Core Viewpoint - The market has experienced significant volatility due to escalating geopolitical concerns and U.S. policy actions, with recent developments including the cancellation of retaliatory tariffs and a trade agreement framework with China [1][2] Group 1: Market Conditions - The S&P 500 index recently rebounded to a record closing high, while the ASX200 index is on track for its best performance since the COVID-19 pandemic [1] - Morgan Stanley's macro research head, Chris Nicol, highlighted that global economic growth is expected to slow from approximately 3.5% last year to 2.5% this year, slightly above the global recession threshold [1][2] Group 2: Key Risks - Nicol identified three major market risks to monitor: 1) Trade tensions potentially escalating during tariff negotiations, particularly from a U.S.-EU perspective; 2) Inflation risks as tariff costs may impact the U.S. and other countries; 3) Rising bond yields due to concerns over fiscal sustainability [2] - The mining and manufacturing sectors in Australia are expected to be significantly affected by the global growth slowdown, with more impact on prices rather than production in mining [2] Group 3: Investment Opportunities - Despite downward revisions in earnings expectations for resource companies, Nicol anticipates a potential recovery in earnings and emphasizes the importance of domestic policy in stimulating market activity [2][4] - Morgan Stanley suggests constructing an investment portfolio focused on four key areas: selecting large-cap stocks to leverage Australian economic resilience, capturing opportunities in interest rate-sensitive sectors, maintaining quality growth stocks, and holding resource stocks as a hedge against global risks [4] Group 4: Currency Outlook - The Australian dollar has faced pressure during risk asset sell-offs but is expected to stabilize against the U.S. dollar, with a forecasted moderate appreciation to 70 cents by mid-next year [2][4] - The Australian dollar's upward potential against a trade-weighted currency basket is currently limited due to the expected strengthening of the euro and yen against the U.S. dollar [4]

Core Viewpoint - The article discusses the long-term performance of investment funds, emphasizing the importance of patience and understanding investment strategies over mere results [2][6][8]. Group 1: Long-Term Performance Insights - Investors may need to endure a 10-year period of underperformance before a fund shows its long-term potential [6]. - Many investors lose patience after three consecutive years of underperformance, highlighting the need for a deeper understanding of investment philosophy [6]. - Funds that underperform their benchmarks over a 15-year period often have extended periods of outperformance, suggesting that recent strong performance may not predict future success [6]. Group 2: Investment Cycles and Strategies - The article reflects on the cyclical nature of investment performance, noting that the first ten years of a fund's life can differ significantly from the subsequent ten years [8][9]. - It discusses the necessity of adapting investment strategies to changing market conditions, as past success does not guarantee future results [9]. - The concept of "paying for luck" in the next decade is introduced, indicating that past gains may lead to future challenges [9]. Group 3: Diversification and Risk Management - The article advocates for a diversified investment approach, including asset, market, and time diversification [12][13]. - It suggests that investors should consider a mix of stocks, bonds, and commodities across various markets to mitigate risks [12][14]. - The importance of finding a personal investment style that is both effective and reasonable is emphasized, encouraging experimentation and learning from mistakes [15].

Core Viewpoint - Korea Investment Corp. (KIC) emphasizes that U.S. Treasury bonds remain a core component of its investment portfolio [1] Group 1 - KIC continues to prioritize U.S. Treasury bonds due to their perceived stability and reliability in the current market environment [1] - The investment strategy reflects a broader trend among institutional investors focusing on safe-haven assets amid economic uncertainties [1]

Core Insights - The recent increase in gold prices from 766 yuan to 792 yuan highlights the volatility and potential missed opportunities in the gold market [1][10] - Market fluctuations often lead to investor hesitation, causing them to miss optimal buying opportunities during price dips [4][10] - The demand for gold as a safe-haven asset is rising due to global economic uncertainties and geopolitical tensions, reinforcing its long-term value [6][7] Price Trends - Gold prices recently experienced a dip below 765 yuan before rebounding, indicating a typical market reaction to external uncertainties [6] - The price increase of 26 yuan in a short period reflects the rapid changes in investor sentiment and market dynamics [10] Investor Behavior - Many investors struggle with the decision-making process during price fluctuations, often waiting for lower prices and missing out on gains [3][10] - The current market conditions suggest that every price dip in gold could represent a strategic buying opportunity for investors [12]

土耳其财长：评估显示，作为投资组合的一种选择，我们拥有价值超过4000亿美元的黄金储备，但它未 登记，也未反映在银行系统和储备中。 ...

Financial Data and Key Metrics Changes - The company reported net investment income (NII) of $16.6 million or $0.45 per share for Q1 2025, down from $20.5 million or $0.55 per share in Q4 2024, primarily due to lower base rates, the roll-off of one-time items, and reduced dividend income from the Logan JV [5][23][24] - The increase in loans on non-accrual rose to 3.5% of debt investments at cost and fair value, with four new names added, representing less than 1.2% of the total portfolio at fair value [6][12] Business Line Data and Key Metrics Changes - Gross deployment in Q1 totaled $105 million, with 98% in first lien investments, compared to approximately $78 million in exits, resulting in a net deployment of approximately $27 million [17] - The weighted average yield of income-producing securities at cost decreased by 50 basis points quarter over quarter to 10.4% [20] Market Data and Key Metrics Changes - The company noted a slowdown in M&A activity due to tariff announcements, leading to a backlog of deal activity [8] - The overall direct material exposure of the portfolio to tariffs is modest at 4%, with a focus on service businesses with low material costs [18] Company Strategy and Development Direction - The company continues to focus on first lien loans, which represent 91% of the portfolio at fair value, and aims to invest in non-cyclical industries [11] - The management emphasized a disciplined credit underwriting approach and capital preservation, particularly in light of market volatility [30] Management's Comments on Operating Environment and Future Outlook - Management expressed that the current earnings reflect a near-term baseline, with potential tailwinds from asset-based facility repricing and rightsizing completed at the beginning of the quarter [6][7] - The company remains optimistic about its ability to weather potential volatility due to its diversified portfolio and strong relationships with private equity sponsors [20] Other Important Information - The company declared a regular dividend of $0.42 per share for Q2 2025, along with a special dividend related to undistributed taxable income [12][29] - The stockholders' equity was reported at $727 million, resulting in a net asset value per share of $19.62 [26] Q&A Session Summary Question: Regarding the new accruals this quarter, specifically New Era of Technology - Management clarified that the mark reflects the latest view on earnings outlook and that the company has not yet restructured [34][36] Question: What is Crescent's approach to resolving non-accrual situations? - Management stated that the primary goal is to preserve capital, and they consider various options including restructuring or selling the company [42][44] Question: Can you explain the significant decline in the Logan dividend? - Management explained that the decline was due to timing mismatches in cash distributions and the impact of overcollateralization tests within the CLO structure [50][56] Question: What percentage of the portfolio consists of Crescent-led deals? - Management indicated that about 8% of the total fair value consists of acquired assets, while 92% are loans originated by Crescent [46] Question: What is the sentiment towards the overall market and outlook for spreads? - Management noted significant inflows into non-traded BDCs, which are putting pressure on spreads, but they remain selective in their investment approach [78][82]