Christian Guiton/iStock via Getty Images Investors who did not want abrdn Global Infrastructure Income Fund ( ASGI ) to abandon its term structure and become a perpetual Closed End Fund (“CEF”) may benefit from selling while ASGI still trades in close proximity to (“NAV”). Permanent capital vehicles heavily invested in Level 2 and 3 stocks and Private Equity are commonly available at large discoun...
Christian Guiton/iStock via Getty Images Investors who did not want abrdn Global Infrastructure Income Fund ( ASGI ) to abandon its term structure and become a perpetual Closed End Fund (“CEF”) may benefit from selling while ASGI still trades in close proximity to (“NAV”). Permanent capital vehicles heavily invested in Level 2 and 3 stocks and Private Equity are commonly available at large discounts to NAV. Infrastructure CEFs are also available at 10%+ discounts to NAV. ASGI currently trades around parity with NAV. Trading around NAV or even at a premium is somewhat typical for the optionality that a term fund provides, which was ASGI’s structure until very recently. ASGI was established in 2020 with a defined term of 15 years ending in July 2035. Thus, shareholders were previously entitled to a full valuation exit via tender offer or fund liquidation when ASGI reached term. However, ASGI is now a more common version of a 1940 Act Fund, a perpetual CEF. This is typically not seen as a positive change, which is why a term structure was a part of ASGI's IPO. The last CEF to remove its term structure was XFLT and has since moved from a premium to an NAV discount worse than 20%. Things may prove especially rough for ASGI market demand given Mr. Market's current distaste for illiquid holdings. More than 40% of the common stocks in ASGI’s portfolio as of the most recent annual report were valued based on Level 2 inputs rather than Level 1 quoted prices. Additionally, ASGI has relevant Private Equity exposure. source ASGI annual report (ASGI Annual Report) How Did ASGI Convert From a Term Structure to a Perpetual Closed-End Fund? ASGI's Board of Trustees determined in March to convert the fund from a term structure to a traditional permanent capital vehicle, which is not obligated to provide any liquidity event to shareholders. The Board's choice was first subject to shareholder approval. The Term Amendment proposal (Proposal 1) required the meeting to have a quorum prese...
The SpaceX initial public offering (IPO) is happening on June 12, and according to reports, as much as 30% of IPO shares are going to retail investors instead of investment banks. Retail investors can submit a request to buy shares through SoFi Technologies , Robinhood Markets , and several other trading platforms, subject to eligibility requirements. Shares are not guaranteed, and the lucky inves...
The SpaceX initial public offering (IPO) is happening on June 12, and according to reports, as much as 30% of IPO shares are going to retail investors instead of investment banks. Retail investors can submit a request to buy shares through SoFi Technologies , Robinhood Markets , and several other trading platforms, subject to eligibility requirements. Shares are not guaranteed, and the lucky investors who receive them will receive a confirmation message the day before the IPO . The shares will then be deposited into your investment account at the IPO. But before you press the buy button, make sure you know about this important policy. Image source: Getty Images. Continue reading
Chinese Article Warns VPN Use Alone Can Trigger Punishment Under Expanding Censorship Regime Authored by Michael Zhuang via The Epoch Times , A widely circulated Chinese social media article warning that internet users can be punished simply for bypassing China's online censorship system has drawn attention to what observers say is an expanding clampdown on access to the global internet. The artic...
Chinese Article Warns VPN Use Alone Can Trigger Punishment Under Expanding Censorship Regime Authored by Michael Zhuang via The Epoch Times , A widely circulated Chinese social media article warning that internet users can be punished simply for bypassing China's online censorship system has drawn attention to what observers say is an expanding clampdown on access to the global internet. The article, published June 2 on Chinese social media WeChat and later archived by California-based nonprofit China Digital Times, which tracks China's state censorship, compiled a series of publicly reported cases of suppression on the use of virtual private networks (VPNs). People play computer games at an internet cafe in Beijing on Sept. 10, 2021. Greg Baker/AFP via Getty Images The cases included fines imposed on users who accessed overseas websites, penalties for selling VPN services, arrests related to the dissemination of overseas political content, and investigations into internet activity dating back several years. The article challenged a common assumption among Chinese internet users that using VPNs for research , accessing foreign websites, or utilizing overseas artificial intelligence (AI) tools is unlikely to attract official scrutiny as long as no sensitive content is shared. " But from publicly disclosed cases, VPN use itself has already become a target of the Chinese Communist Party's (CCP) investigation ," the article said. The examples highlighted in the article suggest that the CCP is increasingly focused not only on what users do online, but also on how they access the internet. One of the most notable cases involved a resident of Ningde, Fujian Province, who was penalized in 2024 for allegedly using a VPN to browse overseas websites in 2020. According to the article, police reviewed historical internet records and later imposed an administrative penalty, prompting criticism from some legal observers who questioned whether the action complied with China's statu...
Value stocks with real dividend income have kept pace with, and in one case beaten, a market that growth and AI names dominated for three straight years. The three ETFs worth a serious look right now combine valuation discipline with cash returns to shareholders. Capital Group Dividend Value ETF (NYSEARCA:CGDV), JPMorgan Active Value ETF (NYSEARCA:JAVA), ... Three Value Focused ETFs Pay Solid Divi...
Value stocks with real dividend income have kept pace with, and in one case beaten, a market that growth and AI names dominated for three straight years. The three ETFs worth a serious look right now combine valuation discipline with cash returns to shareholders. Capital Group Dividend Value ETF (NYSEARCA:CGDV), JPMorgan Active Value ETF (NYSEARCA:JAVA), ... Three Value Focused ETFs Pay Solid Dividends and Keep Outperforming the Market in 2026
Malayan Banking Bhd said the Johor-Singapore special economic zone will drive further expansion, with Malaysia’s biggest lender having facilitated about 20 billion ringgit ($4.9 billion) in financing and investments in the area in the past couple of years. The funding has spanned all financial services segments, including corporate, mid-sized companies and consumers, Maybank President and Group CE...
Malayan Banking Bhd said the Johor-Singapore special economic zone will drive further expansion, with Malaysia’s biggest lender having facilitated about 20 billion ringgit ($4.9 billion) in financing and investments in the area in the past couple of years. The funding has spanned all financial services segments, including corporate, mid-sized companies and consumers, Maybank President and Group CEO Khairussaleh Ramli said in a Bloomberg Television interview. Maybank has helped establish nine family offices in Johor, and its overall financing for the zone is the biggest of any lenders involved in the development, he said. The special economic zone, which was first agreed in January 2024 and formally inked a year later, is aimed at boosting investment and cross-border business between both countries. Complementary factors between the two neighbors, especially regarding the Malaysian state of Johor bordering Singapore, will support continued growth, Khairussaleh said. The bank is in a prime position to benefit from growth generated by the economic zone for both countries, he said. Read more: Singapore, Malaysia Mega Hub Draws $13 Billion Into Johor State This story was produced with the assistance of Bloomberg Automation.
Andrzej Rostek/iStock via Getty Images Since the inception of the Chilton REIT strategy in 2005, we have used the MSCI US REIT Index (RMZ) as our primary benchmark. However, the REIT landscape has evolved over those 21 years, and so has our investment universe. Due to the lack of inclusion of several new sectors into the RMZ, including cell towers (a prominent component of the Chilton REIT Strateg...
Andrzej Rostek/iStock via Getty Images Since the inception of the Chilton REIT strategy in 2005, we have used the MSCI US REIT Index (RMZ) as our primary benchmark. However, the REIT landscape has evolved over those 21 years, and so has our investment universe. Due to the lack of inclusion of several new sectors into the RMZ, including cell towers (a prominent component of the Chilton REIT Strategy), we have decided to change our primary benchmark to the Vanguard Real Estate ETF ( VNQ ), effective June 1, 2026. The change is appropriate and timely for several reasons: 1) VNQ included cell towers starting in 2018, a sector that has been a 5-25% weighting in the Chilton REIT Strategy for the past 10 years; 2) VNQ is an investable benchmark (there are no ETFs that track the RMZ); and 3) the Global Investment Performance Standards (or GIPS) changed in 2021 to allow ETFs as benchmarks. The long-term performance of the benchmarks is remarkably similar, as cell tower outperformance drove the VNQ above the RMZ from 2018 to 2021, followed by underperformance of the VNQ due to cell towers giving back their relative gains in the ensuing 4.5 years. Notably, as of May 31, 2026, the RMZ and VNQ have produced 10-year annualized total returns of +6.5% and +5.4%, respectively. In comparison, the Chilton REIT Strategy has produced gross and net annualized total returns of 7.3% and 6.6%, respectively, over the same time period. Total return indices finally recovered to the December 2021 peak for the RMZ and Chilton in February 2026, and the VNQ is close behind; however, price-only levels remain well below the prior peak. As such, while the S&P 500 price only index is 59% above the 12/31/2021 peak, the RMZ and VNQ prices are 8% and 18% below levels on that day. Similarly, the S&P 500 is trading at a P/E multiple that is relatively in-line with the prior peak, while REIT multiples are well below 2021 levels. Despite the strong year-to-date total returns of VNQ (+9.3%) and the RMZ (+14.1...