Bank of America Directs $300 Million of Its $1 Billion, Four-Year Commitment to Advance Racial Equality and Economic Opportunity

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$25 Million in Support of Jobs Initiative;

$25 Million in Support of Community Outreach and Initiatives;

$50 Million to Minority Depository Institutions;

$200 Million to Minority Entrepreneurs, Businesses and Funds

On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds. The $1 billion, four-year commitment is being overseen by Anne Finucane, vice chairman of Bank of America and head of Environmental, Social and Governance (ESG), Capital

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Hedge Funds Shift Out Tech and Health Care, Making a Cyclical Bet.

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Illustration by Elias Stein

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Hedge funds shifted from market-leading technology and health-care investments in the second quarter, adding to bets on a cyclical recovery with larger positions in industrial and financial shares—and cheaper relative valuations in the market.

Goldman Sachs analysts recently compiled holdings of 815 hedge funds that managed about $2 trillion as the third quarter began. From the start of the year until Aug. 19, the

S&P 500

index rose 6% while the Nasdaq 100 added 30%. That’s much better than the average equity hedge fund in Goldman’s analysis, which returned 2% over the same period. But hedge funds’ best ideas did beat the S&P, with a basket of top-50 holdings returning 18%.

Health-care stocks remain the most concentrated hedge fund holdings, at about 21%, well above their 14% in the Russell 3000 index. But hedge funds cut their health-care position by three percentage points in

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