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Sep 26, 2014

Hiring of Gross sprinkles star power on Janus shares

BOSTON/NEW YORK (Reuters) – Janus Capital Group shares surged 38 percent on Friday as investors bet that famed bond manager Bill Gross will bring his old star power to the small mutual fund company, even though his last months at Pimco were tainted by infighting and heavy investor outflows.

In the surprise hire by Denver-based Janus on Friday, Gross, who earned the moniker the Bond King, is moving from one of the great whales of the U.S. mutual fund industry to a relative minnow.

Sep 26, 2014

Proxy advisers turn up heat in Darden Restaurants board brawl

By Lisa Baertlein and Ross Kerber

(Reuters) – Advisory firms Glass, Lewis & Co and Institutional Shareholder Services (ISS) each have recommended that Darden Restaurants Inc investors back Starboard Value LP’s 12-director slate, which would oust the embattled company’s full board.

In an unusual move late on Thursday, smaller firm Egan-Jones Proxy Services temporarily withdrew its recommendation that shareholders vote for the eight director nominees put up by Darden, which is leaving spots open for Starboard candidates.

Sep 24, 2014

Harvard picks insider Blyth to helm $36 bln endowment

BOSTON, Sept 24 (Reuters) – Harvard University on Wednesday
named an insider, Stephen Blyth, to run its $36.4 billion
endowment, the world’s largest.

Blyth, who heads public markets at Harvard Management Co,
the school’s investment arm, will replace President Jane
Mendillo after she retires in December. Mendillo has run the
endowment for six years, steadily rebuilding it following heavy
losses during the financial crisis.

Sep 24, 2014

U.S. companies offer more political spending detail -study

BOSTON, Sept 24 (Reuters) – Top U.S. companies are reporting
more detail about their political contributions, according to a
survey by the Center for Political Accountability, a trend that
won praise from the group, which pushes for greater
transparency.

In a survey provided to Reuters ahead of its scheduled
release on Wednesday, the Washington-based organization scored
191 companies on a complex scale that tracked actions such as
whether they disclose corporate contributions to political
candidates, parties or trade associations. Such spending can be
controversial amid the broader debate over campaign-finance
rules.

Sep 18, 2014

Alibaba cash could fund small spending spree at Yahoo

SAN FRANCISCO/BOSTON (Reuters) – Alibaba Group Holding Ltd’s upcoming public offering will give Yahoo Inc billions of dollars for a potential shopping spree that investors hope will jumpstart its comeback.

But with numerous holes to fill and soaring tech company valuations, Yahoo will have to make tough choices with any acquisitions.

Sep 17, 2014

Even funds sour on Russia stay sweet on Magnit

BOSTON/MOSCOW, Sept 17 (Reuters) – Would you believe one of
the West’s favorite Russian stocks is a provincial grocery
chain?

Western fund managers have stockpiled shares in Russia’s
largest food retailer, Magnit OAO, betting that it will
do better than other firms in Russia in the midst of trade
restrictions stemming from the conflict in Ukraine.

Sep 11, 2014

Some Dollar Tree investors see advantages if Family Dollar bid fails

BOSTON, Sept 11 (Reuters) – Some Dollar Tree Inc
investors are crossing their fingers the company doesn’t succeed
in its $8.5 billion takeover of Family Dollar Stores Inc
, saying it could expand and repurchase stock with the
$305 million breakup fee while avoiding all the risk of a major
acquisition.

The deal announced in July is now under threat after
similarly-named but larger rival, Dollar General Corp,
outbid it this week with a $9.1 billion hostile takeover
proposal. Dollar General had been rebuffed by Family Dollar on
previous offers but is seen as likely to win a protracted battle
this time.

Sep 9, 2014

Jack Ma, ‘capital-lite’ model impress at Alibaba’s Boston IPO event

BOSTON (Reuters) – Alibaba Group Holding Ltd has two major things going for it as it prepares for an initial public offering that could raise more than $21 billion: founder Jack Ma and a “capital-lite” business model.

While corporate governance remains a concern, several fund managers and analysts said Ma gave an impressive performance during the company’s pitch in Boston on Tuesday for what stands to be the largest-ever U.S. technology IPO. They also said the Chinese e-commerce company’s business model features strong cash-flow generation and low capital intensity similar to U.S. Internet stars Facebook Inc and Google Inc.

Sep 4, 2014

Some fund managers take shine to pricey solar stocks

BOSTON (Reuters) – Some notable fund managers are betting on solar energy shares, expecting a wave of industry consolidation and lower costs to pay off for the notoriously volatile industry.

The optimists, a mix of specialized environmental managers and mainstream investors, are going against several trends, since solar companies have already had a sizeable run-up this year and more fund managers have been selling the stocks than buying them.

Aug 7, 2014

Janus’ Kozlowski seeks stocks immune to market malaise

BOSTON (Reuters) – Concerned that trends in the economy may not help stock prices much, Janus Capital Group’s Dan Kozlowski is looking for companies that can help themselves.

As manager of the $4.2 billion Janus Contrarian Fund, Kozlowski has posted strong returns by buying companies that take transformative steps, like changing executives or going through mergers to get an edge in a slow-growth era.

    • About Ross

      "I cover mutual funds and the companies that offer them including Fidelity Investments and Legg Mason Inc, plus related topics like retirement savings issues and socially responsible investing. I'm based in Boston and joined Reuters in 2009."
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