Music references have become a staple of these letters. When we reflect on the prior quarter, a song title, lyric, or tone often captures our message. As we began drafting the third-quarter review, something unexpected happened: we found an entire album side whose sequence provides a clear framework...
The Solactive Hilton Capital BDC Corporate Bond TR Index (the “Index”)1 completed its most recent quarterly rebalance at the end of August, and with it came several new entrants. Each addition expands the reach of the index and reflects the growing importance of business development companies (BDCs)...
The myth: the only way to play the AI theme is through the megacaps tech stocks like Microsoft and Nvidia. The reality: No doubt there are a handful of mega-caps that benefit directly from the development and implementation of AI technologies. But from an investment perspective, we believe that the ...
Traditionally, the high-yield potential of private credit has been locked behind complex structures, limited liquidity, and opaque pricing. The newly launched Hilton BDC Corporate Bond ETF (HBDC) breaks that barrier—offering access to a powerful corner of the credit market that was once out of reach...
The second quarter of 2025 was defined by a tug-of-war between mounting macro uncertainty and the still-ample cash balances of global allocators. For dividend-oriented investors, the set-up proved fertile: defensive cash-flow franchises were re-rated higher while quality cyclical exposures with true...
Stocks opened the second quarter with a precipitous drop but quickly regained their footing and staged an impressive recovery over the remainder of the period. The downturn began during the first quarter, as markets started to price in the anticipated effects of “Liberation Day” and the various chal...
The second quarter delivered a two-act drama: (1) early-April tariff angst that briefly rewarded our defensive posture; followed by (2) a decisive risk-on rotation once the narrative switched towards the One Big Beautiful Bill Act and the Administration’s average tariff rate of ~10 %, well below the...
Explore Active ETFs: Learn what differentiates them from other ETFs and why they're becoming increasingly attractive to today's investors.
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