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Core Viewpoint - Emerging markets are experiencing significant selloffs, prompting firms like TT International and AllianceBernstein to invest in undervalued securities, betting on potential interest rate cuts by central banks rather than increases [1][2]. Investment Strategies - TT International has begun purchasing emerging-market credit and local bonds, including Polish and Czech local-currency bonds, as well as dollar-denominated Venezuelan and Lebanese securities [2]. - AllianceBernstein sees opportunities in markets with the steepest declines, indicating a focus on buying during downturns [5]. Market Conditions - Emerging stocks have declined approximately 10% this month, with local-currency bond yields reaching their highest levels in nearly two years [3]. - Energy-importing nations have experienced even larger selloffs, with bond yields increasing by 50-100 basis points in countries like Poland, South Africa, and Thailand [3]. Investor Sentiment - The consensus among investors is shifting, with money markets reducing expectations for a Federal Reserve rate increase, now seeing less than a 50% chance of a hike this year [4]. - The prevailing view is that emerging central banks may need to raise rates to combat inflation driven by oil price shocks, although there is a growing belief that the Fed may adopt a dovish stance if recession risks intensify [4][7]. Recent Market Events - The recent geopolitical turmoil has disrupted a strong rally in stocks and local bonds, leading to a decline in risk appetite and a drop in MSCI's equity index by 1.7% [6]. - A significant inflow of $58.9 billion into U.S.-listed ETFs investing in emerging markets was halted, indicating potential for further outflows as investor sentiment shifts [7].

Core Viewpoint - Burford Capital expresses disappointment over the recent court decision regarding YPF but remains optimistic about a positive outcome through international arbitration, acknowledging that this situation will delay expected cash proceeds and impact investor perceptions of the company's present value [2][3]. Financial Position and Business Operations - Burford's core business operates independently of the YPF case, with a portfolio expected to generate over $5 billion in cash proceeds over time, having already produced more than $1.2 billion in cash in the last two years [4]. - The company currently holds over $700 million in cash and cash equivalents, allowing it to continue investing in its core business without reliance on YPF cash proceeds [5][12]. - Despite the YPF decision negatively impacting the GAAP carrying value of the YPF asset, it will not affect cash flow or the core business operations [5]. Debt Management - Burford acknowledges having more debt than previously suggested as ideal but maintains that it is not highly leveraged and has structured its debt maturities over the next eight years [6]. - The company does not foresee liquidity issues, as it has not relied on cash from the YPF case since 2019 and has a robust cash position [12][13]. - Burford's debt covenants do not impose restrictions on its operational capabilities, allowing for continued growth in its litigation finance business [15][16]. Legal Proceedings and Arbitration - Following the court's decision, Burford anticipates that plaintiffs will seek a rehearing en banc from the Second Circuit, with the possibility of further appeals to the Supreme Court if necessary [6]. - Burford believes there are viable arbitration claims against Argentina under bilateral investment treaties, which could provide compensation for expropriated assets [7][10]. - The arbitration process is expected to be lengthy, potentially spanning multiple years, but may be expedited due to the existing record from US litigation [10]. Future Growth Plans - Burford remains committed to its goal of doubling the size of its core portfolio by 2030, with growth plans not reliant on additional debt [13][14]. - The company aims to generate a 20% return on equity (ROE) while maintaining its growth trajectory through existing cash reserves and portfolio proceeds [14].

Vi e w p o i n t | 26 Mar 2026 19:18:47 ET │ 9 pages China Banks Our take on potential relaxation of China banks shareholding restriction CITI'S TAKE According to Reuters (Source, 26-Mar-2026), regulators are considering relaxing shareholding restrictions to allow some bank shareholders to become major investors in one to two additional banks (vs. can only either has controlling stake in one bank or hold >5% in no more than two banks currently), in order to broaden capital-raising options for China banks. S ...

Group 1 - Asian equities are currently trading near 13 times forward EPS estimates, indicating attractive valuation compared to previous levels [1] - A month ago, stocks in the Far East were valued in the mid-teens, suggesting a significant drop in valuation that enhances their attractiveness [1] - The Vanguard Pacific is reiterated as a buy rating based on the current valuation of Asian equities [1]

Core Viewpoint - Morgan Stanley is entering the spot Bitcoin ETF market with the launch of the Morgan Stanley Bitcoin Trust (MSBT), pending SEC approval, and is positioning itself against competitors by offering a low fee of 14 basis points (0.14%) [1][2]. Group 1: Competitive Strategy - By pricing its product below the fees of major competitors like BlackRock and Grayscale, Morgan Stanley aims to leverage its reputation and cost advantage to attract investors [2]. - The fee structure is critical in the competitive landscape of spot Bitcoin ETFs, as all products hold the same underlying asset, making fees the primary differentiator [3]. Group 2: Market Dynamics - High fees have previously led to significant asset outflows, as seen with Grayscale's GBTC, which dropped from approximately $29 billion to near $10 billion due to capital moving towards lower-cost alternatives [4]. - Morgan Stanley's extensive advisor network, with over 16,000 advisors, enables efficient distribution of the MSBT, allowing clients to easily invest in Bitcoin while reducing costs [5]. Group 3: Future Outlook - The combination of the lowest fees and a large distribution network positions the MSBT for potential success in the evolving cryptocurrency market, as traditional financial efficiency begins to take precedence over volatility [6].

Core Thesis - Sprott Inc. (SII) is positioned as a leading specialty asset manager with a focus on physical metals and uranium, showcasing a strong growth trajectory and investor preference due to its unique operational model [2][4][6]. Company Transformation - Sprott has evolved from a niche Canadian gold-focused wealth manager to a comprehensive global asset manager, offering a diverse range of products including physical bullion, commodity trusts, actively managed ETFs, and private strategies [2]. Competitive Advantage - The company provides institutional investors with verifiable access to physical metals through trust structures, which eliminates the operational burdens associated with direct ownership, thus differentiating itself from generalist competitors [3]. Investor Preference and Growth - Sprott has captured over 100% of net inflows in U.S.-listed physical silver trusts since 2021, indicating strong investor confidence in its model [4]. - The company's early entry into uranium investments has resulted in significant asset growth, from under $400 million to over $4.4 billion by Q3 2025, driven by the resurgence of nuclear energy [4]. Financial Performance - As of September 2025, Sprott's assets under management (AUM) reached $49.1 billion, with projections to exceed $50 billion in October, reflecting a 37% increase in full-year earnings and 62% adjusted EBITDA margins [5]. - The company also announced a 33% increase in dividends, highlighting the scalability and durability of its financial model [5]. Growth Engines - Multiple growth engines, including precious metals trusts, uranium, managed equities, and international distribution, work synergistically to enhance capital attraction and operational efficiency [6]. - The company's unique physical exposure and high-margin operations contribute to a compelling investment case characterized by structural differentiation and resilient cash flow generation [6].

Group 1 - Apollo Global Management (NYSE:APO) is acquiring Nippon Sheet Glass for approximately $3.7 billion in enterprise value, marking its fifth private equity investment in Japan [1][2] - The acquisition is expected to be completed early next year, pending shareholder approval, with Nippon Sheet planning to issue new shares worth $1.04 billion to an Apollo entity as part of the deal [2][3] - The investment aims to support Nippon Sheet's financial position, as the company's debt has exceeded 570 billion yen, leading to challenges with interest payments [3] Group 2 - The acquisition is strategically timed as Nippon Sheet is positioned to benefit from increasing demand for architectural glass, automotive glazing, and solar products [4] - Apollo Global Management is a leading global alternative asset manager, managing over $600 billion in assets and specializing in credit, private equity, and real estate investments [5]

Core Viewpoint - Blue Owl Capital Inc. has experienced a significant decline in share price, dropping over 65% from last year's highs and more than 40% since the beginning of this year, raising concerns about the company's stability in the private credit market [3][6]. Group 1: Company Performance - Shares of Blue Owl Capital are currently trading around $9, indicating a substantial drop from previous highs [3]. - The company's exposure to the software industry, which is facing challenges due to the AI revolution, has heightened investor concerns about potential defaults among its creditors [4][5]. - Recent analyst upgrades suggest that the fears surrounding Blue Owl may be overblown, with a 10% dividend yield making the risk/reward profile more attractive [6]. Group 2: Market Sentiment - The selloff in Blue Owl's shares has been influenced by a broader weakening sentiment in the private credit space and the decline of traditional software stocks [4]. - Investors are increasingly cautious due to geopolitical tensions, particularly in the Middle East, which has further soured appetite for risk in credit markets [5]. - Concerns about potential restrictions on investor withdrawals have contributed to the mass selloff of Blue Owl's stock [5].

Core Insights - BlackRock CEO Larry Fink emphasizes the importance of America's 250th anniversary in 2026, linking it to the evolution of the modern economy and capital markets [1][2] - Fink highlights the interdependence of democracy and capital markets, stating that genuine stakeholder engagement in a country's future is essential for economic growth [2][3] - The global capital markets now approach $300 trillion in value, with significant growth occurring over the last four decades, indicating a transformative period for investment opportunities [5][6] Market Participation and Wealth Gap - Fink argues that expanding market participation is crucial to address the wealth gap, especially in the context of the AI boom [3][6] - He notes that many regions are still developing markets that allow individuals to invest and benefit from economic growth [6][8] Long-term Investing and Economic Growth - Fink describes long-term investing as a "civic miracle" that links individual financial growth to national economic development, emphasizing the role of capital markets in financing companies and infrastructure [8][12] - He shares a personal narrative about his parents' modest investments during the mid-20th century, illustrating how long-term savings can lead to substantial wealth accumulation [11][13] Global Investment Landscape - Fink asserts that the U.S. remains the top destination for global investors, reinforcing its position in the international investment landscape [9] - He expresses BlackRock's commitment to facilitating the civic miracle of wealth growth for Americans and extending this opportunity globally [14]