FT : China’s economic recovery in doubt as industrial output falls short

China’s economic recovery in doubt as industrial output falls short
Data adds to growing sense that Chinese economy has failed to fully recover after removal of zero-Covid policies

China’s industrial output and consumer spending have fallen short of expectations, fuelling doubts over the strength of the country’s rebound after it dismantled its zero-Covid policy.

Youth unemployment hit a record while a key measure of investment also lagged estimates, casting a shadow over the outlook for the world’s second-largest economy.

Industrial production added 5.6 per cent last month from a year earlier, well below forecasts of a 10.6 per cent rise. Retail sales expanded 18.4 per cent year on year, also missing forecasts. The high rates of growth partly reflect a contrast with lockdowns last year in Shanghai, the country’s biggest city.

Tuesday’s data added to a growing sense that the economy had failed to fully recover following the removal of strict anti-Covid curbs late last year, with a lingering property crisis and concerns over trade activity also clouding the outlook.

“China’s activity indicators missed expectations by a wide margin even with a favorable base,” Xiangrong Yu, chief China economist at Citi, wrote in a note. “With China now out of the sweet spot of reopening, hope of further sentiment repair could be diminishing in the absence of decisive government actions.”


An official reading on property investment revealed a decline of 6.2 per cent for the year to date, worse than analysts’ expectations of a 5.7 per cent fall.

China’s mixed recovery, which included weaker than expected fixed-asset investment growth of 4.7 per cent in the four months to the end of April, has also shown signs of feeding through into metals markets.

Nickel futures in Shanghai fell more than 2 per cent on Tuesday, bringing them 28 per cent lower for the year to date. Dimming expectations for economic growth in the second quarter have also weighed on iron ore futures traded in Dalian, which are down 16 per cent this year, while copper prices last week hit their lowest level in months.

“Everyone was certainly expecting a slightly quicker China reopening and that maybe hasn’t happened in the way some of us were anticipating,” said Matthew Chamberlain, chief executive of the London Metal Exchange, at a conference in Hong Kong on Tuesday. “And then there have clearly been a number of negative geopolitical and macroeconomic factors that have weighed on metals.”

Youth unemployment, which China began recording in 2018, hit 20.4 per cent, surpassing a previous high of 19.9 per cent last summer.

By contrast, the overall urban unemployment rate fell to 5.2 per cent as the broader labour market tightened.

China’s benchmark CSI 300 stock index was little changed, down 0.2 per cent on Tuesday.

Julian Evans-Pritchard of Capital Economics suggested the reopening recovery “still has legs left”, pointing to a 19 per cent rise in retail and catering sales during a national holiday at the start of the month.

But he added the recovery was “likely to fizzle out during the second half of the year” on an unwinding of fiscal support, stalling credit growth, a weaker housing market and the impact of global demand on Chinese exports.

China’s policymakers have set a cautious 5 per cent growth target for 2023, the lowest in decades, after missing a 5.5 per cent target last year when gross domestic product growth came in at just 3 per cent.

In its first-quarter monetary policy report published last week, the People’s Bank of China struck an optimistic tone.

“China’s economy is expected to continue to improve overall, and the growth rate in the second quarter may rebound significantly under the low base effect, laying a solid foundation for achieving the annual growth target smoothly,” it said.

WWD : Cannes’ Carlton Hotel’s New Approach to Luxury

Cannes’ Carlton Hotel’s New Approach to Luxury
Space, time, serenity and cultural sensitivity are the hotel's philosophy, said hotel general manager Giuseppe Vincelli.

The Carlton, the grande dame of Cannes hotels, is ready for her closeup.

Following seven years of behind-the-scenes renovations and three years of complete closure, the iconic Belle Epoque beauty has reopened to reveal a reimagined interior, sprawling garden, spa, swimming pool and brand new bar.

Interior designer Tristan Auer knows the famous hotel plays to an audience, and thus set the stage for glamour by opening up spaces and considering how guests would move through the rooms, taking inspiration from the big screen.

“This is to keep the coherency of a story. It’s exactly like doing a movie,” Auer told WWD of designing the floor plan flow. “You have the opening scene, then you have scenes which are more energetic, dramatic or slow, and it has to come together to tell a strong story because when people come here it is like a dream. They may spend just three days of their life here, so it has to be perfect.”

The Carlton is one of the most iconic addresses in the world. It was founded by a grand duke in 1913, hosted the first meeting of the United Nations precursor in 1922, and welcomed the first Cannes Film Festival in 1946. The hotel was the backdrop of Cary Grant and Grace Kelly’s classic film “To Catch a Thief,” not to mention the set of the “meet cute” between Kelly and the real-life Prince Rainier III of Monaco.

The hotel is now owned by Qatari group Katara Hospitality, which also possesses the Royal Monceau and the Peninsula in Paris, under its Regent banner. During the closure the Carlton not only underwent a revamp, rumored to have cost upward of 350 million euros, but a complete reimagining of its concept of luxury.

Revolving doors spin guests into an expansive space with marble columns and soaring ceilings. Gone are the claustrophobic check-in and concierge desks that narrowed the entrance; instead guests are greeted by the lobby ambassador, a new position created to add engagement and ease.

“We wanted to create serenity, which is one of the best elements of luxury today,” hotel general manager Giuseppe Vincelli told WWD. It led to a deeper inquiry and series of philosophical questions. “What is luxury today? Space, time, and the fact that you have people understanding your needs. It’s no longer the material things that make luxury,” he said.

With that comes a new understanding of cultural sensitivity. Americans, Italians and guests from the Middle East, for example, will all have very different expectations. To that end, the staff was trained to decipher different unwritten behavioral codes and to be sensitive to cultural norms — even down to how specific gestures might be interpreted.

“We want our staff to feel comfortable no matter who they are interacting with, and to be able to perform excellent service through anticipation. You can’t do that without talking about culture. That’s what I believe tomorrow’s luxury is all about — emotional engagement,” said Vincelli.

During the film festival, chief concierge Maxime Nerkowski coordinates services such as invitation pickup and dress delivery for guests, including the jury president, who stay in the hotel. He’s open to any request — such as sourcing an ice cream from a café in Saint-Tropez from just a description of the awning.

“We don’t even want to know how to say no,” he joked of aiming to fulfill every wish and whim.

If guests play their cards right, they can get on the most exclusive list in Cannes — Nerkowski’s private WhatsApp chat. Certain unnamed celebrity guests who have become friends over the years have him at their fingertips even if they are staying at a different hotel, he said.

The new concierge desk has been moved to the side and sits beneath a restored fresco that was hidden for decades, while the check-in area has migrated through an archway in the back, next to the garden.

That design decision was made to add an air of discretion. Instead of asking guests for a passport and credit card upon arrival, the lobby ambassador asks if you’d like to sit for a drink or even head to the beach club. “It’s a little thing, but it’s very important because you eliminate the transaction from the first and last moment,” Vincelli said.

The hotel invested in new systems which can also facilitate checkout from anywhere. “Through technology, we can come wherever you’d like, maybe while you are enjoying a lovely tea in the garden,” he said.

They removed the retail boutiques that encircled the lobby. “It was not what we wanted. We wanted a hotel experience, not to become a souk or a marketplace. We celebrate art and culture, not for commercial purposes,” said Vincelli.

Missing too is the heavy wood bar that dominated the seating area, which has been turned into the Camelia Tea Lounge featuring 30 different types of tea and has its own tea sommelier. The hotel is not just serving up cream scones, but created a gastronomic small plates menu to complement the selection.

Staff are trained in teas, just as they are in wine, and are dressed in safari-style outfits, complete with khakis and cravats.

Vincelli doubled his budget for blooms from floral designer Djordje Varda, while removing the overpowering displays that once dominated the common areas. “I want to use them differently, more gently,” he said.
The newly installed garden is meant to look as if it has been there for a century. It’s flanked by stately colonnades, but cleverly hides an underground business and event center that will be the hub of activity for companies such as Disney during the film festival.

Construction has also added a new wing with 37 residences, as well as a 5,400-square-foot penthouse that boasts a rooftop terrace of equal measure. It overlooks the newly added infinity pool, heated to a bathwater 82.5 degrees year round, and deep blue bar.

Columns in the lobby have been restored to their original marble, after a painstaking process of removing eight layers of paint. The hotel is also a protected historical monument so Ateliers Gohard, the specialist workshop that has tended to the Statue of Liberty and the Palace of Versailles, worked on the restoration.

In other areas, workers had to break through false ceilings to uncover the original architecture, and found hidden marble, onyx and stucco elements.

Unfortunately, there was a dearth of photos when Auer dug through the city’s historical archives. He also watched old films including “To Catch a Thief” for references, only to discover many scenes of the Hitchcock classic were filmed in the hotel’s grand salon, with sets swapped out to appear as different rooms or areas of the hotel.

Initially, Auer didn’t have much to go on. “The approach was to be patient, to be open to what the hotel wanted to tell me,” he said.

Auer ended up looking to the local landscape for inspiration. He had picked up piles of eucalyptus leaves in light pink, soft gray and sage green, playing with the idea of pastels. When artisans finally arrived at the colors from 1913, he realized the leaves were the same shades as the original finishes. It felt like fate.

“I’m at the service of the Carlton, to enhance it and to give it back its splendor and its beauty,” he said.

Auer recalled the rich history of great artists being inspired by the South of France spirit. “That’s certainly the reason why Picasso came, why Matisse came to the area. People coming from all over the world arrive and understand where they are, they have a sense of place,” Auer said.

He was also influenced by the region’s richly colored land. France’s trademark clay tennis courts — now made famous by the French Open — originated at the Carlton. Inspired by the work of contemporary artist Bich Nguyen, ribbons of the local clay are threaded through acrylic coffee tables in the tea lounge, and under glass etched with leaf designs in the check-in area.

This subtle detail is designed to pique guests’ curiosity. “When the staff welcomes guests, they have the possibility to tell the story, which is better than ‘give me your passport,’ or ‘where is your credit card.’ It’s for people to tell the story of the Carlton, to take the time to understand the power of it and recognize the references,” Auer said.

The staff uniforms recall the blue of one of Kelly’s “To Catch a Thief” gowns, with pleated skirts for women and seersucker blazers for men. “Doing interior design is very much like doing a painting. At a certain point, we needed to have some cool colors,” he said.
Bar 58 is brand new, named after its number on the Croisette, but designed to feel as if it has been part of the hotel forever. Auer wanted a more mysterious, masculine feel for the space, and the sense that it’s from a bygone era. Guests pass through a hallway with a fireplace before setting foot in the room filled with Art Deco references.

“I like the transition between tea time and whiskey time,” he said. “It’s very interesting to pass from one ambiance to another. You stay captive in the hotel, but are able to live different lives. You can have your friends for meetings, then you go into a different space and suddenly you meet your lover.”

A Venetian glass chandelier dominates the room, while the bar was created by local ceramic artist Fabienne L’Hostis. The eucalyptus idea found a home here, interpreted in the bar as a stack of leaves in gradients of sage green and gray.

Mixologists create seasonal infusions from herbs and flowers grown in the garden, as well as flavors from the local region. Lavender, rosemary and lemon are mixed into alcoholic and non-alcoholic cocktails crafted to create an olfactory experience. An olive oil infusion is used not only in drinks, but also in an unconventional ice cream.
All the sea-facing rooms have been expanded. Auer used a light touch in shades of white and neutrals, with natural wicker headboards. The focus is on the unique position of the hotel in this legendary corner of the world.

“I wanted to capture the different shades of the light during the day. The hotel is oriented towards sunset, which is a great chance to be as minimalist as possible in order not to disturb the star feature of this place, which is the view.”

Auer, who also worked on the revamp of Paris’ Hôtel de Crillon, said “there is no truth” to the idea of good taste when it comes to décor, and that elegance is more about creating an aura.

“This place should push people to have a different attitude. We try to make them feel more beautiful and respectful to this place and to other people, to act with the elegance of the French Riviera.”

The film festival will open with a gala ball at the Carlton. “This is like a gift for me to see people using this space for themselves,” said Auer. “It doesn’t belong to me now. It is forever for everybody else.”

WSJ : Elon Musk Issued Subpoena in Lawsuit Over JPMorgan’s Ties to Jeffrey Epste

Elon Musk Issued Subpoena in Lawsuit Over JPMorgan’s Ties to Jeffrey Epstein
U.S. Virgin Islands seeking documents from Tesla leader for its civil suit against bank

Elon Musk is being asked to turn over documents as part of a civil lawsuit by the U.S. Virgin Islands against JPMorgan JPM 0.84%increase; green up pointing triangle Chase over the bank’s relationship with Jeffrey Epstein, according to court documents filed Monday.

The U.S. Virgin Islands said it wants information from Mr. Musk because it believes the Tesla chief executive “is a high-net-worth individual who Epstein may have referred or attempted to refer to JPMorgan,” according to the court filing.

Lawyers in the case issued a subpoena for documents to Mr. Musk on April 28, but they have been unable to physically serve him with the court papers, according to Monday’s filing. So the lawyers are seeking a judge’s approval to issue the subpoena to Mr. Musk by email, the filing states.

In a tweet, Mr. Musk called the subpoena “idiotic on so many levels” and said that Epstein never advised him. “The notion that I would need or listen to financial advice from a dumb crook is absurd,” he said.

Mr. Musk also said Tesla had a dispute with JPMorgan a decade ago and withdrew its business from the bank. “I have never forgiven them,” he said.

Spokeswomen for the U.S. Virgin Islands and JPMorgan declined to comment.

It is unclear how much business Mr. Musk would have done with JPMorgan. He currently has a contentious relationship with the bank and his companies have largely relied on other banks.

Epstein, who had a residence in the U.S. Virgin Islands, banked with JPMorgan for a number of years until it closed his accounts in 2013, though bankers continued meeting with him years later, the Journal has reported. Epstein died in jail in 2019 while awaiting trial on federal sex-trafficking charges.

The U.S. Virgin Islands sued JPMorgan late last year in a Manhattan federal court, saying the bank facilitated Epstein’s alleged sex trafficking and abuse by allowing the late financier to remain a client and helping him send money to his victims.

The civil lawsuit alleges that JPMorgan received referrals of high-value business opportunities from Epstein and turned a blind eye to his activities. The bank has said it didn’t know about Epstein’s alleged crimes and can’t be held liable.

In March, the U.S. Virgin Island issued subpoenas to other billionaires, including Google co-founder Sergey Brin, to gather information for its civil lawsuit. In civil cases, lawyers can use subpoenas during the discovery process to get information from people who aren’t a party to a lawsuit but could provide evidence related to the case.

JPMorgan CEO Jamie Dimon is scheduled to be deposed as part of the case. Lawyers have already questioned several JPMorgan employees in this case and one filed by an unnamed woman who accused Epstein of sexual abuse. The cases are running concurrently in Manhattan federal court.

FT : What is living in a tax haven actually like — and is it worth it?

What is living in a tax haven actually like — and is it worth it?
The rich have long sought out wealth-friendly regions, but many of these places lack the comforts of home

In recent months, there’s been a lot of noise about rich Norwegians fleeing the country as the centre-left government’s wealth tax rises kick in. According to the newspaper Dagens Naeringsliv, more wealthy people left Norway in 2022 than in the preceding 13 years. Notable are businessman Kjell Inge Røkke, once Norway’s richest person, and Fredrik Haga, co-founder of the cryptocurrency data business Dune. Both have gone to Switzerland.

Of course, the rich have long decamped to more tax-efficient climes. Celebrated tax exiles range from playwright Noël Coward to actors Sean Connery and Gérard Depardieu. Guy Hands, the financier, moved to the Channel Island of Guernsey, retail tycoon Philip Green spends a lot of time in Monaco, and Richard Branson is resident on Necker (which he owns) in the British Virgin Islands.

Leaving aside the ethics of this — and the arguments over whether wealth flight means tax rises actually reduce overall receipts — the question I find myself asking is: What is living in a tax haven actually like? Is it worth it? And which tax haven is best? The last of these is a tougher question than it might seem. Tax haven rankings (whether pejorative or positive) tend to score jurisdictions on how little tax you can pay, not on great restaurants, natural beauty or cultural amenities.

There’s a good reason for this. Many tax havens are rather strange places to live full-time. I have a bit of insight to offer here, myself. My mother’s family are from Guernsey (for ancestral, not high net worth reasons, alas) and I have taken many family holidays there. It is a beautiful, peaceful place; I love the rugged cliffs, granite houses, crab sandwiches and half-French vibe. But I’d struggle to base myself there, especially after living in London. The island measures just under 24 square miles and can feel like a picturesque medium-sized town that you can only leave by boat or plane.

Indeed, when Hands moved there in 2009, in protest at rising UK rates, much was made of limitations such as this, and that he had moved away from his family in order to avoid tax. He didn’t gain any sympathy by explaining that his (then) school-age children had to travel to Guernsey to see him and, “I do not visit my parents in the United Kingdom and would not do so except in an emergency.”

Tim Walford-Fitzgerald, private client partner at the accountancy firm HW Fisher, says that considerations like these put many off, even if they dislike paying tax: “Few people are willing to limit their social and family commitments to the extent that can be needed, unless the tax saved is very significant.”

And even if family and friends aren’t an issue, tax havens often impose considerable lifestyle restraints. The European ones are relatively convenient, but tend to be small (Monaco is less than a square mile), expensive and cold for part of the year. Conversely, sunny, easygoing tax havens can be very inconvenient. Bermuda, Cayman Islands and the Bahamas regularly top tax haven rankings. The first two are a fair distance from anywhere. The Bahamas are pretty convenient for Miami but, while the US city scores highly on many business metrics, some do not count it as a true global hub. According to the GaWC think-tank at Loughborough University, it is a “beta+” city like Auckland and Dallas (London and New York are alpha++).

Walford-Fitzgerald says: “There is rarely one ‘go-to’ location that suits everyone.”

For those who really go off-piste with tax havens, there can be other problems to deal with. Depardieu famously became a Russian citizen in 2013 after a row with French authorities over a proposed supertax on millionaires. Then, last year, he criticised Vladimir Putin’s invasion of Ukraine. He now appears to be a UAE citizen.

Perhaps the best places are countries such as Switzerland, which have tax regimes that are favourable to wealthy foreigners but are nonetheless sizeable, well-connected and have proper cities (and great skiing). Norway’s Røkke moved to the Swiss city of Lugano, which is close to the Italian border and handy for Lake Como and Milan.

Walford-Fitzgerald points out less obvious options: although the Middle East is well known as a tax-friendly region, “it isn’t just the classic Arab states. Many Jewish clients think about Israel, which offers a 10-year tax holiday for Jews ‘returning’.” Or, he says: “For those seeking a middle ground, there are countries that have preferential regimes in respect of overseas income, allowing immigrants to shelter certain sources for a period of time.”

Even so, it can seem a lot of hassle just to avoid paying tax. As writer Malcolm Gladwell mused about Hands in an FT interview, “He is incredibly rich and what is the first thing he does? He takes a step that negates the benefit of being rich.” Gladwell concluded that once you’d reached a certain level of wealth, changing your home country or otherwise restricting your freedom of movement to save money was pointless. 

>>> Appaloosa (David Tepper) discloses updated portfolio positions in 13F filing

Appaloosa (David Tepper) discloses updated portfolio positions in 13F filing: New MTCH ARKK FDX positions

Highlights from Q1 2023 filing as compared to Q4 2022:
  • New positions in: MTCH (~0.53 mln shares), ARKK (~0.5 mln), FDX (~0.35 mln), NVDA (~0.15 mln), TSLA (~0.15 mln)
  • Increased positions in: UBER (to ~6 mln shares from ~1.23 mln shares), AMZN (to ~2 mln from ~1.5 mln), META (to ~0.7 mln from ~0.58 mln), GOOG (to ~2.11 mln from ~2 mln), MSFT (to ~0.26 mln from ~0.24 mln)
  • Maintained positions in: ET (~10.2 mln shares), M (~6 mln shares), EQT (~2.55 mln shares), AR (~1.28 mln shares), CZR (~0.43 mln shares), DIS (~0.3 mln shares), CHK (~0.25 mln shares), UNH (~0.15 mln shares)
  • Closed positions in: APTV (from ~0.05 mln shares)
  • Decreased positions in: CEG (to ~2.09 mln shares from ~2.4 mln shares), HCA (to ~0.14 mln from ~0.18 mln), CRM (to ~0.29 mln from ~0.3 mln)

>>> Corvex Management (Keith Meister) discloses updated portfolio positions in 1

Corvex Management (Keith Meister) discloses updated portfolio positions in 13F filing: New AQN EDR UBER positions

Highlights from Q1 2023 filing as compared to Q4 2022:
  • New positions in: AQN (~11.9 mln shares), EDR (~1.88 mln), UBER (~0.72 mln), AMZN (~0.13 mln), LSI (~0.09 mln), MTN (~0.06 mln)
  • Increased positions in: WGS (to ~86.81 mln shares from ~9.15 mln shares), CSX (to ~1.95 mln from ~0.81 mln), SWX (to ~0.91 mln from ~0.04 mln), CEG (to ~1.84 mln from ~1.29 mln), AMBP (to ~0.86 mln from ~0.36 mln)
  • Maintained positions in: MDU (~10.15 mln shares), MGM (~6.67 mln shares), LSXMA (~0.93 mln shares), IAC (~0.87 mln shares), CCEP (~0.8 mln shares)
  • Closed positions in: CCK (from ~0.89 mln shares), ARYD (from ~0.4 mln)
  • Decreased positions in: FMX (to ~1.76 mln shares from ~2.52 mln shares), CRC (to ~2.6 mln from ~3.06 mln), GOOGL (to ~0.18 mln from ~0.56 mln), MSFT (to ~0.06 mln from ~0.36 mln), AES (to ~4 mln from ~4.17 mln)

>>> Greenlight Capital (David Einhorn) discloses updated portfolio positions in

Greenlight Capital (David Einhorn) discloses updated portfolio positions in 13F filing: Confirms new NYCB BKI positions, confirms VSCO exited

Highlights from Q1 2023 filing as compared to Q4 2022:
  • New positions in: NYCB (confirms ~2.28 mln shares), BKI (confirms ~0.92 mln), RONI (~0.76 mln), PDBC (~0.1 mln), FCG (~0.06 mln), FCNCA (~0.02 mln), OIH (~0.01 mln)
  • Increased positions in: CEIX (to ~2.72 mln shares from ~1.81 mln shares), THC (to ~1.43 mln from ~0.66 mln), DNMR (to ~2.55 mln from ~2.25 mln), CPRI (to ~1.24 mln from ~0.95 mln), TECK (to ~2.49 mln from ~2.24 mln), LIVN (to ~1.03 mln from ~0.84 mln), GPOR (to ~0.28 mln from ~0.13 mln) GPN (to ~0.6 mln from ~0.47 mln), CNXC (to ~0.21 mln from ~0.1 mln), GLD (to ~0.23 mln from ~0.21 mln)
  • Maintained positions in: GRBK (~16.6 mln shares), SWN (~8.92 mln shares), BHF (~3.12 mln shares), ODP (~1.63 mln shares), SLV (~1.49 mln shares), GPK (~1.07 mln shares), WFRD (~0.58 mln shares), CIVI (~0.46 mln shares)
  • Closed positions in: FNKO (from ~0.52 mln shares), VSCO (confirms exited; was ~0.41 mln), CNX (from ~0.22 mln) ME (from ~0.02 mln)
  • Decreased positions in: REZI (to ~0.66 mln shares from ~1.48 mln shares), KD (to ~8.5 mln from ~9.01 mln), GPRO (to ~2.6 mln from ~2.67 mln), GLPG (to ~0.15 mln from ~0.16 mln)

>>> Carl Icahn discloses updated portfolio positions in 13F filing

Carl Icahn discloses updated portfolio positions in 13F filing: Confirms ILMN position and increased SWX holding

Highlights from Q1 2023 filing as compared to Q4 2022:
  • New positions in: ILMN (confirms ~0.43 mln shares)
  • Increased positions in: SWX (to ~10.52 mln shares from ~6.61 mln shares)
  • Maintained positions in: IEP (~300 mln shares), CVI (~71.2 mln shares), BHC (~34.72 mln shares), XRX (~34.25 mln shares), FE (~18.97 mln shares), DAN (~14.29 mln shares)
  • Decreased positions in: HRI (confirms lowered to ~0.23 mln shares from ~3.7 mln shares), NWL (confirms lowered to to ~29.99 mln from ~33.07 mln)

>>> Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F f

Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F filing: New GOOG / GOOGL positions, Slightly lowered HLT LOW CMG holdings

Highlights from Q1 2023 filing as compared to Q4 2022:
  • New positions in: GOOG (~8.07 mln shares), GOOGL (~2.19 mln)
  • Maintained positions in: QSR (~24.19 mln shares), HHC (~15.98 mln shares), CP (~15.24 mln shares)
  • Decreased positions in: HLT (to ~9.3 mln shares from ~10.03 mln shares), LOW (to ~10.04 mln from ~10.37 mln), CMG (to ~1.03 mln from ~1.11 mln)