Market Moves
Earnings Calls Include Fewer ESG Mentions, but Talk of AI Is Rising
While political controversy dogs green initiatives, artificial intelligence replaces them as the new popular topic.
News
Newsmakers
Norway’s Sovereign Wealth Fund Backs Shell, Votes Against Chevron, ExxonMobil on Climate Proposals
Fund manager Norges Bank Investment Management sided with Shell in rejecting a proposal to align greenhouse gas targets with the Paris agreement.
Regulation
Bill to Protect Older Investors Against Scams Passes House
The proposed legislation would create a senior investor task force within the SEC.
Pensions
US Corporate Pensions Rebound to Fully Funded Status
The 100 largest corporate DB plans in the U.S. saw their collective funded ratio rise to 100.7% in May.
Asset Allocation
‘Doctor Copper’ May Be Signaling an Upturn—for the Metal and the Economy
Traders in the beaten-down commodity, an economic bellwether, are taking long positions in its futures.
Asset Allocation
Navigating the New Bull Market: Be Careful but Not Bearish, Says LPL
The firm advises lowering exposure to stocks in preparation for a recession finally rolling in.
Manager Selection
Hargreaves Lansdown Names Toby Vaughan CIO
He was most recently head of investment management at private banking firm Brown Shipley.
Regulation
SEC Charges Binance, Coinbase as Unregistered Exchanges
SEC Chairman Gary Gensler continues his enforcement efforts against cryptocurrency trading platforms.
Regulation
SEC Approves Amendments Limiting Use of Credit Ratings
The SEC will no longer consider ratings as part of its definition of ‘investment grade’ under Regulation M.
Asset Allocation
San Diego Plan Joins Private Debt Parade
The $10 billion fund is the latest allocator to invest in this alt, to make up 5% of its portfolio.
Asset Allocation
Public Pensions Remain Active in Adapting Allocations
U.S. public pension managers are confident their plans are well-hedged against inflation, as they plan to increase allocations to commodities and boost infrastructure investing.
News
Allocators Targeted Amazon Policies in Failed May Proxy Vote
One in three shareholders, including pension funds like CalPERS, opposed the online retail giant at its annual meeting on such issues as executive pay.
Asset Allocation
PSP Investments Reports 4.4% Return in Fiscal 2023
The Canadian pension investment manager raised its net AUM to $182.3 billion.
Corporate Moves
Howard Perlow Named Angeles Investments’ 1st CEO
The investment firm also promoted David Brief to head of its OCIO practice.
Regulation
Comments Ask SEC to Modify Disclosure Requirements for Cyberattacks
Industry leaders also asked that the SEC harmonize the proposals and related disclosures.