Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.

UAO Research

When the universal owner becomes the lender of first resort: what happens to global capital when nonbanks set the marginal price?

UAO Research · May 21, 2026 · Geopolitics, Capital Flows & Currency · Feeds: Capital Flow Watch The March Treasury data carried a quiet structural

UAO Editorial · May 21, 2026

UAO Research

Is the Canadian operating model becoming the American one? CalPERS, the total portfolio approach, and the governance it demands

UAO Research · May 20, 2026 · Pensions & Retirement · Feeds: Pension Strategy Watch On July 1, the largest public pension in the United

UAO Editorial · May 20, 2026

UAO Research

When the world's largest sovereign fund concedes the playbook didn't work: what NBIM's real-estate pivot tells universal owners about the next decade in private real assets

UAO Research · May 19, 2026 · Sovereign Capital · Feeds: Sovereign Wealth Monitor When the world's largest sovereign fund publicly admits a

UAO Editorial · May 20, 2026

UAO Research

Private credit's first untested cycle

A universal owner cannot diversify away from private credit. At $1.5–2 trillion and embedded in pension, insurance and sovereign portfolios,

UAO Editorial · May 15, 2026

UAO Research

The regulator warns, the allocators add

A global regulator spent this month warning about private credit. The world's largest asset owners spent it allocating more. That

UAO Editorial · May 15, 2026

UAO Research

Private credit's first untested cycle: what a universal owner should actually do with the FSB warning

UAO Research · May 15, 2026 · Stewardship, Governance & Risk · Feeds: The Universal Owner Risk Radar A universal owner cannot diversify away from

UAO Editorial · May 15, 2026