A Long standing of common stock valuation holds that a stock’s current market value tends to converge to the (risk adjusted) discounted present value of the rationally expected dividend stream. If markets are efficient, then in equilibrium, stock prices should change only when there is new information that changes investors’ dividend expectations.
The ExodusPoint Partners International Fund returned 0.36% for May, bringing its year-to-date return to 3.31% in a year that's been particularly challenging for most hedge funds, pushing many into the red. Macroeconomic factors continued to weigh on the market, resulting in significant intra-month volatility for May, although risk assets generally ended the month flat. Macro Read More
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