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Miami Real Estate with Solid Fundamentals, No Bubbles

Miami consolidates its real estate strength. The real estate industry shows solid and sustained fundamentals, driven by the high proportion of cash buyers, limited inventory, ongoing migration to South Florida, and the steady interest of international investors, industry sources told Funds Society.

The city continues to strengthen its position as one of the most resilient and attractive real estate markets in the United States. The recent victory of Zohran Mamdani, elected as the new mayor of New York, would reinforce this role for Miami, which could receive new capital from high-net-worth individuals living in NYC who may opt for Miami’s more predictable fiscal and regulatory environment.

According to the latest available data, as of September 2025 from MIAMI REALTORS, 43% of transactions in Miami are conducted in cash — the highest proportion in the country — significantly reducing exposure to debt and reinforcing stability in the face of potential economic adjustments.

Total inventory in Miami-Dade (18,057) is 16.6% lower than the pre-pandemic inventory of September 2019 (21,624). This imbalance between supply and demand continues to push prices upward: over the past 13 years, single-family home prices have recorded only one monthly decline.

Meanwhile, Miami–Fort Lauderdale–West Palm Beach ranked third in the U.S. for growth in qualified jobs, according to Lightcast’s 2025 talent-attraction scorecard, fueling migration to South Florida. Added to this is the demographic impact of retiring baby boomers who are choosing the region as their destination.

Bubble or healthy expansion?

Although a recent UBS report placed Miami at the top of the global ranking for real estate bubble risk, the experts consulted argued that the price-to-income indicator does not reflect the reality of a market with a strong presence of international buyers and residents whose income originates in other states or countries.

Ana Bozovic, founder of Analytics Miami and member of the Miami Association of Realtors, noted that bubbles are fueled by debt, not by cash.

More than 70% of apartment sales above one million dollars this year were cash transactions, which has produced exceptionally high capital levels. Distressed sales account for barely 1% of the total. September 2025 was the best month of the year in year-over-year terms for Miami’s real estate market: total sales rose 5%; in the premium segment, transactions of properties valued at over one million dollars increased 20%, and total sales volume rose 11%.

Bozovic explained that UBS’s ratios do not fully reflect Miami’s unique profile: in reality, the city ranks last in price-to-income ratio and second in price-to-rent ratio among the cities included in the Swiss bank’s report.

“Is it really a bubble? I don’t think so,” J.C. de Ona, Regional President for Southeast Florida at Centennial Bank, told Funds Society. “I believe Miami has matured enormously and, looking ahead, it will continue on that path. It has always been very attractive for Latin America, and the luxury market will remain where it is. I also think that if interest rates fall, homebuilders will see an increase in their sales,” he added.

Alfredo Pujol, team leader at Compass Real Estate and a professional with 18 years of experience in Miami’s real estate industry, pointed out that residential market prices increased 110% from September 2015 to September of this year, and that “demand keeps growing, especially from Latin American investors, who represent 49% of the market.”

Pujol also noted that “the city has become a financial and tech hub, attracting businesses and jobs. Despite the demand, a potential 5–10% correction is expected; these are not bubble levels. Miami remains attractive to investors due to its business-friendly environment and investment opportunities.”

The expert emphasized that in Miami “all business is moving here; all the big companies are relocating their employees to Florida. Miami is no longer just a vacation destination.”

A recent report from JP Morgan Private Bank titled “Shortage in Supply: Understanding the Housing Market” estimates that the accumulated housing shortage in the U.S. is roughly 2.8 million units and that it could take nearly 10 years to reduce it.

The study concludes that as long as this shortage persists, prices will remain elevated, even if demand moderates. For investors, the rental segment (housing for lease) appears as an attractive opportunity in the face of a challenging purchase environment.

Michael Burry, Famous for the Film The Big Short, Shuts Down the Hedge Fund Scion Asset Management

| By Amaya Uriarte | 0 Comentarios

Michael Burry, the investor known for his accurate bets against the U.S. housing market in 2008, has deregistered his hedge fund, Scion Asset Management, from the records of the U.S. Securities and Exchange Commission (SEC). The U.S. market regulator’s database listed Scion’s registration status as “cancelled” as of November 10. The deregistration would mean that the fund is no longer required to file reports with the regulator or any state, according to Reuters.

Scion’s bets, which managed $155 million in assets as of March, have long been analyzed by investors as indicators of potential impending bubbles and signs of market froth. Investment funds managing more than $100 million in capital are required to register with the SEC.

Burry is said to have written a letter to the fund’s investors, which was circulated via the social network X (formerly Twitter), in which he announced “with a heavy heart” the fund’s liquidation and the return of capital to investors by the end of the year. “My estimation of stock values is not now, nor has it been for some time, in tune with the market,” the letter reads.

A few days earlier, Burry wrote on his X profile: “On to much better things on November 25.” Burry, who appeared in the well-known book and film The Big Short, has in recent weeks intensified his criticism of tech giants, including Nvidia and Palantir Technologies, questioning the rise of cloud infrastructure and accusing major providers of using aggressive accounting to inflate profits from their massive hardware investments.

In his post on X, Burry stated that he had spent around $9.2 million on the purchase of approximately 50,000 put options on Palantir, noting that the options would allow him to sell the shares at $50 each in 2027. Put options grant the right to sell shares at a predetermined price in the future and are typically purchased to express a bearish or defensive outlook. Palantir shares were trading at $178.29 on Thursday, giving the company a market value of $422.36 billion.

Bearish Positions on Artificial Intelligence

Last month, Burry posted an image of his character from The Big Short and warned about bubbles, saying that “sometimes, the only winning move is not to play.” In his criticism of tech firms, Burry argues that as companies like Microsoft, Google, Oracle, and Meta invest billions of dollars in Nvidia chips and servers, they are also quietly extending depreciation schedules to make earnings appear smoother. To such an extent that, by his estimates, between 2026 and 2028, these accounting decisions could understate depreciation by around $176 billion, inflating reported profits across the sector.

His X profile, titled Cassandra Unchained, is seen as a nod to the Greek mythological figure cursed by Apollo to utter true prophecies that no one would believe.

The appreciation in shares of companies related to artificial intelligence has accounted for 75% of the S&P 500 index’s performance since November 2022, when OpenAI launched ChatGPT, according to a September analysis by JP Morgan Asset Management.

Scion, Burry’s firm, ended last year holding positions in American Coastal, Bruker, Canada Goose, HCA Healthcare, Magnera, Molina Healthcare, Oscar Health, and VF Corp, but the firm exited those positions earlier this year. During the quarter ending June 30, Scion Asset Management took a more optimistic stance on companies across different sectors and geographies, after previously betting against Chinese companies when President Donald Trump’s administration was considering the imposition of tariffs.

Challenges for Short Sellers

Burry, who founded Scion Asset Management in 2013, joins a group of high-profile investors navigating a market that has become increasingly hostile to bearish views in recent years, fueled by unrestrained optimism surrounding technology and strong interest from retail investors.

In this context, Hindenburg Research shut down earlier this year after a series of high-profile calls, including bets against Indian conglomerate Adani Group and U.S. electric truck maker Nikola.

Veteran short seller Jim Chanos, known for his bets against energy firm Enron months before its collapse, has also clashed with Michael Saylor’s bitcoin-focused company, Strategy. Chanos argued that Strategy’s valuation premium was unjustified—a criticism that prompted a sharp response from Saylor.

Insigneo Attracts Founding Member of $6 Billion Raymond James Team

| By Amaya Uriarte | 0 Comentarios

Insigneo, a leading international wealth management firm, welcomes The Americas
Financial Group, a newly formed team led by José Cabrera Sr., alongside José Cabrera
Jr. and Kristina Cabrera. The launch of their independent venture under Insigneo’s
platform marks a key move in the international wealth management landscape,
following their recent separation from The Americas Group of Raymond James.
With more than 30 years of experience advising ultra-high-net-worth individuals and
institutions across the English-speaking Caribbean region, the team has built a legacy
of trust, integrity, and deep client relationships. Prior to Raymond James, the trio built
their careers at other industry-leading firms such as Smith Barney and Morgan Stanley.
“This move represents both a continuation and a transformation of our legacy,” said
José Cabrera Sr., new Managing Director and Founder of The Americas Financial
Group at Insigneo. “We are excited to embark on this new chapter and look forward to
deepening our client relationships through Insigneo’s global capabilities and
comprehensive platform”, added José Cabrera Jr., now Executive Director at Insigneo.
They will leverage Insigneo’s robust infrastructure and its custodial relationships with
BNY Pershing and Goldman Sachs to expand their reach and continue delivering even
more comprehensive wealth management solutions to their clients. The firm’s open-
architecture model offers access to a wide range of products and services tailored for
high-net-worth individuals and institutions alike.
“We are very excited to welcome The Americas Financial Group team,” said José
Salazar, Market Head at Insigneo. “They bring deep experience, regional expertise, and
strong client relationships that align perfectly with our culture and long-term growth
strategy. Their addition reinforces our commitment to expanding and strengthening our
presence across key international markets.”
The new venture cements Insigneo’s position as market leader in attracting top-tier, well
established wealth management teams seeking a sophisticated platform with true global
reach. The move also reflects the firm’s continued momentum in expanding its presence
across high-potential markets throughout the Americas.

Markets Digest the End of the U.S. Government Shutdown With Mixed Sentiment

| By Amaya Uriarte | 0 Comentarios

Joy and caution have been the two dominant sentiments in the market following the end of the longest U.S. government shutdown in history, lasting 43 days. On one hand, in the U.S., Wall Street traders drove most equities higher while bond yields declined. On the other, investors remained mindful that a return to normal will take weeks, and the core agreement only runs until January 31 of next year.

Paul Dalton, Head of Equities at Federated Hermes Limited, commented: “The resolution of the U.S. government shutdown removes some short-term uncertainty and is undoubtedly a positive development. However, we’re aware that this is only a temporary truce. The next deadline will come quickly. It remains to be seen whether this pause will create room for negotiating a more lasting agreement. For global equities, the outcome has been moderately favorable, and the resumption of data collection should give investors better visibility into the state of the U.S. economy. That said, delayed data may create ambiguity around the true economic situation, and key risks remain, such as the strength of the U.S. consumer and the ongoing debate over whether the AI trade is a bubble.”

The Optimism

Benoit Anne, Senior Managing Director of the Strategy and Insights Group at MFS Investment Management, highlighted the good news: “Analysts will once again benefit from the resumption of official data flows. It also means the negative growth impact of the shutdown will be fairly limited. The key question now is what kind of macroeconomic picture will emerge. Labor data seems to be setting the tone, though it may continue to send mixed signals.”

The optimism surrounding the end of the U.S. government shutdown helped U.S. equities extend gains on Tuesday. Historically, such shutdowns have had a limited impact on markets, so the quick shift in investor sentiment should come as no surprise. For Mark Haefele, CIO of UBS Global Wealth Management, “The Federal Reserve’s accommodative monetary policy, strong corporate earnings, and robust AI spending have been the main market drivers and should continue to support the equity rally. We believe U.S. stocks still have upside potential and expect the S&P 500 to reach 7,300 by June 2026.”

The Caution

Anthony Willis, Senior Economist at Columbia Threadneedle Investments, agreed that the reopening will finally provide the Fed with greater clarity on economic data and policy direction—an absence that had stalled legislative activity. But he warned: “Even if the shutdown’s economic impact was limited, flight delays and risks to food stamp disbursement brought the situation to a critical point. Other challenges persist, such as the Supreme Court review of tariffs imposed by President Trump.”

Banca March noted that financial markets are cautiously welcoming the government’s reactivation, aware of its temporary nature. Investors remain focused on delayed macroeconomic publications, and next week’s anticipated Nvidia results add to the ongoing AI debate.

“In the coming days, publication calendars from affected agencies will be updated, and the final decision on the matter will be made. This calendar will be key, as the data will be used by the Federal Reserve Committee in its monetary policy meeting scheduled for December 10. Though the return to normal will be gradual, it comes just in time for the holiday season. The worst economic impact has been avoided, and the Trump Administration is presenting this reopening once again as a victory in a crisis that was, in reality, self-inflicted,” Banca March stated in its daily report.

Muzinich & Co offered a more critical view, suggesting the U.S. is at the center of rising global caution. “Investors are stress-testing the wall of worries—growth, geopolitics, valuations, liquidity, and imbalances—in a financial version of Jenga. In other words, sentiment has deteriorated. Our preferred indicator, the VIX index, recently crossed the 20 level, indicating rising uncertainty. The U.S. is at the heart of this global uncertainty spike, beginning with the partial government shutdown—the longest on record—estimated to have cost the economy about $15 billion per week.”

Assessing the Shutdown’s Impact

Experts believe that much of the economic activity lost in recent weeks will be recovered as federal employees return to work and receive full back pay. “The U.S. GDP for Q4 is expected to be reduced by several tenths of a point due to the shutdown, but much of this should be offset by stronger output in Q1 2026, boosting full-year growth. We forecast 2.4% growth for next year, up from 2.1% this year, despite rising threats to U.S. economic momentum,” analysts noted.

While short shutdowns usually have limited economic effects, this one could leave a lasting mark due to its record length. The Congressional Budget Office recently estimated that around $11 billion in economic activity could be permanently lost, according to Dennis Shen, Chair of the Macroeconomic Council at Scope Ratings.

Finally, Susan Hill, Head of Government Liquidity at Federated Hermes, highlighted the shutdown’s impact on liquidity markets due to the lack of official data and how this may have influenced Fed policy discussions. “We welcome the end of the shutdown and the return of data ahead of the December FOMC meeting. Technically, the Treasury’s elevated operating cash balance—partly a result of delayed outflows during the shutdown—has contributed to higher overnight funding rates at the short end,” Hill concluded.

Jim Caron (Morgan Stanley IM): “Investing Today Requires Looking Beyond Tariffs: Fiscal Policy and Deregulation Are Game Changers”

| By Amaya Uriarte | 0 Comentarios

Equities have risen steadily throughout 2025, even in the face of geopolitical uncertainty and market volatility. In the opinion of Jim Caron, Head of Macro Strategies for Fixed Income and Portfolio Manager at Morgan Stanley IM, and despite his fixed income focus, the standout asset this year has been equities: “Valuations and price levels have continued to rise steadily despite general and geopolitical uncertainty. This asset class has proven resilient to crises, recovering more strongly after each downturn.” With two months left in the year, the manager offered an early assessment of 2025 in his latest interview with Funds Society.

What is your assessment of the performance of the main asset classes so far this year?
We’re in a year where both fiscal and monetary policy appear to be working in tandem, resulting in a revival of both equity and bond assets. Fiscal stimulus and monetary easing can be observed in Germany, Japan, and the United States, which favors equities. In the U.S. and Europe, monetary policy is easing, which benefits bonds. Only the Bank of Japan is gradually raising interest rates, and even then, from very low levels.

The alternatives landscape is mixed. Private credit has been well-valued and has recently entered a phase of stress. Private equity, on the other hand, seems to have stabilized at lower levels, and for those with patience, this may be a good time to gain exposure.

2025 has been marked by Trump, geopolitics, and monetary policy. How has this impacted and changed how managers have approached investment opportunities this year?
Investment managers have learned to analyze policy holistically. Beyond tariffs, which are negative, these are offset by deregulation and fiscal stimulus policies, which are positive. The key lies in considering all three factors and not focusing solely on tariffs in order to have a global view and assess the net effect of tariffs, fiscal policy, and deregulation on asset performance. So far, the net balance is positive for the market.

Looking ahead to 2026: what do you think will be the main themes to watch next year?
The labor market is fundamental. If the labor market weakens significantly, consumption and profit margins will suffer. This will lead to more layoffs and a decline in consumption and GDP. That’s the main focus. Business investment, capital spending, and whether these will not only continue in 2026 but also lead to greater economic productivity supporting potential growth, earnings, and valuations are also being closely watched.

More and more institutional investors are demanding customized solutions over standardized products. What types of tailored structures or strategies are you developing to meet this need?
This is a broad area, but let me highlight one example. Many investors are seeking to incorporate both public and private markets into their portfolios. Return objectives and liquidity needs are not uniform, so customized solutions are essential. Our team has been designing and managing portfolio risk across public and private markets for nearly 20 years. This type of strategy was primarily used for institutions, OCIOs, and high-net-worth investors. However, today we can offer more personalized portfolio solutions in both public and private markets to clients with a much lower minimum investment requirement.

The Portfolio Solutions Group is described as an innovation “laboratory” in asset management. How are you integrating quantitative tools, artificial intelligence, or advanced optimization models into the asset allocation process?
We have incorporated large language models and AI tools to help us identify sectors and individual companies and build equity baskets tied to market trends. Essentially, we’ve developed a thematic investment approach that goes beyond traditional factor-based investing to implement our views and build portfolios. We can quickly absorb a vast amount of information and data and distill it into actionable insights that become thematic expressions of our views. We believe this is the way forward for investing.

Alternative Assets Will Reach $32 Trillion by 2030: Five Key Trends

| By Amaya Uriarte | 0 Comentarios

Looking ahead and considering how private markets will evolve over the second half of the decade, it is important to assess some of the cyclical obstacles currently weighing on the market. According to the Preqin study “Private Markets in 2030,” private equity fund distributions have been relatively low in recent years, which has limited cash flows to Limited Partners (LPs) and, in turn, reduced investors’ willingness to commit capital to new funds. This stands in sharp contrast to the strong growth and accelerating activity in private markets when pandemic-era stimulus measures were in place in 2021.

Since the peak of the cycle in 2021, private markets have remained in a quiet phase, with only tentative signs of recovery in exit volumes. Looking five years ahead, Preqin expects that the recovery in exit volumes will help drive a new cycle within private equity—and private markets more broadly.

To such an extent that alternative assets under management are on track to reach $32.01 trillion globally by 2030, according to the report. The firm forecasts that the sector will recover from the current stagnation in exit volumes, which could mark the beginning of a new cycle in private markets, as detailed by Cameron Joyce, Director and Global Head of Research Insights.

Alternatives AUM expected to exceed $30tn in 2030F
Alternatives assets under management by asset class

Preqin experts identify five key trends in alternative markets for the next five years:

A New Cycle Should Emerge

We expect that the recovery in exit volumes will help drive a new cycle in the field of private equity and private markets more broadly. Scenarios that could trigger this new cycle include a reduction in official interest rates, continued convergence in asset valuations between buyers and sellers, and an ongoing structural shift in allocations from public to private markets.

Infrastructure Moves to the Forefront

Infrastructure as an asset class is expected to accelerate in growth, with assets under management approaching $3 trillion by the end of 2030. Growth in Europe is expected to outpace that of North America in this area.

European infrastructure to grow fastest up to 2030F
Infrastructure AUM by region focus

Private Credit Reaches Maturity

The firm also expects that the introduction of new, more liquid fund structures in private credit will support growth in assets under management within this asset class. At the same time, it anticipates that the continued expansion of private credit will enhance the sector’s ability to compete with the banking industry. Forecasts indicate that private credit will double its assets under management by 2030, with further growth potential driven by greater investor access and banking disintermediation.

Fundraising for distressed debt forecast to grow at faster rate than direct lending
Aggregate fundraising by sub-strategy

AI Momentum for Private Capital

Preqin also expects artificial intelligence to be a key driver of venture capital-backed investment over the next five years, with an increase in the rate of startup creation as AI tools lower barriers and reduce costs. In addition, private equity-backed companies are expected to leverage AI technologies to boost operational efficiency.

The Wealth Channel Will Support Fundraising

As a fifth trend, the firm anticipates that the wealth investor segment will increase its overall share in private market fundraising by 2030. Moreover, it does not rule out this segment becoming an additional source of upside risk to its forecast.

Hybrid Systems Are Being Prioritized Globally: Interview with the President of Amafore/FIAP

| By Amaya Uriarte | 0 Comentarios

Photo courtesyGuillermo Zamarripa, President of Amafore and FIAP

Given the wide range of characteristics and variables that shape pension systems across the continent, several clear trends are beginning to emerge. This is the view of Guillermo Zamarripa, President of the Mexican Association of Retirement Fund Administrators (Amafore) and President of the International Federation of Pension Fund Administrators (FIAP), who highlights that—despite the heterogeneity of current pension systems and reforms in progress—hybrid systems are becoming the global norm.

From his leadership role at FIAP, which brings together pension fund management associations from Chile, Colombia, Costa Rica, El Salvador, Mexico, Peru, the Dominican Republic, and Uruguay, as well as from Spain and Kazakhstan, Zamarripa observes that the public debate around pensions has become more balanced.

“Everyone is refining the debate,” he explains in an interview with Funds Society. For years, the discussion was dominated by two extremes: individual capitalization only or pay-as-you-go systems. Since then, the debate “has evolved,” with sharper arguments and more concrete reasoning.

While some ideological stances still persist in public discussions around pension systems, “pragmatism is what is now driving everything,” Zamarripa asserts. This more practical approach has become the mainstream view, embraced by major international organizations such as the Inter-American Development Bank (IDB), the World Bank, and the Organisation for Economic Co-operation and Development (OECD).

This shift comes against a backdrop of global concerns such as demographic changes, their impact on labor markets, and population aging—issues that have intensified the search for more sustainable pension models.

Hybrid Models and Generational Funds

According to Zamarripa, hybrid pension financing models recognize that a system cannot rely on a single source of funding. This is particularly relevant in Latin American countries, where labor informality tends to be high.

Globally, the trend—including in developed markets like the United States and Europe—is toward combining elements of defined benefit systems and individual savings accounts, adapting to the cultural and structural dynamics of local labor markets.

“A key component is the individual account. Because government money isn’t enough,” Zamarripa points out.

On the investment side, another growing trend is the adoption of Target Date Funds (TDFs), in which portfolio management evolves over the working life of different worker cohorts.

However, the Amafore president emphasizes that these vehicles are “not a one-size-fits-all solution.” Instead, he encourages viewing them as a conceptual operational model that must be adapted to local realities. He also stresses the importance of carefully designed benchmarks and glidepaths.

Opening of Pension Portfolios

Zamarripa has also observed an important evolution in the composition of pension fund portfolios, specifically in three areas:

A greater openness to riskier assets,
Increasing exposure to alternative investments, and
Growing allocations to international markets.

Traditionally, pension funds begin by investing in domestic government debt and gradually expand their portfolios. Local fixed income, he explains, is just one “layer” of the portfolio.

“What we’re doing is building those additional layers, which is why the major trend is consistent with expanding,” he notes, adding that “the world changes, and markets change.”

In this context, investment limits play a critical role. Regulators have gradually relaxed these constraints, enabling fund managers to diversify. These regulatory shifts typically respond to the reality that older investment rules no longer align with the current structure of pension portfolios.

“The issue is not to think of them as imposed restrictions, but to ensure that restrictions don’t create distortions. That’s why they’ve been expanded to include more asset classes,” he explains. Zamarripa also highlights the importance of public-private dialogue, which facilitates discussions on the appropriateness of certain limits and their impact on final pension outcomes.

The Three Forces Driving Investment in Nuclear Energy Through ETFs

| By Amaya Uriarte | 0 Comentarios

Nuclear energy is once again drawing attention after years in the background, becoming a subject of debate regarding its long-term viability and whether its potential benefits—reliable and clean energy—outweigh its risks—safety and environmental impact. According to VanEck, three key forces are currently driving investment in the nuclear energy ecosystem.

1. Rising Electricity Demand

The International Energy Agency forecasts a global increase in electricity demand, driven by emerging economies such as China and India.

This trend is also supported by several macro developments, including:

Artificial Intelligence, whose data-intensive usage is rapidly increasing the need for data centers and their associated energy consumption.
Electric vehicles, ranging from cars to a wide variety of battery-powered machinery.
Cryptocurrencies, which also require significant amounts of energy.
Climate-related factors, such as intense heatwaves in multiple regions, have further contributed to heightened electricity demand.

2. A Clean and Reliable Energy Source

Global efforts to reduce greenhouse gas emissions through the expansion of renewable energy capacity have been delayed, according to various studies. As a result, existing nuclear facilities and new projects have become vital components in the global energy transition.

Nuclear energy has significantly lower emissions compared to certain renewable sources and is not subject to generation timing constraints. Unlike wind and solar power—limited by calm winds and dark skies—nuclear power provides consistent and reliable energy.

Additionally, nuclear energy requires a fraction of the land area used by solar and wind installations, making it a compact and efficient source. For example, an average 1,000-megawatt nuclear plant in the U.S. requires around 1.3 square miles of land, compared to 31 times more for solar and 173 times more for wind energy.

3. Growing Regulatory Support

Another major driver is renewed governmental support. After the Fukushima nuclear accident in 2011, many countries deprioritized nuclear energy in favor of alternatives. However, in recent years, many have reversed this stance.

Nations such as the United States, Japan, China, Switzerland, India, and Norway are now demonstrating regulatory support for nuclear power.

ETFs Aligned with This Megatrend

Investors can gain exposure to this long-term trend through exchange-traded funds (ETFs):

VanEck Uranium and Nuclear Technologies UCITS ETF
This fund provides comprehensive exposure to the nuclear energy ecosystem. In addition to uranium mining companies, it includes nuclear energy producers, engineering and construction firms, and suppliers of equipment, technology, and services for the nuclear sector. It has seen a 12-month return of approximately 50%.
Global X Uranium UCITS ETF
Offers access to companies involved in uranium mining and nuclear component production, including firms engaged in exploration, refining, or manufacturing equipment for uranium and nuclear energy industries.
WisdomTree Uranium and Nuclear Energy UCITS ETF
Seeks to replicate the performance of the WisdomTree Uranium and Nuclear Energy Index, which is designed to reflect the performance of companies operating in the uranium and nuclear energy sector.

These ETFs allow investors to participate in a sector that is regaining relevance amid energy transition challenges, technological advances, and growing global power demand.

Albert Saporta (CEO): “Make GAM Great Again”

| By Amaya Uriarte | 0 Comentarios

Photo courtesyAlbert Saporta, CEO of GAM

Although he has held the position for only four months, the path toward achieving this goal began a couple of years ago, when an investor alliance called NewGame—including the Swiss wealth management firm Bruellan and French billionaire Xavier Niel—became majority shareholders and took control of the company.

“It was two years ago when I started to take an interest in GAM and began investing, as its stock had dropped dramatically. I knew the firm from my career in alternative investments and knew that GAM had been a major reference and expert in that field. In fact, it was the leading entity in the hedge fund space during the ’80s, ’90s, and part of the 2000s. But the company had been losing money for four years, which is an anomaly in the industry. When I looked into it, I saw that the managers were still outperforming the market and that the brand’s reputation remained strong, despite the 2018 scandal. It seemed clear that GAM had a serious management problem. At that point, I decided to form a group of investors to acquire a stake in GAM and act as a constructive activist investor to influence the company’s management and strategy. I had the support of Xavier Niel to carry out this plan and raise the capital needed to invest in the company. So we created a structure in Geneva, Switzerland, called NewGame, and under that structure, we started buying shares in the market,” explains Saporta, describing the start of GAM’s new phase.

From Restructuring to the Future

After these first steps came disagreements with the then-management, which led to a takeover bid that enabled them to gain control of the company. “As soon as we took control of the company and management, we launched a restructuring program. In this phase, there were several key priorities. One was to stabilize the asset base, which had fallen from 85 billion to 20 billion, as well as to stabilize the investment management teams and retain some key employees. The offer from Lion Trust generated a lot of uncertainty and turbulence, so we had to calm the situation—and I believe we managed to do that quite successfully,” he recalls.

Another issue they had to deal with was the sharp decline in GAM’s assets under management following the 2018 scandal, which led to decisive action: “We had to reduce the size of the company. One of the first things we did was sell the third-party fund management business in Luxembourg and Switzerland to Carne Group, as it was highly resource-, regulation-, and time-intensive, and had low profitability.”

Saporta believes that the restructuring is now nearly complete, allowing them to focus on restoring the company’s original identity and building a business well-positioned for the future. “The first major strategic decision was to reposition GAM in the alternatives business and to do so quickly. For that, we started by closing deals with relevant partners who wanted to expand and believed in GAM’s narrative. So we completed four or five transactions with major firms. Many of these were people I knew from my professional experience—people I respect and who are extremely well regarded. And as I said, the best class, the best story, the best name in the business,” he affirms.

As a result of this work, over the past two years the firm has consolidated a network of strategic alliances to offer value-added and high-quality UCITS products to institutional investors, distributors, and private banks. These partnerships include firms such as Avenue Capital, Galena, Gramercy, Swiss Re, and Liberty Street Advisors.

To Saporta, the value of these partnerships lies in offering a more specialized product range, backed by sector experts and delivering added value—something he considers essential in an industry where margins are increasingly tight. “We have built these alliances without creating conflicts with our own fund offerings and with a clear commitment to active management strategies, including fixed income and equities, and oriented toward the wealth business,” he adds.

GAM Today and Tomorrow

Up to now, this has been the path GAM has taken. Now, Saporta wants to focus on the future. While he admits it’s difficult to predict where the company will be in five years—or whether it will even return to profitability by 2026—he is confident that it will be significantly larger than it is today.

“Investment in GAM will remain strong, which will allow us to scale up. In the short term, our priority is to ensure the firm becomes profitable again and completes its transformation process. I believe we now have all the necessary elements to achieve that. We’ve restructured the company, stabilized the investment management teams, returned to the alternatives space, and done so in a way that is substantial and different from other managers. The excellence of the firms we’re working with shows that we’re different. I believe we’ve already completed most of the partnerships we want and have done so without becoming a fund supermarket,” the CEO states.

To strengthen their fund offering, Saporta highlights that they’ve also completely revamped the sales teams. “Besides a scalable model, one of GAM’s strengths is its global distribution network. That’s quite unique for a firm of this size. We have offices throughout Europe’s major financial centers, as well as in Asia, Australia, and the United States. We also have a partner in Chile for South America and another in Hong Kong/China for those markets. We have a very significant distribution platform, and we’ve changed almost all the heads of these offices in their respective jurisdictions,” he notes.

While this entire “machinery” and strategy is in motion, Saporta is currently focused on visiting each of the company’s offices and meeting with investors to convince them that the GAM project is alive and worth supporting. “Being part of the investor group and having a significant investment in GAM through NewGame gives me the credibility needed to deliver that message. And I think it’s working very well. We still benefit from having a highly recognized name and we’re seeing a very good reception to our proposal: ‘Help us return GAM to its former position, and we will help you by offering excellent products that enable you to outperform your competitors and satisfy your clients.’ I believe that message is resonating strongly. I think we are already in the final phase to truly turn this firm around,” concludes Saporta during his visit to Madrid.

Milei Pushes Reforms in Argentina, but the Outlook for Reserves Remains Uncertain

| By Amaya Uriarte | 0 Comentarios

The results of Argentina’s midterm elections could strengthen President Javier Milei’s ability to advance his reform agenda by increasing legislative support and signaling popular confidence in his new policy direction. It remains to be seen how Milei will improve the fragile external liquidity position, which has exposed the Argentine economy to significant volatility over the past two months, according to a report by Fitch Ratings.

The midterm elections marked Milei’s first major electoral test since taking office in December 2023 and suggest that public support for his adjustment program still exists. As such, the election outcome strengthens the prospects for maintaining a primary fiscal surplus, which has been the cornerstone of the adjustment program, by enabling the government to reduce its reliance on central bank monetary financing.

The significant fiscal improvement in 2024 relied heavily on temporary factors (such as taxes on foreign currency purchases and an initial inflation spike), so its preservation and extension will depend on more permanent and specific measures, such as subsidy reductions. Similarly, the election results improve the chances of implementing the microeconomic reforms included in the IMF program for Argentina, including measures aimed at simplifying the tax system and reducing distortions, promoting formal employment and labor mobility, deregulating the economy, and addressing a major actuarial imbalance in the pension system.

However, the outlook for international reserve accumulation, as set out in the IMF program, remains a key uncertainty following the elections. The transition from a crawling peg to a managed float (within a band) in April 2025 did not lead to reserve accumulation beyond the inflows from the IMF program. Reserves came under renewed pressure after the PBA elections rattled market confidence, prompting heavy foreign exchange sales by the Argentine Central Bank and Treasury to defend the peso at the upper limit of the band—triggering extraordinary support from the U.S. Treasury.

Reserves amounted to $40 billion at the end of October, but liquid reserves represent only $20 billion, net of gold and the unusable portion of a swap with China. A $20 billion swap with the U.S. Treasury represents a new cushion, but its terms have not been disclosed and it does not eliminate the need to accumulate endogenous reserves.

The current exchange rate regime does not appear conducive to current account surpluses that would drive reserve accumulation, making the process reliant on financial inflows. The removal of foreign exchange controls and the RIGI incentive regime could attract investment. It remains to be seen whether the post-midterm increase in confidence will be sufficient to support reserve accumulation, or whether authorities will also implement changes in monetary or exchange rate policy to ensure it.

While U.S. support helped Argentina weather recent market volatility, the need for such backing underscores the country’s high external vulnerability, still reflected in its “CCC+” sovereign rating, according to Fitch Ratings. Improving this rating will depend on further policy changes that allow the country to sustainably build its own foreign currency buffers and regain market access—so that it no longer relies on emergency loans from official creditors and can eventually repay its large stock of debt accumulated during previous crises.