Latest news with #Vassallo
Yahoo
01-07-2025
- Business
- Yahoo
Analysis-Foreign investors increase dollar hedges on US stock portfolios
By Laura Matthews NEW YORK (Reuters) -Overseas asset managers and pensions are adding protection against a weakening dollar, concerned about the U.S. currency's diminishing ability to diversify their U.S. equity portfolios. Because such stock funds carry built-in dollar exposure, investors with other home currencies that had not neutralized the foreign exchange risk were cushioned when the dollar was strong if Wall Street performed badly. But the dollar's correlation with other U.S. assets, and the impact of its fall on portfolio performance, came into sharper focus when the Trump administration announced far-reaching global tariffs on April 2, sending U.S. stock indexes and the greenback sharply lower. The dollar hit a three-year low against a basket of currencies, raising risks for investors whose portfolios once benefited from the natural hedge. Now, managers are reducing dollar exposures and increasing the hedge ratios for U.S. stock portfolios where clients' investment policies allow them to do so. About 10% of Russell Investments pension fund clients in Europe and the UK have already increased hedge ratios on their international stock portfolios, said Van Luu, global head of solutions strategy for fixed income and foreign exchange for Russell in London. One client raised it to 75% from 50%, highlighting the desire to have a greater portion of U.S. stocks protected against the weakening dollar. "If what we're seeing persists... then you will have more clients taking action in that direction," said Luu. 'MORE HOSTILE' The dollar is down 10% for the year, and 6.5% since U.S. President Donald Trump's so-called Liberation Day in April. Meanwhile, the S&P 500, the benchmark U.S. stock index, has recovered 24% since an April slump and is up 5.3% this year, flirting with record highs. The MSCI gauge of global stocks, minus the U.S., has risen 16% for the year. "It's not enough to look at the stock market and say it is more or less back to where it was, so nothing happened," said Peter Vassallo, FX portfolio manager at BNP Paribas Asset Management, who manages currency exposures across its asset classes. BNP has been reducing dollar exposures for its clients that include pension funds, sovereign wealth funds and central banks. It has sold U.S. dollars across stock and fixed income portfolios, and built up what Vassallo described as a sizable position in options for funds that allow these strategies. He said the euro, yen and the Australian dollar are among the primary currencies it bought against the dollar, a big contrast to how the asset manager ended the previous year with a small "overweight" in the U.S. dollar. "This switch towards a more uncertain policy regime created an environment where we as market participants see the U.S. as more hostile to international capital flows, international trading," Vassallo said. After a June review, Justin Onuekwusi, chief investment officer at St. James's Place, said it is maintaining a strategic hedge that allows it to reduce overseas currency exposure in favor of the pound by up to 20%. The strategy "has been beneficial for our clients' returns year to date," he said. Onuekwusi said he now sees the dollar as closer to its longer-term fair value and has marginally reduced dollar hedging across managed portfolios. Foreign investors hold more than $30 trillion in U.S. securities, about $17 trillion of which is in equities and more than $12 trillion in long-term debt, according to data published in April by the U.S. Treasury Department. Marcus Fernandes, global head of currency management at Northern Trust, said the divergence in the correlation of risk is more than in the past. "That's why people are thinking faster than before, 'I need to increase my hedge ratio'," he said. "Once those conversations start, they usually end with increased hedge ratios," he said. COST INCENTIVE Data from Russell showed that a euro-hedged version of the MSCI USA index was flat for the year through May, while the euro-unhedged version was down 8.3%, showing the benefit of hedging for euro-based investors. The dollar is down 13% against the euro on concerns about flip-flopping U.S. trade policies and growth. "FX is back on the boardroom agenda," said Joe McKenna, head of fund solutions at MillTech, a London-based FX and cash management company. "What was once handled quietly in the back office is now drawing the attention of CIOs and CFOs, driven by renewed dollar volatility." Managers hedge currency exposure by selling the dollar against their respective base currency like the euro or the pound in the FX forwards market, and also use derivatives like options. When the dollar weakens, the hedge position gains in value while the dollar exposure on the underlying stock portfolio loses. Forward selling of the dollar is the largest in four years, according to John Velis, Americas macro strategist at BNY Markets, suggesting investors are unwilling to carry long dollar exposures, even with the potential for it to rally if U.S. tariff policy changes or the Israel-Iran conflict resumes. Investors reallocating to U.S. assets to meet benchmark weights after April's selloff are now hedging those exposures, he told Reuters. "It communicates that dollar volatility is a concern," said Velis. "It can be policy volatility as well as macroeconomic volatility that's causing people to... not keep that dollar exposure because of the fears of the dollar decline." 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
CBS News
25-02-2025
- Politics
- CBS News
Trump cuts cause safety concerns for National Parks Service, including Bunker Hill
With the Trump Administration cutting 1,000 jobs from the National Parks Service - employees the administration said were newly hired - some are raising concerns about how the cuts will impact safety, including that of Charlestown's Bunker Hill Monument. Why do national parks need so many employees? Don Neubaker, of the Coalition to Protect America's National Parks, worked for the National Parks Service for 36 years, spending 20 years as the superintendent of Yosemite National Park. He believes that this number of layoffs could have a significant impact on the parks. He said that many parks have their own police department, ambulances and emergency response teams. Without proper staffing, he believes parks could become unsafe. "If you don't have the right amount law enforcement staff and emergency personnel, you're not going to be able to respond to emergencies the way we've done in the past," said Neubaker. "So across the board, there's really going to be less service for the American public." Neubaker added that park rangers do preventative work to keep bears away from public trails. He believes there could be an increased risk of bear attacks amid the firings. The National Parks Service reported more than 325 million people visited U.S. parks in 2023. Neubaker said those attendance numbers have been on the rise, and it is taking even more employees to maintain the beauty and safety of these landmarks. "It's just really a shame to see this happen to these very important places that protect our cultural and natural heritage," said Neubaker. Park-goers say rangers are needed Park-goers also appeared passionate about the issue. Carl Vassallo visited the Bunker Hill Monument in Charlestown with his family. They came all the way from the United Kingdom to see some of the United States' national parks. They've been pleased with their experience and are said to see resources shifting away from the parks. "It's really nice to come to these sort of areas," said Vassallo. "They're all clean; they're tidy, the snow has been cleared here today. So, yeah, disappointing if those things don't continue." On their trip, the family stopped by Yosemite in California and had many encounters with park rangers. Vassallo said that he hopes those jobs come back, as it would be difficult to navigate that park without them. "It's disappointing, really," he said. "When we went to Yosemite, there were a lot rangers on hand, especially when you got high up. It was really hot, and they were helpful to point out the right get lost in that part of the world is difficult." In addition to the 1,000 jobs cut, the Trump Administration put a hiring freeze on the National Parks Service. That hiring freeze has since been lifted, but it's left the NPS in a difficult situation. Neubaker said the National Parks Service usually begins staffing summer positions in January and starting that process in March will make it nearly impossible to hire enough workers to keep parks safe.
Yahoo
06-02-2025
- Business
- Yahoo
Reed's Announces Leadership Updates
NORWALK, Conn., Feb. 06, 2025 (GLOBE NEWSWIRE) -- Reed's, Inc. (OTCQX: REED) ('Reed's' or the 'Company'), owner of the nation's leading portfolio of handcrafted, natural ginger beverages, today announced key leadership changes, effective February 10, 2025, to bolster its executive team and reinforce its operational foundation. Douglas McCurdy has been appointed to Chief Financial Officer ('CFO'), succeeding Joann Tinnelly, who will transition to Chief Accounting Officer ('CAO'). Additionally, Reed's has appointed Salvatore Vassallo as Vice President of Operations. Mr. McCurdy has decades of finance, operational, and leadership experience across several industries, including investment banking, technology, and the US Navy. He brings extensive operating experience having served as Chief Financial Officer and Chief Operating Officer for multiple early-stage growth companies, including REZI, Torrential, and BBE. Mr. McCurdy also held corporate finance and strategic advisory positions at Banc of America Securities. He started his career as a Lieutenant in the US Navy. Mr. McCurdy holds a Master of Business Administration in Accounting and Finance from the University of Chicago Booth School of Business and a Bachelor of Science in Mechanical Engineering from Worcester Polytechnic Institute. Mr. Vassallo, a seasoned consumer packaged goods and supply chain executive, joins Reed's with extensive experience in inventory management, strategic sourcing and supply chain optimization. Most recently, he served as Vice President of Supply Chain at Boylan Bottling Co., where he streamlined distribution networks, drove cost-reduction and process improvement initiatives, and led innovation projects. Mr. Vassallo's experience in supply chain management for CPG companies includes roles at Ferrero, Snapple Beverages and Henkel. He holds an MBA from the University of Connecticut, a Bachelor of Science in Economics from Universita' Bocconi and a MicroMasters Certificate in Supply Chain Management from MIT. 'We are pleased to welcome Doug and Sal to the Reed's executive team,' said Norman E. Snyder, CEO of Reed's. 'Their combined expertise in finance, supply chain and operations will contribute to our strategic initiatives and further position Reed's for long-term success. Joann's transition to CAO provides great continuity for our finance team and I want to thank her for serving as CFO over the past 16 months. These leadership changes, together with our strengthened balance sheet, put us in a strong position to execute our growth and profitability objectives in 2025.' About Reed's, Inc. Reed's is an innovative company and category leader that provides the world with high quality, premium and naturally bold™ better-for-you beverages. Established in 1989, Reed's is a leader in craft beverages under the Reed's®, Virgil's® and Flying Cauldron® brand names. The Company's beverages are now sold in over 45,000 stores nationwide. Reed's is known as America's #1 name in natural, ginger-based beverages. Crafted using real ginger and premium ingredients, Reed's portfolio includes ginger beers, ginger ales, ready-to- drink ginger mules and hard ginger ales. The brand has recently successfully expanded into the zero-sugar segment with its proprietary, natural sweetener system. Virgil's® is an award-winning line of craft sodas, made with the finest natural ingredients and without GMOs or artificial preservatives. The brand offers an array of great tasting, bold flavored sodas including Root Beer, Vanilla Cream, Black Cherry, Orange Cream, and Cola. These flavors are also available in five zero sugar varieties which are naturally sweetened and certified ketogenic. Flying Cauldron® is a non-alcoholic butterscotch beer prized for its creamy vanilla and butterscotch flavors. Sought after by beverage aficionados, Flying Cauldron is made with natural ingredients and no artificial flavors, sweeteners, preservatives, gluten, caffeine, or GMOs. For more information, visit and To receive exclusive perks for Reed's investors, please visit the Company's page on the Stockperks app here. Forward-Looking Statements Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are typically identified by terms such as "will contribute," 'position,' and similar expressions. These forward-looking statements are based on current expectations. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties, and assumptions, many of which involve factors or circumstances that are beyond our control. The risks and uncertainties include, but are not limited to: inventory shortages; risks associated with new product releases; the impacts of further inflation; risks that customer demand may fluctuate or decrease; risks that we are unable to collect unbilled contractual commitments, particularly in the current economic environment; our ability to compete successfully and manage growth; our significant debt obligations; our ability to develop and expand strategic and third party distribution channels; our dependence on third party suppliers, brewers and distributors; third party co-packers meeting contractual commitments; risks related to our international operations; our ability to continue to innovate; our strategy of making investments in sales to drive growth; increasing costs of fuel and freight, protection of intellectual property; competition; general political or destabilizing events, including the wars in Ukraine and Israel, conflict or acts of terrorism; financial markets, commodity and currency impacts of the wars; the effect of evolving domestic and foreign government regulations, including those addressing data privacy and cross-border data transfers; and other risks detailed from time to time in Reed's public filings, including Reed's annual report on Form 10-K filed on April 1, 2024, which is available on the Securities and Exchange Commission's web site at These forward-looking statements are based on current expectations and speak only as of the date hereof. Reed's assumes no obligation and does not intend to update these forward-looking statements, except as required by law. Investor Relations Contact Sean Mansouri, CFA or Aaron D'SouzaElevate IRir@ (720) 330-2829Sign in to access your portfolio
