Blackstone’s flagship private credit fund, BCRED, is issuing $500 million of five-year investment-grade bonds, expected to yield about 1.6 percentage points above Treasuries. 

The sale comes after BCRED’s $1 billion issuance in January and follows a $650 million note deal from Ares Management’s BDC earlier this week. Goldman Sachs’s BDC is also preparing a potential offering as business development companies take advantage of renewed investor demand. 

These firms, which lend to small and midsize companies, are tapping the market before earnings blackout periods begin. Issuance overall has surged, with 27 companies selling $43 billion of debt Tuesday, the third-largest daily volume on record. Barclays, Citigroup, Goldman Sachs, RBC, and Wells Fargo are managing the deal, with proceeds earmarked for general corporate purposes.

Finsum: The timing of this private credit move is worth monitoring, as it could have implication for earnings season. 

Advisors facing heightened U.S. market volatility are increasingly turning to global infrastructure ETFs as a way to diversify portfolios and hedge against policy risks. Structural growth drivers like demographic shifts, and supportive government policies, such as Germany’s recent multi-billion-dollar funding initiatives are supportive. 

The sector also has a history of resilience during inflationary periods, as infrastructure companies provide essential services that can pass costs on to consumers. One option is the BNY Mellon Global Infrastructure Income ETF (BKGI), which actively invests in global infrastructure firms with strong cash flows, balance sheets, and growth prospects. 

BKGI aims to deliver a forward yield of 6% or higher by focusing on dividend-paying companies, with about one-third of assets in U.S. holdings and the rest diversified across Europe and beyond. 

Finsum: Infrastructure exposure offers low correlation with U.S. equities, especially when considering outside options. 

The iShares Core US Aggregate Bond ETF (AGG) tracks the Bloomberg US Aggregate Bond Index, giving investors broad exposure to investment-grade U.S. bonds. Its portfolio is heavily tilted toward Treasuries, which now make up about 47%, far higher than the category average, and this emphasis helps reduce credit risk. 

Roughly 75% of its assets carry AA or AAA ratings, insulating investors from credit shocks but limiting return potential since the fund cannot hold high-yield bonds. While the ETF’s safety focus mutes drawdowns, its longer duration makes it more sensitive to interest rate swings, which has led to higher volatility in some periods. 

Over the past 20 years, its conservative profile and low fees have helped it slightly outperform peers while weathering downturns like the 2020 COVID market shock better than most. 

Finsum: With the Fed most likely cutting rates this next cycle, this could help this fund which had suffered in rate hike cycles. 

Institutions dominate Wells Fargo’s ownership, holding about 78% of shares, which gives them significant influence over the company’s direction. They were the biggest beneficiaries of the bank’s recent climb to a $263 billion market cap, driving a one-year shareholder return of 44%. 

Vanguard is the largest single shareholder with 9.4% ownership, while the top 20 investors collectively control about half the company. Insiders, by contrast, own less than 1% of shares, though their holdings are still valued at over $300 million. 

The general public controls around 21%, enough for some sway but not enough to counter institutional power. 

Finsum: This mix highlights how institutional investors are thinking about banking in the current volatile market. 

The U.S. stock market was choppy last week, with the S&P 500 and Nasdaq slipping from record highs while the Dow inched up.

In this volatile setting, large-cap value mutual funds like those from Northern Funds, Goldman Sachs, Fidelity, Invesco, and Nuveen appeal to cautious investors. These funds invest in undervalued large-cap stocks that offer stability, dividends, and potential long-term outperformance compared to riskier growth or small-cap holdings.

Investors remain focused on whether the Federal Reserve will cut rates in September, though mixed economic data — including weak wholesale inflation, flat retail sales, and declining industrial production — has fueled uncertainty. 

Finsum: Consumer sentiment also fell, reflecting ongoing concerns about inflation, suggesting a further reason to tilt large cap. 

Bond funds delivered modest results last year, with the average fund returning 4.8%, though nearly all finished in positive territory. Surprisingly, high-yield and emerging-market bond funds dominated the top performers, buoyed by strong global growth and favorable currency trends despite an inverted yield curve. 

Their outperformance suggests a speculative tone in markets, as riskier assets typically lag when investors grow cautious about the economy. However, higher volatility weighed on their ratings, leaving most of the top 20 funds with only “hold” grades, except for Delaware Pooled Trust High-Yield, which earned a B-minus.

In contrast, lagging funds saw declines in principal value, weak dividend payments, and overall “sell” ratings, with inflation-protected funds failing to meet expectations. 

Finsum: The divide highlights how chasing yield in riskier segments delivered gains last year, while traditionally safer strategies struggled to keep up.

Small cap growth stocks have rallied sharply since April 8, with the Russell 2000 Growth Index up 34.2%, but large cap growth stocks still outpaced them with a 40.5% gain over the same period. Over the past decade, small growth stocks have significantly lagged large growth, delivering less than half the return. 

Research shows that active management has historically outperformed the Russell 2000 Growth Index, though recent rebounds have favored the passive benchmark as high-beta and unprofitable companies surged. 

Sector and industry standouts in small growth include materials, industrials, technology, and niche firms such as Credo Technology and Joby Aviation, with many of the highest returns concentrated in the most volatile stocks. Active small cap growth funds typically avoid the riskiest and least profitable names, which hurt short-term performance but aligns with evidence that profitable small caps outperform over time. 

Finsum: Active strategies may still offer investors a more resilient path within small growth equities despite the recent rally.

High-yield dividend opportunities are harder to find in today’s market, but Realty Income, Healthpeak Properties, and Pfizer all stand out with payouts above 5%. 

1. Realty Income, a net lease REIT, offers a 5.5% yield and decades of consistent growth, supported by a vast property portfolio and international expansion potential. 
2. Healthpeak Properties, which merged with Physicians Realty last year, now provides a 6.8% yield as demand for lab space stabilizes and medical office buildings strengthen its base.
3. Pfizer shares have fallen about 60% since their pandemic peak, but the company has raised its dividend for 16 consecutive years and now yields 6.9%. While looming patent cliffs pose risks, Pfizer has invested heavily in acquisitions that could add $20 billion in annual sales by 2030. 

Finsum: Collectively, these three dividend payers offer compelling income opportunities with the potential for steady long-term growth.

Municipal bonds are drawing increased attention as investors seek stability amid equity market uncertainty, with recent volatility making tax-exempt yields more attractive on both an absolute and relative basis. Despite negative year-to-date returns across much of the muni market, relative valuations compared to taxable fixed income suggest excess return potential ahead. 

Longer duration exposure gives munis sensitivity to interest rate changes, and if the Federal Reserve moves toward cuts later this year, investors could benefit from both quality and yield opportunities. 

American Century offers strategies like TAXF and CATF that combine diversification, credit research, and active management, while also providing tax efficiency within an ETF wrapper. For California investors in particular, CATF can deliver taxable-equivalent yields above 8%, highlighting the value of tax-exempt strategies in high-bracket states. 

Finsum: Active management adds further advantages, including the ability to navigate sectors and credit qualities excluded from passive indexes.

Faith-based investing is gaining momentum as an alternative to ESG, with Christian financial firm GuideStone noting a surge in demand over the past three years. Will Lofland, GuideStone’s Head of Investments Distribution, explained that many investors began seeking values-aligned strategies during the COVID era, when intentional living and faith-driven financial decisions gained traction. 

Unlike ESG, which often emphasizes broad social agendas, faith-based investing focuses on applying Christian principles to business practices, from employee treatment to product integrity. 

Younger investors have been early adopters, but GuideStone reports growing interest among baby boomers, who hold a significant share of wealth. Lofland stressed that faith-based investing is not about driving social change but encouraging companies to concentrate on core business excellence while adhering to ethical standards. 

Finsum: With rising interest across generations, the strategy is emerging as a powerful opportunity for advisor when pitching clients in the broader investment landscape.