When John Bichelmeyer’s mutual fund fell 48 percent in 2008, he decided his portfolio needed an upgrade. The Buffalo Emerging Opportunities Fund would still invest in small companies with the potential to become big ones. What it wouldn’t do is invest in businesses that were burning cash, or in biotechnology firms whose prospects were difficult to gauge, Bloomberg Markets magazine will report in its April issue.
EFG International AG, the Swiss bank controlled by billionaire Spiro Latsis and his family, said it’s “behind where it needs to be” in meeting a profit target for next year after earnings grew 0.5 percent in 2013.
Growth Fund of America has lost its status as the largest U.S. equity mutual fund, a position it held for six years, as investors are turning away from Los Angeles-based parent Capital Group Cos. and its tradition of picking stocks.
Pasi M. Hamalainen, a Finnish native who took early retirement as a managing director at Pacific Investment Management Co. to raise his son and race Bugattis before joining Capital Group Cos., has died. He was 46.
Mexican investors including the billionaire owner of Grupo Financiero Ve Por Mas will invest 450 million euros ($621 million) in Banco Popular Espanol SA as Spanish banks tap Latin American funds to bolster capital.
Capital Group Cos., the $1.2 trillion firm that ran the world’s largest stock mutual fund before being overtaken by low-cost indexing competitors, said the advantages of active stock picking have been drowned out in the debate over how individuals should invest.
Capital Group Cos., the investment firm that created the forerunner to MSCI indexes used as a benchmark for $7.5 trillion in assets, said the regional indexes should be revised to reflect the growing globalization of companies.