Latest news with #BrandywineGlobal
Business Wire
16 hours ago
- Business
- Business Wire
Brandywine Global – Global Income Opportunities Fund Inc. (NYSE:BWG) (the 'Fund') Announces Portfolio Management Team Update
NEW YORK--(BUSINESS WIRE)--Effective December 31, 2025, it is anticipated that David F. Hoffman, CFA will step down as a member of the portfolio management team for the Fund. Thereafter, Mr. Hoffman will transition to an advisory role with Brandywine Global Investment Management, LLC ('Brandywine Global'). Effective July 31, 2025, Paul Mielczarski will become a member of the Fund's portfolio management team, which will consist of the members listed below: Jack P. McIntyre Brian L. Kloss Anujeet Sareen Tracy Chen Paul Mielczarski Data and commentary provided in this press release are for informational purposes only. Franklin Resources, Inc. and its affiliates do not engage in selling shares of the Fund. For more information about the Fund, please call Fund Investor Services: 1-888-777-0102, or consult the Fund's website at The information contained on the Fund's website is not part of this press release. Hard copies of the Fund's complete audited financial statements are available free of charge upon request. The Fund's shares are traded on the New York Stock Exchange. Similar to stocks, Fund share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value, and can increase an investor's risk of loss. All investments are subject to risk, including the risk of loss. About Brandywine Global Brandywine Global offers a broad array of fixed income, equity, alternatives, and asset allocation strategies that seek value across global markets with approximately $63 billion in total assets under management as of March 31, 2025. Founded in 1986 and headquartered in Philadelphia, the firm maintains strategically located offices across the United States, Europe, Australia and Asia. More information about the firm is available at About Franklin Templeton Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.57 trillion in assets under management as of May 31, 2025. For more information, please visit and follow us on LinkedIn, X and Facebook. Category: Fund Announcement Source: Franklin Resources, Inc. Source: Legg Mason Closed End Funds
Business Recorder
13-05-2025
- Business
- Business Recorder
S&P 500 jumps to over two-month high
NEW YORK: The S&P 500 hit its highest since early March on Monday as a crucial US-China agreement to slash tariffs put investors at ease after weeks of uncertainty around the future of global trade. The US will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on US imports will fall to 10% from 125%, the two countries said on Monday. The new measures are effective for 90 days. 'The reduction in fears is a positive catalyst in the short term, but that doesn't necessarily say much about the economy or the market a week from now or a month from now,' said Patrick Kaser, a portfolio manager at Brandywine Global. 'There's still uncertainty. It's still hard for companies to make decisions on spending. The market is acting like the risk has gone away, but I don't think that's how a lot of businesses and companies are going to view the situation.' At 11:26 a.m. ET, the Dow Jones Industrial Average rose 922.95 points, or 2.24%, to 42,172.33, the S&P 500 gained 142.83 points, or 2.52%, to 5,802.74 and the Nasdaq Composite gained 618.07 points, or 3.45%, to 18,546.98. Both the S&P 500 and the Nasdaq were set for their biggest single-day jumps since April 9. The S&P also surpassed its 200-day moving average for the first time since late March. Megacap and tech stocks led gains, with Nvidia rising 4.4% and Tesla adding 7.2%. An index of semiconductor stocks also leapt 6.2% to an over two-month high. Apple advanced 5.2% after a report said the company was considering raising the prices of its fall iPhone lineup. Upbeat earnings reports, Trump's softening stance on tariffs and a US-UK limited trade agreement have helped both the S&P 500 and the tech-heavy Nasdaq erase all losses incurred following April 2. The blue-chip Dow has recouped nearly all its declines too. Wall Street's 'fear gauge', the CBOE Volatility Index , retreated to 19.4 on Monday – a level last observed before the tariff turmoil in April. Nine of the 11 S&P sub-sectors traded higher, though utilities lagged with a 0.8% fall. The earnings season is winding down, with more than 90% of the S&P 500 companies having reported so far. Numbers from retail giant Walmart are due later this week. Several Federal Reserve officials, including Chair Jerome Powell, are also slated to make public remarks over the week. Traders expect the Fed to deliver two 25-basis-point rate reductions by the end of 2025, with the first cut now expected in September, according to data compiled by LSEG. Advancing issues outnumbered decliners by a 3.18-to-1 ratio on the NYSE and by a 2.63-to-1 ratio on the Nasdaq. The S&P 500 posted 12 new 52-week highs and 3 new lows while the Nasdaq Composite recorded 75 new highs and 36 new lows.
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Business Standard
12-05-2025
- Business
- Business Standard
S&P 500 hits March high as US-China tariff cuts ease trade war fears
The S&P 500 hit its highest since early March on Monday as a crucial US-China agreement to slash tariffs put investors at ease after weeks of uncertainty around the future of global trade. The US will cut extra tariffs it imposed on Chinese imports in April this year to 30 per cent from 145 per cent and Chinese duties on US imports will fall to 10 per cent from 125 per cent, the two countries said on Monday. The new measures are effective for 90 days. "The reduction in fears is a positive catalyst in the short term, but that doesn't necessarily say much about the economy or the market a week from now or a month from now," said Patrick Kaser, a portfolio manager at Brandywine Global. "There's still uncertainty. It's still hard for companies to make decisions on spending. The market is acting like the risk has gone away, but I don't think that's how a lot of businesses and companies are going to view the situation." At 11:26 a.m. ET, the Dow Jones Industrial Average rose 922.95 points, or 2.24 per cent, to 42,172.33, the S&P 500 gained 142.83 points, or 2.52 per cent, to 5,802.74 and the Nasdaq Composite gained 618.07 points, or 3.45 per cent, to 18,546.98. Both the S&P 500 and the Nasdaq were set for their biggest single-day jumps since April 9. The S&P also surpassed its 200-day moving average for the first time since late March. Megacap and tech stocks led gains, with Nvidia rising 4.4 per cent and Tesla adding 7.2 per cent. An index of semiconductor stocks also leapt 6.2 per cent to an over two-month high. Apple advanced 5.2 per cent after a report said the company was considering raising the prices of its fall iPhone lineup. Upbeat earnings reports, Trump's softening stance on tariffs and a US-UK limited trade agreement have helped both the S&P 500 and the tech-heavy Nasdaq erase all losses incurred following April 2. The blue-chip Dow has recouped nearly all its declines too. Wall Street's "fear gauge", the CBOE Volatility Index , retreated to 19.4 on Monday a level last observed before the tariff turmoil in April. Nine of the 11 S&P sub-sectors traded higher, though utilities lagged with a 0.8 per cent fall. NRG Energy jumped 23.7 per cent after the utility said it would acquire power generation assets from energy infrastructure investment firm LS Power in a deal valued at $12 billion. The earnings season is winding down, with more than 90 per cent of the S&P 500 companies having reported so far. Numbers from retail giant Walmart are due later this week. Several Federal Reserve officials, including Chair Jerome Powell, are also slated to make public remarks over the week. Traders expect the Fed to deliver two 25-basis-point rate reductions by the end of 2025, with the first cut now expected in September, according to data compiled by LSEG. Advancing issues outnumbered decliners by a 3.18-to-1 ratio on the NYSE and by a 2.63-to-1 ratio on the Nasdaq. The S&P 500 posted 12 new 52-week highs and 3 new lows while the Nasdaq Composite recorded 75 new highs and 36 new lows.
Yahoo
24-04-2025
- Business
- Yahoo
10 ‘pure value' stocks favored by analysts to soar 20% to 96% over the next year
Way back on Jan. 21, we screened the S&P 500 to identify value stocks that appeared to have some characteristics of growth stocks, to help long-term investors identify potential bargains in a market that was still riding high. Now it's time to take another look at value stocks, in light of the broad decline for the market and to help investors look beyond the day-to-day turmoil. When we ran that previous screen, the S&P 500 SPX was up 2% for 2025, following returns of 25% in 2024 and 26.3% in 2023, all with dividends reinvested. There was some concern among investors that the large-cap U.S. benchmark index was expensive. At that time, the forward price-to-earnings ratio of the SPDR S&P 500 ETF Trust SPY, which tracks the index by holding all of its stocks, was 21.6 — which was 9% higher than its five-year average valuation and 18% higher than its 10-year average valuation. That ratio is the exchange-traded fund's price divided by rolling consensus 12-month earnings-per-share estimates for its component stocks among analysts polled by FactSet, weighted by market capitalization. 10 'pure value' stocks favored by analysts to soar 20% to 96% over the next year Wednesday's relief rally suggests the 'Sell America' trade is on pause. But is the worst really over? 'I am suspicious': My father died, leaving me $250,000. My brother says it's all gone. What can I do? Talk of a Trump pivot on China tariffs is helping stocks — but U.S. companies want actual trade deals What to expect when you're expecting a recession: a guide for investors Through Monday, the S&P 500 was down 12% for 2025 (again, with dividends reinvested) and its forward P/E ratio had declined to 18.7, well below its five-year valuation of 20.3 and slightly above its 10-year average of 18.6. One summary of investors' reactions this month to the day-to-day tariff announcements, and more recently to President Donald Trump's public attacks on Federal Reserve Chair Jerome Powell, came from John McClain, a bond portfolio manager at Brandywine Global, during an interview with MarketWatch on Monday: 'We have seen some vicious snapbacks. The moment we get any positive move, investors don't want to be caught offsides,' he said. 'This is a market that wants to be first, not right.' But long-term investors might prefer to think about opportunities in this market to pay reduced prices while putting money to work for a period of years. If you are building up a retirement nest egg, isn't it better to buy stocks, or shares of equity funds, at lower prices? On the other hand, if you are looking for a combination of growth and income, lower prices for companies with decent prospects for increasing their revenue and earnings could help you identify attractive dividend payers. Value stocks are generally considered to be those that trade relatively low relative to earnings and that are expected to expand their businesses relatively slowly. Companies in the value camp typically pay dividends. Growth stocks tend to be more expensive relative to earnings, and the companies often don't pay dividends as they focus on expansion. S&P Dow Jones Indices divides the S&P 500 into the S&P 500 Value Index and the S&P 500 Growth Index by scoring stocks based on various factors. Valuation metrics include book value, earnings and revenue to price, while growth metrics include trailing three-year growth rates for earnings and revenue, as well as 12-month price momentum. But this scoring methodology leads to overlapping groups of stocks. There are 398 stocks in the S&P 500 Value Index, which is tracked by the iShares S&P 500 Value ETF IVE. There are 211 stocks in the in the S&P 500 Growth Index, which is tracked by the iShares S&P 500 Growth ETF IVW. The Value and Growth indexes are weighted by market capitalization. Apple Inc. AAPL, for example, is the largest component of the iShares S&P 500 Value ETF, making up 7.2% of the portfolio. Apple is the third-largest component of the iShares S&P 500 Growth ETF, with a 6.1% portfolio weighting, behind Nvidia Corp. NVDA at 10.8% and Microsoft Corp. MSFT at 6.3%. For investors who wish to avoid that value/growth overlap, S&P goes further with the S&P 500 Pure Value and Pure Growth indexes, which are weighted by S&P's value or growth scores, rather than by market cap. So these not only narrow the focus, they get away from the market-cap weighting that has reflected the dominance of Big Tech over the past several years. And S&P's 'pure' approach is also applied to the S&P MidCap 400 Index MID and the S&P Small Cap 600 Index SML. So the following screen begins with the holdings of three Invesco exchange-traded funds that track S&P's Pure Value indexes: So far this year, the non-cap-weighted pure-value approach has held up better than the cap-weighted value approach and the full-cap-weighted S&P 500. Again, these returns include reinvested dividends: Together, there are 336 stocks in the three S&P Pure Value indexes. The full underlying indexes that the stocks are selected from make up the S&P Composite 1500 Index XX:SP1500. And S&P has its own selection criteria for companies initially to be included in its broad indexes, which are outlined here and include four consecutive quarters of profitability. To screen the full group of pure value stocks for growth characteristics, we began by looking at FactSet's estimates for the S&P Composite 1500's revenue and earnings growth from 2024 through 2026. FactSet adjusts the data to match calendar years, for companies whose fiscal years don't match the calendar. Based on the estimates, the S&P Composite 1500 is expected to show two-year compound annual growth rates of 5.5% for revenue and 12.6% for earnings per share from 2024 through 2026. Starting with our list of 336 pure value stocks, we narrowed the group to 283 companies covered by at least five analysts polled by FactSet. Then we cut the list to 122 companies rated a buy or the equivalent by a majority of the analysts. Among the remaining 122 companies, only 10 are expected to increase their revenue at a CAGR of at least 11% (double that expected for the S&P Composite 1500) from 2024 through 2026. We are going to list them three times in the same order. First, here are the 10 companies that passed the screen, sorted by projected revenue CAGR through 2026: Company Ticker Industry Two-year estimated revenue CAGR through 2026 Forward P/E EQT Corp. EQT Integrated Oil 32.8% 12.9 Smurfit Westrock PLC SW Containers/ Packaging 24.7% 12.3 Coterra Energy Inc. CTRA Integrated Oil 23.5% 8.1 Sonoco Products Co. SON Containers/ Packaging 21.4% 7.2 Diamondback Energy Inc. FANG Oil and Gas Production 15.1% 9.3 Encore Capital Group Inc. ECPG Debt Recovery/ Loan Servicing 15.1% 4.6 Bill Holdings Inc. BILL Software 14.4% 19.0 First American Financial Corp. FAF Title Insurance and Loan Servicing 13.4% 10.8 Crescent Energy Co. Class A CRGY Integrated Oil 12.7% 5.6 Kemper Corp. KMPR Property/ Casualty Insurance 11.2% 8.7 Sources: FactSet, company filings The table includes forward P/E ratios in the rightmost column. These are Monday's closing prices divided by consensus EPS estimates for the next 12 months among analysts polled by FactSet. They are low for most of the companies when compared with the forward P/E of 18.7 for the S&P 500, 13.7 for the S&P MidCap 400 and 17.9 for the S&P Small Cap 600. You might need to scroll the table or flip your screen to landscape to see all of the columns, depending on the device or web browser you are using. There are four oil producers on the list, and fears of a possible recession in the wake of Trump's tariff policies have helped push front-month contracts for West Texas Crude oil CL00 down to $63.35 a barrel as of early Tuesday, from $71.72 at the end of last year. So there has been pressure on energy stocks. But there has been 'massive discipline around spending' among U.S. oil producers, according to Nichole Hammond, who co-manages the Angel Oak High Yield Opportunities ETF AOHY. During an interview with MarketWatch on Monday, she said this discipline left the U.S. oil and natural gas industry in much better financial shape than it was in during the energy commodity price declines in 2015 and 2016. Here is the list again, this time showing EPS for calendar 2024 with estimates for 2025 and 2026, all adjusted if necessary for companies whose fiscal years don't match the calendar. Projected two-year EPS CAGR are to the right: Company Ticker 2024 EPS Est. 2025 EPS Est. 2026 EPS Two-year estimated EPS CAGR through 2026 EQT Corp. EQT $0.45 $3.27 $4.68 223.2% Smurfit Westrock PLC SW $0.82 $3.10 $3.78 114.7% Coterra Energy Inc. CTRA $1.50 $2.94 $3.29 47.9% Sonoco Products Co. SON $1.65 $5.91 $6.42 97.1% Diamondback Energy Inc. FANG $15.53 $14.25 $14.05 -4.9% Encore Capital Group Inc. ECPG -$5.83 $5.93 $8.06 N/A Bill Holdings Inc. BILL $0.09 $2.04 $2.44 409.9% First American Financial Corp. FAF $1.26 $4.96 $6.09 120.1% Crescent Energy Co. Class A CRGY -$0.88 $1.45 $1.48 N/A Kemper Corp. KMPR $4.91 $6.13 $6.71 16.9% Source: FactSet EPS CAGR is marked 'N/A' for companies that had negative earnings in calendar 2024. This last table includes dividend yields and consensus price targets for the group: Company Ticker Dividend yield April 22 price Cons. price target Implied 12-month upside potential EQT Corp. EQT 1.32% $47.68 $57.44 20% Smurfit Westrock PLC SW 3.39% $40.78 $56.81 39% Coterra Energy Inc. CTRA 3.43% $24.81 $34.14 38% Sonoco Products Co. SON 4.88% $43.44 $55.75 28% Diamondback Energy Inc. FANG 3.02% $132.35 $191.68 45% Encore Capital Group Inc. ECPG 0.00% $30.52 $59.75 96% Bill Holdings Inc. BILL 0.00% $39.86 $75.23 89% First American Financial Corp. FAF 3.79% $57.02 $76.20 34% Crescent Energy Co. Class A CRGY 5.93% $8.10 $14.40 78% Kemper Corp. KMPR 2.32% $55.12 $84.40 53% Source: FactSet Click on the tickers for more about each company Read: Tomi Kilgore's detailed guide to the information available on the MarketWatch quote page Don't miss: This investing strategy has held up well during stock-market turmoil. It pays you to wait. Wealthier borrowers are getting behind on their debts, a warning shot for the economy I held power of attorney for my late brother. Can I withdraw money from his bank account to give to his favorite charity? The world needs the dollar, even a battered one, says this strategist. Here's how to play that. My husband will inherit $180K. I think we should invest the money. He wants to pay off his $168K mortgage. Who's right? These 15 tech stocks could rocket up to 85% in a year — and analysts love them
Yahoo
12-04-2025
- Business
- Yahoo
Investors dump US government bonds as faith in America falters
Investors are dumping once-reliable US government bonds, sparking fears that major banks and traders are losing faith in America as a safe place to store their money. That could be bad news for US President Donald Trump, who had hoped his tariff pause earlier this week would restore confidence in the markets. The upheaval in stocks has been grabbing all the headlines, but there is a bigger problem looming in another corner of the financial markets that rarely gets headlines: Investors are dumping US government bonds. Treasury bonds are essentially IOUs from the US government, and they're how Washington pays its bills despite collecting less in revenue than it spends. Investors normally rush to them at any whiff of economic chaos – but now they are selling them, as not even the lure of higher interest payments on the bonds is luring buyers. The freak development has experts worried that big banks, funds and traders are losing faith in America as a stable, predictable place to store their money. 'The fear is the US is losing its standing as the safe haven,' said George Cipolloni, a fund manager at Penn Mutual Asset Management. 'Our bond market is the biggest and most stable in the world, but when you add instability, bad things can happen.' 'This is Econ 101,' said Jack McIntyre, portfolio manager for Brandywine Global, adding about the bond sell-off now, 'It's left people scratching their heads.' This time that natural corrective isn't kicking in. Read more on FRANCE 24 EnglishRead also:Trump promises 'beautiful' result to trade war as market volatility persistsTrump warns of 'transition cost' as uncertainty over tariffs lingers Sign in to access your portfolio
