Sailland Christophe

For UK Professional Investors only. Capital at risk. Happy to be featured in Financial News discussing the future of long-term asset funds (LTAFs) and their potential role in the UK wealth market. Many thanks to David Ricketts for the thoughtful write-up. At Aviva Investors, we’ve long believed in the value of LTAFs for corporate defined contribution schemes, but there’s growing interest in how these funds might support wealth clients too. We’re actively exploring how to tailor LTAFs to suit wealth managers, including the right balance between private and liquid markets, and thoughtful liquidity design. With the tools already in place, we’re well positioned to move quickly as demand becomes clearer. Read the full article here: https://bit.ly/45geen1 #LTAFs #AvivaInvestors

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News flash: David Fiszel’s Honeycomb is returning client cash David Fiszel, the ex-SAC/Point72 portfolio manager, is winding down much of his hedge fund Honeycomb Asset Management. In a letter to investors, Fiszel said he’s feeling cautious after the market’s recent highs and isn’t optimistic about near-term opportunities. Honeycomb currently manages around $550 million in regulatory AUM (including leverage). While performance this year has been modestly positive, that comes after two strong years of back-to-back 18% gains. The firm has taken a much more selective stance lately, with significantly lower gross and net exposure. Last month, Honeycomb liquidated most of its public equity portfolio and expects to return the bulk of investor capital by September. Fiszel has deep roots in the hedge fund world. He started at SAC Capital (now Point72) in 2000 as a TMT specialist, left in 2004 to launch Rhombus Capital, then returned to SAC in 2007. He eventually left again in 2015 to start Honeycomb. Going forward, the firm will continue managing client capital tied up in longer-duration private investments. Fiszel will remain personally invested alongside his LPs and plans to share select opportunities with investors as they come up. Source: Hema Parmar, Bloomberg

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“An IPO could value Shawbrook at as much as 2 billion pounds ($2.69 billion” “The bank's private equity owners had previously explored a number of deals with rival lenders over the past two years, including Metro Bank and Co-op Bank” Good news for London, but the truth is that many UK companies are still choosing to list on foreign exchanges to achieve higher valuations. https://lnkd.in/epZFrS_H #Shawbrook #exitstrategy #IPO #exitlaunchpad

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During Q3, we’ve had one of the strongest backdrops for capital markets since COVID – with equity markets at or near all-time highs, tight credit spreads, low vol, and rates poised to move lower. In my client conversations, there is an acknowledgement that activity is broadening and confidence among issuers and investors is building. Those ready to move have been rewarded.   🔹Equity and Equity-linked markets have regained momentum. The IPO market has been at its busiest in 18 months, with weekly volumes three to four times the recent average. Sponsor-backed pipelines are beginning to re-emerge, including some of the year’s most anticipated deals. Aftermarket performance has been differentiated, which is a healthy sign of investor selectivity. Convertibles have also rebounded, with issuance approaching record levels. In Europe alone, four new deals have launched mid-August – evidence of how attractive the product has become after a quiet period. 🔹Debt Markets have been similarly active. In leveraged finance, M&A and LBO financing now account for ~30% of institutional loan volume year-to-date, versus ~25% last year. Carve-outs, LBOs and cross-border deals are being well received, with oversubscribed books and, in some cases, negative concessions. In investment grade, technicals remain robust: spreads on the US IG index are near their tightest levels in over two decades, while September issuance topped ~$150bn which is one of the busiest on record. Issuers with 2026 funding needs are bringing supply forward to take advantage of the favorable backdrop.   From my perspective, Q3 has been defined by renewed issuer and investor confidence. Markets are well bid, and investors are engaged but appropriately selective. We expect a continuation of these market dynamics as we head into Q4.

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Proud to see the work of our Private Markets Research team featuring in the Financial Times' Alphaville this week, a testament to the quality of the work our team produces. Led by David Hedalen and Nick Fisher, the team's quarterly 'Illiquidity in private debt' research analyses thousands of private debt transactions, representing more than £35bn, as it attempts to quantify what is often thought of as being an elusive concept. 📈 The result? A clearer picture of how private debt pricing compares to public debt, where relative value opportunities might sit, and a valuable contribution to the broader conversation around risk, return, and transparency in Private Markets. Read the full article here 👉 https://on.ft.com/419McrZ #PrivateMarkets #IlliquidityPremium

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It's not difficult to fix the UK... The chart below show the ONS's latest data on the total UK net worth, at the end of June, over £13 trillion. Private and Public. After liabilities. Bloody strong! In comparison annual GDP is £2.8 trillion. Public sector debt, as we know a similar amount. Most of this net worth is in the private sector, which is very robust and under-levered. All the Government and UK Institutions (regulators, managers, unions, courts, inquiries etc..) need to do is get a bit out of the way and let the private sector do its thing, and exploit it's entrepreneurialism, very strong balance sheet and cash reserves to deliver. And getting out the way means Government spending as a % of GDP to fall, tax reforms to be focused on incentivising the private sector to grow and the public sector to be more productive, and any UK institution (public and private) that regulates, or taxes, or legislates, or supervises to be incentivised to reduce the friction of what they do by 25% (i.e. surgeons in the NHS to have 25% less paperwork). Vamos! It's not rocket science.

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In times of uncertainty, clarity matters. Against this backdrop, we have taken a closer look at the latest US tariffs on Swiss exports — now among the highest imposed on any Western nation. With a steep 39% duty hitting a wide range of goods, the impact on trade and industry could be significant. While some key sectors, such as pharmaceuticals and semiconductors, remain temporarily exempt, others - including watches, machinery & precision tools, and medical technology - are feeling the pressure. For now, we maintain a neutral view on Swiss equities and the region, while remaining alert and prepared to respond to shifting conditions. You can read the full analysis here, including sector impact, our investment stance, and what to watch in the weeks ahead: https://lnkd.in/e697UX5E.

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Do fund managers who take the boldest bets actually deliver better returns? Active share measures how much a fund's portfolio differs from its benchmark index; essentially, how far managers stray from the beaten path in pursuit of outperformance. In a one-of-its-kind study, our comprehensive ET Wealth-PrimeInvestor study analysed 90 actively managed equity funds across large cap, mid cap, small cap, and flexi cap categories over six years to find out. The results challenge conventional wisdom. In small caps, all five funds with the lowest active share outperformed their benchmark, while only two of the five most aggressive funds (higher active share) beat the index. The least active (share) small-cap funds averaged 32.45% returns compared to 31.7% for the most active ones. Large-cap funds with the highest deviation from benchmarks actually lagged those hugging closer to the index. Even in mid-caps, execution trumped extreme deviation. The study tracked 3-year rolling returns from September 2019 to August 2025, revealing that being different for the sake of being different often backfires. The takeaway: Smart, selective positioning beats maximum deviation. Sanket Dhanorkar writes this week's terrific ET Wealth cover story on why fund management is more nuanced than just straying far from the benchmark. (P.S. Do not miss the full story and analysis on the The Economic Times website)

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As always, the "CLO Investor Podcast" with Shiloh Bates is a pleasure. This episode with Amir Vardi, Head of Structured Credit at UBS Asset Management, who has more than 20 years experience with the asset class. They discuss the differing dynamics between CLO debt and CLO equity, modelling assumptions and BSL vs middle market CLOs (among other things). Worth a listen. Link: https://lnkd.in/dPcYMf2J #clos #structuredcredit #leveragedfinance

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