Bryan Armour
802 posts
@MstarArmour
Director of ETF & passive strategies research at Morningstar. Important disclosure information: https://t.co/WVSYD9kaRr
Blue Owl Technology Income Corp. redemption requests come in at 40.7% -- while the credit fund sees 21.9%. They're keeping to the 5%. To put into perspective, the 40.7% is almost 4x most of the other largest private BDCs, and the 21.9% is roughly double. The second largest wave of requests was at 14% at Cliffwater.
BlackRock limits redemptions at private credit fund as outflows swell ft.trib.al/Qx3bfuU
Looks like XOVR got a big inflow Friday ($280M+) so the SpaceX position has shrunk from 45.7% to 28.3% of net assets. Even though that's still ~2x the board's policy limit on illiquid exposure (15%), it's better than where they were. spr.ly/6016hNwg0
It looks like things have gone haywire at ERShares Private-Public Crossover ETF (XOVR): It apparently saw a $620M+ outflow yesterday and that has ballooned its illiquid SpaceX SPV stake to...44.5% of assets. Very unfortunate, totally avoidable situation. spr.ly/6017hQ1Gh
Reminder that if you buy a CEF at launch...you're paying additional fees...essentially a front-end load. "The Fund’s principal underwriter, Goldman Sachs & Co. LLC (the “Underwriter”), will deduct from the gross offering proceeds a sales load of $31,250,000, which is 3.125% of the gross proceeds from the sale of the Fund’s Shares in the offering. The effect of the aggregate sales load will immediately reduce the net asset value of each Share purchased in this offering." Plus another 0.8% in launch fees so 4% upfront for being a loyal HOOD customer on IPO day!
Unless I’m misreading this, ERShares Private-Public Crossover ETF (XOVR) saw a big outflow y’day which, coupled with y’day’s loss on its public stock holdings, has pushed the SpaceX SPV weight to ~16% of net assets, breaching the 15% illiquid threshold. 😬 entrepreneurshares.com/ershares-etfs/…
A firm named Corgi Strategies has filed to register 29 new thematic ETFs, ranging from "Beauty, Skincare & Aesthetics" to "Coffee & Energy Drinks" to "U.S. War Machine", and beyond. spr.ly/6013hDnxb
