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11 Investment Must Reads for This Week

Morningstar profiled the 15 funds that have destroyed the most wealth over the past 10 years. Investors who lost money on a deal are trying to shut down a real estate crowdfunding site. These are among the investment must reads we found this week for wealth advisors.

  1. Traditional Mgrs' Alts Push Prompts Service Providers to Step Up “To retain clients, large admins like BNY Mellon, State Street, J.P. Morgan and U.S. Bank have had made big investments in their alternative investment services businesses over the past decade, which includes hiring more talent around alts, bolstering accounting systems and operating models, and lifting out specialist teams from certain asset managers, said Rhys Butler, a managing director at Deloitte.” (Fund Fire)
  2. 15 Funds That Have Destroyed the Most Wealth Over the Past Decade “This week, I’ll look at this from the opposite perspective, focusing on equity and alternative funds that have lost value for shareholders over the same period. For this list, I used a slightly different calculation based on how much appreciation (or depreciation, in this case) each fund generated in dollar terms over the trailing 10-year period.” (Morningstar)
  3. Investors Seek To Shut Down CrowdStreet After Nightingale Fiasco “A group of investors who lost their money in Nightingale Properties' now-infamous offerings on CrowdStreet are looking for payback and focusing their attention on the real estate crowdfunding platform they say let it happen.” (Bisnow)
  4. Pro Take: What the Startup Count Says About the Venture Sector “There were 54,027 private venture-backed U.S. startups at the end of 2023, up from the 50,759 at the end of 2022, according to a report by PitchBook and the National Venture Capital Association.” (The Wall Street Journal)
  5. Market overexuberance: What next for ETFs? “However, a delayed timeline on cuts and a less straight path to deflation could suggest yet more to be shaken out of last year’s pivot rally in fixed income. Wei Li, global chief investment strategist at the BlackRock Investment Institute, warned markets are still pricing in six quarter-point rate cuts by the Fed.” (ETF Stream)
  6. Secondaries offer new liquidity options to managers “A growing number of semi-liquid funds have a heavy allocation to secondaries.” (Private Equity International)
  7. Former Blackstone Partner on Track for $1 Billion Haul With New Real Estate Fund “A former top Blackstone real-estate executive is on pace to raise a $1 billion fund at his new firm, in what analysts say would be one of the largest hauls ever for a first-time property fund.” (The Wall Street Journal)
  8. Covered-Call Funds: A Mystery Wrapped in an Enigma “As with other stock funds, the highest relative gains for derivative-income funds come when stock prices increase. But because derivative-income funds sign away some of their potential capital growth, they will likely trail traditional equity funds during such times.” (Morningstar)
  9. Investors upping big bets on private credit, counting on income, return and diversification “The growth in private credit assets is more than double the 12.5% growth rate in the prior year's survey. But investors shouldn't count on this growth surge to continue much longer as the spark that fired up the asset class' rapid advancement could fade if bond yields hold, industry insiders said.” (Pensions & Investments)
  10. Fund managers bullish on private equity in 2024 despite sector headwinds “In a study from Carne Group, which surveyed over 200 fund managers that collectively manage $1.6trn, private equity was selected by respondents as the most popular alternative investment.” (City AM)
  11. SPY, World’s Largest ETF, Hit by Near-Record Outflows “On the surface, such massive outflows for SPY are strange to see in a year in which the S&P 500 is hitting record highs. But SPY isn’t like most other S&P 500 ETFs. A wide range of market participants use the fund to express their views, from short-term traders to long-term investors, and everything in-between. The ETF also boasts the deepest options market of any fund.”  (
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