gonin/iStock via Getty Images Thesis Catalyst: The CFO/COO and portfolio manager make significant share purchases days after the February net asset value is disclosed. Eagle Point Credit Company Inc. ( ECC ) stands to benefit from the recent reversal in leveraged loan spreads. Spreads compressed to post-GFC lows in the fourth quarter of 2025 which is an expression of confidence by investors in the...
gonin/iStock via Getty Images Thesis Catalyst: The CFO/COO and portfolio manager make significant share purchases days after the February net asset value is disclosed. Eagle Point Credit Company Inc. ( ECC ) stands to benefit from the recent reversal in leveraged loan spreads. Spreads compressed to post-GFC lows in the fourth quarter of 2025 which is an expression of confidence by investors in the asset class and a credit tailwind for leveraged loan issuers, as it reduces the overall interest expense burden for borrowers. Nevertheless, shares of ECC are trading close to their 52-week lows, currently at a 20% discount to the February 2026 NAV estimate, and have not seen any significant recovery year to date. The current net asset value of $4.36 reflects the latest mark-to-market valuation of the portfolio, which tends to decline in periods of volatility given the lack of liquidity of the underlying assets. The NAV trajectory has been extremely negative over the last 3 months, with NAV declining 23.5% from $5.70 in December 2025 to $4.36 in only 2 months. The leveraged loan market dispersion in February created significant mark-to-market valuation pressure, which may represent the worst of the dislocation. The core of the investment thesis is based on two factors: first, the recent open-market purchases by CFO/COO Ken Onorio ( 110,000 shares at $3.74, ~$411K) and Portfolio Manager Dan Ko ( 57,165 shares at $3.50, ~$200K) signal that insiders believe the panic-driven selloff has overshot fundamentals. Onorio purchased at a 14.2% discount to the February NAV midpoint. Ko purchased at a 19.7% discount. Second, the private credit crisis driving negative sentiment toward ECC is paradoxically creating a tailwind for the company’s underlying CLO portfolios through par build opportunities as private credit funds liquidate their most liquid BSL holdings at discounted prices. For investors with a 12-month horizon and tolerance for mark-to-market volatility, the risk/reward at c...
Ildo Frazao/iStock via Getty Images March was not a great month in most asset classes. The S&P 500 lost a bit more than five percent from the month’s opening bell to its closing coda a couple of days ago. Many other equity benchmarks took it on the chin even harder. Bond yields rose, and oil prices rose by a whole lot more. But for all the short-term pain, at least investors in these highly liquid...
Ildo Frazao/iStock via Getty Images March was not a great month in most asset classes. The S&P 500 lost a bit more than five percent from the month’s opening bell to its closing coda a couple of days ago. Many other equity benchmarks took it on the chin even harder. Bond yields rose, and oil prices rose by a whole lot more. But for all the short-term pain, at least investors in these highly liquid markets had ready access to their capital if need be. Not so for the multitudes, retail and institutional alike, who over the past several years heard the siren song of private credit funds and opened their wallets to the purveyors – private closed-end funds and business development companies – of these dulcet tunes. Owl Trouble You can check out any time you want, but you can never leave. That line from the Eagles' iconic hit “Hotel California” may be on auto-repeat in the heads of investors in one of the funds at the top of the private credit world. The figurative front desk at Blue Owl Capital ( OWL ) has been full of folks trying to check out of their investment and leave — $5.4 billion in redemption requests in the first quarter of this year. For one of the firm’s two flagship funds, the Blue Owl Technology Income Fund, the amount of money seeking to get out ran to more than 40 percent of the fund’s total asset value. In response, Blue Owl slapped a cap of five percent (of total asset value) on withdrawals, so for most of those check-out requests, the exit doors are shut and sealed. Most of Blue Owl’s peers in the elite tranche of private credit funds, including Apollo Global ( APO ), KKR ( KKR ) and Ares Management ( ARES ), have instituted similar measures to limit redemption outflows. A $22 Trillion Walled Garden The private credit market, with around $2 trillion in total assets, is part of the $22 trillion colossus that is the market for private capital, which includes as well the sprawling complex of private equity that has insinuated itself into every highway an...
Cryptocurrency prices have dropped significantly in the past six months. Bitcoin (CRYPTO: BTC) closed March 30 at roughly $66,700, more than 45% down from its October high. Growing risk-off sentiment, low trading volumes, and geopolitical tensions have all contributed to the decline of the leading crypto. The waning interest also fits with historical price patterns: Bitcoin tends to enter a rut af...
Cryptocurrency prices have dropped significantly in the past six months. Bitcoin (CRYPTO: BTC) closed March 30 at roughly $66,700, more than 45% down from its October high. Growing risk-off sentiment, low trading volumes, and geopolitical tensions have all contributed to the decline of the leading crypto. The waning interest also fits with historical price patterns: Bitcoin tends to enter a rut after hype-driven rallies, such as last year's wave of enthusiasm about potential legislative progress, mainstream adoption, and a pro-crypto administration. However, an end may be in sight for the latest crypto dip. A recent note from Goldman Sachs suggests Bitcoin may have reached its bottom. Image source: Getty Images. Continue reading
⚽️ News and buildup before Manchester City v Liverpool ⚽️ Get in touch via email or post your thoughts BTL As mentioned in the preamble , today’s is a huge game for Liverpool. Andy Hunter has run the rule over the Arne Slot regime. Let’s start with that Chelsea story. Ben Bloom was at the Liam Rosenior press conference while Jacob Steinberg has analysed the latest Cobham crisis. Continue reading.....
⚽️ News and buildup before Manchester City v Liverpool ⚽️ Get in touch via email or post your thoughts BTL As mentioned in the preamble , today’s is a huge game for Liverpool. Andy Hunter has run the rule over the Arne Slot regime. Let’s start with that Chelsea story. Ben Bloom was at the Liam Rosenior press conference while Jacob Steinberg has analysed the latest Cobham crisis. Continue reading...
Thousands of Hongkongers braced for heavy rain as they crossed the border into Shenzhen on the second day of the Easter holiday, taking advantage of the break to enjoy a wider range of shopping, dining and entertainment options at bargain prices. Many travellers on Saturday cited mainland China’s broader selection of shopping centres, restaurants and attractions as well as more affordable prices a...
Thousands of Hongkongers braced for heavy rain as they crossed the border into Shenzhen on the second day of the Easter holiday, taking advantage of the break to enjoy a wider range of shopping, dining and entertainment options at bargain prices. Many travellers on Saturday cited mainland China’s broader selection of shopping centres, restaurants and attractions as well as more affordable prices as key draws. Immigration statistics on Saturday showed that 153,272 residents had departed Hong Kong...
Arm Holdings’ (ARM) entry into the chip market marks a meaningful shift in its business model. The company has long been known as the quiet power behind modern computing, licensing the central processing unit (CPU) designs that sit inside smartphones, data center chips, autos, and more. The stock is already up around 36% year-to-date, yet I remain bullish on ARM as the company moves beyond collect...
Arm Holdings’ (ARM) entry into the chip market marks a meaningful shift in its business model. The company has long been known as the quiet power behind modern computing, licensing the central processing unit (CPU) designs that sit inside smartphones, data center chips, autos, and more. The stock is already up around 36% year-to-date, yet I remain bullish on ARM as the company moves beyond collecting royalties on others’ success. With its new artificial general intelligence (AGI) CPU, Arm is ste
Stock performance snapshot and business overview Innovent Biologics (SEHK:1801) has drawn attention after a period of strong share price moves, with total return figures of 17.9% over the past month and 16.1% over the past 3 months. The Hong Kong listed biopharmaceutical group has a market value of HK$158.8b and reported revenue of CN¥13,041.5m with net income of CN¥813.6m, reflecting its position...
Stock performance snapshot and business overview Innovent Biologics (SEHK:1801) has drawn attention after a period of strong share price moves, with total return figures of 17.9% over the past month and 16.1% over the past 3 months. The Hong Kong listed biopharmaceutical group has a market value of HK$158.8b and reported revenue of CN¥13,041.5m with net income of CN¥813.6m, reflecting its position as a commercial stage drug developer. See our latest analysis for Innovent Biologics. With the...
The French government will offer loans of as much as €50,000 ($57,600) to small businesses that are the most exposed to rising fuel costs in transportation, fishing and agriculture. The loans will run for 36 months and are limited to companies in those sectors that spend at least 5% of their revenue on fuel. They will be issued through an online platform run by public investment bank Bpifrance, th...
The French government will offer loans of as much as €50,000 ($57,600) to small businesses that are the most exposed to rising fuel costs in transportation, fishing and agriculture. The loans will run for 36 months and are limited to companies in those sectors that spend at least 5% of their revenue on fuel. They will be issued through an online platform run by public investment bank Bpifrance, the finance ministry said in a statement late Friday. The government had already announced very limited fuel subsidies for sectors including trucking and fishing, and an expanded distribution of energy support to low-income households. But it has so far avoided broader, costly measures after indiscriminate outlays in 2022 contributed to expanding a budget deficit the country is still struggling to reduce. On Thursday, French Prime Minister Sebastien Lecornu asked ministers to prepare measures to help individuals who depend on cars after fuel prices surged on the Iran war. Read More: France Weighs Targeted Fuel Aid as Iran War Pushes Up Costs Opposition lawmakers including far-right leader Marine Le Pen have called for steep cuts to taxes on gasoline and diesel, and accused the state of profiting from a boost in revenues as prices rise. The small-business loans announced late Friday will carry an interest rate of 3.8%, won’t require any guarantees from borrowers, and can be applied for from April 13, the finance ministry said. French Inflation Quickens to Highest Since August 2024 on War France Broadens Energy Aid to Additional 700,000 Households France Unveils Limited Aid to Offset Iran War Impact on Economy
It shouldn't really come as a surprise that healthcare might be one of your biggest expenses in retirement. But you may be shocked at how expensive it is to get covered by Medicare. In 2026, a number of key Medicare expenses rose quite substantially. Here are some of the costs you may be looking at if you're retiring this year and enrolling in Medicare -- and how to plan for them. Image source: Ge...
It shouldn't really come as a surprise that healthcare might be one of your biggest expenses in retirement. But you may be shocked at how expensive it is to get covered by Medicare. In 2026, a number of key Medicare expenses rose quite substantially. Here are some of the costs you may be looking at if you're retiring this year and enrolling in Medicare -- and how to plan for them. Image source: Getty Images. Continue reading