Latest news with #GoldmanSachs'
Yahoo
11 hours ago
- Business
- Yahoo
Goldman says hedge funds are buying U.S. tech stocks at fastest pace in a decade
-- U.S. hedge funds have been buying equities for four consecutive weeks, with the last week's long buying in dollar terms being the largest since November, according to Goldman Sachs' prime brokerage desk. Vincent Lin of Goldman Sachs has noted that this trend indicates a heightened willingness by hedge funds to assume idiosyncratic risk. In terms of sectors, 10 out of 11 U.S. sectors witnessed net buying, with the information technology sector leading the pack. This sector witnessed the most significant long buying in over a decade. Fund managers purchased nearly every subsector within tech, with semiconductors and semiconductor equipment leading the way. However, software experienced a modest net selling last week. Last week, hedge funds adjusted their positions by decreasing their holdings in the Magnificent 7 tech stocks while increasing their exposure to China ADRs in the first quarter. Despite the escalating trade tensions at the end of the quarter, hedge funds increased their exposure to China ADRs. The most popular China ADRs among U.S. hedge funds include Alibaba Group (NYSE:BABA), PDD Holdings (NASDAQ:PDD), Baidu (NASDAQ:BIDU), and (NASDAQ:JD). However, this shift in investment strategy did not yield the expected results as the Magnificent 7 stocks returned a positive 12% during the second quarter to date, while trade tensions negatively impacted China ADRs. Despite this, U.S. megacap companies continue to be among the most popular long positions for hedge funds. Ben Snider, leading the team at Goldman Sachs, noted that despite a volatile macroeconomic backdrop, U.S. equity long/short hedge funds have managed to maintain a positive return of 1% year-to-date, thanks to strong stock-picking. He also mentioned that the rising short interest has pushed hedge fund gross leverage to a record high. For the first time since the 2021 short squeeze, short interest in the median S&P 500 stock has risen above the long-term historical average, increasing to 2.3% of float from 1.8% in December 2024. In terms of sectors, hedge funds reduced their net exposure to healthcare and increased their holdings in infotech, consumer discretionary, and industrials. Related articles Goldman says hedge funds are buying U.S. tech stocks at fastest pace in a decade BTIG upgrades Doximity saying pullback on macro fears overdone CAE taps Northrop Grumman's Matthew Bromberg as new CEO Sign in to access your portfolio
The Star
3 days ago
- Business
- The Star
Outrage over Leissner's ‘inadequate' sentence in 1MDB case
PETALING JAYA: Widespread criticism has emerged over the two-year sentence imposed on former Goldman Sachs banker Tim Leissner for his role in the 1MDB scandal, with many arguing it fails to reflect the gravity of the crime. Malaysian Bar president Mohamad Ezri Abdul Wahab described the punishment as inadequate and warned of its broader implications for justice and deterrence. He said while the Bar respects the independence of the US judiciary and acknowledges the court's characterisation of Leissner's actions as 'brazen and audacious,' many Malaysians reasonably view the sentence as insufficient given the scale of the wrongdoing. 'An apology cannot undo the damage. Justice in cases of this magnitude must reflect not only accountability but also deterrence. 'Lenient outcomes risk eroding public confidence and failing to prevent future abuses of financial systems,' he said when contacted yesterday. Leissner, formerly Goldman Sachs' South-East Asia chairman, had pleaded guilty in 2018 to conspiring to violate the US Foreign Corrupt Practices Act and participating in a money laundering scheme. He later cooperated with US prosecutors, becoming a key witness in the conviction of his former colleague Roger Ng. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. Ng, the former head of investment banking for Goldman in Malaysia, was convicted in Brooklyn and sentenced to 10 years in prison, but had been brought here in 2023 to assist in investigations. Too short: Mohamad Ezri (left) and Johari were among those who expressed their disappointment. US-based journalist Tom Wright, who co-authored Billion Dollar Whale detailing the 1MDB saga, also criticised the sentence. In a post on X, Wright said the outcome 'is no justice' and argued that Leissner's cooperation in Ng's prosecution did not justify such a lenient term. 'That is punching down,' he wrote. In his newsletter Whale Hunting, Wright questioned whether justice had truly been served, especially in relation to Goldman Sachs' role in raising US$6.5bil in bonds for 1MDB, a fund set up by ex- Prime Minister Datuk Seri Najib Razak, with the help of fugitive financier Jho Low. 'Not by a long shot,' Wright remarked. Echoing similar concerns, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, who chairs Malaysia's 1MDB asset recovery task force, described the sentence as 'too short.' Speaking to Reuters, he said: 'Considering he is one of the masterminds facilitating the 1MDB scandal, he should be given the maximum jail sentence.' Centre to Combat Corruption and Cronyism (C4) founding director Cynthia Gabriel also weighed in, describing the two-year sentence as 'a light slap on the wrist' that does not match the gravity of the financial crimes committed. Gabriel stressed that the scale of theft and money laundering, involving a leading financial institution like Goldman Sachs must not be taken lightly. The 1MDB scandal, which saw billions siphoned from the Malaysian sovereign wealth fund, triggered investigations across several jurisdictions and remains one of the largest financial scandals in global history.
Deccan Herald
23-05-2025
- Business
- Deccan Herald
Rishad Premji's pay doubles; still no match to that of Wipro CEO
Bengaluru: Wipro Ltd Executive Chairperson Rishad Premji's remuneration more than doubled to $1.6 million, however was much lesser than company Chief Executive Officer (CEO) Srinivas Pallia's earnings of $6.2 million in the financial year 2025 (FY25), according to the company's latest annual report. Pallia was appointed the CEO last year in April after Thierry Delaporte's Thierry Delaporte's compensation was much higher than Pallia's in FY25. Delaporte's FY24 salary was $20 million, one of the highest paid CEOs in India's IT industry. .Goldman Sachs' Sandeep Dhar to helm Wipro's GCC Premji and Srinivas Pallia are also entitled to a commission at the rate of 0.35% on incremental consolidated net profits of the company over the previous fiscal FY24, Premji had voluntarily taken a 20% pay cut and foregone his commission due to a dip in consolidated profits. He earned a total of $769,456 million that year. The turnaround in FY25 — driven by an 18.9% rise in net profit to Rs 13,135.4 crore allowed him to collect a higher payout, although he received no stock options for the year.
Business Insider
21-05-2025
- Business
- Business Insider
Goldman Sachs shares 20 'rising star' stocks that a growing number of hedge funds are betting on
While hedge funds trimmed their Magnificent Seven positions in Q1, they increasingly turned their attention toward some other stocks. In Goldman Sachs' Hedge Fund Trend Monitor published May 20, the firm highlighted 20 stocks that an increasing number of hedge funds added to their holdings in Q1. That heightened interest can be a sign that the stocks are primed for strong returns in the months ahead, the bank said. "Historically, stocks with the largest increase in the number of hedge fund investors ('Rising Stars') have typically gone on to outperform sector peers during the quarters following their rise in popularity," read the note, authored by a team of strategists led by Managing Director Ben Snider. The utilities, financials, and consumer discretionary sectors each had five stocks on the list. Two have AI exposure: Sempra and Kinder Morgan. The average market cap of the 20 stocks on the list is $17 billion. We've listed the stocks below, along with their net gain in the number of funds that own them. Knight-Swift Transportation (20) Lithia Motors (19) Yum! Brands (17) Sempra (16) US Bancorp (16) NiSource (15) Essential Utilities (15) SLM (15) Kinder Morgan (15) Tapestry (14) Alliant Energy (14) BlackRock (14) Zions Bancorporation (14) First American Financial (14) Floor & Decor Holdings (14) Darling Ingredients (13) Edison International (13) Wyndham Hotels & Resorts (13) Expand Energy (13)
NZ Herald
20-05-2025
- Business
- NZ Herald
Andrew Barclay to leave Goldman Sachs NZ
One of New Zealand's most respected corporate deal-makers for the past 25 years, Andrew Barclay, has resigned as the head of Goldman Sachs' New Zealand operations. The firm confirmed an initial Australian media report in an email to BusinessDesk and shared internal memos saying that the firm's Auckland-based Nathan Bond will continue to lead NZ corporate advisory services. 'Andrew and Nathan will work together in the coming months to ensure a seamless transition,' one memo said, noting that Bond joined the firm last year after a career in investment banking roles in New York and Auckland. Described today in the Australian Financial Review as 'Mr New Zealand', Barclay is understood to have been looking to step back from his leadership of one of Goldman Sachs's smaller global offices, but where his reputation saw him guiding some of the largest public and private market deals of recent years.
