Daily Brief
Gulf funds spent $26bn through the war | Jun 2
A faster pace than the prior five years, the Strait shut — and one chart.
Universal Asset Owners
Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
Daily Brief
China's factory data splits in two as Wall Street prints records | Jun 1
Official PMI stalls at 50.0, the private survey jumps to 51.8 — and one chart.
Daily Brief
Record highs on a ceasefire bet | May 30
Wall Street closed May at records, the curve rallied, and the ECB called the calm borrowed — plus a wall-to-wall data week, and one chart.
Daily Brief
Meta's AGM and the ceiling of stewardship | May 29
Every AI-governance proposal lost, the biggest fund couldn't move it, and one chart.
Daily Brief
Korea's $1.2trn pension votes today | May 28
A "tilt home" decision in Seoul, a $4.2bn AI bet from Jakarta, and one chart of the new mega-allocator policy mix.
Daily Brief
CalPERS tears down its silos | May 27
A 17% PE target, a new 8% private-credit bucket, the FSB's first private-credit warning — and one chart.
Daily Brief
Sovereign capital is now AI's banker | May 26
$15tn in state hands, the Gulf 7 at 43% of all dealmaking, Indonesia joins — and one chart.
Daily Brief
The long bond repriced everywhere at once | May 25
30-year yields hit multi-decade highs from Tokyo to London on an oil shock. Brussels cuts growth, Jakarta hikes, and AI's power bill keeps rising. One chart, one take.
Daily Brief
Private credit's record default — and who votes your shares now | May 22
Fitch puts US private-credit defaults at a record 6%, with most stress hidden in PIK. The Big Three split their stewardship. The Fed reshuffles its fears. One chart, one take.
Daily Brief
Official sellers, private buyers — who funds the US now | May 21
March TIC data: governments sold US securities, private money bought $162bn. China at a 17-year low. Central banks bought 244 tonnes of gold. One chart, one take.
Daily Brief
Private credit gates close as pensions add | May 20
Blue Owl and Blackstone funds hit redemption limits, defaults at a record — yet CalPERS, APG and Nest keep buying. Plus: CalPERS retires asset allocation. One chart, one take.
Daily Brief
Norway concedes its real-estate book — and a $940bn Gulf opening | May 19
NBIM pivots its $2.1T fund toward AI-adjacent sectors, PIF anchors a Saudi ETF, OTPP halves its dollars — and the FSB names private credit's transparency problem.