BDCs

Everyone has opinions on Private Credit, but few have the data, and fewer have the objectivity. We give you both. In under 5 minutes, you will understand how we got here and, more importantly, how to allocate from here.

The 2026 next dollar playbook is about cross-asset relative-value investing. We move underweight Private Credit but not for reasons investors expect–BDCs are now longs. We shift to overweight Infrastructure and real assets more broadly–Publics included.