Top Billionaires' Investment Moves: Franklin Templeton’s Troubles, Ackman’s Nike Bet, and Tepper’s ETF Strategy

Publiktoday.com- This week we summarize three news items that may be of interest to asset management. Here are the three news items. You can read the full versions in the news links included. 

1. Franklin Templeton Tumbles on Investigation Latest (Proactiveinvestors)

• Western Asset Management, a part of Franklin Templeton, is closing a US$2 billion fund and replacing its CIO following a regulatory investigation into the use of Treasury derivatives.
• Michael Buchanan is replacing Ken Leech as CIO, who is on leave after the SEC announced he faces civil charges.
• The $2 billion Macro Opportunities Strategy fund will be closed, and the company is cooperating with parallel government investigations.
• Franklin Templeton shares fell by more than 12% yesterday.

2. These Prominent Billionaires Just Invested $700 Million in 2 Dow Jones Dividend Stocks (Nasdaq)

• Bill Ackman of Pershing Square Holdings and Andreas Halvorsen of Viking Global Investors have invested in two stocks that are members of the Dow Jones Industrial Average.
• Ackman’s firm invested $229 million in Nike, while Viking Global allocated $478 million to McDonald's.
• These billionaires chose these stocks despite challenges in the apparel and restaurant industries.

3. Billionaire David Tepper Bought These 2 ETFs in Q2. Should You Buy Them, Too? (The Motley Fool)

• David Tepper sold a significant portion of his holdings in the second quarter of 2024, reducing stakes in eight of Appaloosa’s top 10 holdings.
• Tepper also increased his positions in two ETFs, buying 565,000 shares of the iShares China Large-Cap ETF (FXI).
• The iShares ETF now ranks as the 10th-largest holding in Appaloosa's portfolio.