Latest news with #AXAInvestmentManagers
Yahoo
2 days ago
- Business
- Yahoo
Form 8.3 - AXA INVESTMENT MANAGERS: Unite Group plc.
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the 'Code') 1. KEY INFORMATION (a) Full name of discloser: AXA Investment Managers S.A. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Unite Group plc, The (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 05 June 2025 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state 'N/A' YES 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: 25p ordinary Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 4,641,048 0.95 (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: AXA Investment Managers does not have discretion regarding voting decisions in respect of 2,688,412 shares that are included in this total 4,641,048 0.95 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit (b) Cash-settled derivative transactions Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit (ii) Exercise Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit (d) Other dealings (including subscribing for new securities) Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state 'none' None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state 'none' None (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NODate of disclosure: 06 June 2025 Contact name: Anthony GILSOUL Telephone number*: +33 1 44 45 97 54 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit. The Code can be viewed on the Panel's website at al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Yahoo
2 days ago
- Business
- Yahoo
Form 8.3 - AXA INVESTMENT MANAGERS: Empiric Student Property Plc
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the 'Code') 1. KEY INFORMATION (a) Full name of discloser: AXA Investment Managers S.A. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Empiric Student Property plc (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 05 June 2025 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state 'N/A' NO 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: 1p ordinary Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 20,586,812 3.10 (2) Cash-settled derivatives: (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: AXA Investment Managers does not have discretion regarding voting decisions in respect of 3,700,344 shares that are included in this total 20,586,812 3.10 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit 1p ordinary Purchase 404,726 GBP 1.04 1p ordinary Purchase 12,537 GBP 1.04 1p ordinary Purchase 257,742 GBP 1.04 1p ordinary Purchase 335,264 GBP 1.04 1p ordinary Purchase 131,602 GBP 1.04 1p ordinary Purchase 257,742 GBP 1.04 (b) Cash-settled derivative transactions Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit (ii) Exercise Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit (d) Other dealings (including subscribing for new securities) Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state 'none' None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state 'none' None (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NODate of disclosure: 06 June 2025 Contact name: Anthony GILSOUL Telephone number*: +33 1 44 45 97 54 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit. The Code can be viewed on the Panel's website at 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
The Star
20-05-2025
- Business
- The Star
Undimmed United States ‘exceptionalism' seems improbable
WITH heads still spinning from Wall Street's 180 degree turn over the past six weeks, investors are sceptical over still 'exceptional' US stock market valuations that have barely flinched. Few doubt a de-escalation of Washington's trade war – for the next month or two at least – defused a panic. The over-caffeinated waxing and waning of recession warnings speaks to that even if US import tariffs are rising regardless. But the re-inflation of extreme relative US equity valuations can only be warranted if US 'exceptionalism' is truly unscathed. And here's where the story seems improbable, especially if you assume the administration's stated goal of upending the status quo that existed prior to its term. Business as usual is not part of the policy design. On the face of it, the S&P 500 is back in positive territory for the year for the first time since February, remarkably less than 4% from its all-time high from February. The VIX 'fear index' of equity volatility has subsided to the lowest since March and back below its long-term average. And before you think that's all just a mega-cap tech rebound, the equal-weighted S&P 500 is also back in the black for the year too. Both had been down 12% to 15% for the year shortly before April 8's 90-day pause on the draconian 'reciprocal tariff' plan of a week earlier. There are several reality checks to that, however. The tech-heavy Nasdaq, small-cap Russell 2000 and exchange-traded funds in so-called Magnificent Seven top caps remain in the red for 2025 to the tune of 2% to 6%. More crucially, the S&P 500 itself is still underperforming MSCI's all-country index by some 3% for the year so far. And, with the dollar down about 6%, it lags Germany's DAX, the broader eurozone benchmark and Hong Kong's Hang Seng by anywhere between 15% to 30% in dollar terms for 2025. Double GDP But it's the valuation rebound that arguably causes most puzzlement with so much of the economic and policy disturbance left unresolved. The S&P 500's 12-month forward price to earnings multiple has jumped back above 20. Although still off February heady peaks over 22, it continues to surf almost 20% above its own 30-year average, more than 40% above equivalent European STOXX 600 valuation and more than 60% above the MSCI emerging markets index and Britain's FTSE 100. That still spells exceptional in most people's books and has to assume those revised US recession warnings remain under wraps and 'value investors' don't get tempted away, or back home, in the case of the trillions of overseas dollars in the market. 'Those with sympathy for the Make America Great Again ambitions and methods could believe US exceptionalism will continue to deliver high returns, with strong capital inflows representing a willingness to hold and increase dollar holdings amongst investors in the rest of the world,' mused Chris Iggo at AXA Investment Managers. 'Recent events might cast some doubts on those assumptions.' Iggo wrote that the only meaningful factor that had improved of late was sentiment and relief, driven in part by announcements of billions of dollars in deals done by President Trump on his Middle East tour last week. 'Sentiment is fickle though. It could turn sour when the reality of weakening economic data becomes evident,' he added. As to whether US market pricing remains extreme, Iggo cast back to legendary investor Warren Buffett's indicator of excessive valuation being defined by how much overall market cap exceeds a country's gross domestic product (GDP). Using the Wilshire 5000 as a measure, US equity market cap is now more than 200% of GDP – twice where it was a decade ago, twice that of France or Britain and more than 50% bigger than the same ratio for Japan. Even if US recession is avoided, the overarching Trump plan to rebalance world trade with higher tariffs, narrower US deficits, a countervailing capital flow reversal, weaker dollar and domestic demand spurs overseas challenge that market exception. Some point to enduring long-term themes of US tech leadership and innovation. But even if faith in that persists, the current disruption has multiple hurdles over the summer ahead. July and August stand out as particularly tricky months. Ninety-day tariff pauses on global and Chinese tariff hikes expire in July, the 180-day review of US membership of all multilateral institutions comes up that month too and the deadline for raising the US debt ceiling drifts back onto the radar amid currently fraught budget negotiations. On top of that, the Federal Reserve's best guess on when tariff rises start to infect inflation in earnest is June – numbers set to be published in July. And even in most investors' best-case scenario of 'only' a 10% universal tariff increase, the risk there is that it resolves little. 'Settling on a 10% tariff might ... be the worst of all worlds-from the perspective of Trump's objectives,' wrote Council on Foreign Relations president Michael Froman. 'It could be too low to raise substantial revenue, too high to avoid pushing up prices, but not high enough to re-industrialise the United States.' — Reuters Mike Dolan is a columnist for Reuters. The views expressed here are the writer's own.
Bloomberg
15-05-2025
- Business
- Bloomberg
AXA Investment Managers' Bigos on Market Sentiment
AXA Investment Managers CIO for Asia Ex-Japan Core Investments Ecaterina Bigos discusses market sentiment following a pause in tariffs on China. She speaks with Haslinda Amin on Bloomberg TV. (Source: Bloomberg)
Reuters
14-04-2025
- Business
- Reuters
BNP Paribas cuts year-three return forecast on AXA IM deal
PARIS, April 14 - BNP Paribas ( opens new tab, France's biggest bank, has cut its forecast for the return on invested capital from its 5.1 billion-euro acquisition of AXA Investment Managers, it said in a statement on Monday. The French lender said it expected over 14% in the third year, down from a previously projected 18%. The revision follows updated guidance from the European Central Bank on capital treatment, which would result in a 35-basis-point hit to BNP's CET1 ratio - a measure of financial strength - compared to the 25 basis points initially expected. The transaction is due to close in July. The bank said its share buyback and dividend plans remain unchanged, with final details on regulatory treatment to be disclosed at closing.
