Core Insights - INVL Asset Management has successfully raised EUR 35.43 million for investments in funds managed by 17Capital, reinforcing its leading position in the Baltic private debt market [1] - The private debt market is rapidly growing globally, with the Baltic region also experiencing significant interest from both retail and institutional investors [2][4] - The INVL Partner Strategic Lending funds, launched this year, target an expected net average annual investment return of over 10% with a duration of 7 years [6] Company Overview - INVL Asset Management is the leading alternative asset manager in the Baltics, managing or supervising over EUR 1.9 billion across various asset classes, including private equity and private debt [7][8] - The company has a track record of over 30 years and aims to deliver superior risk-adjusted returns while positively impacting the region's economic development [8] Investment Strategy - The INVL Partner Strategic Lending funds invest in funds managed by 17Capital, which specializes in lending to top private equity funds and management companies [5] - The minimum investment for informed investors in these funds is EUR 125,000 or USD 145,000 [6]

Core Insights - Burford Capital Limited has provided updates on two significant developments regarding litigation finance and enforcement actions against Argentina [1] Group 1: US Budget Reconciliation Bill - The Senate Parliamentarian ruled that proposed tax provisions related to litigation finance are not eligible for inclusion in the US Senate's draft of the budget reconciliation bill [2] Group 2: YPF Turnover Decision - The U.S. District Court for the Southern District of New York ordered Argentina to transfer its Class D shares of YPF, which represent approximately 51% of YPF's outstanding shares, to a global custody account at Bank of New York Mellon within 14 days [3] - The Court also instructed that these shares be transferred to Petersen and Eton Park within one business day [3] - This development is viewed positively in the context of the enforcement campaign against Argentina, although further judicial proceedings may occur [4] Group 3: Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, involved in litigation finance, risk management, asset recovery, and various legal finance and advisory activities [5]

Core Viewpoint - BNP Paribas Cardif has completed the acquisition of AXA Investment Managers, establishing a significant European asset management platform with over EUR 1.5 trillion in assets under management [1][2]. Group 1: Acquisition Details - The acquisition was announced on 1 August 2024 and aims to position BNP Paribas as the European leader in long-term savings management for insurers and pension funds, managing around EUR 850 billion [2]. - The new platform will combine the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, offering a diverse range of traditional and alternative assets [3]. Group 2: Strategic Goals - The operation is part of BNP Paribas' mission to support the economy by mobilizing savings for future-oriented projects [2]. - The platform aims to enhance innovation capabilities and expand its global distribution network, focusing on responsible investment [3]. Group 3: Financial Projections - The Group anticipates revenue growth exceeding +5% CAGR from 2024 to 2026, with a jaws effect of +1.5 points [7]. - Return on Invested Capital (ROIC) is projected to exceed 14% by 2028 and 20% by 2029 [7]. Group 4: Prudential Impact - The acquisition is expected to impact the Group's CET1 ratio by approximately -35 basis points as of Q3 2025, with ongoing discussions with supervisory authorities [8]. Group 5: Leadership and Integration - Sandro Pierri will lead the asset management activities, with Marco Morelli as chair, focusing on integrating AXA IM into BNP Paribas' structure [7][6]. - Joint working groups are already established to develop a common roadmap for offerings and services [6].

J P M O R G A N Global Markets Strategy 27 June 2025 EM Money Trail Passives continue to pour in while actives stay away EM equity inflows decelerated substantially to +$680mn from strong inflows of +$4.1bn last week. However, flows continue to be driven by ETF subscriptions of +$2.2bn this week, after a record +$5.0bn last week. Meanwhile, non-ETFs continued to see persistent sell-off (-$1.5bn, -$904mn last week). Among regional funds, GEMs saw inflows of +$1.5bn, but Asia ex-Japan saw outflows of -$881mn. ...

Core Insights - BlackRock launched the iShares Global Government Bond USD Hedged Active ETF (GGOV), the first actively managed ETF providing USD-hedged exposure to global government bonds, addressing the demand for diversified fixed income solutions [1][5] - The fund has an expense ratio of 0.39% and follows the Bloomberg Global Treasury USD Hedged Index as its benchmark, with historical performance indicating better returns with less volatility compared to U.S.-only bond indices [2] - GGOV aims to mitigate overexposure to long-dated U.S. Treasuries, which are seen as increasingly risky, by providing a worldwide strategy that enhances yields and reduces risk when U.S. interest rates exceed international rates [4] Market Context - The launch of GGOV coincides with a period of elevated inflation, large budget deficits, and rising issuance, making it a valuable tool for U.S. asset allocators [3] - The ETF is positioned to meet the needs of investors reassessing their bond exposures in light of global rate changes and ongoing inflation, combining active alpha creation with a USD hedge for both defense and diversification [5] - GGOV is part of BlackRock's expanding fixed income offerings, contributing to its $52 billion U.S. active ETF platform and its $1 trillion global bond ETF franchise [5]

Company Overview - Apollo has launched Olympus Housing Capital, a new homebuilder finance strategy aimed at providing capital solutions to homebuilders in the U.S. for land acquisition and development [1][2] - Olympus is led by CEO Andrew Brausa, who has over 20 years of experience in residential housing and previously managed land financing strategies at Brookfield Asset Management [3] Market Context - Olympus operates in a market characterized by a structural under-supply of single-family homes and an increasing reliance on customized private financing solutions by homebuilders [2] - The company targets both public and private homebuilder customers who require scaled capital partners to support their growth and increase housing supply in the U.S. [2] Strategic Positioning - Apollo partners highlighted that Olympus is positioned at the intersection of several focus areas for Apollo, leveraging their expertise in residential real estate and asset-backed finance [3] - The strategy is described as highly scalable, aiming to deliver flexible capital solutions to an underbuilt market with favorable long-term macroeconomic tailwinds [3] Leadership and Vision - Andrew Brausa expressed excitement about the collaboration with Apollo, emphasizing the robust demand for reliable homebuilder capital solutions and the potential for Olympus to provide value-added services [3] - The leadership team aims to address critical funding needs to facilitate new home ownership across the country [3]

Core Viewpoint - Abacus Global Management, Inc. has initiated an exchange offer and consent solicitation to simplify its capital structure and mitigate the potential dilutive impact of outstanding warrants [1][2]. Group 1: Exchange Offer Details - The company is offering 0.23 shares of common stock for each warrant tendered, with a total of up to 4,743,381 shares available for exchange [2]. - The offering period will last until July 29, 2025, with the possibility of extension [2]. - Holders can withdraw their tendered warrants at any time before the expiration date [2]. Group 2: Consent Solicitation - The company is soliciting consents to amend the warrant agreement, allowing for an exchange ratio of 0.207 shares per warrant, which is 10% less than the current offer [3]. - Approximately 25% of public warrants and 94% of private placement warrants have agreed to participate in the offer and consent to the amendment [3]. - An additional 25% consent from public warrant holders is needed for the amendment to be adopted [3]. Group 3: Current Capital Structure - As of June 30, 2025, there are 97,867,821 shares of common stock and 20,623,395 warrants outstanding [5]. - If all warrants are exchanged, the total shares outstanding would increase to 102,611,202, representing a 5% increase, with no warrants remaining [5]. Group 4: Regulatory Information - The offer and consent solicitation are conducted under a prospectus and Schedule TO filed with the SEC [4]. - D.F. King & Co., Inc. is the information agent, while Continental Stock Transfer & Trust Company serves as the exchange agent [6].

• Geopolitical tensions coupled with toppish price actions and failures to break resistance levels (6050 for S&P, 3900 for MSCI World...) is lessening the momentum in stocks. On the positive side, declining realized volatilities, especially in EU & Asia, will work as an offset to the softening signalling, to keep overall positioning more or less unchanged in the coming weeks. Like in credit, CTAs are in no rush to add. • In bonds, CTAs have been moderate duration buyers ($20/25m Dv01) since our last update. ...

Core Insights - The Ministry of Human Resources and Social Security released the national enterprise annuity data for Q1 2025, showing a total fund size of 3.73 trillion yuan and participation of 32.9 million employees [1][2] - The data marks the first time that "cumulative returns over the past three years" have been disclosed, with a cumulative return of 7.46% as of Q1 2025 [1][6] - The investment management of enterprise annuities involves various institutions, with 22 organizations participating, including 11 fund companies, which manage 1.5 trillion yuan of assets [4][5] Fund Management Overview - As of Q1 2025, the total assets under management for enterprise annuities reached 3.67 trillion yuan, with 5713 annuity portfolios [4] - Fixed income portfolios have shown better performance than equity-inclusive portfolios, with fixed income portfolios yielding an average return of 10.54% over three years, while equity-inclusive portfolios yielded 7.06% [3][6] - Notably, some fund companies like 嘉实基金 (Jia Shi Fund) and 海富通基金 (Hai Fu Tong Fund) reported losses in their equity-inclusive portfolios, with cumulative returns of -1.68% and -1.66% respectively [5][6] Institutional Participation - The largest asset manager for enterprise annuities is China Life Pension Insurance Company, managing approximately 855.24 billion yuan, followed by Ping An Pension Insurance Company with around 542.57 billion yuan [2][3] - The participation of fund companies is significant, with 易方达基金 (E Fund) and 工银瑞信基金 (ICBC Credit Suisse) managing over 300 billion yuan each, and 工银瑞信基金 surpassing 易方达基金 as the largest fund manager [5][6] Long-term Investment Strategy - The recent disclosure of three-year cumulative returns indicates a shift towards a long-term investment perspective for enterprise annuities, as highlighted by the new performance assessment guidelines proposed by regulatory bodies [6][6] - Analysts suggest that the introduction of long-term performance evaluation may alleviate short-term pressure on investment managers, allowing for more strategic asset allocation and risk management [6][6]

Core Viewpoint - Brookfield Asset Management is positioned as an attractive dividend growth stock with a projected 3.1% yield and a 15% annual dividend growth rate through the end of the decade [1][4]. Company Overview - Brookfield Asset Management is a large Canadian asset manager with a historical focus on infrastructure and a broad global investment universe, recently expanding into bond management and private equity [1][3]. Business Platforms - The company operates across five platforms: renewable power, infrastructure, real estate, credit, and private equity, aiming to benefit from long-term trends such as clean energy, digitalization, and de-globalization [3]. Growth Targets - Brookfield aims to increase its fee-bearing assets from $550 billion to $1.1 trillion by the end of the decade, which is expected to drive higher revenues and earnings [3][4]. Dividend Projections - If Brookfield meets its dividend growth goal, the quarterly dividend could rise from $0.44 to $0.88 by 2030, potentially increasing the yield from 3.1% to 6.3% if the stock price remains stable [5][6]. - In a scenario where the dividend continues to grow at 15% until 2035, the quarterly dividend could reach $1.77, suggesting a yield of 12.6% and a stock price of $224 if the yield remains at 3.1% [6]. Alternative Growth Scenario - If dividend growth slows to 7.5% from 2031 to 2035, the quarterly dividend would be $1.26, resulting in a yield of 9% and a stock price of approximately $160, still indicating an attractive investment [6]. Execution Dependency - The future performance of Brookfield Asset Management is highly dependent on its execution capabilities and market conditions, but achieving its goals could make it a compelling investment over the next decade [7].