Newsletter: 2024, Saving Private Assets?

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– Thursday 29 February 2024 –
2024, Saving Private Assets? Private Assets Quarterly Insights for institutional investors What is the impact of the current tightening monetary policy environment and lack of liquidity on late-stage companies new deal flow? What was its impact on exits and firm’s runway? What’s coming next for Private Assets Markets? How to paint a more complete picture of today’s investment landscape, and provide a better sense of where markets may be heading? How late-stage VC backed companies performed in 2023 compared to public companies? How their valuations and growth evolved? In this newsletter dedicated to private assets, we take a deep dive into late-stage VC backed companies thanks to Morningstar PitchBook Global Unicorn Index series insights.

Marlene Hassine Konqui	Ahmed Khelifa, CFA
Expert in portfolio construction Co-head of the SFAF ETF commission Associate Director General BSD Investing	Asset allocator Co-Head of the SFAF ETF commission CEO L’allocataire

	2024: Saving private Assets
	The explosive growth of private markets has been one of the most significant developments in capital markets in the last two decades. More money is being raised in private markets than in public markets each year. This trend may be challenged by the current high-interest rate environment and lack of liquidity. How late-stage VC backed companies performed in 2023 compared to public companies? How their valuations and growth evolved? In this article, we take a deep dive into late-stage VC backed companies’ segment and geography.

	Market Voice: Undertake the Private assets market analysis challenge by Morningstar Indexes
	Private market investing entails some noteworthy challenges. For instance, analyzing returns is problematic, owing to stale pricing that arises from relatively illiquid trading.The task is further complicated by the difficulty of calculating correlations between private and public asset returns. Also, volatility is a poor proxy for risk in PMs. Rebalancing is harder to implement than in public markets.Start-ups remaining in the private arena for longer periods may be convenient for entrepreneurs and profitable for venture capitalists, but it comes at a cost to investors and undermines the principle of equal access to information upon which robust securities markets are based. What’s coming next for Private Assets Markets? How to paint a more complete picture of today’s investment landscape, and provide a better sense of where markets may be heading? Underpinned by data from PitchBook, a leading provider of private-market data and research and an independent subsidiary of Morningstar, the Morningstar® PitchBook® Global Unicorn Indexes: “Harnessing Unicorns: Demystifying the venture capital market” provide insight into what’s happening just over the horizon of the public markets in the late-stage VC market.
	Market Voice: Tightening monetary policy environment and lack of liquidity impact on late-stage VC backed companies by Morningstar indexes
	In 2023, investors grappled with higher borrowing costs and heightened geopolitical risk. Late-stage venture-backed companies have encountered major obstacles as a result of decreased deal activity and a stagnant exit environment, both of which greatly impact valuation and performance. Businesses with limited cash reserves have struggled to secure additional funding. What is the impact of the current tightening monetary policy environment and lack of liquidity on late-stage companies new deal flow? What was its impact on exits and firms runway? The answers in this Unicorn Market Monitor: Q4 2023 wich provides a comprehensive overview of the late-stage VC market.
	BSD Investing & L’Allocataire model portfolio update
	Combining active & passive funds to build optimal portfolios
	Click here to discover the performances of our dynamic portfolio allocation. Our mixed approach between active and passive management on this profile has generated an outperformance of 4% compared to the MSCI ACWI index (world equities) in 2023), and is up 22.1% against 18.1% for world equities. It is factual proof that the combination of active and passive strategies is an under-exploited performance driver.


	LATEST NEWS Newsletter: Gold Q1 2024: rising above and beyond What will be Gold main market drivers? Will gold break the $2,000 resistance for good?What are WisdomTree’s gold price predictions? How has gold historically responded during periods of escalating indebtedness? How robust is the demand for gold from both institutional and retail sectors? In this newsletter, we will outline gold market drivers for 2024 and provide gold price predictions using WisdomTree’s forecast model to enable each investor to draw its conclusions in line with their macroeconomic scenario.

	/bsdinvesting.com/news/newsletter-the-crypto-comeback-q4-2023-quarterly-update-for-institutional-investors/”> LATEST NEWS Crypto Room: Crypto Comeback Quarterly update for institutional investors How have crypto-assets performed compared to other asset classses YTD? What’s the short-term technical outlook for cryptos? What’s behind concerns over Binance? What made the sentiment in the crypto market turn positive? Why macro matters and what are main crypto market drivers? We answer all these questions in this new macro dedicated newsletter.

	LATEST NEWS Newsletter Macro Realities: 2024 a leap in the dark Quarterly update for institutional investors What would be 2024 market drivers? Which risks to monitor and how to position portfolios in such a context? What worked in 2023, and what could work in 2024? Are Higher Interest Rates Necessarily Bad for Growth Stocks? Does Economic Growth and Recovery Always Boost Small Caps? In this newsletter, we discuss some of the forces at play in 2024 and give investment ideas in regard with different views.

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