Having trouble remembering the difference between a CDR and a CRT? We’re here to help.

Highlights from the week of April 17 – April 23, 2026.

An energy shock, sticky inflation, and fractured global policy have made the path forward less forgiving. With growth slowing but not breaking, we focus on quality, diversification, and disciplined positioning as the margin for error narrows.

Markets are being tested on several fronts at once. But the important question is how these shocks travel—through inflation, monetary policy, funding conditions, or issuer fundamentals. That’s where resilience begins to diverge.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Jim Lydotes covers: 1) how health care is stabilizing, 2) why used cars could be an inflation indicator, and 3) why AI spending could crowd out hiring.

Securitized credit is a popular, if complex, fixed income allocation. Here’s where to begin.

Over the last 35-plus years, convertibles have produced equity-like performance but with lower volatility. Today, accelerating new issuance and expanding market breadth adds to the appeal of this unique asset class.

The first phase of the AI trade rewarded broad calls: “Buy power!” “Sell software!” The next phase will require much more discrimination across business models, capital structures, and industries.

The historical underperformance of passive Agg-based bond funds isn’t a coincidence. The index’s very design puts investors at a disadvantage.