ACM’s 2020 Points of Focus
Taken from December 2019 Newsletter: 2019 review: 2019 was a record year for global markets. After narrowly avoiding bear market territory in the S&P, global markets staged a dramatic rebound in the beginning of the year shrugging off any concerns that had led to the market sell off and propelling indices to record highs. Markets […]
Is This How It Ends? Corona Virus Edition
After updating friends and family (and investors too) regarding performance and views regarding the Corona Virus at the end of February, we have been fielding a consistent stream of emails and phone calls regarding market volatility. We thought it would be prudent to put our thoughts down on metaphorical paper and return to publishing on our website during these very unique times.
ACM Outlook 2019
2019 will be a transitional year. Underlying fundamentals will continue to drive global growth, albeit at a slower pace, with valuations reflecting this adjustment in reality. We do not predict a recession, but a return to sanity as growth comes at a cost as we depart from the historic decade of nil level interest rates. Markets will become increasingly volatile in the mid term as it adjusts to the new equilibriums. There are several points we want to draw attention to in the coming year that will contribute to market movement:
ACM Market View, 7-2-2018
With the first day of the second half 2018 off to a rocky start we wanted to highlight a few key areas that we think investors should focus: Tariffs: Although this has been the highlight of markets as of late, our focus is to look to who ultimately benefits and who ultimately suffers in the […]
Softbank Considers Telecom Spin-Off
Softbank is considering spinning out its telecom assets in a USD 18 bn IPO raise according to the Nikkei newspaper without citing sources. The Softbank Group (9984 JP) would be selling up to 30% of Softbank Corp, its telecommunications arm in the IPO. This would leave Softbank Group to focus on its technology investments, leaving […]
Toshiba Agrees to Sell to SK Hynix/Bain Capital
In an 11th hour turnaround, Toshiba agreed to sell its semiconductor unit to consortium led by SK Hynix and Bain Capital for USD 18 billion instead of Western Digital, which had been said to be the front runner less than a day before the announcement. The change came as a surprise to the market as […]
Softbank Positive on Potential T-Mobile – Sprint Deal
Softbank’s CEO Masayoshi Son is hopeful for a revitalization of the T-Mobile – Sprint merger following a tentative agreement with T-Mobile’s parent company, Deutsche Telecom. The two entities were originally slated to merge in 2014, but were blocked regulators. Son is counting on support from the new Trump administration and its appointed regulators. Following the […]
ACM Mano Delivers +1.2% for August 2017
The fund continued its summer trend of outperformance with returns exceeding that of both the broader index and its key benchmark. The portfolio’s core positions were largely unchanged in the face of volatility, while several or the shorter term catalyst investments saw attractive outsized returns. Underperformance was attributed to a short position in a Japanese […]
Toshiba Back with Western Digital
In another turn in the ongoing saga, it is being reported that Toshiba’s board has shifted back to Western Digital as the potential acquirer of their semiconductor unit, according to people familiar with the deal. This is days after the firm stated that they were siding with a bid that including South Korean chipmaker SK […]
Disney Plans Streaming Service; Plans to Leave Netflix 2019
Disney has begun to move towards its own separate streaming service by announcing the formal split with its content and Netflix beginning in 2019. Currently their are two planned streaming services, one to offer a similar service to Netflix and Amazon Prime Video which will group Disney’s own film collection including its Marvel and Lucasfilm […]