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11 Investment Must Reads for This Week

Morningstar broke down what advisors and investors need to know about the recent surge in interval funds. The explosion in private credit has had the unintended effect of reducing the broader financial system’s leverage, according to These are among the investment must reads we found this week for wealth advisors.

  1. Interval Funds: Are They Worth What You Give Up? “Given their need to periodically meet redemptions, the interval fund structure seems to work best with assets that generate regular income or can be sold in weeks or months, such as bonds, floating-rate loans, and structured credit. Asset managers have recognized that as well—64 of the 100 interval funds in Morningstar’s database land in a bond category.” (Morningstar)
  2. How low can ETF fees go? “Core remains king in ETF land which is a key reason why new players struggle to compete in a realm where giants rule. But how much lower can fees be cut from here and what is the cost to the overall industry? There is no reason why fees cannot fall even further towards 0% if this allows an ETF issuer to promote the rest of its range to investors.” (ETF Stream)
  3. Why the ‘buy and hold’ philosophy is flawed “However, this long-term mindset should not be misconstrued as complacency or a plan to buy and hold for a long period. The sources and nature of growth drivers are continuously evolving and changing over time. Long-duration growth companies, after all, are not common.” (Professional Wealth Management)
  4. Allan Roth: Use ETFs to Invest, Not to Speculate “I strongly believe that the right ETFs accomplish two goals—to minimize expenses and to maximize diversification. The majority of investors understand this as illustrated by the largest ten ETFs. All are relatively diversified, and all but one have annual expense ratios of 0.09% or less.” (
  5. Private Credit Growth Has Significantly Reduced the Financial System's Leverage “Furthermore, private credit funds typically restrict investors’ abilities to withdraw their funds. This greatly limits the potential for liquidity problems. Private credit funds invest in illiquid assets, by design. Positions cannot be quickly sold (if at all) and might require deep discounting.” (
  6. Family Offices Look for Stable Returns in Direct Lending “Alternatives platform iCapital saw 39% of its advisor flows going to private credit strategies in the first quarter, with 86% of those flows going into direct lending. Investors allocated less to distressed and opportunistic lending, with only 12% of private credit flows going into those strategies versus 18% in 2023.” (FundFire)
  7. At Blackstone’s $339B Property Arm, the Honeymoon is Over “But the huge opportunistic real-estate funds with which Blackstone made its name, and which remain at the core of its business, are also facing their own epochal challenge. Awash with cheap money, these funds — and those of fellow private equity titans — conquered global property markets in past decades. Central bankers have demolished that era’s certainties.” (Pensions & Investments)
  8. IRS Relaxes Rules For Domestically Controlled REITs “The new look-through rule will make inbound investments in U.S. REITs less attractive if non-U.S. investors do not have substantial U.S. co-investors that would allow a REIT to qualify as domestically controlled. Unsurprisingly, the regulations also finalized the proposed rule that ownership by qualified foreign pension funds does not count as U.S. ownership to qualify a REIT as domestically controlled.” (Mondaq)
  9. Cresset Ties Up Strategic Partnership, Taps Into Private Credit Story “The offering will focus on direct lending deals in the lower middle market. Cresset’s Private Credit Fund will provide capital for the portfolio, which will comprise diversified direct investments in floating rate, senior secured loans to lower middle market companies, Cresset said in a statement yesterday.” (Family Wealth Report)
  10. Tuttle/Rex Files to Launch 44 Single-Stock ETFs “The partnership between Rex Shares and Tuttle Capital Management filed to launch 44 single-stock ETFs, half of which are leveraged long and half of which will offer inverse exposure to the underlying stocks. The collaborative effort for the branded suite of ETFs known as T-Rex represents the most aggressive push into the single-stock ETF market since it was created less than two years ago with the Securities and Exchange Commission's approval.” (
  11. Brookfield’s Plan to Turn Malls Into Minicities Falls Short “Six years later, only two malls, in Atlanta and near Seattle, have been redeveloped in this way, with another two—in North Carolina and Denver—in the pipeline. The slow pace of its redevelopment efforts shows how difficult, expensive and time consuming it is to revamp enclosed malls.” (The Wall Street Journal)
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