Marci, great to have you with us. Thanks so much for joining us. How how is your reaction to the recent turmoil, Laura, on private credit, but about around private assets in general.I just interestingly enough, I'm here at an event with my head of private equity and the chief investment officer, and we're having this conversation yesterday. And, you know, on the private credit side, we've been very specialized and working only with, you know, high quality managers. We had a 8% allocation to private credit, ...

Finnish pension funds are starting to sell lower-yielding assets classes in anticipation of a reform https://t.co/cvIhpjVeMQ ...

Core Insights - Europe needs to mobilize an additional €1.2 trillion from 2025 to 2030 to enhance its energy transition, digital evolution, and defense capabilities, reflecting the urgency of geopolitical shifts [1][2] - The continent's underutilized savings pool, with households holding €37 trillion in assets, is not being effectively directed towards growth, as 32% remains in cash and bank deposits [3][4] Investment Bottlenecks - Bank lending constitutes 85% of corporate debt in Europe, but regulatory hurdles limit loans for high-risk, long-term projects [5] - Listed debt markets are accessible mainly to established firms, creating barriers for small and medium enterprises (SMEs) due to fragmented exchanges [5][6] - Private credit is underdeveloped, constrained by regulations that deter long-term capital commitments from insurers [6] - Equity markets are functioning but suffer from low retail participation, leading to undervalued stocks [6][7] - Private equity and venture capital face challenges in scaling, often resulting in startups being acquired by American firms [7] Proposed Solutions - Stakeholders should unite around initiatives like the European Savings and Investment Union (SIU) to enhance retail engagement and shift household funds towards equities [8][9] - Reducing cross-border fragmentation could improve liquidity, while revitalizing a transparent securitization market could unlock capital for infrastructure and innovation [9][10] - Addressing these structural issues is essential for sustaining competitiveness and driving sustainable growth in Europe [10]

US pension funds that bet on Strategy find themselves nursing some heavy losses as share prices for Michael Saylor’s firm continue to slide. The 11 funds collectively hold nearly 1.8 million shares of Strategy, now worth about $240 million, down from $577 million when they first reported their allocations. That’s $337 million in paper losses so far, according to research platform Fintel. Moreover, 10 out of the 11 funds are down 60% on their Strategy stock buys. Strategy’s shares have lost 67% of their ...

In Going Private, our twice-weekly newsletter on private markets, we look at how some of Britain's biggest pension funds are paring stock market bets in favor of unlisted firms https://t.co/T8vteechE1 ...

养老基金的稳健壮大，生动诠释了"以人民为中心"的发展思想。它稳稳托举着当下民生的底线，也源源不断地为未来高质量发展注入活水，展现了一个成 熟社会的长远布局与智慧。 同时，它也成为 高质量发展的关键动能。近3万亿元的养老金作为长期资本进入市场，其追求长期稳健回报的特性，有助于优化资本市场结构，引导投资 投向国家战略与实体经济重点领域。这实现了将社会储蓄转化为发展动能的良性循环，使民生保障与经济增长协同共进。 这份国家"成绩单"，对正着力打造"苏适养老"品牌的江苏而言，是参照更是机遇。如何进一步优化本省养老基金的运营，在安全规范中提升效益，反哺本 地养老服务体系的提质扩容，让全省老年人更充分地共享发展成果，是值得探索的重要课题。 人力资源和社会保障部最新数据显示，截至2025年底，全国基本养老保险基金委托投资运营规模已超过2.98万亿元。这一关键数字，不仅是社会保障体系 稳健运行的里程碑，更凸显了养老基金在托底民生与赋能经济中的双重使命。 这笔巨资，首先是 "老有所养"信心的压舱石。基金规模与累计结余的持续增长，为应对人口老龄化构筑了坚实的物质基础。其市场化、专业化运营的核 心目标，是在确保安全的前提下实现保值增 ...

Core Insights - AFP Protección, Colombia's second-largest pension fund manager, is launching a Bitcoin (BTC) exposure fund aimed at long-term asset allocation and diversification rather than short-term speculation [1] - The fund will be accessible to investors who meet risk assessment criteria through a personalized investment advisory process, allowing only a portion of their portfolio to be allocated to Bitcoin [1] - AFP Protección manages assets for approximately 8.5 million clients, covering mandatory pensions, voluntary pensions, and severance accounts, with total assets exceeding 220 trillion Colombian pesos (approximately 55 billion USD) [1]

Core Viewpoint - Denmark's AkademikerPension fund is divesting all of its Treasury debt holdings, indicating a significant shift in investment strategy [1] - The Ontario Teachers' Pension Plan had previously reduced its Treasury holdings early last year, suggesting a trend among pension funds to reassess their exposure to government debt [1] Group 1 - AkademikerPension fund's decision to unload all Treasury debt reflects a broader reevaluation of fixed-income investments among institutional investors [1] - The Ontario Teachers' Pension Plan's earlier scaling back of Treasury holdings may signal a cautious approach towards government securities in the current economic climate [1]

Core Viewpoint - A Danish pension fund, AkademikerPension, plans to sell all its U.S. Treasury securities by the end of January due to concerns over credit risk associated with U.S. fiscal and political developments [1][2]. Group 1: Fund's Decision and Rationale - AkademikerPension, managing $25 billion in assets, will dispose of its U.S. government debt holdings, citing unsustainable U.S. government finances as a long-term concern [2]. - The Chief Investment Officer, Anders Schelde, highlighted "rising credit risk" linked to Trump's policies and mentioned that the fund held approximately $100 million in U.S. Treasuries at the end of 2025 [3]. - The fund will shift its strategy to utilize cash in USD, short-dated agency debt, and similar instruments instead of U.S. Treasuries [4]. Group 2: Market Implications - Economist Mohamed El-Erian noted that a significant vulnerability for U.S. government bonds and the dollar is that many investors are already "overweight" on these assets, making headlines like this concerning [5]. - Precious metals, including gold and silver, are experiencing a rally as investors move capital away from U.S. Treasuries and dollar-denominated assets, with the SPDR Gold Trust seeing a 3.78% increase [6]. - The SPDR Gold Trust is performing well in momentum rankings, indicating a favorable price trend across various time frames [7].

Core Viewpoint - AkademikerPension, a Denmark-based pension fund, is planning to sell all its holdings of U.S. Treasuries while maintaining investments in other U.S. fixed-income assets [2]. Group 1 - The pension fund's decision reflects a strategic shift away from U.S. Treasuries, indicating a potential reevaluation of risk and return associated with these securities [2]. - Despite exiting U.S. Treasuries, AkademikerPension will continue to invest in other U.S. fixed-income assets, suggesting a selective approach to U.S. investments [2].