primeimages/E+ via Getty Images Sean Banai, CFA Portfolio Manager Dave Goodson Portfolio Manager Rajen Jadav, CFA Portfolio Manager Anuranjan Sharma Portfolio Manager Vinay Viralam, CFA Portfolio Manager Strategy overview Total return approach, investing across full spectrum of the fixed income market including below investment grade securities. Key takeaways 1Q26 was defined by a repricing of ris...
primeimages/E+ via Getty Images Sean Banai, CFA Portfolio Manager Dave Goodson Portfolio Manager Rajen Jadav, CFA Portfolio Manager Anuranjan Sharma Portfolio Manager Vinay Viralam, CFA Portfolio Manager Strategy overview Total return approach, investing across full spectrum of the fixed income market including below investment grade securities. Key takeaways 1Q26 was defined by a repricing of risk as artificial intelligence-driven disruption and escalating geopolitics pushed credit spreads wider and rates higher. For the quarter, the Class I shares of the Fund ( IICIX ) outperformed its benchmark, Bloomberg US Aggregate Bond Index (the Index), on a net asset value (NAV) basis. Outperformance was driven by security selection, while duration positioning detracted and sector allocation had limited impact. The Iran conflict shifts the risk balance toward a more stagflationary, path-dependent backdrop: growth downside and inflation upside persist as long as Hormuz constraints and related supply disruptions remain. With the monetary policy response constrained, markets may still be underpricing increased tail risk, favoring portfolio flexibility and selective opportunity as outcomes evolve. Portfolio review The first quarter of 2026 unfolded as a period where AI-driven disruption and mounting geopolitical risk combined to reshape the balance of risks across financial markets. Early in the quarter, investor attention was increasingly drawn to the accelerating impact of AI within the software sector. Rapid adoption of agentic AI tools began to challenge incumbent business models, which had often been underwritten on assumptions of high recurring revenue and low competitive risk, raising questions around the durability of cash flows that had historically supported leveraged balance sheets. These pressures were particularly relevant for senior loans, private credit, and business development company (BDC) portfolios, where the software industry comprises a relatively large po...
Ben Black’s lawyers deny relationship with disgraced financier, but DoJ records reveal years of interactions Sign up for the Breaking News US newsletter email Ben Black, the head of a little-known government investment agency funded by billions of dollars from US taxpayers, had personal and business ties to Jeffrey Epstein , according to emails and business filings released by the Department of Ju...
Ben Black’s lawyers deny relationship with disgraced financier, but DoJ records reveal years of interactions Sign up for the Breaking News US newsletter email Ben Black, the head of a little-known government investment agency funded by billions of dollars from US taxpayers, had personal and business ties to Jeffrey Epstein , according to emails and business filings released by the Department of Justice. His father, Leon Black, had once been the disgraced financier’s highest paying client – calling on the convicted sex offender for tax advice and to orchestrate payments to women, according to the New York Times and Bloomberg . Continue reading...
GoldenTree Asset Management Founder and CIO Steven Tananbaum says he expects credit to continue to languish, though there are some pockets of opportunity, and adds that the financing of AI is an arms race. He sat down with Lisa Abramowicz at the Bloomberg Global Credit Forum in New York City. (Source: Bloomberg)
GoldenTree Asset Management Founder and CIO Steven Tananbaum says he expects credit to continue to languish, though there are some pockets of opportunity, and adds that the financing of AI is an arms race. He sat down with Lisa Abramowicz at the Bloomberg Global Credit Forum in New York City. (Source: Bloomberg)
SpaceX’s facilities and employees, as speculation mounts on when the company will aim to file its initial public offering (IPO) prospectus with regulators in Starbase, Texas, U.S. March 25, 2026. Gabriel V. Cardenas | Reuters SpaceX won approval for a reinvestment zone in Texas on Wednesday despite fierce opposition from residents, clearing a key hurdle for a proposed $119 billion Terafab semicond...
SpaceX’s facilities and employees, as speculation mounts on when the company will aim to file its initial public offering (IPO) prospectus with regulators in Starbase, Texas, U.S. March 25, 2026. Gabriel V. Cardenas | Reuters SpaceX won approval for a reinvestment zone in Texas on Wednesday despite fierce opposition from residents, clearing a key hurdle for a proposed $119 billion Terafab semiconductor manufacturing complex. The project is central to SpaceX's efforts to expand beyond rockets and satellite communications into advanced computing infrastructure and domestic chip production — ambitions that investors view as a major pillar of the company's future growth. This month, SpaceX is expected to launch what could become the largest IPO in history , with investors closely scrutinizing whether the company can translate its dominance in space into new markets tied to AI and semiconductor manufacturing. The company plans to fix its IPO price at $135 per share to raise a record-setting $75 billion, a source familiar with the matter told Reuters on Tuesday. SpaceX plans to target a valuation of $1.75 trillion in its blockbuster initial public offering. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Dispersion And Correlation Are Screaming Overbought, Downside Hedging Is Cheap Submitted by SpotGamma CBOE’s Dispersion Index (DSPX) is at levels only seen during Covid and the April ’25 tariff crash, while Correlation (COR1M) is near all-time lows. This divergence signals extreme positioning risk driven by the AI stock chase, and makes SPY downside hedges historically cheap. Traders have been cha...
Dispersion And Correlation Are Screaming Overbought, Downside Hedging Is Cheap Submitted by SpotGamma CBOE’s Dispersion Index (DSPX) is at levels only seen during Covid and the April ’25 tariff crash, while Correlation (COR1M) is near all-time lows. This divergence signals extreme positioning risk driven by the AI stock chase, and makes SPY downside hedges historically cheap. Traders have been chasing AI related names in such heavy-handed fashion that it has now created positioning risk for the stock market. Encapsulating this view are two popular CBOE options indexes: Dispersion (DSPX) and Correlation (COR1M). What Are Dispersion DSPX & Correlation COR1M? DSPX compares the options prices (IV) of the top US stocks vs SPX IV, and measures how different they are from each other. High dispersion means traders are assigning vastly different options prices to individual names. Today, we have traders frothing to chase upside in MU, SNDK, and the like, while scorning other sectors. COR1M measures the direction of options prices for top US stocks vs the SPX. During periods of calm we generally see traders bit up call options, and sell SPX options, which creates low correlation. Conversely, when there is a lot of fear in the stock market, correlation spikes as traders sell all stocks and buy SPX options – typically puts. Currently DSPX (blue) is at highs only seen since the Covid crash after just passing highs from the April 2025 Tariff drama. Meanwhile, COR1M (red), is nearing it’s lowest reading ever. This gives us a massive never-before-seen divergence (black arrows) between spiking options prices (high dispersion) and only certain stocks surging higher (low correlation). The previous highs in DSPX came during massive risk-off periods! Why? Because in both 2020 and in 2025 traders were pricing in vastly different risk due to traumatic events: in Covid cruise lines were crashing massively, whereas healthcare stocks were bid. During April ’25 it was about parsing tariff win...
Analysis of evidence and interviews with experts suggests focus by rightwing critics on race misses reality of police failures As the row over the police handling of the stabbing of Henry Nowak by Vickrum Digwa continues, critics on the right have suggested that a preoccupation with anti-racism played a significant role in the failure by officers at the scene to properly assess what had happened –...
Analysis of evidence and interviews with experts suggests focus by rightwing critics on race misses reality of police failures As the row over the police handling of the stabbing of Henry Nowak by Vickrum Digwa continues, critics on the right have suggested that a preoccupation with anti-racism played a significant role in the failure by officers at the scene to properly assess what had happened – and resulted in the appalling treatment of Nowak as he lay dying. Criticisms have focused in particular on a document published by the National Police Chiefs’ Council (NPCC) last year, the police anti-racism commitment . Critics have also claimed that there is a broader sense that the police’s instincts are now to side against white people whenever there is any doubt. Continue reading...
Artificial intelligence debt will almost certainly reach bubble levels eventually, given the history of periods of heavy investments in areas like railroads and the internet, said DoubleLine portfolio manager Robert Cohen . High odds of coming froth mean money managers should focus on companies with strong balance sheets, and investments with strong protections, Cohen said, speaking on a panel at ...
Artificial intelligence debt will almost certainly reach bubble levels eventually, given the history of periods of heavy investments in areas like railroads and the internet, said DoubleLine portfolio manager Robert Cohen . High odds of coming froth mean money managers should focus on companies with strong balance sheets, and investments with strong protections, Cohen said, speaking on a panel at the Bloomberg Global Credit Forum in New York on Wednesday. Credit markets are overly exuberant when fund managers buy debt assuming companies will grow into being able to meet their obligations, he said. “What’s the probability that we will be in an AI bubble? I’ll put maybe 100% on that,” Cohen said. The market isn’t there yet, and demand for AI debt is still strong, investors and bankers on the panel stressed. Many AI debt deals benefit from the backing of big, profitable tech companies known as hyperscalers, including Alphabet Inc. , the parent of Google, or Meta Platforms Inc. , the parent of Facebook, the panelists said. That support, along with bonds that might pay down principal over time, can help reduce risk, said Matt Brill , head of North America investment grade credit at Invesco. You want to focus on “getting your money off the table as fast as possible,” he said. More than $370 billion of US sales of high-grade notes, junk bonds, loans, and other types of AI debt have hit the market since the start of last year, according to data compiled by Bloomberg News. Bloomberg Intelligence estimates that capital expenditure for AI will approach $5 trillion over the next five years, with much coming from debt markets. In equities, valuations may be getting more stretched now, DoubleLine’s Cohen said. He defines an equity bubble as prices that reflect unrealistic future growth expectations. Every corner of credit markets is being tapped to take down the elevated amounts of supply, according to Morgan Stanley’s Anish Shah . Shah estimates that more than 10% to 15% of all ...
Sundry Photography Coupang ( CPNG ) is creating a stir in Japan with its Rocket Now food delivery service that offers ultra-low prices and free delivery. The pricing strategy on Rocket Now has translated into fast user growth and strong competitive traction against established players such as Uber Eats ( UBER ), Menu, and Demae-can. Nikkei Asia reported that Rocket Now's app has surpassed 6M downl...
Sundry Photography Coupang ( CPNG ) is creating a stir in Japan with its Rocket Now food delivery service that offers ultra-low prices and free delivery. The pricing strategy on Rocket Now has translated into fast user growth and strong competitive traction against established players such as Uber Eats ( UBER ), Menu, and Demae-can. Nikkei Asia reported that Rocket Now's app has surpassed 6M downloads since its January 2025 debut and recently ranked first in the free food & drink category in Japan's app stores. On its recent earnings conference call, Coupang ( CPNG ) highlighted that Rocket Now's strong growth rate in Japan contributed to the developing offerings segment generating revenue of $1.3B, growing 28% on a reported basis and 25% in constant currency. Launched in January 2025 in Tokyo’s Minato ward under Coupang Eats, Rocket Now began as a pilot but expanded rapidly, tripling its service area within four months and signing up more than 1.5K restaurants in its first month. Coupang's ( CPNG ) Japanese unit, CP One Japan, has since scaled the network to more than 10K eateries nationwide, using the same logistics and tech playbook that underpins Coupang’s high-velocity Rocket Delivery service in Korea. Rocket Now serves as a customer-acquisition and market-expansion channel for U.S. chains such as Burger King, Shake Shack, Taco Bell, Krispy Kreme, Wendy’s First Kitchen, and Blue Bottle Coffee, supported by Coupang's ( CPNG ) logistics and promotional firepower. Some partner stores have reported sales gains of around 400% within weeks of joining the platform, underscoring the appeal of free delivery both to merchants and end users. More on Coupang Coupang: Nvidia Collaboration Sparks Excitement, But Don't Rush Out To Buy Just Yet Coupang: Worst Is Over, Data Breach Quantified Coupang, Inc. 2026 Q1 - Results - Earnings Call Presentation Quant check on Eminence Capital's top Q1 holdings: SE, AMZN, PFGC, CPNG Coupang anticipates Q2 constant currency revenue growth ...