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Repeat default activity remains elevated in 2026, with ten of the twenty-nine default actions year to date involving repeat offenders (34%). This marks the fourth consecutive year where repeaters account for at least 30% of total distress events, following a record 41% in FY25. Since 2008, 20% of all default actions (233 of 1’165) have
Repeat Default Activity Hits Multi-Year Highs Read More »
Discover how hedge funds navigated the year. The Alpinum Hedge Fund Insight provides a concise review of the key hedge fund topics of 2026. The report highlights a market environment characterized by elevated dispersion and heightened volatility, creating a particularly attractive backdrop for active hedge fund managers and liquid alternative strategies. Unlike passive beta exposures,
Hedge Funds Review & Outlook 07/2026 Read More »
The European credit market continues to exhibit a positive rating migration trend, heavily skewed toward upgrades. Year-to-date, eleven rising stars (issuers whose credit ratings have been upgraded from high yield to investment grade), representing EUR 9.2 billion, crossed over into high grade. Conversely, only three companies suffered downgrades to fallen angels (issuers that lost their
European Credit Quality: Rising Stars Maintain Q2 Lead Read More »
Geopolitics remained central, as the Iran conflict and Strait of Hormuz disruption lifted energy, freight and inflation premia, before a preliminary US-Iran accord reduced tail risks. The US economy remained an inflationary expansion, with resilient nominal demand, slower growth, firm labour markets, renewed price pressure and Fed policy anchored in higher-for-longer. Europe weakened into a
Q3 2026 – Quarterly Investment Letter Read More »
While broader investor sentiment remains constructive and overall junk spreads hover near historically low levels, fears of a stagflation shock from the Middle East conflict are souring sentiment toward the weakest global corporate borrowers, many of which binged on cheap debt during the era of ultra-low interest rates. Consequently, high yield investors now require about
Growing Divergence Across High Yield Spreads Read More »
Geopolitische Machtverschiebungen sowie die disruptive Kraft der KI fordern die Finanzmärkte heraus. Reto Ineichen, CIO von Alpinum IM, erklärt im Interview mit der FuW, welche Entwicklungen derzeit die globalen Finanzmärkte dominieren und weshalb «Liquid Alternatives» von diesem Umfeld profitieren.
The recent tightening reflects improving risk sentiment following the still fragile ceasefire and reduced geopolitical risk premium. If we look specifically at the most vulnerable tier of the high-yield market, the share of distressed high yield securities, defined as those with an OAS (Option-Adjusted Spread: the yield premium over risk-free rates accounting for embedded options)
Continued Compression in Distressed Ratios Read More »
Euro credit upgrades continue to dominate in early 2026, maintaining a 4:1 lead over downgrades. Following a strong 2025, where 20 “rising stars” (issuers upgraded from high-yield to investment-grade) outpaced 14 “fallen angels” (issuers downgraded to high-yield), four companies (Unicaja Banco, Abanca Corporación Bancaria, National Bank of Greece, and Autostrade per l’Italia) have already climbed
Euro Credit Resilience: Upgrades Outpace Downgrades Read More »
Märkte, die stärker auseinanderlaufen, belohnen aktives Management: Allein 2025 flossen rund USD 120 Mrd. neu in Hedgefonds – die stärksten Nettozuflüsse seit Jahren. Der Hintergrund: Geopolitische Verschiebungen, neue wirtschaftliche Machtverhältnisse und technologische Umbrüche – von künstlicher Intelligenz bis zur Energiewende – führen dazu, dass Gewinner und Verlierer heute klarer voneinander abzuheben sind als noch vor
Liquid Alternatives: Asien im Fokus | Tagesanzeiger Read More »
Im Interview mit der FuW erklärt Reto Ineichen, CIO von Alpinum IM, weshalb “Liquid Alternatives” ein Comeback feiern und wieso insbesondere Long-Short-Strategien in Asien attraktive Opportunitäten bieten. Lesen Sie das Interview in Deutsch hier: Interview FuW
Liquid Alternatives im Aufwind | FINANZundWIRTSCHAFT Read More »
