26 days ago
Space Exploration Technologies Corp. (NASDAQ:SPCX) is reportedly planning to raise $40 billion in bank loans and investment-grade debt, led by Apollo Global Management (NYSE:APO) , to buy Nvidia Corp. (NASDAQ:NVDA) chips.
The Elon Musk-led company is looking to raise about $10 billion in bank loans and $30 billion in investment-grade debt for the chip order, Reuters News reported, citing the Financial Times.
Apollo is expected to lead the deal and help place the debt with a broad range of investors, with Pimco among a small group of lenders in talks to provide financing, the newspaper reported citing people familiar with the matter.
The transaction is expected to close in 2027.
SpaceX, Apollo, and Nvidia did not immediately respond to Benzinga's request for comment, while Pimco declined to comment.
#NASDAQ #NVIDIA
The Elon Musk-led company is looking to raise about $10 billion in bank loans and $30 billion in investment-grade debt for the chip order, Reuters News reported, citing the Financial Times.
Apollo is expected to lead the deal and help place the debt with a broad range of investors, with Pimco among a small group of lenders in talks to provide financing, the newspaper reported citing people familiar with the matter.
The transaction is expected to close in 2027.
SpaceX, Apollo, and Nvidia did not immediately respond to Benzinga's request for comment, while Pimco declined to comment.
#NASDAQ #NVIDIA
27 days ago
Even famed "bond king" Bill Gross is warning investors about the risks of owning longer-term bonds, arguing that excessive debt and current macroeconomic conditions have made them increasingly risky. But his recommendation comes with one important exception.
In a Sept. 30 op-ed for the Financial Times, Gross, who co-founded ***** et management giant Pacific Investment Management Company (PIMCO), put it bluntly: "Don't own bonds."
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 reasons why retirees can't afford to waste time
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
#gross #bill #bonds
In a Sept. 30 op-ed for the Financial Times, Gross, who co-founded ***** et management giant Pacific Investment Management Company (PIMCO), put it bluntly: "Don't own bonds."
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 reasons why retirees can't afford to waste time
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
#gross #bill #bonds
2 months ago
All eyes are on the Fed with another higher than expected reading for core inflation. Jeff Klingelhofer, CFA, Managing Director, Portfolio Manager & Senior Research **** yst, Securitized **** ets at Aristotle Pacific, talks with host Brad Roth on this episode of Behind the Ticker about why the new Fed Chair stepping into an environment of high inflation matters for investors and bonds, and what that means for how the firm is positioning their strategies that include three new ETFs, the Aristotle Core Plus Income ETF (ARCP), the Aristotle Multi-Sector Income ETF (ARMS), and the Aristotle Short Term Income ETF (SDUR).
You can also watch this conversation here or on our YouTube, as well as find it on any of your preferred podcast streaming platforms.
A non-traditional path to fixed income: Jeff Klingelhofer started at PIMCO, moved through Tokyo and London, then took an unexpected detour into a five-person hedge fund during his Chicago MBA. That experience shaped his career trajectory, from building Thornburg's taxable fixed income desk from scratch to joining Aristotle Pacific in 2024.
The relative value philosophy: Instead of chasing yield by taking more risk within a single **** et class, Klingelhofer compares opportunities across all of fixed income, including corporates, ABS, CLOs, bank loans, and more. His go-to example: in 2020, an American Airlines corporate bond and its aircraft-backed EETC priced identically, but a month later one traded at 27 cents on the dollar while the other held at 65 cent, proof that siloed desks miss cross-market mispricing.
Three ETFs, one philosophy: Aristotle Pacific's new suite of SDUR (short-term income), ARCP (core plus), and ARMS (multi-sector income) applies this relative value lens across the risk spectrum, each targeting a different level of duration and credit exposure. All three aim to outperform passive benchmarks through active security selection rather than added risk.
#jeff #etfs
You can also watch this conversation here or on our YouTube, as well as find it on any of your preferred podcast streaming platforms.
A non-traditional path to fixed income: Jeff Klingelhofer started at PIMCO, moved through Tokyo and London, then took an unexpected detour into a five-person hedge fund during his Chicago MBA. That experience shaped his career trajectory, from building Thornburg's taxable fixed income desk from scratch to joining Aristotle Pacific in 2024.
The relative value philosophy: Instead of chasing yield by taking more risk within a single **** et class, Klingelhofer compares opportunities across all of fixed income, including corporates, ABS, CLOs, bank loans, and more. His go-to example: in 2020, an American Airlines corporate bond and its aircraft-backed EETC priced identically, but a month later one traded at 27 cents on the dollar while the other held at 65 cent, proof that siloed desks miss cross-market mispricing.
Three ETFs, one philosophy: Aristotle Pacific's new suite of SDUR (short-term income), ARCP (core plus), and ARMS (multi-sector income) applies this relative value lens across the risk spectrum, each targeting a different level of duration and credit exposure. All three aim to outperform passive benchmarks through active security selection rather than added risk.
#jeff #etfs
2 months ago
Jeff Klingelhofer, CFA, Managing Director, Portfolio Manager & Senior Research **** yst, Securitized **** ets at Aristotle Pacific didn't set out to be a bond guy but a launchpad at PIMCO, stops in Tokyo and London, and a Chicago MBA detour into a scrappy five-person hedge fund rewired how he thinks about fixed income. The internship stuck, with Klingelhofer building out Thornburg's taxable fixed income desk from employee #3 to Head of Investments, before joining Aristotle Pacific in 2024. The firm is a 15-year-old franchise (formerly Pacific **** et Management) now running roughly $16 billion and, as of July 30, three brand-new ETFs: the Aristotle Core Plus Income ETF (ARCP), the Aristotle Multi-Sector Income ETF (ARMS), and the Aristotle Short Term Income ETF (SDUR).
The pitch isn't about taking on more risk to boost returns but about capturing returns with minimal risk, and that means shopping across every fixed income silo instead of hunting inside one. Klingelhofer gives the example of February 2020, when American Airlines' corporate bond and its aircraft-backed EETC both priced at 3.75% with the same issuer, same tenor, same yield. A month later, COVID hit and the corporate bond cratered to 27 cents on the dollar while the EETC held at 65 cents. Same company, wildly different outcomes because Wall Street desks looked at each instrument in isolation instead of comparing across the capital stack. That's the whole Aristotle Pacific thesis, and it's why he sees the same mispricing setting up today in data center financing.
The three funds slot into that framework by risk level, with SDUR as a low-duration, active-credit alternative to cash, ARCP as a core-bond upgrade aiming to beat the Agg by 100-150bps, and ARMS as the full relative-value expression targeting 250bps over a cycle with real flexibility to shift credit quality. Macro-wise, Klingelhofer thinks the market is underestimating new Fed Chair Warsh, who, unlike his predecessor, inherits a purely high-inflation world with no disinflationary tailwind. It means the firm is positioning the funds slightly long duration as a hedge against credit risk elsewhere in the book. His closing advice to advisors was a cautionary and practical one, that they shouldn't expect Aristotle to work in every environment (no fund does), and to pair its bottom-up process with top-down managers like PIMCO so the two zig and zag differently throughout market cycles.
To learn more about Aristotle Pacific, go here, or you can learn more about their new ETFs here.
#pacific #same #fixed
The pitch isn't about taking on more risk to boost returns but about capturing returns with minimal risk, and that means shopping across every fixed income silo instead of hunting inside one. Klingelhofer gives the example of February 2020, when American Airlines' corporate bond and its aircraft-backed EETC both priced at 3.75% with the same issuer, same tenor, same yield. A month later, COVID hit and the corporate bond cratered to 27 cents on the dollar while the EETC held at 65 cents. Same company, wildly different outcomes because Wall Street desks looked at each instrument in isolation instead of comparing across the capital stack. That's the whole Aristotle Pacific thesis, and it's why he sees the same mispricing setting up today in data center financing.
The three funds slot into that framework by risk level, with SDUR as a low-duration, active-credit alternative to cash, ARCP as a core-bond upgrade aiming to beat the Agg by 100-150bps, and ARMS as the full relative-value expression targeting 250bps over a cycle with real flexibility to shift credit quality. Macro-wise, Klingelhofer thinks the market is underestimating new Fed Chair Warsh, who, unlike his predecessor, inherits a purely high-inflation world with no disinflationary tailwind. It means the firm is positioning the funds slightly long duration as a hedge against credit risk elsewhere in the book. His closing advice to advisors was a cautionary and practical one, that they shouldn't expect Aristotle to work in every environment (no fund does), and to pair its bottom-up process with top-down managers like PIMCO so the two zig and zag differently throughout market cycles.
To learn more about Aristotle Pacific, go here, or you can learn more about their new ETFs here.
#pacific #same #fixed
2 months ago
On August 4, Hamilton Lane (NASDAQ:HLNE) posted a first fiscal quarter that showed just how far the private markets manager has scaled. Revenue jumped 56% year over year to $275.3 million, fee-related earnings climbed 49% to $124.5 million, and the firm's total ******* et footprint pushed past $1.1 trillion. That kind of quarter would normally be the whole story. Instead, it came wrapped around three separate balance sheet payouts and a candid admission that client flows have gotten choppier than the headline numbers suggest.
Hamilton Lane's specialized funds are doing the heavy lifting. Fee-earning ******* ets under management in that category grew 25% year over year to $42.6 billion, and that mix shift toward higher-fee products pushed the blended fee rate up to 69 basis points. Management and advisory fees rose 21% to $161.4 million, and FRE margin expanded to 53% from 51% a year earlier, a sign the extra revenue is reaching the bottom line rather than getting absorbed by costs.
The Evergreen platform, Hamilton Lane's semi-liquid product line built for individual and smaller institutional investors, generated $640 million of net inflows and ended the quarter with $19 billion in ******* ets. Ten of twelve funds took in net new money, and none of them needed to gate redemptions even as the broader alternatives industry has wrestled with liquidity questions. The company also added six senior Evergreen sales professionals poached from Fidelity, BlackRock, PIMCO, JPMorgan, Morgan Stanley and Monroe Capital, and just landed its multi-strategy equity fund on a third wirehouse platform.
Fundraising on the closed-end side was equally strong. The sixth direct equity fund closed at $3.8 billion combined, 57% larger than its predecessor, while the seventh secondary fund and second venture fund each held first closes, at $1.3 billion and $370 million. On top of that, Hamilton Lane is set to book roughly $33 million in combined gains from monetizing its stakes in Russell Investments and Canoe, on top of a newly public stake in Securitize.
Not every part of the story is clean. Hamilton Lane's non-US multi-strategy equity fund swung to net outflows for the quarter, and management pointed to a broader hesitancy taking hold. Co-CEO Erik Hirsch acknowledged "a slowdown in flows on certain products and the general hesitancy with investors," a rare moment of candor from a company that otherwise leaned on strong numbers.
#fund #lane
Hamilton Lane's specialized funds are doing the heavy lifting. Fee-earning ******* ets under management in that category grew 25% year over year to $42.6 billion, and that mix shift toward higher-fee products pushed the blended fee rate up to 69 basis points. Management and advisory fees rose 21% to $161.4 million, and FRE margin expanded to 53% from 51% a year earlier, a sign the extra revenue is reaching the bottom line rather than getting absorbed by costs.
The Evergreen platform, Hamilton Lane's semi-liquid product line built for individual and smaller institutional investors, generated $640 million of net inflows and ended the quarter with $19 billion in ******* ets. Ten of twelve funds took in net new money, and none of them needed to gate redemptions even as the broader alternatives industry has wrestled with liquidity questions. The company also added six senior Evergreen sales professionals poached from Fidelity, BlackRock, PIMCO, JPMorgan, Morgan Stanley and Monroe Capital, and just landed its multi-strategy equity fund on a third wirehouse platform.
Fundraising on the closed-end side was equally strong. The sixth direct equity fund closed at $3.8 billion combined, 57% larger than its predecessor, while the seventh secondary fund and second venture fund each held first closes, at $1.3 billion and $370 million. On top of that, Hamilton Lane is set to book roughly $33 million in combined gains from monetizing its stakes in Russell Investments and Canoe, on top of a newly public stake in Securitize.
Not every part of the story is clean. Hamilton Lane's non-US multi-strategy equity fund swung to net outflows for the quarter, and management pointed to a broader hesitancy taking hold. Co-CEO Erik Hirsch acknowledged "a slowdown in flows on certain products and the general hesitancy with investors," a rare moment of candor from a company that otherwise leaned on strong numbers.
#fund #lane
2 months ago
For economist Mohamed El-Erian, sky-high interest rates on U.S. bonds are the harbinger of an even greater affordability crisis.
"This is no ordinary bond-market sell-off," El-Erian announced in his latest opinion piece for The New York Times. The former PIMCO CEO argued that, if selling pressure on bonds continues, "it could mark the beginning of a structural economic shift more enduring and more globally consequential than most previous episodes of market volatility."
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes
#erian #mohamed #york #pimco
"This is no ordinary bond-market sell-off," El-Erian announced in his latest opinion piece for The New York Times. The former PIMCO CEO argued that, if selling pressure on bonds continues, "it could mark the beginning of a structural economic shift more enduring and more globally consequential than most previous episodes of market volatility."
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes
#erian #mohamed #york #pimco
2 months ago
For economist Mohamed El-Erian, sky-high interest rates on U.S. bonds are the harbinger of an even greater affordability crisis.
"This is no ordinary bond-market sell-off," El-Erian announced in his latest opinion piece for The New York Times. The former PIMCO CEO argued that, if selling pressure on bonds continues, "it could mark the beginning of a structural economic shift more enduring and more globally consequential than most previous episodes of market volatility."
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes
#erian #mohamed #pimco
"This is no ordinary bond-market sell-off," El-Erian announced in his latest opinion piece for The New York Times. The former PIMCO CEO argued that, if selling pressure on bonds continues, "it could mark the beginning of a structural economic shift more enduring and more globally consequential than most previous episodes of market volatility."
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes
#erian #mohamed #pimco
4 months ago
Jamie ****** , a managing partner at Harris Financial Group in Richmond, Virginia (with $1.3 billion in ****** ets under management), had a visceral reaction to the June jobs number from the U.S. Bureau of Labor Statistics: "These data are misleading and should be disregarded," he said in an email to Fortune. "There is zero chance leisure and hospitality posts a negative print in the midst of the World Cup. Revisions higher in the next few months are coming."
He's not alone.
Increasingly, ****** ysts and economists at major banks and financial institutions are saying they don't believe the numbers. Partly, this is a routine function of the way in which the U.S. government collects economic stats. It takes time to gather all the survey data needed to describe hiring (nonfarm payrolls, in the official lingo), and the BLS publishes a series of revisions to its numbers as the months go by.
So not believing the initial figure is par for the course. The numbers will always be revised later as straggling data sets and survey responses trickle in. This chart from Pantheon Macroeconomics shows the scale of the revisions over time—usually downward:
But this time, there was a number in the jobs data that, on its face, stands out as being implausible: The leisure and hospitality sector lost 61,000 jobs in June, the BLS reported, even though the U.S. is hosting the single largest sporting event on the planet—the World Cup.
Is it really likely that dozens of soccer matches, followed by hundreds of thousands of domestic fans and foreign tourists, somehow resulted in fewer people being employed in hotels, bars, and restaurants?
Pimco economist Tiffany Wilding said the sector "was actually expected to benefit from World Cup hiring."
RSM Chief Economist Joe Brusuelas said in an email that the report should be taken "with a grain of salt." "Expect an upward revision to the top-line June estimate when the July data is released," he said.
There is good evidence that the World Cup has juiced economic activity recently. This chart from Bank of America shows card spending was up 5.4% year-on-year over the group stage of the cup. "The boost is being particularly driven by 'non-locals' coming into the cities for the matches, whose spending was up 17.4%," BofA Institute's Liz Everett Krisberg and David Tinsley said in an email.
He's not alone.
Increasingly, ****** ysts and economists at major banks and financial institutions are saying they don't believe the numbers. Partly, this is a routine function of the way in which the U.S. government collects economic stats. It takes time to gather all the survey data needed to describe hiring (nonfarm payrolls, in the official lingo), and the BLS publishes a series of revisions to its numbers as the months go by.
So not believing the initial figure is par for the course. The numbers will always be revised later as straggling data sets and survey responses trickle in. This chart from Pantheon Macroeconomics shows the scale of the revisions over time—usually downward:
But this time, there was a number in the jobs data that, on its face, stands out as being implausible: The leisure and hospitality sector lost 61,000 jobs in June, the BLS reported, even though the U.S. is hosting the single largest sporting event on the planet—the World Cup.
Is it really likely that dozens of soccer matches, followed by hundreds of thousands of domestic fans and foreign tourists, somehow resulted in fewer people being employed in hotels, bars, and restaurants?
Pimco economist Tiffany Wilding said the sector "was actually expected to benefit from World Cup hiring."
RSM Chief Economist Joe Brusuelas said in an email that the report should be taken "with a grain of salt." "Expect an upward revision to the top-line June estimate when the July data is released," he said.
There is good evidence that the World Cup has juiced economic activity recently. This chart from Bank of America shows card spending was up 5.4% year-on-year over the group stage of the cup. "The boost is being particularly driven by 'non-locals' coming into the cities for the matches, whose spending was up 17.4%," BofA Institute's Liz Everett Krisberg and David Tinsley said in an email.
