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cover of episode Talk Your Book: How Private Credit Works

Talk Your Book: How Private Credit Works

2025/3/17
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Animal Spirits Podcast

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Phil Bauer: 我认为私募信贷的成功主要源于以下几个方面:首先,它在过去15到20年里取得了良好的业绩,为投资者带来了超过高收益债券和银行贷款市场的3%到4%的额外收益。其次,近年来涌现出多种类型的私募信贷基金,例如区间基金和非上市BDC,使得更多投资者能够参与其中。最后,2022年股票和债券市场的剧烈波动也促使投资者寻求更稳定的投资选择,私募信贷因此成为一个热门选择。 私募信贷并非新事物,它只是将银行贷款转移到了其他机构。由于监管机构对银行风险的管控日益严格,银行在中小企业贷款和私募股权收购融资方面逐渐减少参与,这为私募信贷提供了新的发展空间。 直接贷款是私募信贷的重要组成部分,它允许企业直接从贷款机构获得资金,避免了银行中介带来的不确定性。我们通过与Axia合作,共同投资于各种私募信贷项目,从而构建多元化的投资组合。 直接贷款的投资对象和规模会根据市场环境变化而调整。在2022年和2023年,美联储加息导致银行贷款市场萎缩,许多大型企业也转向直接贷款寻求融资。但目前,银行贷款市场正在复苏,我们正将重点转向下游市场,即规模较小的公司和非私募股权支持的企业。 私募信贷的风险在于信用风险,但较低的杠杆率和较高的股权占比可以降低风险。此外,私募信贷的非强制性出售机制使其能够更好地应对经济下行。 投资者可以通过选择开放式架构的私募信贷基金来分散风险。区间基金与共同基金的区别在于其流动性,区间基金只在季度末提供有限的赎回,这限制了投资者在市场波动时大规模抛售,从而保护了基金的价值。 该基金的盈利模式是收取管理费,而非业绩分成,这降低了投资成本。基金的收益率是扣除费用后的净收益率,其高收益率主要源于较高的利差和适度的基金杠杆。 基金的良好表现部分归功于其在合适的时机成立,避开了利率上升前的贷款。基金的每日定价基于银行贷款市场和公开BDC的回归模型,其结构能够应对市场波动和赎回压力。 私募信贷的波动性远低于高收益债券和银行贷款,其风险主要在于信用风险,而非市场波动。 该基金的投资组合高度多元化,降低了单一行业风险。专业金融是指针对特定资产池进行贷款,并拥有资产所有权。未来几年,商业房地产债务将是一个巨大的投资机会,因为区域银行的退出留下了巨大的市场空白。 Michael Batnick: (无核心论述) Ben Carlson: (无核心论述)

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On this episode of Animal Spirits: Talk Your Book, Michael Batnick) and Ben Carlson) are joined by Phil Bauer, SVP and Portfolio Specialist at Calamos Investments) to discuss how private credit differs from high yield, intricacies around specialty finance lending, opportunities in commercial real estate lending, and much more!

Find complete show notes on our blogs...

Ben Carlson’s A Wealth of Common Sense)

Michael Batnick’s The Irrelevant Investor)

Feel free to shoot us an email at [email protected]) with any feedback, questions, recommendations, or ideas for future topics of conversation.

 

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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:

https://ritholtzwealth.com/podcast-youtube-disclosures/)

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