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

Video Briefing

UAO Daily Video Brief — May 20: Private Credit’s Liquidity Test & CalPERS Retires Asset Allocation

Private credit hits its first real liquidity test as redemption gates close at Blue Owl and Blackstone funds — yet CalPERS, APG and Nest keep buying. CalPERS retires strategic asset allocation for a total portfolio approach on July 1, and Mubadala buys into the world’s largest offshore win

UAO Editorial · May 21, 2026

Video Briefing

UAO Daily Video Brief — May 21: Who funds the US now?

Foreign governments were net sellers of US securities in March while private investors bought $162bn — the clearest sign yet that the marginal buyer of Treasuries is no longer official money. Plus: China’s holdings hit a 17-year low, and central banks bought 244 tonnes of gold.

UAO Editorial · May 21, 2026