that prioritizing employee experience can lead to 50% less turnover and 36% higher levels of discretionary effort, while a recent Gallup report found it can lead to a 34% reduction in absenteeism and 41% fewer safety incidents. Addressing disengagement can yield up to $56 million in annual savings, even for mid-sized organizations, according to McKinsey. While your business may not operate at that scale, the principles hold true. Every hour saved, every employee retained and every process improved contributes to a stronger bottom line. Related: How Technology Will Shape The Way Startups Manage Their HR The right investments in people and processes can transform an organization. For HR managers at small and mid-sized businesses, the key is to align your proposals with the strategic priorities of the business. Focus on outcomes, not features. Show how your recommendations will reduce friction, improve performance and support growth. In uncertain times, there is temptation to cut back. But the businesses that thrive are those that invest wisely — especially in their people. By presenting a clear, data-backed case for HR, workforce management and payroll solutions, you're not just asking for budget. You're offering a roadmap to a more resilient, efficient and profitable future.
