12 Burst results for "Acm Funds"
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"The route in chip stocks continues around the world. And G 7 leaders weigh their response to Russia's missile barrage on Ukraine. The woman has been arrested in the fatal attack on a man on a Bronx bus plus a feisty debate between the two Senate candidates in Ohio. I'm Michael Barr more ahead. I'm John stash Harry sports that she's rallied to top the Raiders the Yankees begin their playoff series with Cleveland and its opening night for the rangers. That's all straight ahead on Bloomberg daybreak. On Bloomberg 11 three O New York, Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's exam one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. Good morning, I'm Nathan Hager. And I'm Karen Moscow and U.S. stock index futures are lower this morning. We are coming up to 6 O one on Wall Street and we check the markets every 15 minutes throughout the trading day, on Bloomberg. Right now S&P futures are down 36 points down futures down 254 and NASDAQ futures down 107 and the ten year treasury is down 1830 seconds. Yield 3.95% in the yield on the two year 4.32% Nathan. Karen this morning's drop in futures follows four straight losing sessions on Wall Street this morning yields on two year treasuries are trading at their highest level since 2007, ten year yields are flirting with 4% and the 30 year surged to its highest since 2014. Jordan Khan is chief investment officer at ACM funds. A lot of these areas of the market and the fixed income market are really getting oversold here that have come down quite a bit yields are much higher than we've seen in years. And so I think as soon as the market gets a sense that inflation is peaking and ten year you'll start to stabilize more. I think there could be a lot of good buying opportunities, but for us, we're not going to put the cart before the horse. Jordan Khan at ACM fund says the mood remains fragile ahead of Thursday's inflation data. Well, as for equity, Nathan, perhaps the hardest hit sector in the recent sell off has been chip stocks. In fact, more than $240 billion in market value has been wiped out since The White House imposed curves on China's access to semiconductor technology. We get more from Bloomberg's Charlie pellet. The industry sold off globally after fresh U.S. curbs on China's access to American technology, added to a disappointing start to the earnings season, stoking concern that the industry's downturn is far from over. The Philadelphia stock exchange semiconductor index fell three and a half percent, closing at its lowest level since November of 2020. The index has dropped nearly 10% over the past three trading days and is now down more than 40% so far this year. In New York, Charlie palette Bloomberg debris. All right, Charlie, thank you and the chips selloff continued overnight, leading stocks lower in Asia. Let's get that recap from Bloomberg's Juliet Sally in Singapore. Good morning, Juliet. Good morning, Nathan and Karen, some of the biggest losses were in chip related equities in Japan, South Korea and Taiwan where traders returned from holidays to join the global sell off in semiconductor shares. Taiwan's Tai X traded at November 2020 lows, while TSMC shares fell as much as 8 and a half percent, the most on record to July 2020 lows, the yen traded within sight of the original level that spurred Japanese authorities to defend the currency in September, and the one slid as wary mounts at Beijing will uphold its COVID zero policy well after the Chinese Communist Party Congress this month. In Singapore, Juliet sali, Bloomberg daybreak. All right, Juliet, thanks, Roland. You're up this morning, the Bank of England has been forced to expand its emergency measures. That's in response to chaos in the bond market and we go to London and get the latest from Bloomberg's UN pots good morning Ewan. Good morning Karen Nathan. It's the second time this week the UK Central Bank has moved to calm the bond market. This morning, the Bank of England expanded the scope of its guilt purchases to include inflation linked debt in an effort to avert what it called a fire sale. The intervention comes after a severe sell off on Monday that saw UK inflation in yields surging by the most on record in London immune pots Bloomberg daybreak. All right, you and thank you. The risk of a global recession is now rising thanks to higher rates. That's according to both the head of the International Monetary Fund and World Bank president David malpass. The risk in the real danger of a world recession next year. The advanced economies are slowing in Europe, the debt levels for the developing countries are getting more and more burdensome. The rise in interest rates puts added weight on it. And inflation is still a major problem for everyone, but especially for the poor. Those comments from World Bank president David malpass are being echoed by JPMorgan CEO Jamie Dimon. He says serious headwinds are likely to push the U.S. and global economies into recession by the middle of next year. Meantime, Nathan the fed keeps banging the drum for higher rates still vice chair Lyle brainard lays out a case for caution as the Central Bank works to curb inflation. In light of elevated global, economic and financial uncertainty moving forward deliberately and in a data dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to the cumulative tightening in order to inform our assessment of the path of the policy rate. Fed vice share Lyle brainard made the comments yesterday at a meeting at the national association for business economics in Chicago. Well, despite that caution, Karen, it's too early for a fed policy pivot that's according to strategic Goldman Sachs, who say the economic outlook is not bad enough yet and rates markets remain too volatile. Economists predict the fed is on track to deliver its fourth straight 75 basis point hike at next month's meeting. No, Nathan, let's go to the latest on the war in Ukraine. Russia has launched even more strikes in the country just a day after the most intense barrages since the early days of the invasion. President Biden will speak with group of
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"And I'm Karen Moscow and U.S. stock index futures are lower this morning we're coming up to 5 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg S&P futures down 34 points. Now futures down 248 and NASDAQ futures down in 98, ten year treasury down 1530 seconds yo 3.94% and the yield on the two year 4.32% and I'm excrete oil is down 2.7% Nathan. Karen today's drop in futures follows four straight losing sessions on Wall Street. This morning yields on two year treasuries are trading at the highest level since 2007 and ten year yields are flirting with 4%, 30 years search to their highest since 2014. Jordan Kahn is chief investment officer at ACM funds. A lot of these areas of the market and the fixed income market are really getting oversold here that have come down quite a bit yields are much higher than we've seen in years. And so I think as soon as the market gets a sense that inflation is peaking and tenure, you will start to stabilize more. I think there could be a lot of good buying opportunities, but for us, we're not going to put the cart before the horse. Jordan Conan ACM fund says the mood remains fragile. I had a Thursday's inflation data. Well, as for equities, Nathan, perhaps the hardest sector hit in the recent sell off has been chip stocks. In fact, more than $240 billion in market value has been wiped out since The White House imposed curbs on China's access to semiconductor technology. We get more from Bloomberg's Charlie pellet. The industry sold off globally after fresh U.S. curbs on China's access to American technology, added to a disappointing start to the earnings season, stoking concern that the industry's downturn is far from over. The Philadelphia stock exchange semiconductor index fell three and a half percent, closing at its lowest level since November of 2020. The index has dropped nearly 10% over the past three trading days and is now down more than 40% so far this year. In New York, Charlie pellet Bloomberg debris. All right, Charlie, thank you. And the chips sell off continued overnight, leading stocks lower in Asia. Let's get more on that from Bloomberg's Juliet Sally in Singapore good morning, Juliet. Good morning, Nathan and Karen, some of the biggest losses were in chip related equities in Japan, South Korea and Taiwan, where traders returned from holidays to join the global sell off in semiconductor shares. Taiwan's Tai X traded at November 2020 lows, while TSMC shares fell as much as 8 and a half percent, the most on record to July 2020 lows, the yen traded within sight of the original level that spurred Japanese authorities to defend the currency in September, and the one slid as wary mounts at Beijing will uphold its COVID zero policy well after the Chinese Communist Party Congress this month. In Singapore, Juliet sali, Bloomberg daybreak. Juliet, thank you, Ellen. You're up this morning the Bank of England has been forced to expand its emergency measures as in response to chaos in the bond market and let's go live to London and get the latest from Bloomberg's UN pause. Good morning Ewan. Good morning, Karen, Nathan. It's the second time this week the UK's Central Bank has moved to calm the bond market. This morning, the Bank of England expanded the scope of its guilt purchases to include inflation linked debt in an effort to avert what it called a fire sale. The intervention comes after a severe sell off on Monday that saw UK inflation in yields surging by the most on record in London, a Muhammad Bloomberg daybreak. Are you and thanks. The risk of a global recession is now rising thanks to higher rates that's according to the head of the International Monetary Fund and World Bank president David malpass. The risk in the real danger of a world recession next year. The advanced economies are slowing in Europe, the debt levels for the developing countries are getting more and more burdensome. The rise in interest rates puts added weight on it. And inflation is still a major problem for everyone, but especially for the poor. Those comments from World Bank president David malpass are being echoed by JPMorgan CEO Jamie Dimon. He says, serious headwinds are likely to push the U.S. and global economies into recession by the middle of next year. Meantime, Nathan the fed keeps banging the drum for higher rates still vice chair Lyle brainard lays out a case for caution as the Central Bank works to curb inflation. In light of elevated global, economic and financial uncertainty moving forward deliberately and in a data dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to the cumulative tightening in order to inform our assessment of the path of the policy rate. Brainard made the comments yesterday at a meeting at the national association for business economics in Chicago. When despite some caution, Karen, it's too early for a fed policy pivot. That's according to strategist at Goldman Sachs, who say the economic outlook is not bad enough yet and rates markets remain too volatile. Economists predict the fed is on track to deliver its fourth straight, 75 basis point hike at next month's meeting. Now let's get the latest on the war in Ukraine, Nathan, Russia, has launched even more strikes in the country just a day after the most intense barrages since the early days of the invasion. President Biden will speak with a group of 7 leaders this morning, he's pledging to impose more costs on the Kremlin and to keep providing support to Kyiv. John herps is a former U.S. ambassador to Ukraine and now senior director of the Atlantic council's Eurasia center. Ukraine's east. His objective today is to take political control of Ukraine. As objective tomorrow, once he has Ukraine in his pocket, is to go after other states, including our NATO allies. So he is coming for our NATO allies, and we are bound to defend with American troops. Former ambassador to Ukraine John herps spoke with our Washington correspondent Joe Matthew on Bloomberg sound on, catch the program weekdays
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"On this Monday. There's a lot we talked about, including the chip sector, which was really under pressure, we really didn't get to too much, although I think you touched on it, what happened with some of the U.S. auto names? Yeah, we saw them move lower today as a result of some concerning economic conditions and what ends up happening when it comes to the auto industry. And I even, you know, seeing one analyst noted glut of inventory. Big story. And certainly playing out in the trade today. So we'll have more in just a moment. Yeah, but first up, let's go to Charlie pellet 'cause we got a lot of action happening in the after hours. Indeed, the Dow, the S&P nesta all declined today as for those automakers you guys are talking about rivian case in point after that recall down 7.3% Ford today tumbled 6.9% and GM lower today by 4%. Equities lower across the board, extending losses for a fourth consecutive session, investors are weighing concerns about the fed's monetary tightening trajectory and its impact on corporate earnings. The S&P fell 27 points down by about 7 tenths of 1% the Dow had been swinging between gains and losses for much of the afternoon down 93, ending with a loss of three tenths of 1% as stacked out 110 down by 1%. Spot gold down $27 to 1667 down 1.6% and West Texas and media crew down 2.1%, $90, 70 cents a barrel. So four days of losses for the S&P 500 Index, what though about the overall trend for the market, Jordan Khan is chief investment officer at ACM funds. He was our guest right here. On Bloomberg business week. So for us, you know, we just need to see a change in trend. We need to see the market start to break back above those moving averages. And for some of them to actually bottom out and start sloping upward again
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"Feel so lost without my normal yields chart here, but we'll just sort of use this time to kick off against the markets reaction and really sort of the big economic data that we're expecting. Carol, for me, as I know it is for you, a big CPI report. It was interesting though, I was reading some information from omair Sharif, you know him over at inflation insights. And he cautioned a little bit that the core inflation month of Vermont that could decelerate, which is a good thing to just about three tenths of 1%. But the last time that happened, it then reaccelerated after that. So there's definitely going to be a lot of nuances within this data. Yeah, absolutely. It's September data, but nonetheless will be something we'll be thinking about because it's a key or what last inflation, right? We're getting down to thinking about the next fed meeting and what they're going to have to analyze. I want to go back to it. I can't believe I missed it. The NASDAQ golden dragon, which was down a lot in today's session. I know, I know. I think you talked about it earlier, right in terms of the gambling. But it does make me think about, you know, we travel coming off of the holiday there. The golden week holiday, COVID flare ups. I mean, when this economy continues to struggle, you do think about what's the global impact on everybody else. We're seeing that global impact right now with the chip sector because China is such an important customer for so many chip companies. Having the U.S. come out and say, you know, you're not allowed to sell certain types of chips, certain types of technology to this entire country has significantly concerned the analysts who cover the space. This shouldn't have been a complete surprise. I mean, I understand the knee jerk reaction, but we've been moving in this direction now for months and you probably make an argument that we've been moving in this direction for years. But it's another layer right on the semiconductor stocks that are already facing problems, whether it's lower PC demand and lower demand within. We've heard some of the warnings already from companies and then you layer this on top of it in terms of geopolitical concerns. Did you wonder how it plays out in terms of the catch a lot of investors off guard though, right? I mean, if they expected it, we wouldn't have seen shares fall this month. Or is it just another excuse to sell? Is there just a reason that people don't want to be lonely these markets at the moment when you've got geopolitics rising it's ugly head again. When you've got what is going to be a week of IMF World Bank dour talk about recession about a $4 trillion impact that you have in Los growth out to 2026 because of what is the global Central Bank movement to fight inflation. And it is global. I think that's such a key theme. I think sort of the big picture topics we've all been discussing is the global coordination or maybe the global conundrum that central banks find them in this time and are we all hiking and is this sort of a global coordinated cycle that we're not all, right? We saw Australia back off a little bit. You don't necessarily see China, you know, as we start to see maybe some central banks start to do it a little bit differently. How does that provide opportunities for investors? Well, I mean, I think the coordination is kind of starting to come to an end or at least certainly cracking. And you think about a lot of countries out there that are actually seeing the negative effects of that rate hiking, particularly coming out of the U.S. and they have to sort of move in a different direction if they want to protect their own currency and more importantly they're on economy. And Tim Carroll, I'd be interested to hear how many conversations you're having where investors and people with money to manage and talking about the Federal Reserve being forced to break something. We've talked all day about the liquidity issue that we've got in the US Treasury market at the moment that withdrawal we had Lil brainard of course that the Federal Reserve talking to that is this going to be the next key conundrum as we see the bond markets reopen tomorrow. It's a really good point. We just had the chief investment officer at ACM funds. He's got like 50 to 60% of his funds in cash because he finds that's the best opportunity right now. So that was very bearish for us to certainly hear, right? So it's just like people backing off at this point. That's a very interesting gold coins in cash. Is he? Don't let anyone know. You know, I went over to Jersey this weekend, Carol. I missed you. Well, why didn't you stop in? No, I don't know. Yeah, I don't like to put just pop in, you know? But you could have stopped by at a drink with us. Next time around, give me a warning. I hope you sort of lack the door. All right guys, that's a wrap. We'll be back same time same place across platform coverage. Maybe romaine or I won't be here. Who knows? Beyond the bevels yeah on Tuesday. You're listening to Bloomberg business week with Carol messer and Bloomberg quick takes Tim stenbeck on Bloomberg radio. It's gonna be a jam packed week, by the way, remains always welcome. I'm just gonna say what about me? Uh, I don't know how to do it. Okay. But it's gonna be jam packed while business, PPI, CPI, retail sales, fed minutes, bank earnings. It's funny for us to talk about. Yeah, and certainly enough for investors to kind of digest it all and see whether or not it changes their thinking when it comes to the fed. Let's get to the world of national news and Nancy Lyons in Washington, D.C., hey Nancy. Thanks, Tim. Russian president Vladimir Putin is warning of more attacks against civilian targets in Ukraine if Ukraine continues what he calls terrorist acts onto Russian territories that's likely reference to a recent explosion that damaged a major bridge from Russia to occupied Crimea. Ukraine, meanwhile, is pressuring the U.S. and Europe to provide more air defense missiles after Russia's missile barrage today. Bloomberg's Ann Marie horde with more. I spoke to the Ukrainian foreign ministry this morning what they are seeking for from the international community is more of these types of air defense missile systems, as well as they want the international community to label Russia a terrorist state. Bloomberg exam Marie hordern reports delivery and training on those air defense systems could take weeks. Well, today we learn former U.S. fed chair Ben Bernanke would be sharing the Nobel Prize in economics with two other U.S. based economists. It's for their research into bank failures and as Bloomberg's Nathan Hager reports, they are among what is considered to be a list of Nobel laureates that is far from diverse. In all 14 academics, scientists and artists are Nobel laureates this year, only two are women, French author Annie arnault won the literature prize, while Carolyn bertozzi is sharing the chemistry award this year with two men. It's a slight improvement from last year when only one woman received a Nobel since the prize was introduced more than a century ago, it has gone to women 61 times, including twice for Marie Curie that compares with 895 male Nobel laureates and 27 organizations. In Washington, I'm Nathan Hager, Bloomberg radio. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"Yeah, but you let me drive. Oh, no. No, no, no. Who's gonna drive you home? I need please. I'll do the driving drive on. I want to drive. It's a good question for tribes. This is the drive to the clubs. On Bloomberg radio. All right, everybody just got about ten minutes left in today's trading session. Just under ten, bouncing around here we're definitely off our lows of the session, but we are down, certainly across the board, as you just heard from Charlie when it comes to the major equity averages, though, tech once again, though, the underperformer Tim. Really eager to hear what Jordan Khan has to think about it. This is a Jordan is a chief investment officer at ACM funds, Jordan joins us this afternoon on the phone from Los Angeles. Jordan manages the ACM dynamic opportunity fund. It's ticker ADO IX and it's actually outperforming the S&P 500 this year year to date down only 11.3% versus the S&P 500 slide of close to 25%. Jordan, good to have you with us this afternoon. Help us understand where we are within the context of, wow, the slide that we're seeing in the S&P 500 this year. And what the Federal Reserve is doing to get inflation under control. Yeah, I mean, I think a lot of the started with the fed, obviously the site was behind the curve in terms of inflation and characterizing it as transitory. So they had to type catch up and start hiking rates at a pace this year much faster than we've seen probably in decades. And so that kind of called valuations to contract risk assets to start coming down, pretty, pretty pervasively. And now what we're getting into is kind of this second phase of the down leg where earnings estimates which had held up for most of the year are only just starting to be revised downward. And so I think that kind of weakened the valuation pieces, so to speak, and so this is going to be a really important earnings season in the sense that do we see more companies guiding down and taking down numbers and just how well the market can hold up in the face of that sort of scenario. Hey, your other fund, your ACM tactical income fund, if I look at it, it is in the 93rd percentile for the past month. If I look at a three year, it's in the 81st percentile. And this is, you know, you're investing in bonds, you're looking at floating rate bonds, you're looking at debt, you'll get muni, high yield. Foreign and emerging market issuance. Where are the opportunities there? You've done well. Year to date and in particular over the past month, what has worked well for you in terms of strategy? So in that fund that you're talking about in our fixed income fund, we utilize fixed income ETFs pretty much across the spectrum, all the different sectors of the fixed income area. And we do so in a tactical fashion. So when any given area of the fixed income market is in a downtrend, we will move to cash. And so what has really helped us is just being altered defensive recently. We have a high amount of cash in that fund. And that has kind of really helped us. A few things that have held up, you know, things like bank loans floating rate bonds have held up a little bit better than the rest of the market. We also have. Am I right in about 60% is in cash right now? I mean, I'm looking at numbers and maybe is that right? And that's not typical. And it's just a function of we allocate the sectors that are experiencing up trends in the market and we kind of add to them as those uptrends kind of take hold and strengthen. And so right now those up trends are just so few and far between that we have a really, really high probably the highest cash amount that we've had since March of 2020. So a bear, would you say, is that a safe to say a bearish stance in terms of the fun right now? Yeah, I think so. I mean, it is a bear stance just because like you said, there are so few opportunities. But a lot of these areas of the market and the fixed income market are really getting oversold here that have come down quite a bit yields are much higher than we've seen in years. And so I think as soon as the market gets a sense that inflation is peaking and tenure yields start to stabilize more. I think there could be a lot of good buying opportunities, but for us, we're not going to put the cart before the horse. What is your sense of inflation peaking here? Because if he's going from 8.3 to 8.1% when it comes to CPI, is that evidence that inflation is peaking or has peaked? I think so, you know, they always like to say one data point doesn't make a trend. So you need to see it persist for a few months. But one of the things, you know, people kind of don't often differentiate between inflation is a rate of change measure on a year over year basis. It's not a measure of prices. So even if prices stay high, right here in LA, gas prices are $6 and 50 cents. Even if prices were to stay at that level, let's stay for the next year. The inflation rate on a year over year basis would start to come down and trend towards zero as those comparisons came to fruition. But prices would still be high. It still would be difficult for the consumer, but in the meantime inflation can come down, even though it doesn't necessarily feel like it when you're looking at the average prices of things. Hey, Jordan, your dynamic opportunity fund too. And correct me if I'm wrong, but according to our data as of
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"The last update, it's about 53% in cash. You also own some. It looks like alphabet and Amazon, some Eli Lilly, some Microsoft. That feels like a high level too. What will signal to you that it's time to put that cash to work? In either of the funds for that matter, but I'm just curious, what are you looking for? What's the trigger? Yeah, and the dynamic fund, we're holding some of those core positions like you said, the Apple and Google. But then on the flip side, we use short positions in ETFs and indexing, yes. And that's kind of how we hedge our exposure. So even though we hold those stocks, we have a lot of hedges on the ETF side, and that has limiting our exposure for us and just helping us act defenses in this down market. So for us, we follow a lot of different indicators that one of the simplest ones for your listeners is we look at the market, the major indices, things like the S&P, the NASDAQ, the Russell. And we kind of overlay a series of moving averages on them. So we're looking for a short term in the unit term as well as long-term. Right now, the market is below. If you look at the S&P, for example, it's below all of its major respective moving averages. And they're all actually in downtrends if you look at the slope of those moving averages. So for us, we just need to see a change in trend. We need this as a market start to break back above those moving averages. And for some of them to actually bottom out and start sloping upward again. And that's kind of how we define the trend. The overall trend in the market and right now, it's still just the market just still just stuck in the downtrend. When do you, what's the signal to you that things are on an upswing? And it's not a bear market rally. Well. I mean, I think it'll be a few things. I mentioned the technical to the technical geography of big part of it when we started to see the market swing back above those moving averages and the slopes changed. Also, it's very rare for the market to bottom while the fed is still hiking rates and while the yield curve is still negatively slow. Right. So a good indicator that we've been looking for is for the yield curve to bottom out and move to a positive slope. That would be an indicator that the bond market at least is pricing and some growth ahead as opposed to right now where it's still adjusting recession. Right. So things like that. All right, going to leave it there. Hey, Jordan, thank you so much. Jordan Kahn, he's chief investment officer and president at ACM funds joining us
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"Appreciate that Tom from the upper east side texted me just earlier and says don't forget about pound Sterling It is off 1.3% today One spot two one So it's a good time to go over to the royal pomp pub in the City of London right near the Bloomberg headquarters and get a pint of bitters That's kind of I'm gonna put that on my to do list for the summer here Looking at the fact that plane tickets are so expensive I know we broke by the time you get exactly Exactly I just bought some tickets at a West Coast crazy crazy crazy Jordan Kahn he's the chief investment officer and president of ACM funds and much more importantly than he is a graduate of the university of Colorado where I've written many tuition checks over the years Jordan thanks so much for joining us here What do you do with a market like today Say it again What do you do with a market like today Jordan and you wake up when we got the S&P all 3.2% Yeah you know I mean today it's certainly an ugly Monday morning to wake up to I think if you've been in the business long enough you learn that on these days it's never a time to panic Hopefully the weakness didn't just surface yesterday It's been with us for a little while So hopefully people have been making some moves using recent balances to get a little bit more defensive take some equity exposure off the table In our case we always have shorts and hedges on the portfolio during times like this But on a day like today you shouldn't make any big moves I think if you always take some time to let cooler heads prevail There's always bounces along the way And those are the best times to kind of reposition things if there's things that are hurting your portfolio or use those bouts of strength to get out of them and more favorable prices All right well you are beating the S&P that's for sure year to date of the ACM dynamic opportunity one fund down 7.6% the S&P now down about 21% What are you holding What are your focus in that fund Yeah so you know and that's when we have a wide range of being able to adjust our market exposure anywhere from a 100% long when we're trying to participate all the way down to 0% long when we're fully hedged and right now we're pretty close to that zero bound so we've had short positions on in some of the ETFs like we like the XLF and the XRT financials and retail We actually added the hedge of XLE to hedge some of our long energy exposure elsewhere in the portfolio and also using some protective put positions on some of our core positions the googles and the amazons of the world just to try to protect capital and preserve capital during these downtrends It's always important for us in these times to even if we're even if there are going to be losses if we can kind of keep them to a minimum then when markets turn we're able to make that make that back up quickly and that's kind of the goal So Goldman Sachs is that one of your core holdings in this fund No we don't have any long positions in Goldman Sachs We actually have very little long position to financials right now We have a long and Visa But we have a short in the XLF Just because that's an area that's been breaking down We think has some vulnerability So we were using that to add some short exposure into the portfolio just to offset some of our other long exposure I see in your notes here Jordan arch resources this is a coal mining company who owns coal mining Everybody's today Yeah you know today it's obviously not having a good day at all One of the things that I was trying to look for and coming up with some ideas for your listeners was a kind of stocks that have held up much better than the market so far has really been there pretty well before today And a name that's kind of out of favor A contrarian name So most people coal is certainly a dirty word even in the investment landscape This is a stock that trades at less than 5 times learning which is quickly transforming its business away from the traditional burning coal for electricity to exporting metallurgical coal which is used in steel output and the like So they send a lot of their coal over to Europe and Asia to steel producers they're still generating a tremendous amount of free cash flow that they've been using the to pay down debt and increase their dividends And so obviously in a bear market like we've been in it's very difficult to engage any sort of margin of safety but at less than 5 times earnings I think that does kind of put it in the category where there is a bit of that margin of safety Yeah I mean the stock's down 10% today the market selling off obviously but it's up 68% year to date up 180% on a trailing 12 month basis I never would have funked arch resources A coal company $2.8 billion market cap has 6 analysts following it And guess what 6 by ratings on the stock Jordan con CIO and president of ACM puns thanks so much for joining us Some cool names there that I would not have thought of here on a decidedly risk off day today again the S&P 500 off 3.2% Right now let's head.
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"Markets Market selling off as Matt just described We're going to get Jordan Khan He's the CIO of ACM funds We're going to chat with him about these markets Plus inflation the Federal Reserve coming up on Wednesday Chris Campbell chief strategist at Kroll will join us to say hey what should we expect from this Federal Reserve But first let's go to Charlie pellet get a blueberry business flash drive Thank you very much Paul Sweeney Great day to keep it locked into Bloomberg radio you gotta find out what's happening with markets Let me get right to the numbers We'll give you the Y in a moment S&P low of the day now down 130 that is a drop of 3.3% the Dow down 746 a decline there of 2.4% now stacked down 452 drop there of 4% now on the NASDAQ composite index net stack 100 index down 3.8% Russell 2000 down 4.4% Bitcoin plunging by 14.9% 23,259 right now on Bitcoin Two year yield 3.22% ten year yield 3.29% spot gold down $44 the ounce down 2.4% to 1827 West Texas intermediate crude oil down 1.8% one 1854 barrel on WTI The sell off sending the S&P 500 careening more than 20% from its January record a speculation that a more aggressive Federal Reserve policy to combat hot inflation could sink the economy into a recession So on a day like this what do you tell clients about what's happening in the markets Katarina simonetti is with Morgan Stanley wealth management she was our guest moments ago right here on Bloomberg markets We are all human beings and it's very hard to manage through the fear and we tell her our clients all the time over and over and over again to focus on the long-term but you see returns on the day like today and what was so during the previous week and in combination is getting progressively difficult for them to focus on that long term to have that big picture in mind Charles Schwab has agreed to pay a $187 billion to federal securities regulators to settle allegations that have failed to tell clients about the hidden cost of its robo advising product which was investing client money in a way that often lowered their returns Schwab shares their down now by three and a half percent So again recapping just about the lows of the morning with the S&P down 126 down 3.2% ten year yield 3.29% I'm Charlie Pablo that is a Bloomberg business flash All right try the pelvic good stuff we.
Bloomberg Radio New York - Recording Feed
"acm funds" Discussed on Bloomberg Radio New York - Recording Feed
"Un Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Broadcasting 24 hours a day at Bloomberg dot com on the Bloomberg business app. And at Bloomberg quick take. This is Bloomberg radio. This is Bloomberg markets. With Paul Sweeney and Matt Miller. Now she four buy ratings from Wall Street analysts. A recession doesn't necessarily mean stocks are gonna tank right away. What's an investor to do here in a rising interest rate environment? Where do you see the most inflation? Breaking market news and inside from Bloomberg experts. We were leaning pretty hard toward equity. To me, this looks like a really just a one way street down. Because of all the dislocations, there's always relative value trades that you could be doing. This is Bloomberg markets with Paul Sweeney at Matt Miller. On Bloomberg radio. Good Monday morning from the Bloomberg interactive broker studio in New York City to our worldwide audience ugly day out there with us S&P off 2.6%. So we're going to take a long, hard look at markets during the next couple of hours. Katarina simonetti senior VP at Morgan Stanley private wealth management she's going to join us givers. Her thoughts on what she's telling her clients here on an ugly Monday plus Jordan con, he's the chief investment officer at ACM funds and manager of the ACM dynamic opportunity fund. What are his thoughts? What is he telling his clients here this morning? We're going to get the latest there. But first, let's go to Charlie pellet. And get a Bloomberg business. I thank you very much, Paul Sweeney, and happy Monday, not such a happy start for the bulls today. Let me begin though with Bitcoin plunging now by 13.6% Bitcoin
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"Bloomberg quick tape This is a Bloomberg business lash Traders are taking a more cautious approach today as data indicates new U.S. home construction unexpectedly slowed suggesting builders are struggling to break ground on projects amid high materials prices and ongoing labor shortages Meanwhile targets slipping after warning that cost pressures are creeping up stoking concerns that inflation will dent profits at big retailers Let's take a look at the markets the S&P 500 is down two tenths of a percent down ten The Dow's down four tenths of a percent down a 126 The NASDAQ's down two tenths of a percent down 32 The tenure is up two 30 seconds for the yield of 1.62% West Texas intermediate crude is down 1.2% at 79 81 a barrel while comics goes up 7 tenths of a percent And 1867 40 an ounce The dollar yen one 1451 the Euro dollar 1309 the British founded dollar 34 61 The Wall Street Journal is reporting that cassava sciences shares are dropping following a report The Securities and Exchange Commission has begun an investigation of the pharmaceutical company for security regulators according to the journal or examining claims the company manipulated research results of its experimental Alzheimer's disease treatment right now Cassava shares are down 23% That is a Bloomberg business flash Bloomberg markets continues now Paul Sweeney and Matt Miller Hey great Jerry Thank you so much we appreciate it You know we got some red and green on the screen here We've got some pretty strong earnings got some more retailers to hear from but it looks like the retailers are generally in pretty good shape to consumers in good shape Let's get a check in with a professional on all of this stuff Jordan con He's the CIO of the ACM funds and portfolio manager of the ACM dynamic dividend fund in Jordan Matt and I were just talking about we were looking at Visa and the news with Amazon in the UK And visas down 5.4% on this news at Amazon will stop accepting the Visa card and I guess in the UK in January what did you say for now For now Mastercard is down as well You know this could spread The idea is that Amazon and other retailers could do this to all the payment payment networks How do you think about that Jordan Yeah I mean Visa is a stock that we owned for years It's a great company great management I think that to your point that's the market's big concern with the early reaction in Visa and the stock being down as much as we're seeing today I think the concern is does this open some sort of Pandora's box And if Amazon is challenging them first in the UK does it kind of seep into other other markets and are there going to be other large retailers that try to puff up their chest and challenge them as well But like I said Visa has excellent management that's been a well managed company for years and years and years And so I think at the end of the day when the dust settles management will probably figure out a way to come to terms with Amazon And if there are other retailers we'll see this story probably fall by the way Well you can still use the debit card And Right I mean I'm sure that all of these companies surely visas at the forefront of looking at some kind of crypto blockchain way to make payments fast easy and cheap Yeah they've always done a good job on their acquisitions And so whether it's to your point something in crypto whether they're going to do something with the buy now pay later which is a big big trend recently That's just a credit card right I see these buy now pay later things And I mean that's just the same thing isn't it It basically is It's the new iteration of it Somehow they figure out other ways to make money rather than just charging the interest on it So as a Visa shareholder how do you think about that big just changing financial landscape Whether it's just more technology coming into the business I know since a pandemic I'm doing a lot more My personal finance via apps and so on and so forth How did the visas the mastercards How do you think about that holistically How do they adapt Well I think there's two things The one thing is to your point that if things are going you know crypto and digitally and stuff like that That's a new trend that they may tip their toe in the water whether it's via acquisitions or something like that But the other big trend that's going on globally that Visa has been in the forefront of for years is the trend just away from cash and more towards digital right As more and more of our lives moved to digital and become online last year with the pandemic we obviously saw a huge surge of transactions moving online And so those big global trends are still a tailwind for companies like Visa and Mastercard I got this Apple watch for my birthday And I'm not even sure it tells time folks I'm looking at it now Tell me Not just time but my heart rate blood oxygen levels It doesn't echocardiogram et cetera I've been averaging I've been sitting down for too long Exactly it tells me to stand up I've been doing ten 15,000 steps a day but the thing is the most fun thing to do with this is to make payments I'm taking the subway more often because I just tap my wrist on the thing And I go in or when I go to targe and I pick up a 12 pack of pops I just knock this on the payment thing and it feels like the kids I feel like you gotta check it out Do you like any of these FinTech I mean we talk about Visa being good at acquisitions Jordan What do you think about these not Apple obviously Two and a half billion $1 trillion behemoth that we all know about But do you look at any of these younger girl with your businesses Yeah for sure You know Visa is obviously one that I've mentioned that we've owned for years We like PayPal that's the stock that's come down a lot that is at the forefront a lot of these trends and I think that we'll continue to do well We've dipped our toe in something like a firm It's obviously have a really really big run and I wouldn't probably wouldn't chase it here but sort of the point we were talking about the buy now pay later they've kind of been the poster child for moving first mover advantage on that front So yeah there's a lot of interesting stuff out there And we definitely we definitely look at them all Those are just a few that we like Hey Jordan Goldman Sachs CEO David Solomon said this morning and a Bloomberg conference in Singapore that market greed is now outpacing fear Do you see that Feel that sense that in the market That's funny We've definitely sensed it in pockets but I don't think people compare this back to like 1999 of a late 90s and stuff And I don't think it's as pervasive as it was it was back then There are certain pockets of stocks and you come in and you see these things running ten and 20% And there's definitely an element of speculation there that is kind of running a muck that isn't sustainable But there's also tons and tons of cash that's still on the sidelines In the late 90s you talked to anybody and they would say if you had $3000 sitting in your checking account you were an idiot because it could be in the market That kind of sentiment hasn't worked its way into the market today So for the people that are in the market playing they definitely have some element of speculation But for the general public I don't think it's one of those bubble like environments where everybody's like I need to be all in with every penny I have All right Jordan thank you so much We appreciate that as always driven We didn't get to talk about we didn't get to talk about weed We didn't get to talk about weed And he went to University of Colorado Boulder which is exactly why I'm glad I'm glad you realize why I.
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"Thank you. Well as John was saying, it's a better day to be a tech stock than maybe a cyclical one. And it is definitely a better day to be a large cap stock than a small cap. One. The Russell 2000 down by about three quarters of 1%, now in Bloomberg stocks, editor Dave Wilson is here with a look at what's going on beneath the surface. Steve Well, Kelly. I mean, you look over the steepest declines in the Russell 2000 and you find the biggest one belongs to a company called Cell site. His ticker is CBM, The drug developer has plunged 38% apropos cancer treatment didn't meet the goal of a final stage study for all participants. Then there's metal materials. Ticker n N A T. It's down 17%, the material producer completed merger with an inactive company, torchlight energy resources now torchlight shares. Had soared since the deal was announced in December, and Global Blood Therapeutics to LGBT is down more than 9%, The drug developer was cut to neutral from Nicola by at JP Morgan. Biggest gain The Russell stock we talked about last hour and Telia Therapeutics ticker NTL Ah, the developer of generating treatments has risen 40% unfavorable data from an early stage study and new senior investment ticker S N. R has climbed 26, a half percent the owner of senior housing centers. Agreed when all stock takeover by then tossed. The deal was initially valued at $755, million Bloomberg stocks editor Dave Wilson, thank you so much. We appreciate it as always, growth versus value that seems to be a push and pull area in the marketplace these days. It's obviously this has been a Growth market since the financial crisis, one could argue, but then the value the cyclical trade has come on really strong in the last year as we deal with this pandemic, and investors start to discount a reopening, Where do we go from here? Jordan Kahn. He's the presidency I o of ACM funds. Jordan. Thanks so much for joining us here, love to get your thoughts about how your positioning your portfolio, either with a value bent, you know, kind of a cyclical bend or perhaps More on the growth side. Yeah. You know, we have started to balance as we came into this year. Obviously, growth did much, much better last year as we came into this year, You know, we started to add more value to the portfolio as that area has come on. Today, you're starting to see growth out, perform at the expense of value. That was kind of the big contrast for the first half of this year is that the two didn't really work in concert. On days when growth was outperforming value was lagging and vice versa. So you're seeing that on a day like today as well, because there's this talk about the delta variant of covid kind of flaring up and what that could mean for the global economy. But we think that you know if that starts to subside as we get into the second half, we think that there's not going to be as big of a contrast between growth and value as there has been for the last six months. So we're hoping that things kind of balance out and that both of those style boxes so to speak, can work together. And it gets back to being more of a stock picker's market. We think that the reflation trade Should continue to be firm and that should boost technical stocks, but that inflation isn't going to run so hot that it will spook both investors. So we think that both can probably work better in the second half than they did in the first half. Jordan. I want to talk about your bullishness because you see the SNP reaching 5000 in the next 12 to 18 months. What's the path there from 40 to 83 where we sit right now. The path has really earnings growth. You know, I think a lot of times that kind of falls by the wayside that what really fuels The bull market is corporate profits, its earnings growth right And in the interim, there's a lot of noise. There's a lot of headlines and things that cause people to be skeptical. That's how the whole sort of wall of worry um, you know, This gets built so to speak, but what we've seen is that we're in a really strong earning cycle. There's been upward revisions to earnings. I think the S and P could do $220 in earnings next year. That puts them up the current multiple on forward earnings at less than 20 times. So you know in this strong global, um rebounding economy, interest rates are still low on an absolute basis. There's tons of liquidity, you know that's kind of the pathway that we think the S and P could get the 5000. General Motors is the stock you like, What's the call there? You guess it has to be a call that you think they're going to get Evie, right? Yes, Ive is a big push for them. It's giving them really, really, you know, strong momentum. They have some some big brands coming out. You know the bolt, which has been a big seller for them, but coming out with an e U V, which is kind of like a crossover electric vehicle for them, the Hummer Eve You know, there's a lot of, um, prospects and hypes there. But one of the things that GM CEO has said is that their vehicles right now are selling before they even hit the lot, so they're seeing tremendous demand there, but again, harking back to the earnings growth. That's really the thing that we're looking at here is that the companies had had a string of strong earnings beats. We've seen a lot of upward revisions to the earnings estimates. And that just makes the stock look really cheap to us. Cash flow for them has started to surge last year. I think they did about $5 in earnings, but in cast blood pressure share they did over $14. So they're likely to reinstate the dividends. Soon. They've got money to invest their opening two new battery plants. They recently raised their their cast or the EBITDA guidance. Um, so I think that they're firing on all cylinders, but I think that the strong earnings growth is what's going to really help propel the stock. I want to talk about another stocky like okay Resources Ticker blog. It's obviously an energy play up 70% already on a year to day basis, and that's just the first half of the year. What makes you think there's going to be continued upside from those levels? So it's up 70%, but that's from really, really low levels, right And so again, What we're looking at is we're in a very, very strong cycle right now. For energy. Oil prices are firm and again If we look at this, this global rebound of the global reflation, um That's on the back of our economic reopening. You know, we have to say that we're still a little bit early cycle that right? We haven't even seen the entire global economy reopened yet. So Yogi has really, really strong earnings power. You know when you get into a bullish Oil and gas cycle, and that's what we think that we're in. Now again. Just like GM. They've had a string of strong earnings beats. They've seen really, really strong upward revisions to their Forward estimates they have a new CEO that's taken the helm. I'm sure that that that person wants to really step on the gas and show that they can grow some things in Q one. Their earnings probably we're back a little bit. They took a big loss on their derivatives. I think a lot of those have probably rolled off the books. Um And so again, I think it's an earnings real story that if they can get back to their peak earnings, the stock still has good upside. Alright. Hey, Jordan. Thanks so much for joining us. Appreciate it. Jordan Kahn, president, CEO of ACM funds, focusing on earnings growth Right now, Let's head down in Washington, D C World and National News with Amy Morris, Amy All right. Thank you. Paul. Hong Kong's government says it will ban all passenger flights from the UK starting July 1st to curb the spread of new variants of the coronavirus. And now the UK is reporting more than 22,800 new coronavirus cases that it's the most they've had since the end of January. Education Secretary Miguel Cardona says Puerto Rico will receive nearly $4 billion in federal education pandemic relief funds to help their fight against Covid 19. Today's announcement was made during Cardona's official three day trip to Puerto Rico..
Bloomberg Radio New York
"acm funds" Discussed on Bloomberg Radio New York
"Your phone to a passenger. Put it in the glove box. Just don't text and drive visit. Stop texts stop wrecks dot org Public service announcement brought to you by the National Highway Traffic Safety Administration and the Ad Council. Carol, Master and Bloomberg. Quick takes Tim Stinebaugh. They keep such a careful eye on business trends and developments. Your guest there are more than two of them know they're just that good. What do you still want to see from the CDC Bloomberg Business week. They cross different parts of our investment world. Is that an actual competitor or wireless broadband weekday afternoons at two Eastern on Bloomberg Radio? The Bloomberg business happened. Bloomberg radio Com. Bloomberg the world is listening Broadcasting 24 hours a day at Bloomberg Com on the Bloomberg business APP and a Bloomberg Quick Take. This is Bloomberg Radio. This is Bloomberg Markets, With Paul Sweeney and Matt Miller lower for longer. We hear that from Fed Chairman Jay Powell, one of the best ways to wash inflation is with the break even just get a chance to see what's really going on. Under the hood. The economy has changed, breaking market news and inside from Bloomberg experts. You can't have a narrow slice of the country doing well and everybody else doing Portland. Are we looking at a more damaging breaks in the labor market? We're looking at late 2021 early 2022 were really feels. And I quote formal. This is Bloomberg Markets with Paul Sweeney and Matt Miller on Bloomberg Radio. Alright, coming up, We're going to chat with Jordan Kahn. He's a president, CEO of ACM funds, Get his thoughts on these markets, plus guilt. Barak, He's a CEO and president, Colliers International Talk commercial real estate. I want to focus in on some of these empty office buildings we see all through New York. I'm sure other parts of the country. How will that market recover? But first, let's go to John Tucker and get a Bloomberg business Flash job. Alright Paul, with the stock market near all time highs, Idiots Tech leading the way today, the NASDAQ 100 Outperforming the other major equity benchmarks. Is adding to its record the biggest individual contributors right now, including zoom video and in video. And then you have.