It has $333.2bn in assets under management in the sector as of June 30. By far the biggest portion of Blackstone’s assets are in property. With individual firms such as Apple, Nvidia, Google, Microsoft, etc reaching the $1trn mark in market cap in the last few years, it seems that $1trn is the new $100bn. Spy understands this is the first time a non-traditional manager has hit the BIG mark. Is it a sign of the times that yet another manager has reached the $1trn dollar in AuM mark? This not-quite-as-exclusive club now includes Blackstone, the alternatives manager. The strategy is managed by Michael Oh, Elli Lee, and Sojung Park. Korea is, of course, home to numerous vibrant sectors: semiconductors, new energy vehicles, information technology, biopharma and new era commerce, to name a few. The highly-concentrated Matthews Korea Active ETF has been listed on NYSE’s Arca, with an expense ratio of 0.79%. The country is home to numerous companies and brands that are growing their exports at a phenomenal pace. The San Francisco-headquartered manager has just launched an ETF strategy targeting Korea, where entertainment will possibly form part of the mix. Speaking of music, Korea, home to the K-Pop phenomenon, is the focus of a new strategy by Asia investment veterans, Matthews Asia. Spy is happy to give this one a big round of applause. The blurb states that the fund, “seeks to offer exposure to global, exchange-listed companies, exchange traded funds and royalty trusts – all with a core business interest in the global music industry”. This thematic strategy, which is investing in all things music, might allow music fans to profit from the industry they love to consume, even if tickets to leading acts themselves are almost impossible to come by. Unsurprisingly, the launch this week of a fund, the elegantly ‘tickered’, MUSQ, a Global Music Industry ETF, caught Spy’s eye. The pulling power of music, live or otherwise, remains undiminished across the globe. Have you been able to secure a Taylor Swift ticket for her latest global tour? Spy did not get one either, if it is any compensation. Spy’s conclusion: it is time to hit the beach. Speaking to asset managers, venture capital firms and private investors got almost the same response: a palpable fear that things were on the verge of falling apart but everyone was wary to take any drastic action. Rising interest rates have spooked everyone and yet they look at US stock markets on the verge of another bull market with talk of ‘hard landings’ receding. Spy has been in London this week, enjoying several Campari and soda.
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