Debenhams

Debenhams empieza a atraer tiburoncetes en el sector y en esta última semana ha habido compras de manos fuertes en la firma. No cabe duda de que el precio sigue inmerso en una tendencia bajista de largo plazo, sin embargo el ratio riesgo beneficio de una estrategia de largos en este valor a precios actuales es del orden 1:3. El stop lo localizaríamos en las inmediaciones de los 54.98 peniques.  

Posiciones Más Relevantes Del Fondo First Eagle En El Sector Industrial.

• Weyerhaeuser Co. (NYSE:WY): On 06/30/2011, First Eagle Investment Management reported holding 15,682,278 shares with a market value of $342,814,607. This comprised 1.62% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 18,011,782 shares with a market value of $280,083,214. This comprised 1.4% of the total portfolio. The net change in shares for this position over the two quarters is 2,329,504. About Company: Weyerhaeuser Company is an integrated forest products company with offices or operations worldwide. The Company primarily grows and harvests trees, develops and construct real estate and makes a range of forest products.
• Lockheed Martin Corporation (NYSE:LMT): On 06/30/2011, First Eagle Investment Management reported holding 3,428,442 shares with a market value of $277,600,953. This comprised 1.31% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 3,767,334 shares with a market value of $273,659,139. This comprised 1.37% of the total portfolio. The net change in shares for this position over the two quarters is 338,892. About Company: Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services. The Company’s businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration. Lockheed Martin operates worldwide.
• Northrop Grumman Corporation (NYSE:NOC): On 06/30/2011, First Eagle Investment Management reported holding 3,197,966 shares with a market value of $221,778,937. This comprised 1.05% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 4,775,039 shares with a market value of $249,113,776. This comprised 1.25% of the total portfolio. The net change in shares for this position over the two quarters is 1,577,073. About Company: Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide.
• Alliant Techsystems Inc. (NYSE:ATK): On 06/30/2011, First Eagle Investment Management reported holding 4,004,133 shares with a market value of $285,614,814. This comprised 1.35% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 4,127,476 shares with a market value of $224,988,710. This comprised 1.13% of the total portfolio. The net change in shares for this position over the two quarters is 123,343. About Company: Alliant Techsystems Inc. develops and supplies advanced weapon and space systems. The Company’s offerings include advanced missile systems, precision-guided munitions, electronic warfare and aircraft integration programs, satellite components and sub-systems, military ammunition and gun systems, and supplies ammunition to law enforcement agencies.
• Vulcan Materials Company (NYSE:VMC): On 06/30/2011, First Eagle Investment Management reported holding 5,505,539 shares with a market value of $212,128,411. This comprised 1% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 5,597,567 shares with a market value of $154,268,944. This comprised 0.77% of the total portfolio. The net change in shares for this position over the two quarters is 92,028. About Company: Vulcan Materials Company produces construction aggregates. The Company principal product lines are aggregates, asphalt mix and concrete, and cement.
• Martin Marietta Mtrl (NYSE:MLM): On 06/30/2011, First Eagle Investment Management reported holding 2,182,517 shares with a market value of $174,535,887. This comprised 0.82% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 2,267,987 shares with a market value of $143,382,141. This comprised 0.72% of the total portfolio. The net change in shares for this position over the two quarters is 85,470. About Company: Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.
• Deltic Timber Corp. (NYSE:DEL): On 06/30/2011, First Eagle Investment Management reported holding 1,530,897 shares with a market value of $82,193,858. This comprised 0.39% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 1,553,294 shares with a market value of $92,700,586. This comprised 0.46% of the total portfolio. The net change in shares for this position over the two quarters is 22,397. About Company: Deltic Timber Corporation grows and harvests timber and manufactures and markets lumber. The Company is also involved in real estate development projects, owns farmland, and holds an interest in a joint venture to manufacture and market medium density fiberboard.
• Tyco International Ltd. (NYSE:TYC): On 06/30/2011, First Eagle Investment Management reported holding 931,800 shares with a market value of $46,058,874. This comprised 0.22% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 1,456,750 shares with a market value of $59,362,563. This comprised 0.3% of the total portfolio. The net change in shares for this position over the two quarters is 524,950. About Company: Tyco International Ltd. provides security products and services, fire protection and detection products and services, valves and controls, and other industrial products.
• General Dynamics Corp. (NYSE:GD): On 06/30/2011, First Eagle Investment Management reported holding 875,590 shares with a market value of $65,248,964. This comprised 0.31% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 931,090 shares with a market value of $52,969,710. This comprised 0.27% of the total portfolio. The net change in shares for this position over the two quarters is 55,500. About Company: General Dynamics Corporation is a diversified defense company. The Company offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; shipbuilding design and construction; and information systems, technologies and services.
• The Valspar Corporation (NYSE:VAL): On 06/30/2011, First Eagle Investment Management reported holding 892,570 shares with a market value of $32,186,075. This comprised 0.15% of the total portfolio. On 09/30/2011, First Eagle Investment Management reported holding 914,650 shares with a market value of $28,546,226. This comprised 0.14% of the total portfolio. The net change in shares for this position over the two quarters is 22,080. About Company: The Valspar Corporation manufactures and distributes coatings, coating intermediates, and specialty chemical products. The Company manufactures products such as wood coatings, metal coatings, composites and glass coatings, polymers, resins, and dispersions products. Valspar distributes its products to customers in North America and other countries around the world.

Jim Cramer Stock Picks 08/12/2011

1. McDonald’s Corp. (NYSE:MCD): Jim Cramer ranked this stock a Buy. The stock closed at $96.92, its 52-week high is $98.29, and its 52-week low is $72.14. About the company: McDonald’s Corporation operates and franchises fast-food restaurants worldwide. The Company’s franchised and company operated fast food restaurants offer a variety of low price fast foods in locations around the world. 
2. Micron Technology Inc. (NASDAQ:MU): Jim Cramer ranked this stock a Sell. The stock closed at $5.82, its 52-week high is $11.95, and its 52-week low is $3.97. About the company: Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules. 
3. Nike Inc. (NYSE:NKE): Jim Cramer ranked this stock a Buy. The stock closed at $95.18, its 52-week high is $97.68, and its 52-week low is $69.43. About the company: NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors. 
4. Starbucks Corp. (NASDAQ:SBUX): Jim Cramer ranked this stock a Buy. The stock closed at $42.86, its 52-week high is $44.70, and its 52-week low is $30.75. About the company: Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams. 
5. Tanger Factory Outlet Centers Inc. (NYSE:SKT): Jim Cramer ranked this stock a Buy. The stock closed at $27.55, its 52-week high is $28.99, and its 52-week low is $22.38. About the company: Tanger Factory Outlet Centers, Inc. is a real estate investment trust that owns and operates factory outlet centers. These centers house a variety of brand name and designer fashion outlet stores. Customer amenities such as common areas, reading materials, and children’s play areas are available in Tanger’s outlets, which are located coast to coast throughout the United States. 
6. Sara Lee Corp. (NYSE:SLE): Jim Cramer ranked this stock a Sell. The stock closed at $18.63, its 52-week high is $20.26, and its 52-week low is $15.66. About the company: Sara Lee Corporation manufactures and markets brand-name products for consumers throughout the world. The Company is focused primarily on the meats, baking, beverage and household products categories. 
7. Teavana Holdings, Inc. (NYSE:TEA): Jim Cramer ranked this stock a Sell. The stock closed at $16.96, its 52-week high is $29.35, and its 52-week low is $15.75. About the company: Teavana Holdings Inc. is a specialty retailer of premium loose-leaf teas, authentic artisanal teawares and other tea-related merchandise. The Company is a branded, multi-channel specialty tea retailers, offering wide varieties of premium loose-leaf teas, teawares such as handcrafted cast-iron, clay and ceramic teapots, and other tea-related merchandise. 
8. Unilever plc (NYSE:UL): Jim Cramer ranked this stock a Buy. The stock closed at $33.07, its 52-week high is $34.55, and its 52-week low is $28.45. About the company: Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. 
9. Las Vegas Sands Corp. (NYSE:LVS): Jim Cramer ranked this stock a Buy. The stock closed at $43.23, its 52-week high is $51.05, and its 52-week low is $36.05. About the company: Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in United States, Macau and Singapore. Las Vegas Sand Corp’s casino’s offer a wide range of gaming activities and entertainment as well as overnight accomodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities. 
10. Lender Processing Services, Inc. (NYSE:LPS): Jim Cramer ranked this stock a Sell. The stock closed at $18.63, its 52-week high is $34.88, and its 52-week low is $12.91. About the company: Lender Processing Services, Inc. offers mortgage processing and default management outsourcing services to mortgage lenders. 
11. Costco Wholesale Corporation (NASDAQ:COST): Jim Cramer ranked this stock a Buy. The stock closed at $85.76, its 52-week high is $88.68, and its 52-week low is $69.54. About the company: Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries. The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods. 
12. Enterprise Products Partners LP (NYSE:EPD): Jim Cramer ranked this stock a Buy. The stock closed at $44.87, its 52-week high is $46.70, and its 52-week low is $36.00. About the company: Enterprise Products Partners L.P. provides processing and transportation services to producers and consumers of natural gas liquids. The Company generally processes products that are ultimately used as feedstocks in petrochemical manufacturing, in the production of motor gasoline, and as fuel for residential and commercial heating. 
13. General Mills Inc. (NYSE:GIS): Jim Cramer ranked this stock a Buy. The stock closed at $40.24, its 52-week high is $40.72, and its 52-week low is $34.54. About the company: General Mills, Inc. manufactures and markets branded and packaged consumer foods worldwide. The Company also supplies branded and unbranded food products to the foodservice and commercial baking industries. 
14. Intel Corporation (NASDAQ:INTC): Jim Cramer ranked this stock a Buy. The stock closed at $24.71, its 52-week high is $25.78, and its 52-week low is $19.16. About the company: Intel Corporation designs, manufactures, and sells computer components and related products. The Company’s major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Está Anticipando Aud/Usd en H4 Un Cambio De Tendencia en D1?

El aumento de volatilidad y rotura del soporte en 1.0145-60 abre las puertas a futuras bajadas y al desarrollo de estrategias de cortos en el rango 1.0185-1.0225. Stops 1.0249.

Hacia Los Estados Unidos de Europa.

Ramon Marimon es profesor del European University Insitute y de la Universitat Pompeu Fabra. Fuente: elPais 


A diferencia de EE UU, Europa comenzó la casa por el tejado: creando una unión monetaria sin contar con una unidad fiscal, pero aún podría usar su capacidad financiera y monetaria para superar el problema de la deuda. Hoy es un día histórico para Europa, la Unión Europea y, más en concreto, la eurozona.


Los ciudadanos europeos esperamos que el Consejo Europeo de hoy pase a la historia como el principio del fin, de la crisis del euro del siglo XXI, y no como el día de la ocasión perdida. Si es el principio del fin lo será porque hoy se habrán establecido las bases para una nueva Constitución Europea (se llame como se llame) que redefinirá las políticas fiscales de los países miembros; de la Unión Europea o de la eurozona. Estados Unidos empezó por definir un modelo de unión fiscal y tardó en definir su modelo de unión monetaria. Europa ha empezado por definir su modelo de unión monetaria, pero aún hay confusión sobre cuál va a ser su modelo de unión fiscal, y esta confusión está poniendo en peligro la unión monetaria. 


Como nos recuerda Sargent, el modelo original, de la Constitución de 1781, era el de una unión con muy escasa capacidad fiscal y, por tanto, incapaz de resolver el problema de la deuda de los Estados, herencia de la guerra de la independencia. Sin embargo, el triunfo de las ideas federalistas de Hamilton y Washington en la Constitución de 1788 supuso una rectificación clave de este modelo: se le dio capacidad fiscal a la unión, que pasó a controlar la política arancelaria, y en 1790 la unión aprovechó —no sin controversias— esta fuente de recursos para absorber las deudas de los Estados. Pero la lección no acaba aquí (“si quieres financiar deuda, asegúrate una fuente de ingresos”), sino que la historia continúa: la unión no tiene capacidad ni mandato para realizar grandes infraestructuras u otros gastos públicos, que quedan en manos de los Estados. Estos, confiando en que estas inversiones las pagará su crecimiento, se endeudan de nuevo y en los años treinta del siglo XIX hay un nuevo problema de deuda de Estados Unidos. Sin embargo, no son deudas de una guerra común, sino deudas de unos Estados que habían tenido fácil acceso a crédito a intereses bajos, arropados por la reputación de la unión que había demostrado que pagaba sus deudas. Y así, 50 años más tarde y con la misma Constitución, el problema de las deudas de los Estados tiene una resolución muy distinta: en 1840 la unión no las absorbe y varios Estados se colapsan. 


 Este segundo episodio, y el aumento de la capacidad fiscal de la unión —por ejemplo, la introducción del impuesto sobre la renta— acaban por definir el modelo americano de unión fiscal, basado en tres principios. Primero, “en la mayoría de Estados, el pago de las obligaciones de deudas tiene prioridad constitucional sobre otros gastos del Estado”. Segundo, existe una clara línea divisoria entre lo que son compromisos de la unión y de los Estados; en particular, según el US Bankruptcy Code, los estados no pueden declararse en quiebra, es decir, la unión no avala las deudas de los Estados como “prestamista de último recurso”. Tercero, el presupuesto federal permite dar protección a los Estados en situaciones de crisis o emergencias. La norma que limita el déficit de los Estados en Estados Unidos es parecida, pero más sutil, que la de imponer constitucionalmente un límite al déficit de los Estados (posiblemente estructural) como ahora se propone en Europa y ya se ha aprobado en España. 


Pero hace falta articular las otras piezas —no necesariamente siguiendo el modelo americano— y, de forma extremadamente urgente, solucionar el problema de la deuda. Desgraciadamente aquí la confusión aún reina. Utilizando el ejemplo histórico, la confusión sobre el problema de la deuda, tiene dos componentes. Primero, el no saber distinguir hasta qué punto la eurozona de hoy se parece a Estados Unidos de 1790 o de 1840; es decir, si es un problema comunitario del que la eurozona se debe corresponsabilizar, o no. Hay elementos de ambos, pero hay que saber poner la línea divisoria. Segundo, para que la unión tenga la capacidad fiscal suficiente hay que definir bien las fuentes de ingresos. ¿Cómo se abordan estos dos problemas? [...] Hay dos mecanismos que la teoría y la experiencia nos dicen que funcionan: la inacción y “la zanahoria”. Que la unión no asuma toda, o una parte, de la deuda de los países es una “sanción por inacción”; que asuma otra parte de la deuda —por ejemplo, reestructurándola con plazos más largos y con tipos de interés más bajos— si ciertas condiciones se cumplen, es una buena “zanahoria”. Ambos mecanismos son mucho más creíbles e inmediatos que el “palo” de imponer multas a países en dificultades.


No cabe duda de que si Europa supiese y quisiese explotar su capacidad financiera y monetaria, sin crear problemas futuros de credibilidad (riesgo moral), el problema de la deuda estaría prácticamente resuelto. ¿Cómo puede hacerlo? Hasta ahora lo ha hecho con timidez utilizando el fondo de rescate y la intervención directa del Banco Central Europeo en la compra de deuda soberana. Ambos mecanismos se pueden ampliar. Las propuestas de adelantar y ampliar el Mecanismo de Estabilidad Financiero están sobre la mesa y la experiencia reciente de la Reserva Federal muestra que los bancos centrales pueden incluso beneficiarse refinanciando deudas acosadas por intereses insostenibles. Para la salud del sistema monetario y, en general, para crear confianza es mejor que sea el Mecanismo de Estabilidad Financiero el responsable. 


Ahora bien, este mecanismo necesita normas claras. En primer lugar, “que sea un fondo adecuadamente dotado de estabilidad y no de redistribución”; es decir, que no sea un mecanismo de transferencias permanentes, políticamente insostenible. En segundo lugar, establecer cuáles son las situaciones de inestabilidad en que se “activa la zanahoria”. Sin estas normas creíbles, la confusión y el problema del riesgo moral nos pueden hundir en el futuro y, anticipando este futuro, los mercados van a adelantarlo preguntando: ¿Es el momento de la unión fiscal europea?

Morgan Stanley Invierte $2.76 B En Utilities En Q311

• American Electric Power Co. Inc. (NYSE:AEP): On 06/30/2011, Morgan Stanley reported holding 6,325,963 shares with a market value of $238,362,288. This comprised 0.39% of the total portfolio. On 09/30/2011, Morgan Stanley reported holding 6,504,493 shares with a market value of $247,300,827. This comprised 0.17% of the total portfolio. The net change in shares for this position over the two quarters is 178,530. About Company: American Electric Power Company, Inc.(NYSE:AEP)is a public utility holding company. The Company provides electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. AEP serves portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
• Brookfield Infrastructure Partners L.p. (NYSE:BIP): On 06/30/2011, Morgan Stanley reported holding 6,240,202 shares with a market value of $156,317,055. This comprised 0.26% of the total portfolio. On 09/30/2011, Morgan Stanley reported holding 9,607,980 shares with a market value of $233,858,235. This comprised 0.16% of the total portfolio. The net change in shares for this position over the two quarters is 3,367,778. About Company: Brookfield Infrastructure Partners LP owns and operates infrastructure assets. The Company operates electricity transmission systems, and timber assets.
• Southern Company (NYSE:SO): On 06/30/2011, Morgan Stanley reported holding 0 shares. On 09/30/2011, Morgan Stanley reported holding 2,793,239 shares with a market value of $118,349,533. This comprised 0.08% of the total portfolio. The net change in shares for this position over the two quarters is 2,793,239. About Company: Southern Company is a public utility holding company. The Company, through its subsidiaries, generates, wholesales, and retails electricity in the southeastern United States. The Company also offers wireless telecommunications services, and provides businesses with two-way radio, telephone, paging, and Internet access services as well as wholesales fiber optic solutions.
• Duke Energy Corporation (NYSE:DUK): On 06/30/2011, Morgan Stanley reported holding 5,940,462 shares with a market value of $111,858,899. This comprised 0.18% of the total portfolio. On 09/30/2011, Morgan Stanley reported holding 5,813,956 shares with a market value of $116,220,979. This comprised 0.08% of the total portfolio. The net change in shares for this position over the two quarters is -126,506. About Company: Duke Energy Corporation is an energy company located primarily in the Americas that owns an integrated network of energy assets. The Company manages a portfolio of natural gas and electric supply, delivery, and trading businesses in the United States and Latin America.
• Nextera Energy Inc. (NYSE:NEE): On 06/30/2011, Morgan Stanley reported holding 0 shares. On 09/30/2011, Morgan Stanley reported holding 1,922,972 shares with a market value of $103,878,948. This comprised 0.07% of the total portfolio. The net change in shares for this position over the two quarters is 1,922,972. About Company: NextEra Energy, Inc. is a clean energy company. The Company, through its subsidiaries, generates, transmits, distributes, and sells electric energy utilizing natural gas, wind and nuclear resources.
• Consolidated Edison Inc. (NYSE:ED): On 06/30/2011, Morgan Stanley reported holding 1,394,939 shares with a market value of $74,266,555. This comprised 0.12% of the total portfolio. On 09/30/2011, Morgan Stanley reported holding 1,718,840 shares with a market value of $98,008,258. This comprised 0.07% of the total portfolio. The net change in shares for this position over the two quarters is 323,901. About Company: Consolidated Edison, Inc., through its subsidiaries, provides a variety of energy related products and services. The Company supplies electric service in New York, parts of New Jersey, and Pennsylvania as well as supplies electricity to wholesale customers.
• Southern Union Co. (NYSE:SUG): On 06/30/2011, Morgan Stanley reported holding 0 shares. On 09/30/2011, Morgan Stanley reported holding 1,856,451 shares with a market value of $75,316,217. This comprised 0.05% of the total portfolio. The net change in shares for this position over the two quarters is 1,856,451. About Company: Southern Union Company, through subsidiaries, gathers, processes, stores, transports, and distributes natural gas. The Company transports natural gas by pipeline from gas producing areas to customers primarily in the southeast, midwest, and Great Lakes region. Southern Union also operates a liquefied natural gas import terminal.
• Dominion Resources Inc. (NYSE:D): On 06/30/2011, Morgan Stanley reported holding 1,272,750 shares with a market value of $61,435,643. This comprised 0.1% of the total portfolio. On 09/30/2011, Morgan Stanley reported holding 1,416,139 shares with a market value of $71,897,378. This comprised 0.05% of the total portfolio. The net change in shares for this position over the two quarters is 143,389. About Company: Dominion Resources, Inc., a diversified utility holding company, generates, transmits, distributes, and sells electric energy in Virginia and northeastern North Carolina. The Company produces, transports, distributes, and markets natural gas to customers in the Northeast and Mid-Atlantic regions of the United States.
• Pg & E Corp. (NYSE:PCG): On 06/30/2011, Morgan Stanley reported holding 0 shares. On 09/30/2011, Morgan Stanley reported holding 1,680,536 shares with a market value of $71,086,672. This comprised 0.05% of the total portfolio. The net change in shares for this position over the two quarters is 1,680,536. About Company: PG&E Corporation is a holding company that holds interests in energy based businesses. The Company’s holdings include a public utility operating in northern and central California that provides electricity and natural gas distribution; electricity generation, procurement, and transmission; and natural gas procurement, transportation, and storage.
• Exelon Corp. (NYSE:EXC): On 06/30/2011, Morgan Stanley reported holding 1,498,355 shares with a market value of $64,189,528. This comprised 0.11% of the total portfolio. On 09/30/2011, Morgan Stanley reported holding 1,653,047 shares with a market value of $70,436,334. This comprised 0.05% of the total portfolio. The net change in shares for this position over the two quarters is 154,692. About Company: Exelon Corporation is a utility services holding company. The Company, through its subsidiaries distributes electricity to customers in Illinois and Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area as well as operates nuclear power plants in states that include Pennsylvania and New Jersey.

GDF Suez. Formando Doble Suelo?

Axa Invierte $489 M En Utilities En Q311.

• Sempra Energy (NYSE:SRE): On 06/30/2011, AXA reported holding 1,179,575 shares with a market value of $62,375,927. This comprised 0.45% of the total portfolio. On 09/30/2011, AXA reported holding 1,438,061 shares with a market value of $74,060,142. This comprised 0.56% of the total portfolio. The net change in shares for this position over the two quarters is 258,486. About Company: Sempra Energy is an energy services holding company with operations throughout the United States, Mexico, and other countries in South America. The Company, through its subsidiaries, generates electricity, delivers natural gas, operates natural gas pipelines and storage facilities, and operates a wind power generation project.
• Ameren Corporation (NYSE:AEE): On 06/30/2011, AXA reported holding 2,144,924 shares with a market value of $61,859,608. This comprised 0.44% of the total portfolio. On 09/30/2011, AXA reported holding 2,415,298 shares with a market value of $71,903,423. This comprised 0.54% of the total portfolio. The net change in shares for this position over the two quarters is 270,374. About Company: Ameren Corporation is a public utility holding company. The Company, through its subsidiaries, generates electricity, delivers electricity and distributes natural gas to customers in Missouri and Illinois.
• Entergy Corporation (NYSE:ETR): On 06/30/2011, AXA reported holding 813,560 shares with a market value of $55,549,876. This comprised 0.4% of the total portfolio. On 09/30/2011, AXA reported holding 1,064,240 shares with a market value of $70,548,471. This comprised 0.53% of the total portfolio. The net change in shares for this position over the two quarters is 250,680. About Company: Entergy Corporation is an integrated energy company that is primarily focused on electric power production and retail electric distribution operations. The Company delivers electricity to utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy also owns and operates nuclear plants in the northern United States
• Nisource Inc. (NYSE:NI): On 06/30/2011, AXA reported holding 2,489,177 shares with a market value of $50,405,834. This comprised 0.36% of the total portfolio. On 09/30/2011, AXA reported holding 2,790,317 shares with a market value of $59,656,975. This comprised 0.45% of the total portfolio. The net change in shares for this position over the two quarters is 301,140. About Company: NiSource Inc. is an energy holding company. The Company’s subsidiaries provide natural gas, electricity and other products and services to customers located within a corridor that runs from the Gulf Coast through the Midwest to New England.
• The Aes Corporation (NYSE:AES): On 06/30/2011, AXA reported holding 2,834,488 shares with a market value of $36,111,376. This comprised 0.26% of the total portfolio. On 09/30/2011, AXA reported holding 4,272,200 shares with a market value of $41,696,673. This comprised 0.32% of the total portfolio. The net change in shares for this position over the two quarters is 1,437,712. About Company: The AES Corporation acquires, develops, owns, and operates generation plants and distribution businesses in several countries. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses. AES also also mines coal, turns seawater into drinking water, and develops alternative sources of energy.
• Oge Energy Corp. (NYSE:OGE): On 06/30/2011, AXA reported holding 0 shares. On 09/30/2011, AXA reported holding 601,500 shares with a market value of $28,745,686. This comprised 0.22% of the total portfolio. The net change in shares for this position over the two quarters is 601,500. About Company: OGE Energy Corp., through its principal subsidiary Oklahoma Gas and Electric Company, generates, transmits, and distributes electricity to wholesale and retail customers in communities in Oklahoma and western Arkansas. The Company, through Enogex Inc., operates natural gas transmission and gathering pipelines, has interests in gas processing plants, and markets electricity.
• Oneok Inc. (NYSE:OKE): On 06/30/2011, AXA reported holding 345,450 shares with a market value of $25,566,755. This comprised 0.18% of the total portfolio. On 09/30/2011, AXA reported holding 340,400 shares with a market value of $22,480,016. This comprised 0.17% of the total portfolio. The net change in shares for this position over the two quarters is -5,050. About Company: ONEOK, Inc. is a diversified energy company. The Company is involved in the natural gas and natural gas liquids business across the United States.
• Portland General Electric Company (NYSE:POR): On 06/30/2011, AXA reported holding 37,901 shares with a market value of $958,137. This comprised 0.01% of the total portfolio. On 09/30/2011, AXA reported holding 591,120 shares with a market value of $14,003,633. This comprised 0.11% of the total portfolio. The net change in shares for this position over the two quarters is 553,219. About Company: Portland General Electric Company is an electric utility involved in the generation, purchase, transmission, distribution, and sale of electricity in Oregon. The Company also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers.
• Nrg Energy Inc. (NYSE:NRG): On 06/30/2011, AXA reported holding 598,000 shares with a market value of $14,698,840. This comprised 0.11% of the total portfolio. On 09/30/2011, AXA reported holding 611,900 shares with a market value of $12,978,398. This comprised 0.1% of the total portfolio. The net change in shares for this position over the two quarters is 13,900. About Company: NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities, primarily in the United States. The Company’s operations include energy production and cogeneration facilities, thermal energy production, and energy resource recovery facilities.
• Exelon Corp. (NYSE:EXC): On 06/30/2011, AXA reported holding 349,690 shares with a market value of $14,980,720. This comprised 0.11% of the total portfolio. On 09/30/2011, AXA reported holding 294,900 shares with a market value of $12,565,689. This comprised 0.1% of the total portfolio. The net change in shares for this position over the two quarters is -54,790. About Company: Exelon Corporation is a utility services holding company. The Company, through its subsidiaries distributes electricity to customers in Illinois and Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area as well as operates nuclear power plants in states that include Pennsylvania and New Jersey.