Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
UAO Research · May 21, 2026 · Geopolitics, Capital Flows & Currency · Feeds: Capital Flow Watch The March Treasury data carried a quiet structural
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.
UAO Research · May 20, 2026 · Pensions & Retirement · Feeds: Pension Strategy Watch On July 1, the largest public pension in the United
UAO Research · May 19, 2026 · Sovereign Capital · Feeds: Sovereign Wealth Monitor When the world's largest sovereign fund publicly admits a
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.
A universal owner cannot diversify away from private credit. At $1.5–2 trillion and embedded in pension, insurance and sovereign portfolios,
A global regulator spent this month warning about private credit. The world's largest asset owners spent it allocating more. That
UAO Research · May 15, 2026 · Stewardship, Governance & Risk · Feeds: The Universal Owner Risk Radar A universal owner cannot diversify away from
The FSB flags private credit; pensions commit $84.8B anyway; Norway stress-tests fragmentation.