WM Invest: Morningstar’s Brian Moriarty Talks Semiliquid Funds
In this special episode broadcast live from the Morningstar Investment Conference, host David Bodamer talks with Brian Moriarty, principal of Morningstar’s Manager Research Team, about the latest trends shaping the semiliquid fund market. Brian shares insights from Morningstar’s latest research, why investor flows are shifting from private debt to private equity and venture capital, exploring how changing market conditions can affect future return prospects.
Brian also explains how redemption, redemption limits and portfolio liquidity can affect the performance of semiliquid funds. In addition, he gave investors a clearer framework for comparing mutual funds with public market alternatives about the role of money management, portfolio stacking of private equity strategies, improving payment statements and Morningstar’s approach to evaluating these investments with its Medalist rating.
Brian says:
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Why investor flows are shifting from private equity to private equity and venture capital funds
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How redemption, redemption limits and valuation practices affect returns in semiliquid fund structures
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The role of portfolio liquidity, cash holdings and loan maturities in controlling investor redemptions
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How Fee Structures and Incentive Fee Statements Affect the Comparison of Investment Products
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What Morningstar Medalist Ratings Show About Mutual Funds Compared to Public Market Investments
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