Category: Photography

Bond king’s Lear-like Treasuries renunciation

Posted on by

Michael Mackenzie

At the end of June, the Federal Reserve will no longer be the biggest buyer of US Treasuries. But one notable investor has already said Hasta la vista.
Pimco’s flagship $237bn total return fund, managed by Bill Gross, whose status as bond king has been synonymous with the 25-year bull market in Treasury debt, pulled the plug on holding US government related securities in February, it emerged this week. Last month his fund eschewed holding US government related debt, having had 12 per cent of the fund’s portfolio in Treasuries in January.
Given the record of Mr Gross, one cannot ignore the decision. Since the total return fund began in 1987, it has generated an average annual return of 8.42 per cent versus the 7.27 per cent gain in its benchmark, the Barclays Capital US Aggregate index.
The move is a bold one. Given that the Barclays Aggregate has a Treasury weighting of 40 per cent, the decision by Mr Gross to exclude government holdings means he is seriously underweight his benchmark, or “bogey”.

Panorama: Lingotto Pinacoteca Giovanni e Marella Agnelli @ Turin

Posted on by

Pinacoteca Giovanni e Marella Agnelli:

In a fascinating space designed by the architect Renzo Piano inside the historic industrial complex of the Lingotto in Turin, the Pinacoteca Giovanni e Marella Agnelli permanently houses 25 masterpieces from Giovanni and Marella Agnelli private collection.
Opened on September 20th, 2002, the gallery marks the final step in the twenty-year-long restructuring process of the whole Lingotto site.
The structure that today hosts the picture gallery of the Giovanni and Marella Agnelli Foundation in the “Scrigno” (literally, jewel box or treasure chest, an extraordinary container that dominates the roof-top test track), is the result of a long historical and architectural process of development that begins at the turn of the twentieth century. After this huge conversion process, the 90 years old building maintains the architectural power and freshness of the car factory designed by Giacomo Mattè Trucco, and wends its way effortlessly to the Lingotto designed by Renzo Piano. 

A stunning place, particularly the roof top race track on the old Fiat factory.
View the full screen panorama here.