Highlights from the week of September 5 – September 11, 2025.

Bond investing isn’t baseball—a swing and miss can lose money. It’s the difference between consistently good, not occasionally great, performance.

A strong finish to 2Q25 earnings and higher odds of a rate cut pushed markets higher this week.

A strong finish to 2Q25 earnings and higher odds of a rate cut pushed markets higher this week.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Estimating our current position in the business cycle is highly useful for asset allocation, as specific asset classes tend to perform differently depending on which stage of the cycle the economy is currently in. In situations like now when economic data can be conflicting, it’s helpful to look at the high yield spread as a proxy. Here’s what it says about the cycle, and what it could mean for your portfolio.

With cash yields continuing to decline, it could be time to consider shifting to a flexible, broadly diversified fixed income strategy.

U.S. equities, led by small caps, rose and bond yield fell across the curve this week.

Get the latest insights from our securitized credit desk.

Private equity secondary funds have a history of strong performance across various market conditions, suggesting that their success typically isn’t tied to market timing. Instead, it relies on control.