Monday fundie
The Wellcome Trust’s Nick Moakes made a 100-year bet. It’s paying off
The chief investment officer of the massive charitable fund raised almost $3 billion at ultra-low rates. Sometimes the long view can be the most profitable.
Jonathan ShapiroSenior reporterThe £36.8 billion ($72 billion) Wellcome Trust’s smartest trade over the last decade wasn’t what it bought but rather what it sold.
With interest rates at their lowest point in a generation, the charitable foundation – started in 1936 with the wealth of pharmaceuticals magnate Henry Wellcome – issued a £750 million, 100-year bond in 2018 and then later a 50-year bond of the same amount in 2021.
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