Core Viewpoint - Blue Owl Capital's decision to limit redemptions from its private credit fund has raised concerns about the potential risks in the $1.8 trillion private credit market, leading to significant stock price declines for Blue Owl and its peers [1][3][12]. Group 1: Blue Owl Capital's Actions - Blue Owl Capital announced that investors in Blue Owl Capital Corp II (OBDC II) will no longer be able to redeem shares quarterly, instead opting for periodic distributions funded by loan recoveries, asset sales, or other transactions [3][4]. - The company has sold approximately $1.4 billion in direct loan investments at a face value of 99.7% to provide promised liquidity to investors [3][6]. - Blue Owl's stock price has dropped over 15% this month, reflecting growing investor concerns about the private credit industry amid market valuation issues and the quality of loans to highly leveraged companies [5][12]. Group 2: Market Reactions and Implications - The stock price decline of Blue Owl has negatively impacted the broader market, dragging down shares of other private equity firms such as Ares Management, Apollo Global Management, and Blackstone [1][3]. - Analysts have described the stock price drop as an overreaction, noting that OBDC II had already suspended redemptions since November [9][10]. - The sale of loans is seen as a positive step for liquidity, with analysts suggesting it establishes an efficient process for returning capital to investors [6][8]. Group 3: Broader Industry Context - Bank of America has committed $25 billion to private credit transactions, joining other major banks in increasing their involvement in this rapidly growing market [12][14]. - The private credit industry has seen significant expansion, with firms like Ares Management and Apollo Global Management heavily investing in this sector [13][14]. - The relationship between banks and alternative asset management firms is becoming increasingly complex, with banks sometimes viewing private credit growth with skepticism [14].

Core Viewpoint - The conference call discusses the strategic combination of Transocean and Valaris, highlighting the potential benefits and synergies of the merger [3][4]. Group 1: Company Overview - Transocean's leadership includes President and CEO Keelan Adamson and Vice President and Treasurer David Keddington [1]. - Valaris is represented by President and CEO Anton Dibowitz [1]. Group 2: Transaction Details - The call is focused on the merger between Transocean and Valaris, with additional information available in the investor presentation on both companies' websites [3]. - The transaction is expected to create a stronger combined entity in the offshore drilling sector [3]. Group 3: Conference Call Structure - The call includes prepared remarks followed by a Q&A session, allowing for interaction with analysts and investors [4]. - The operator notes that the call is being recorded for future reference [2].

Photographer: DAX Images/NurPhoto/Getty Images Leia em português PicS NV, the fintech controlled by the billionaire Batista family, raised $434 million in a US initial public offering in the first significant debut for a Brazilian company in more than four years. Most Read from Bloomberg PicPay, as the company is known, sold 22.86 million shares at $19 each, the top of the marketed range, according to a statement confirming an earlier Bloomberg News report. The digital bank offered shares for $16 to $ ...

Core Insights - Hardman Johnston Global Equity Strategy reported a return of 2.91% for Q4 2025, underperforming the MSCI AC World Net Index which gained 3.29% [1] - The performance was bolstered by the Financials and Consumer Staples sectors, while the Industrials and Consumer Discretionary sectors negatively impacted relative performance [1] Company Highlights - HDFC Bank Limited (NYSE:HDB) was highlighted as a new addition to the portfolio, with a market capitalization of $166.383 billion and a stock price of $32.44 as of January 27, 2026 [2] - The bank is the largest private-sector bank in India, benefiting from a strong deposit franchise and a comprehensive distribution network [3] - The merger with HDFC Ltd. has created a leading mortgage lending platform, enhancing branch productivity and cross-selling opportunities [3] - HDFC Bank is expanding its branch network in underpenetrated rural and semi-urban markets while investing in digital capabilities to improve customer engagement [3] - Although the realization of synergies from the merger has been slower than expected, this presents an attractive entry point at a discounted valuation [3] - As integration progresses, improvements in return on equity and loan-to-deposit ratios are anticipated to support lending growth and profitability [3] - The long-term growth outlook for the Indian economy is expected to drive stronger earnings growth and share price appreciation for HDFC Bank [3]

Group 1: Market Overview - Global equity markets showed strong performance in Q4 2025, supported by easing inflation and positive economic data [1] - The Hardman Johnston Global Equity Strategy achieved a return of 2.91%, while the MSCI AC World Net Index gained 3.29% [1] - The Financials and Consumer Staples sectors positively impacted performance, whereas the Industrials and Consumer Discretionary sectors had a negative effect [1] Group 2: Elanco Animal Health Incorporated - Elanco Animal Health Incorporated (NYSE:ELAN) is highlighted as a leading company in the animal health sector, with a market capitalization of $12.233 billion [2] - The stock closed at $24.62 per share on January 27, 2026, with a one-month return of 8.79% and a three-month gain of 100.33% [2] - The company has initiated a turnaround strategy under a new CFO, focusing on a balanced mix of companion and farm animals, with a shift towards companion animals expected to enhance margins and growth [3] - Elanco plans to launch seven potential blockbuster products from 2023 to 2026, which is anticipated to lead to margin expansion and improved portfolio leverage [3] - The sale of its aqua business has reduced the company's net debt/EBITDA ratio to below 4x, indicating improved financial health [3] Group 3: Hedge Fund Interest - Elanco Animal Health is not among the top 30 most popular stocks among hedge funds, with 26 hedge fund portfolios holding the stock at the end of Q3 2025, an increase from 25 in the previous quarter [4] - Despite its potential, some analysts suggest that certain AI stocks may offer greater upside potential and lower downside risk compared to Elanco [4]

Group 1 - Citigroup Inc. reduced its stake in Jinxun Resources (03636) by 32,200 shares at a price of HKD 45.9888 per share, totaling approximately HKD 1.4808 million [1] - After the reduction, Citigroup's latest holding is 2.1781 million shares, representing a holding percentage of 5.92% [1]

Group 1: Policy Changes and Economic Impact - Trump's administration is reshaping the flow of capital in the U.S. economy through aggressive policy changes, including deregulation of banks and a shift in funding from renewable energy to traditional sectors [1][3] - The "Big Beautiful" bill and subsequent regulatory adjustments signal a redirection of funds away from renewable energy projects towards pipelines, cryptocurrencies, and traditional finance [3] - The relaxation of capital rules for banks is expected to release up to $219 billion in capital for major banks, allowing them to invest more in government-backed assets [4] Group 2: Housing Market and Privatization - A controversial proposal aims to end government control over Fannie Mae and Freddie Mac, leading to significant stock price increases for these entities [6] - The privatization discussions are complicated by the Treasury's $360 billion preferred equity stake in these companies, raising concerns about potential increases in borrowing costs for consumers [8] Group 3: Cryptocurrency and Digital Assets - The Trump administration's new stance on digital assets includes the signing of the GENIUS Act, which provides a legal framework for stablecoins, potentially expanding the market from $310 billion to $4 trillion by 2030 [9] - Major banks, including JPMorgan, are actively entering the stablecoin market, while concerns arise about the potential outflow of deposits from small banks to stablecoins [9] Group 4: Energy Sector Changes - The "Big Beautiful" bill has led to the cancellation or postponement of $29.3 billion worth of clean energy projects, as the administration shifts focus towards fossil fuels and nuclear energy [10] - Companies in the clean energy sector are facing significant challenges, including layoffs and project cancellations, as federal support for renewable energy diminishes [10] Group 5: Retirement Savings and Alternative Investments - A new executive order aims to unlock $13 trillion in retirement savings by encouraging investment in alternative assets, which could significantly benefit the private equity sector [11] - This shift may lead to increased access for ordinary investors to financial products previously limited to seasoned investors, despite warnings about potential risks [11]

Company Overview - MiniMed Group Inc. is a diabetes management firm that is set to separate from Medtronic Plc and has filed for an initial public offering (IPO) [1][4] - The company has been part of Medtronic for nearly 25 years and offers a full ecosystem of automated insulin pumps, continuous glucose monitors, and smart insulin pens [3] Financial Performance - For the six months ended October 24, MiniMed reported a net loss of $21 million on revenue of $1.5 billion, an improvement from a net loss of $23 million on revenue of $1.3 billion in the same period the previous year [2] - The company generated approximately $2.7 billion in annual revenue for fiscal year 2025, with recent double-digit percentage growth [3] IPO Details - The IPO filing positions MiniMed to potentially debut in early 2026, alongside other companies such as EquipmentShare.com Inc. and Arko Petroleum Corp. [2] - Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc., and Morgan Stanley are leading the offering, with shares expected to trade on the Nasdaq Global Select Market under the symbol MMED [5] Corporate Structure and Future Plans - Medtronic will retain at least 80.1% of the voting power post-separation, and plans to distribute shares to investors in a tax-efficient manner, potentially as a spin-off [4] - MiniMed intends to use part of the IPO proceeds to repay intercompany debt owed to Medtronic [4]

Company Overview - Lithium Royalty Corp. focuses on investing in the battery materials sector, particularly lithium companies, and currently holds 37 royalties in its portfolio [2] - The company had its IPO in March 2023 and now has 4 cash-flowing royalties [2] - Standard Lithium is a near-commercial lithium company dedicated to the sustainable development of high-grade lithium-ion properties in the U.S. [3] Leadership and Expertise - Ernie Ortiz, CEO of Lithium Royalty Corp., has a background as an investment analyst at a hedge fund and was a Senior Associate at Credit Suisse, where he led the bank's primer on lithium in 2014 [2] - David Park, CEO of Standard Lithium, has extensive experience in the energy and industrial sectors, having previously served as President of KSP and played a key role in securing a partnership with Equinor [3]

Core Viewpoint - GoTo Group has appointed a new CEO, Hans Patuwo, to replace Patrick Walujo, aiming to expedite the takeover by Grab Holdings Ltd, following pressure from investors due to poor stock performance [1][2] Leadership Changes - Hans Patuwo, the new CEO, is expected to lead GoTo through a challenging period and revive discussions regarding a merger with Grab [4] - Co-founder Andre Soelistyo has been appointed to the board of commissioners, indicating a shift in governance structure [8][9] Market Reaction - Following the announcement, GoTo's shares rose by 6.3%, bringing its market value to approximately $5 billion, while Grab's market capitalization stands at $20 billion [3] Strategic Implications - The leadership change may signal a renewed focus on operations and could facilitate the long-stalled merger discussions with Grab, especially with the Indonesian government's involvement [3][4] - Indonesia's sovereign wealth fund, Danantara, is exploring a minority stake in a potential combined entity, which could alleviate monopoly concerns and protect consumer interests [5][6] Background of New CEO - Hans Patuwo has over seven years of experience at GoTo, previously working in various roles including heading payments and financial services [7]