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Surging Oil ETFs Get Extra Boost From Backwardation “Those gains are ahead of the roughly 66% and 64% increases in front-month WTI and Brent crude oil futures, respectively. And if the supply situation remains tenuous, the ETFs could continue to outperform futures. That’s because returns for these funds depend not only on the direction of oil prices, but also on the shape of the futures curve.” (ETF.com)

Wells Fargo Revamps SMA Manager List “The wirehouse added approximately 93 new third-party SMA strategies and removed 20 from its UMA since April 2024, according to a comparison of its most recent manager list published last month. Of the new strategies, about 69 landed on Wells Fargo's recommended product list for advisors.” (FundFire)

A Multi-Asset Playbook for Geopolitical Shocks and Oil Supply Disruption “We examined five events: the Second Lebanon War (2006), NATO intervention in Libya (2011), the start of the Russia-Ukraine war (2022), the conflict in Gaza (2023) and the recent strikes on Iran (2026-). At the one-day and five-day horizons, the pattern across Middle East events is consistent. Equities sell off, particularly in emerging markets (EM) and developed markets (DM) outside the U.S. (World ex-USA), while the U.S. holds its ground. By one month, most of the damage dissipates.” (MSCI)

Why Advisors Are Doubling Down on Munis, High-Quality Bonds Right Now “Going out further on muni-bond yield curve makes sense as a steepening curve allows advisors to lock in yields and benefit from roll-down, he adds. ‘That yield story is a really powerful one, and that yield-curve steepness story is really important,’ he said.” (The Daily Upside*)

2 Cautionary Tales From Private Equity and Private Credit Markets “SpaceX has the telltale signs of a unicorn. It has bright fundamental prospects and looks like it’s growing by various estimates. However, Ptak says, investors need to be careful what they wish for and sweat the details.” (Morningstar)

Private Credit Funds Face Rising Redemption Requests as Cliffwater Caps Withdrawals “The $1.8 trillion private credit market is facing growing pressure on liquidity structures as withdrawal requests increase across the alternative investment industry. In the latest sign of mounting investor pressure, Cliffwater LLC has capped redemptions for its flagship private credit fund after facing one of the largest withdrawal attempts in the sector’s history.” (AltsWire)

Ares Convenes Town Hall to Reassure Staff amid Private Credit Market Concerns “Earlier this month, Arougheti said concerns over defaults in the $1.8 private credit market were overblown. On Wednesday, he rebuked what he called ‘a narrative of outflows in wealth – which by the way, on an aggregated basis, we're not seeing.’” (FundFire)

Blue Owl Capital Corp II Board Rejects Below-NAV Tender Offer From Saba Capital, Cox Capital “The board of directors of Blue Owl Capital Corporation II has formally recommended that shareholders reject an unsolicited tender offer from Saba Capital Management and Cox Capital Partners, calling the bid inadequate and arguing it would deprive investors of a near-term capital distribution and future portfolio returns. OBDC II is a non-traded business development company focused on lending to U.S. middle-market companies.” (AltsWire)

Target-Date Funds Continue Their Rapid Rise “Target-date collective investment trusts surpassed mutual funds as the dominant vehicle in 2024, and the trend continued in 2025. By year-end, CITs held 54% of total target-date assets, up from 52% the prior year, fueled by lower costs and greater flexibility in large retirement plans.” (Morningstar)

Franklin Templeton Taps Private Credit, Real Estate for Retirement Portfolios “Franklin Templeton is expanding its target-date franchise with a new Retirement Advantage Plus lineup that, for the first time, integrates private market investments directly into workplace retirement plans” (ConnectMoney)

Iran's Data Center Drone Strikes Preview Peril Ahead For Big Tech “Data centers are becoming priority targets in wartime: critical infrastructure whose destruction can be debilitating to both a country’s economy and military capabilities.” (Bisnow)