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Some Sovereign Investors Bullish on Smallcap Euro Stocks

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Norway’s Government Pension Fund Global (GPFG) generated a mandate seeking investment managers for small to mid-cap investments in German, French, Italian, and Greek public stocks. Norway’s GPFG currently has higher than average European equity exposure compared to other sovereign funds. In addition, the fund is looking to diversify from its extensive holdings in British stocks. The Norwegian fund is a major owner of many constituents of the FTSE 100.

The need for successful external managers in small-cap European stocks is steadily gaining momentum. Increasingly, buyside public investors have less quality equity research available at their fingertips for small-cap companies especially in Europe. Several large banks have dropped analyst coverage over stocks, reducing costs and headcount.

There is a calling for external managers who are in touch with European small businesses and industries.

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SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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