Iurii Kuzo/iStock via Getty Images Market Overview The fourth quarter carried a cautious tone, with loans up by a modest 1.22%—the weakest quarter of the year and below the 10-year average of 1.5% for 4Q. Labor softness, retail outflows, and artificial intelligence bubble concerns drove a defensive risk sentiment, slowing repricings and pulling deals. One notable event that contributed to the mark...
Iurii Kuzo/iStock via Getty Images Market Overview The fourth quarter carried a cautious tone, with loans up by a modest 1.22%—the weakest quarter of the year and below the 10-year average of 1.5% for 4Q. Labor softness, retail outflows, and artificial intelligence bubble concerns drove a defensive risk sentiment, slowing repricings and pulling deals. One notable event that contributed to the market's defensive posture was the dramatic collapse of auto parts supplier First Brands in September. Concerns that it signaled wider structural problems carried over into 4Q and motivated investors to shift toward higher-quality names. Despite these headwinds, technicals remained supportive in 4Q, with demand still outstripping supply. Collateralized loan obligation ('CLO') issuance continued at a strong pace, setting a record for the year at $209 billion, while retail outflows were still manageable. Loan market activity for 4Q was muted at $156 billion, down from $404 billion in 3Q. Though prices softened, the supply-demand imbalance helped limit further declines. The market ultimately ended the quarter with improving momentum. Though January began with a light primary calendar, as of this writing, activity is now picking up with deals such as Hologic ( HOLX )—a notable transaction given the recent rescission of leveraged lending guidelines from Dodd-Frank, which discouraged deals in which total leverage exceeded approximately 6x EBITDA (Hologic is at 7x). A new focus moving forward is the maturity wall, with repricings and refinancings creating a concentration of maturities in 2028. Alongside this, we continue to monitor loans trading below 80 and rating migration trends, as credit quality remains a critical indicator. Even with yields compressing from 10% two years ago to roughly 7.8% as of this writing, current levels remain attractive versus historical averages. How the Fund Performed The Fund (Class I) returned 1.26% for the quarter versus the S&P UBS Leveraged Loan Ind...
Hong Kong is hiking stamp duty for luxury home transactions following a recent flurry of activity in the market. Stamp duty on residential property transactions valued above HK$100 million ($12.8 million) will be raised to 6.5% from 4.25%, the city’s financial secretary Paul Chan said in a budget speech on Wednesday. The new measure is expected to affect about 0.3% of residential property deals in...
Hong Kong is hiking stamp duty for luxury home transactions following a recent flurry of activity in the market. Stamp duty on residential property transactions valued above HK$100 million ($12.8 million) will be raised to 6.5% from 4.25%, the city’s financial secretary Paul Chan said in a budget speech on Wednesday. The new measure is expected to affect about 0.3% of residential property deals in the city and bring in around HK$1 billion of revenue each year, according to Chan. The plan still needs to get approval from the Legislative Council but it will take effect from Thursday, Chan said. Developers have made a number of high-profile luxury property sales in the past few months, including a couple of mansions sold for HK$2.2 billion by Swire Properties Ltd. There were 81 deals for residences valued at more than $10 million in the last quarter of 2025, the most since late 2021, according to Knight Frank. Home prices in the city rose almost 3.3% last year , their first annual increase in four years. Wall Street firms including Citigroup Inc. and Morgan Stanley are predicting values will jump further this year, fueling renewed interest from buyers.
The celebration of the men's team comes after FBI Director Kash Patel's trip to the Games in Milan, and the president's comments about the U.S. women's team, have drawn scrutiny. (Image credit: Kenny Holston)
The celebration of the men's team comes after FBI Director Kash Patel's trip to the Games in Milan, and the president's comments about the U.S. women's team, have drawn scrutiny. (Image credit: Kenny Holston)
Grupo Aeroportuario press release ( ASR ): Q4 GAAP EPADS of $5.03. Revenue of Ps.10.97B (+21.6% Y/Y). Total passenger traffic increased 0.9% YoY ("YoY"). Mexico: increased 0.1%, as a 0.7% increase in international traffic offset a 0.5% decrease in domestic traffic. Puerto Rico (Aerostar): decreased 3.1%, as a 4.2% decrease in domestic traffic more than offset a 5.0% increase in international traff...
Grupo Aeroportuario press release ( ASR ): Q4 GAAP EPADS of $5.03. Revenue of Ps.10.97B (+21.6% Y/Y). Total passenger traffic increased 0.9% YoY ("YoY"). Mexico: increased 0.1%, as a 0.7% increase in international traffic offset a 0.5% decrease in domestic traffic. Puerto Rico (Aerostar): decreased 3.1%, as a 4.2% decrease in domestic traffic more than offset a 5.0% increase in international traffic. Colombia (Airplan): increased 5.7%, reflecting increases of 9.6% and 4.6% in international and domestic traffic, respectively. Commercial revenue per passenger increased 1.1% YoY to Ps.131.7 Consolidated EBITDA decreased 4.8% YoY to Ps.4,867.1 million. Adjusted EBITDA margin (excluding IFRIC 12 effect) decreased to 66.4% from 69.7% in 4Q24. Cash position of Ps.11,116.3 million at December 31, 2025, with Debt to LTM Adjusted EBITDA at 0.8x. More on Grupo Aeroportuario Grupo Aeroportuario del Sureste: Assessing New Airports And Venezuelan Market ASUR reports 3.6% increase in January 2026 passenger traffic ASUR December 2025 traffic rises marginally to 6.7 million Seeking Alpha’s Quant Rating on Grupo Aeroportuario Historical earnings data for Grupo Aeroportuario
narvo vexar/iStock via Getty Images Market Overview - Credit Opportunities Fund* Credit markets in the fourth quarter remained resilient in a challenging environment. Despite tight spreads, all-in yield compression and heightened risk—idiosyncratic, macroeconomic and geopolitical—credit markets finished a strong 2025 in generally positive fashion. The Bloomberg US Aggregate Bond Index and the Bloo...
narvo vexar/iStock via Getty Images Market Overview - Credit Opportunities Fund* Credit markets in the fourth quarter remained resilient in a challenging environment. Despite tight spreads, all-in yield compression and heightened risk—idiosyncratic, macroeconomic and geopolitical—credit markets finished a strong 2025 in generally positive fashion. The Bloomberg US Aggregate Bond Index and the Bloomberg Global Aggregate Index returned a respective 1.1% and 0.2% during the fourth quarter, each capping off their strongest annual returns since 2020. The S&P UBS Leveraged Loan Index gained 1.2% for the quarter and 6.0% for the year, while the S&P 500 Index advanced 2.7% and 17.9%. 1 Selectivity Is Key in a Tight Credit Market Syndicated loan activity during the fourth quarter continued to rebound from the tariff-induced disruptions of March and April. Despite falling sharply from 2024's record level, primary market activity in 2025 was the second busiest on record. As it has been of late, activity was dominated by loan refinancings, repricings and extensions, though net new-money deals posted a third straight year of steady growth. The secondary market for loans was buoyant amid a complicated macroeconomic backdrop, but with a strong bias toward higher-rated paper. While the weighted average bid on loans ended the year lower, it improved meaningfully from April's Liberation Day-related troughs. Similarly, the percentage of loans priced at par or above declined over the year but was well off lows. 2 Collateralized loan obligation (CLO) issuance remained the primary driver of loan demand throughout 2025, and the $204 billion issued during the year eked past 2024's result to set a new record, driven by banks, insurance companies, investment managers and Japanese investors. Many expect 2026 to be another year of strong issuance for CLOs, as anticipated Federal Reserve rate cuts make leveraged buyouts cheaper, fueling loan origination. 3 Retail demand for CLOs, in contrast, h...