Thailand saw impressive growth in 1Q17 due in part to external demand and public investment. Its GDP rose 3.3% in 1Q17 as compared to a 3% rise in 4Q16.
Yields on high yield bonds, as measured by the BofA Merrill Lynch US High Yield Master II Effective Yield, have fallen since early March. They ended March 15 at 8.39%.
Investor flows into high-yield bond funds were positive for the fifth week. Net inflows into high-yield bond funds totaled $1.7 billion in the week ending March 16.
Last week brought the total US dollar-denominated issuance of high-yield debt to $24.3 billion in 2016 YTD. It’s 71.0% lower than the same period in 2015.
In 4Q14, JAT Capital sold its stake in Hertz Global Holdings (HTZ). The $196-million position had represented 3.2% of the fund’s third-quarter portfolio.
Viking Global started a new position in Avis Budget Group (CAR). The fund bought 5,020,701 Avis Budget Group shares. The shares were worth $333 million.
Iridian raised its position in Avis Budget Group, Inc. (CAR) to 5,395,808 shares from 3,773,401, a 43% increase. Iridian has a passive 5.1% stake in Avis.
Avis Budget Group will use its free cash flow to improve shareholder value through a mix of share repurchases and capital investments via acquisitions.
Avis Budget Group is diversifying its disposal channels to reduce fleet costs. It’s also expanding in direct-to-dealer and direct-to-consumer car sales.
Avis Budget Group (CAR) is a leading global provider of vehicle rental services. It also offers a car-sharing network service through its brand, Zipcar.
In 3Q14, Marcato Capital sold a position in Brookfield Residential Properties Inc. (BRP). The stock accounted for 0.6% of the fund’s portfolio for the second quarter ending in June.
Marcato Capital added to its position in Avis Budget Group (CAR) . The stock accounted for 5.84% of the fund’s portfolio for the quarter ending in September.
Marcato Capital added to its position in Lear corporation (LEA) during 3Q14. The stock accounted for 11.13% of the fund’s portfolio for the quarter ending in September.
Icahn Associates recently disclosed an activist position in rental car company Hertz Global Holdings (HTZ). The fund took an 8.48% stake in Hertz. It was disclosed in a 13D filing on August 20.
