PRIV and Beyond - March 9th Update
Actually just PRIV and PRIV Accessories again because I'm at FutureProof
Hi folks!
Programming note:
I have the new file scraper built for my extended fund coverage but won’t be able to implement it until next week. I’m working at FutureProof today and tomorrow with ETF.com .
This week’s update will be concise and lacking the usual Datawrappers on assets because I’m very pressed for time. Expect a second update this week with a breakdown of FutureProof Citywide and hopefully some details on the new State Street IG Public & Private ABS ETF (PRAB).
Welcome to the March 9th update for PRIV and Beyond!
We’ll focus on PRSD/PRIV first and then a quick broad update.
Volumes, Flows, Assets
Bad news week for PRSD.
2 million shares redeemed. 1.35m on Tuesday and 650k on Thursday. That drops the AUM down to 75m. This might be some seed money heading out to prep for the PRAB launch this week. I’m not sure. Either way being back under 100m is not a positive sign for the fund. 2,142,300 total shares traded for the week.
PRIV had a pretty boring week. 90,300 shares traded with no creation or redemption.
PRSD sold off its NHPIF position due to the aforementioned outflows. They trimmed AP Chia, Grange, and Fides as well. Marks moved in concert with those changes which is good to see. This isn’t the first time we’ve seen a priority to sell/trim the non-Apollo assets (like NHPIF). They are more definitely more liquid but also for appearances. PRIV sold its entire NHPIF stake before touching anything else a few months back and they’ve never gone back to it. I’m guessing there is not only a mandate to take Apollo assets by preference but also that there are simply more Apollo deals that are viable for use now.
Other Funds & Macro
XOVR has been getting headlines for their refusal to actually engage or discuss their giant overhanging fruit of a position in SpaceX. Jeffrey Ptak along with Jason Zweig, Robin Wigglesworth and others have been justifiably raking ERShares over the coals for what appears to be an incredible level of fund mismanagement. I have already heard/discussed this at the kickoff party here at FutureProof.
I didn’t see any other flows that needed coverage for the new products but I’m going to have another update on Thursday or Friday for more macro discussion and hoping I’ll have the new front end humming along with live data!
If you’re at FutureProof Citywide. Come by the ETF.com ETF Beach House. I’ll be on site all day both days and even on a panel with Sumit Roy and Dave Nadig! I would love to chat all things ETFs and Beyond! Have a great Monday!
Unless otherwise noted all data comes from my app and the database it pulls from uses the public holdings files from State Street and Invesco (linked below) to generate insights and track product changes..
Volume data is public.
Available FINRA data for assets:
More of my latest work:
Your Private Credit ETF Crash Course - ETF.com
Private Credit ETFs 101: Business Development Companies - ETF.com
Have a great week!
Leave a comment/note/send me a message about my app/data and let me know what I can do better or just get rid of! No wrong answers.
Go read these people:
Dave Nadig : Nadig.com / ETF.com
Tony Dong : Linkedin / ETFCentral.com
Nicholas Phillips : Linkedin / ETFCentral.com
Jeff Ptak : Substack | Morningstar
Tematica Signals : Substack
Phil Bak : Substack
CovenantLite : Substack
Brent Sullivan : Substack
Leyla Kunimoto : Substack
The Kotok Report : Substack
also anyone I subscribe to on Substack. I actually do read them!
Thanks for reading.
I run an ETF consultancy and educate clients on potential market entry, product design, and content/marketing.
If you want to chat, please reach out to cmacwilliams@outerbeachc.com, connect with me on LinkedIn, or visit my website.
Disclosure: I own one share of PRIV, two shares of PRSD, one share of XOVR, and one share of RONB. None of this is investment advice and is presented solely for educational purposes.