BeBeez Trading Floor roundup with eToro support about the performances of private capital firms listed on global exchanges.
The moderately restrictive and cautious stance of the Fed and the ECB led traders to raise doubts about the effectiveness as well as the medium and long-term sustainability of the US tech giants’ massive investments in digital infrastructure and data centres.
In other words, investors are beginning to wonder when the hundreds of billions of dollars invested and often borrowed (with bonds issued for this purpose totalling 500 billion) will start to translate into profit margins. Upward trend in interest rates that inevitably lengthen the payback period fuel further such an uncertainty. The sell-off affected virtually all stocks of US listed private capital managers that heavily funded the sector with equity or debt.
European fund managers allocated more resources to traditional value sectors that generate cash flow, which now appear to be at the top of investors’ lists. This benefited Brussels-listed Sofina (+5% – of which the Boël Family has 54.6%) who also accelerated its share buyback programme, injecting liquidity into the share and conveying optimism about its prospects. Another contributing factor is the significant gap – around 20% – between the share price, at 259 euros, and the net asset value (NAV) per share, at 326.5.
Rising interest rates and economic growth in the US, which nevertheless remains solid, favoured the BDCs like NYSE-listed BlackRock TCP (+3.8%) which also has a leaner balance sheet and is less exposed to specific risks following the sale of over 500 million in loans to third-party investors in August 2026 (press release).
In 1H26, Paris-listed Wendel (+3.8%), the former investment holding of the eponymous family, posted a 46% growth in its fees revenues after its expansion in asset management on behalf of third parties that reducing the firm’s sensitivity to the traditional economic cycle.
Milan-listed Tamburi Investment Partners (TIP, +3.3%) might be grateful to Warren Buffett’s NYSE-listed Berkshire Hathaway for having invested 330 million US Dollars in new issued shares of Nasdaq-listed Bending Spoons (Luca Ferrari ceo) whose stock rose by 44% for an above 32 billion US Dollars. TIP’s 2.5% of Bending Spoon is worth 30% of the firm’s Nav.
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