BeBeez roundup with eToro support about the performances of private capital firms listed on global exchanges.
In the second half of April 2025, the private capital stocks that BeBeez and eToro monitor for Trading Floor performed generally well. However, 18 stocks went down in the month’s last week while only one firm recorded a negative performance between 21 and 25, Monday and Friday, April (see here a previous post by BeBeez).
Tensions and fears about short-term real economic developments in the US and the rest of the world have eased. However, growing doubts persist about what might happen over the summer if Donald Trump’s administration decides to go ahead with its belligerent trade programmes towards China. What the markets fear above all is what they say is a somewhat over-optimistic attitude on the part of the tycoon’s entourage, which tends to play down the repercussions on the economy, especially in terms of inflation.
US companies are currently reducing their inventories, but there is still a strong uncertainty about what will happen when production cycles fully resume, and what the tariff regime will be at that time. The risk of momentary stagflation is real, and the Federal Reserve may not cut rates (a key driver for private capital stocks) also if current Chairman Jerome Powell resigns.
NYSE-listed Hamilton Lane (+8.3%) had a soaring performance as it benefited from strong hedging in the last few days of last week, after the weight of securities sold short on the total float rose to 11% at the end of the previous eighth week. The firm’s market capitalization also attracted the interest of investors for its strong position in the secondary private equity market, an asset class inherently less risky than primary private equity.
NYSE-listed Ares Commercial Real Estate (+8.1%) recouped the month’s losses thanks to the Fed’s fading septation of interest rate cuts and its exposure to the non-housing construction financing that has not a direct linkto industrial production trends and thus to tariffs.
Traders awarded the NYSE-listed Brookfield Infrastructure Partners (+7.2%) with the bronze medal given its solid business and in light of the appointment as Prime Minister of Canada of Mark Carney, the former head of the Bank of England and of Brookfield.
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