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After a decade of near-zero interest rates, investors no longer need to look far when hunting for yield. And bonds aren’t the only game in town.
John Rekenthaler, director of research for Morningstar Research Services, points out that investors have piled into intermediate- and long-term bond funds despite their feeble returns.
“Intermediate-term funds are in the red over the trailing one-, two-, and three-year periods, and are barely positive for the year to date,” he said in a note. “Long funds have fared even worse, being down in 2023 as well.”
That raises the question: What is better than bonds, and where else can investors find robust returns?
“We’ve moved from an environment where income and yield was scarce, to now where it’s far more bountiful, and therefore investors don’t have to make a lot of risky choices to capture income,” said Michael Arone, chief investment strategist at
Global Advisors.
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High on the shopping list: preferred stocks, which combine elements of stocks and bonds in one investment.
“Preferreds continue to be an attractive space for investors who are trying to toe the line between bondlike features, which is stable, fixed dividend payments, and equity-like appreciation,” he said. “Preferreds do a good job of balancing those two items.”
Treasury bills are still paying above 5%, but with a preferred stock, investors get an investment-grade security that yields 6.5%—so solid income—without taking on too much credit risk, said Arone. “To us, that’s a very attractive proposition in today’s market.”
State Street’s offering is the exchange-traded fund
SPDR ICE Preferred Securities ETF
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(ticker: PSK), which yields 6.56%.
Short-term T-bills are still attractive—the key is to hold the bills to maturity, rather than trying to bet on the direction of rates over the long term. The
SPDR Bloomberg 1-3 Month T-Bill ETF
(BIL) yields 4.1%.
ETFs that focus on dividend-paying stocks offer another avenue for income. Here investors can look for ETFs that invest in so-called dividend aristocrats, or companies in the
index that have a history of increasing dividends for 25 consecutive years or more.
Among the ETFs that invest in such stocks is
ProShares S&P 500 Dividend Aristocrats ETF
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(NOBL), an $11.65 billion fund that tracks the S&P 500 Dividend Aristocrat Index. The yield is 1.95% and year to date total return is 4.43%.
The yield on dividend stocks may not appear compelling at first blush, but there’s a long-term reason to consider adding them to your portfolio. “This is stock investing, not bonds, and therefore you get the opportunity for price appreciation,” Arone said. “And companies that exhibit these characteristics reward investors over the long term with outsize returns or better returns than bonds.”
Investors who are expecting a slowdown in the economy and a possible recession should have high-quality companies in their stock portfolio and dividend growers tend to be those high-quality companies, he added.
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This year investors have flocked to money-market funds—mutual funds that invest in cash and low-risk securities. One advantage of these cash-like instruments is that it is easy to move money into them from mainstream brokerage accounts.
Keep an eye on fees when shopping around. The popular Fidelity Money Market Fund (SPRXX), with a yield of 5.04%, has an expense ratio of 0.42%, while the Vanguard Federal Money Market Fund (VMFXX), yielding 5.27%, only charges 0.11%.
One caveat: Arone said investors should understand the liquidity, interest-rate risk, credit risk, and potential volatility associated with money-market funds. “Historically when investors have gotten themselves in trouble is when the yields are really juicy and attractive.,” he cautioned.
Write to Lauren Foster at lauren.foster@barrons.com
STOCKHOLM, Sept 7 (Reuters) – Alecta, Sweden’s largest pension fund provider, said on Thursday Swedish property firm Heimstaden Bostad is in need of more cash, and that it may participate in any refinancing round.
Large debts, rapidly rising interest rates and a wilting economy has produced a toxic cocktail for Sweden’s property groups with several companies, mainly in the commercial property sector, cut to “junk” status by rating agencies.
House prices are also down by around one-fifth since their March 2022 peak, according to the Organisation for Economic Cooperation and Development (OECD), reflecting soaring mortgage costs.
Heimstaden Bostad, an owner of residential properties across Europe with Sweden its main market, on Monday told Swedish business daily Dagens Industri it expects to both sell assets and raise capital to reduce debt.
“Alecta shares the assessment that Heimstaden Bostad is in need of additional capital,” Alecta CEO Peder Hasslev said.
“We are prepared to participate constructively and contribute to a refinancing, but of course it is entirely dependent on the conditions,” he said in an email.
Heimstaden did not immediately reply to a request for comment.
Heimstaden Bostad’s property portfolio totals 340 billion Swedish crowns ($30.60 billion) and its main owners are Heimstaden (HEIMpref.ST) and Alecta with 38% of shares each, according to its website.
($1 = 11.1124 Swedish crowns)
Reporting by Marie Mannes, editing by Anna Ringstrom and Terje Solsvik
Our Standards: The Thomson Reuters Trust Principles.
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Sept 5 (Reuters) – Caledonia Investments (CLDN.L) said on Tuesday it would sell its majority stake in wealth manager Seven Investment Management (7IM) to Canada’s Ontario Teachers’ Pension Plan Board for about 255 million pounds ($321.5 million).
The deal furthers the consolidation in Britain’s money management industry as private equity firms look to snap up investment advisers to either sell them to a competitor or publicly list them.
7IM provides wealth management, asset management and platform services to more than 9,000 retail investors and 2,000 intermediaries in the UK.
Caledonia bought the company in 2015 from insurers Zurich Insurance (ZURN.S) and Aegon NV (AEGN.AS).
“Caledonia’s investment philosophy is to focus on growth over the long term, ensuring that our portfolio companies are well-placed for exit when the right time comes for all stakeholders,” said Tom Leader, Caledonia’s head of Private Capital.
“Our investment in 7IM embodies this philosophy.”
Caledonia expects the deal to be completed in late 2023 or early 2024, it said. The company had net assets of about 2.8 billion pounds at July-end.
($1 = 0.7933 pounds)
Reporting by Shashwat Awasthi; Editing by Subhranshu Sahu and Janane Venkatraman
Our Standards: The Thomson Reuters Trust Principles.
IN THE MONEY: In-demand Liverpool talisman Mohamed Salah has amassed a tidy £27m commercial deal nest egg while Luton Town owner turns over £79m profit in land sale to help fund new Power Court stadium
- Mohamed Salah is subject of big-money interest from Saudi side Al-Ittihad
- Al-Ittihad were prepared to offer Liverpool £200million for the Egyptian star
- Luton Town are in the process of funding a new 23,000 seat stadium
Liverpool forward Mo Salah, subject of a Saudi Arabia mega-money offer in the final days of the transfer window, has amassed a £27m nest egg from commercial deals in only three years, new accounts show.
The Egyptian striker earned £11m in personal endorsements last season alone. Some of his sponsorships are with adidas, Uber, Vodafone and Pepsi, and while they seem lucrative to most people, are small fry compared to the reported £175m a year he was offered in Saudi Arabia.
Hatters chief banks £89m
Luton Town’s owner Paul Ballantyne has proven his financial acumen after banking £89million from the sale of a parcel of land that he had bought for £10m.
The club purchased Newlands Park in 2015 before selling it for a huge profit.
The club this week confirmed in financial filings that they have received the second of two payments from the sale — worth £44.5m — which will be going to help fund a new 23,000-capacity £100m stadium at Power Court.
Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir Cohen/File Photo Acquire Licensing Rights
Sept 2 (Reuters) – India’s Adani Group on Saturday said its stocks and financials were unaffected days after the Organized Crime and Corruption Reporting Project (OCCRP) said business partners of the family used ‘opaque’ funds to invest in stocks.
Adani Group said the ‘misleading reports’ had no substantial impact on the group’s business performance, and said the group remained in compliance with the law.
The conglomerate highlighted investments by entities, including Qatar Investment Authority and GQG Partners, adding that it was committed to attracting investors as part of its 10-year capital program initiated in 2016.
Nonprofit media organisation OCCRP reported on Thursday that millions of dollars were invested in publicly traded Adani Group stocks through funds in Mauritius, obscuring the involvement of alleged business partners of India’s Adani family.
The Adani Group, which is controlled by billionaire Gautam Adani, said it categorically rejected what it called recycled allegations in the OCCRP report “in their entirety”.
Shares in Adani Group companies dipped on Thursday amid renewed corporate governance concerns. However, leading group stocks closed in the green on Friday, the statement added.
The Adani group’s listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns in January and suggested the group had made improper use of tax havens.
Reporting by Jyoti Narayan in Bengaluru, Editing by Louise Heavens
Our Standards: The Thomson Reuters Trust Principles.
MILAN, Aug 24 (Reuters) – It’s hard to be bullish about real estate in an environment of sharply higher interest rates. Yet unloved property stocks in Europe staged a surprise rally this summer, suggesting contrarian investors are starting to look past the worst.
Two years of steep falls have made European property a short-seller favourite as sector valuations and investor positioning plunged to levels last seen during the 2008 global financial crisis.
A gauge of European real estate shares (.SX86P) has halved in value to about $131 billion since 2021, but the mood shifted in July as earnings expectations improved.
The index outperformed the broader market (.STOXX) in July by as much as 10 percentage points before a volatile August, squeezing short sellers just as inflows into some sector-focused exchange traded funds picked up.
Gerry Fowler, Head of European Equity Strategy at UBS, said bond yields in Europe seemed to have stabilised on bets the European Central Bank would hike interest rates just one more time in September, and that was starting to ease pressure on real estate companies while encouraging more investor interest.
“Things aren’t great for real estate companies and that’s why they are trading at a huge discount. Do we expect them to immediately go back to full valuation? Probably not. But from a direction of travel perspective things have started turning the corner,” he said. “In the last month or two we’re starting to get hints of companies’ ability to re-focus on profit growth”.
Refinitiv data shows earnings revisions turned positive in July after 15 months of downgrades. Profits are now seen rising 1.4% in 2024, versus previous expectations of a slight drop.
However, Zsolt Kohalmi, co-CEO at Pictet Alternative Advisors in London, said interest rates in Europe would need to fall by some 150 basis points to kick-start the market which was struggling due to a “complete standoff” in transactions because buyers and sellers are unable to agree on price.
“Some people this summer are making the bet that it’s going to be all rosy. Inflation is going to come down, interest rates are going to come down and some of these structural problems of real estate will be solved,” he said.
“It is a scenario. But I don’t know how likely it is… I think it’s going to take longer and we may have another low before we have ups,” he said.
Shares on loan, a proxy for short interest, across Europe’s listed real estate management and development firms has fallen by almost a third since a peak in May to below 1.7% of their market capitalisation, according to S&P Global Market Intelligence.
Meanwhile, BlackRock’s iShares European Property ETF (IPRP.L) has seen a 10% surge in inflows from late February, according to data on its website.
Most investors are still steering clear. Bank of America’s fund manager survey (FMS) in August showed investors had capitulated with positioning falling all the way down to 2008 levels, but buying REITs (real estate investment trusts) was its top contrarian trade.
Real estate in Europe is 30% cheaper than its 20-year average price-to-book valuation and displays a 49% discount to the market, its biggest in fifteen years, Refinitiv data shows.
A report in July by the corporate and investment banking unit at Natixis suggested European commercial property transactions dropped 60% year-on-year in the first quarter.
Natixis is modelling for declines in property values and sees risks of rating downgrades for six out of 22 REITs, which could add to challenges of securing debt financing, it said.
Banks are increasingly vigilant about a deterioration in the quality of their loans to real estate firms, with key ratios including loan-to-value under sustained pressure, raising the prospects of covenant breaches which could force borrowers to top up equity or even sell assets.
Societe Generale, which has had zero real estate exposure for over a year, views the summer bounce as a false start and believes there is no clear direction in the sector’s earnings.
“We don’t like picking up pennies in a low-liquidity market. Opportunities may emerge… but this doesn’t paint a great picture for the sector,” said Charles de Boissezon, Head of Equity Strategy at the French bank.
Risks for real estate include another wave of inflation. Pictet’s Kohalmi also said the “biggest unknown” was contagion from the next round of refinancing, especially in the highly oversupplied market of office buildings in the U.S.: “Because senior banks don’t want to refinance, nobody knows how it will play out”.
For UBS’s Fowler, however, European real estate stocks have room to keep outperforming into year-end: “The best ideas are when you can’t fully justify a bullish case… By the time you know for sure that things are better it’s probably already too late”.
Reporting by Danilo Masoni, editing by Sinead Cruise and Elaine Hardcastle
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Nido shut just a few months after it opened in West Auckland. Photo / Michael Craig
Details have emerged about court action involving a crippling $41.4 million loss from a property syndicate-style scheme to fund the failed West Auckland homeware shop Nido which was to be New Zealand’s biggest