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billion in assets under management. Coleman was named the top hedge fund manager of 2020, generating gains of 48%, 3 times the 16% return of the S&P 500. On a non-GAAP (adjusted) basis, Sea Limited's total adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) was $35.3
The funds we advised through our External Investment Manager continued to experience favorable performance in the fourth quarter, resulting in significant incentive fee income for our asset management business for the ninth consecutive quarter and, together with our recurring managementfees, a significant contribution to our net investment income.
We made a slight change in the net loss range to reflect additional depreciation, amortization and interest expense and a shift in the timing of the lease-up on the remaining Phase 1 development buildings. The business is not 10 out of 10 anymore, it's just good, it's great, but it's not 2020, 2021. So I think we did great business.
As of the end of 2020, the US debt held by the public amounted to $22 trillion, an increase of approximately $5 trillion from the year before and well over double the level from a decade ago.1 Argentina provided a recent example: Debt/GDP of only 90%4 in 2019 was followed by a default in the first half of 2020. Reuters (2011).
Investor adoption in fixed income has lagged, at least when measured by the assets under management (AUM) in mutual funds and ETFs. At the end of 2020, $1.35 In Dimensional’s case, systematic fixed income is hardly new; we have been managing fixed income portfolios since 1983. By contrast, just $14.36 Fama and Kenneth R.
Exhibit 4 shows marked inconsistency in valuation characteristics for the three largest US equity momentum funds during the value premium rally of late 2020 through early 2021. Price-to-book ratios for all three surged briefly in the fourth quarter of 2020 before dropping precipitously during the second quarter of 2021.
As of the end of 2020, the US debt held by the public amounted to $22 trillion, an increase of approximately $5 trillion from the year before and well over double the level from a decade ago.1 Argentina provided a recent example: Debt/GDP of only 90%4 in 2019 was followed by a default in the first half of 2020. 5Reuters (2011).
An expansion of the CPP would transfer these risks from individual workers to the government, which is much better placed to manage them, as it can pool risks across all Canadian workers and across generations of workers. However, a massive amount of government fiscal capacity was expended during 2020-23.
Asset & Wealth Management reported net income of $1 billion with pre-tax margin of 28%. Excluding net investment valuation gains in the prior year, revenue was up 5% driven by higher managementfees on strong net inflows and higher average market levels, partially offset by lower NII due to deposit margin compression.
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