This edition of the Investments Roundup features CAIS launching a sports, media and entertainment fund, CAIS and Mercer reporting on the mainstreaming of alts, iCapital forecasting a divided market in 2026, Raymond James Investment Management hiring Jeff Ringdahl as President, LPL predicting policy-driven markets and higher volatility in 2026, BlackRock debuting alts and bond market ETFs, Cerity and Nasdaq Private Market partnering on pre-IPO services, Cerulli reporting on the evolution of hedge fund distribution, State Street on record high ETF inflows in 2025, Janus Henderson on the potential market impacts of Venezuela, BondBloxx on 2026 opportunities for bond investors, and Milemarker and Eaglebrook partnering on crypto data.
Larry's Take
In iCapital’s 2026 outlook, Sonali Basak said, “There have been few times in the past decade when investors have been so divided about the future.” She’s right. LPL points to a year with markets driven more by policy than fundamentals, with significant risks. BondBloxx says fixed income can provide a haven from volatility.
We have crossed the threshold into a new year, carrying the risks and uncertainties of the past with new ones added, while positive developments including an AI boom continue to push bull markets. It’s one of those moments that can be described in Dickensian terms as both the best and worst of times.
In all the excitement, concerns and accelerating change, advisors have a moment to shine. Preparing clients for healthy returns while hedging for contingencies can set advisors apart. More importantly, advisors add irreplaceable human value when addressing the emotional side of a turbulent year for their clients.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@ascentix.com.
CAIS Launches Fund Investing In Sports, Media And Entertainment
New York City-based CAIS announces a sports, media and entertainment fund. Managed by CAIS Advisors, the fund provides access to teams in five major sports leagues, as well as media and entertainment assets including film, music and other live events for accredited investors, CAIS said. The sports leagues include the NBA, NHL, MLS, MLB and professional American football.
The fund is overseen by Co-Portfolio Managers Neil Blundell and Sarah Jiang. The fund’s investment minimums will be set “as low as” $25,000 and it will offer “the potential for” semi-annual liquidity, according to CAIS. The fund plans to make commitments to both new and existing fund interests, via primary investments, secondary investments and co-investments, the firm said. CAIS Advisors selected Arctos and Eldridge to serve as core independent managers for the fund.
“Sports, media, and entertainment are part of the broader attention economy, tilting the portfolio towards where consumers choose to spend their time and focus,” said Blundell, Chief Investment Officer at CAIS Advisors and Head of Investments at CAIS. “We anticipate an initial portfolio will collectively provide exposure to 30+ sports franchises, film and television assets, music catalogs, live event properties, and other investments.”
CAIS Mercer Survey: Alts Have Moved From The Margins To The Mainstream
Alternative investments have moved from the margins to the mainstream, according to research from CAIS and consultancy Mercer. There has been widespread adoption, with 90% of financial advisors allocating to alts in 2025 and 88% planning to increase alts allocations over the next two years, according to the report, “The State of Alternative Investments in Wealth Management.”
It also indicated alts are spreading to a broader client base, with 80% of advisors serving non-accredited investors allocating to alts, “underscoring the growing democratization of private market access,” the firms said. Client education and suitability are advisors’ biggest priorities in the next phase of alts adoption, and they are increasingly focusing on optimizing workflows, according to the report.
“Four years of consistent results indicate that advisors have a level of conviction around alternatives that parallels other institutional investors,” said Gregg Sommer, Partner and US Financial Intermediaries Leader at Mercer. “As advisor adoption continues, enhanced due diligence and research tools intended for the advisor community will be crucial in helping meet this demand.”
iCapital: Investors Must Navigate ‘Blind Spots’ In 2026
U.S. economic growth in 2026 will be supported by AI investment, wealth effects and supportive monetary and fiscal policy, but investors will have to navigate “blind spots” including AI, continued inflation and tariffs, according to iCapital’s “2026 Market Outlook, Balancing Divergences Amid Blind Spots.” The economy is “expected to grow near trend” (about 2%) next year, the report said.
It notes divergences between winners and losers in three areas: the “K-shaped economy” differences between high and low income households, the tension in growth versus labor data, and the hawk versus dove policy divide at the Federal Reserve. The blind spots iCapital outlines include inflation, financing and depreciation of AI investments, tariffs and the deficit, which names are market leaders next year and the monetization of 2021 and 2022 “vintages” of general partnership investments.
“There have been few times in the past decade when investors have been so divided about the future,” said Sonali Basak, Managing Director and Chief Investment Strategist at iCapital. “Some of the same voices that predicted the 2008 crisis are now bullish heading into 2026. Others, after three years of double-digit S&P 500 gains, fear an AI bubble is about to burst.”
Raymond James Investment Management Hires Jeff Ringdahl As President
St. Petersburg, Florida-based Raymond James Investment Management (RJIM) names Jeff Ringdahl as its President. He will lead the firm’s growth strategies and key initiatives. He comes from Summit Trail Advisors, where he was President and Chief Operating Officer.
Ringdahl has more than 25 years of industry experience, including previous roles as President and CEO at American Beacon Partners. RJIM is a wholly owned subsidiary of Raymond James with $118.5 billion in assets.
“I am passionate about leading investment management firms and distribution teams and look forward to the opportunity to build on Raymond James Investment Management’s successes and strong growth trajectory,” said Ringdahl.
LPL: 2026 Outlook Highlights Policy-Driven Markets And Greater Volatility
Fiscal and monetary policy, including interest rate changes and government spending, will drive markets in 2026 more than traditional fundamentals, according to LPL Financial. In a report, “2026 Outlook: The Policy Engine,” the firm predicts amplified volatility in the coming year.
AI investment trends and a friendly Federal Reserve are likely to support growth in equity markets, LPL said. However, high valuations and a heavy concentration of technology giants within the major indexes may contribute to greater market volatility, it added. In a complex market environment, the report emphasized the importance of diversification and adding alternative investments.
“In 2026, volatility will continue. Encouragingly, we anticipate that policy will provide supportive conditions for markets in 2026,” said Marc Zabicki, Chief Investment Officer at LPL. “Given the current investment climate, where policy changes and market momentum have a significant influence over fundamentals and valuations, it is important for investors to exercise patience and avoid making impulsive decisions based on short-term market sentiment.”
BlackRock Launches Alts And Bond Market ETFs
BlackRock launches two ETFs focusing on alternatives and the broad bond market. The iShares Systematic Alternatives Active ET (IALT) combines several alts strategies — such as equity market neutral, diversified bonds and managed futures — with the aim of delivering lower correlation to traditional markets.
“IALT represents a strategic evolution of BlackRock’s liquid alternative offering, expanding access to a segment that was once exclusive to institutional investors,” said Jessica Tan, Head of Americas for Global Product Solutions at BlackRock. “IALT combines BlackRock Systematic’s 40-year legacy of alpha generation with the full breadth of BlackRock’s ETF capabilities in seeking to help more people invest better.”
BlackRock also debuts the iShares Total USD Fixed Income Market ETF (BTOT). BTOT seeks to track the Bloomberg U.S. Total Fixed Income Market Index. The firm said it is the first ETF to provide exposure to the entire taxable U.S. bond market.
Cerity And Nasdaq Private Market Partner On Liquidity Services And Financial Planning For Pre-IPO Companies
Cerity Partners and Nasdaq Private Market (NPM) form a strategic partnership to provide private companies with integrated liquidity and financial planning services around liquidity events. The partnership gives Cerity exclusive access to NPM liquidity program clients, and the two companies will offer a liquidity program with combined advisory, tax and equity compensation services.
Cerity also announces an investment in NPM, with Cerity Partner and Chief Growth Officer Michael Barry joining NPM’s board. NPM, founded in 2013, provides secondary liquidity for pre-IPO companies, investors and employees.
“Liquidity events are incredibly rewarding, yet they often raise complex financial questions for employees,” said Tom Callahan, CEO of NPM. “By joining forces with Cerity Partners, we're giving employees the personalized guidance at the moments they need it most, while helping companies deliver a more seamless and supportive liquidity experience.”
Cerulli: Hedge Funds Evolving To Meet Investor Concerns About Liquidity, Fees And Performance
Hedge funds are moving into new investment vehicles, including ETFs and semi-liquid structures, as they adapt beyond traditional distribution methods, according to Cerulli. The latest “The Cerulli Edge—The Americas Asset and Wealth Management Edition” notes that while hedge funds have rebounded from poor performance in 2022 and 2023 — growing 9.3% in 2024 — they are evolving in response to investor scrutiny of liquidity, fees and performance.
Hedge funds traditionally focused on institutional, high net worth and ultra-high net worth investors, working through limited partnerships, separately managed accounts and other customizable vehicles. However, given investor concern about the high fees associated with those structures, hedge fund firms are experimenting with other distribution vehicles to improve their value proposition. The report noted that two of the largest hedge fund firms have entered the ETF market.
“The distribution landscape is changing. Hedge fund managers should carefully evaluate the opportunity to offer more liquid strategies—if not via the ETF structure, then via the semi-liquid structures,” said Daniil Shapiro, Director at Cerulli. “Brand name hedge funds are likely to have an opportunity to offer their strategies through structures with easier reach to financial advisors,” he concludes.
State Street Report: ETF Inflows Hit A New High In 2025, Topping $1.5 Trillion
U.S. ETFs saw record inflows in 2025, setting a new high of $1.515 trillion, according to a report from State Street Investment Management. In December alone, the sector added $235 billion, a new monthly record. Equity ETFs were a strong driver in the last three months of the year.
Global stocks, bonds and commodities had their best combined annual performance since 2019, marking the first time that all three asset categories outperformed cash in the same year. The main catalysts — monetary policies, lower taxes and greater fiscal spending, along with rising corporate profits and AI capital expenditures — are likely to continue into 2026. However, there are also geopolitical and other risks, the report said.
“First, geopolitical events are occurring across many continents. Second, stretched valuations—particularly in the US—don’t provide a durable fundamental backstop if the lofty growth forecasts aren’t fully realized or if AI-fueled spending doesn’t materialize as expected,” wrote Matthew Bartolini, Global Head of Research Strategists at State Street Investment Management. “Finally, some catalysts may create an upside bias on inflationary trends in the US—curtailing consumer optimism in a midterm election year.”
Janus Henderson On Venezuela: Modest Short-Term Market Impact, Long-Term Geopolitical Realignment
The recent U.S. action in Venezuela and presidential change in that nation may only have a modest impact on global markets in the short term, according to Janus Henderson. That’s because many large companies have little to no exposure to the Venezuelan market after two decades of sanctions and unstable economics. The firm said Venezuelan bonds may see some support in the near term.
In the long term, a pro-Western government in Venezuela may result in positives for oil production and, ultimately, for U.S. energy security. The change of government may be a sign of broader geopolitical realignment, to which investors may need to adjust, the firm said.
“We expect limited near term market impact, with companies requiring more time to see if a pro-Western regime emerges in Venezuela before selective investment opportunities arise,” said the report’s authors, led by Alex Veroude, Head of Fixed Income at Janus Henderson Investors. “Potential easing of sanctions and foreign investment could revive Venezuela’s vast energy sector, with implications for global oil supply, pricing and energy security.”
BondBloxx: Opportunities For Bond Investors In U.S. Corporates, Private Credit And Emerging Markets
U.S. corporates, private credit and emerging markets present opportunities for bond investors in 2026, according to a report from BondBloxx Investment Management. Within the corporate sector, the firm is focused on BB and CCC-rated high yield bonds. For private credit, investors may want to choose ETFs for diversified exposure, BondBloxx said.
As for emerging markets, the team points to opportunities in short-term to intermediate sovereign debt. Higher yields and resilient markets support potential for a strong year. Larkspur, California-based BondBloxx is a fixed income ETF provider with over $6 billion in assets.
“With uncertainty and market volatility expected to persist in 2026, investors can use fixed income to generate income and help cushion volatility,” said JoAnne Bianco, Senior Investment Strategist at BondBloxx. “Strong fundamentals for both public and private credit remain supported by healthy balance sheets, manageable debt maturities, solid U.S. economic growth forecasts, and lower interest rates.”
Milemarker And Eaglebrook Partner On Crypto Data For Advisors
Charleston, South Carolina-based Milemarker and Bethesda, Maryland-based Eaglebrook collaborate to provide crypto analytics within advisor workflows. With the integration, advisors will be able to access Milemarker’s analytics tools from Eaglebrook’s crypto platform.
The capabilities include a unified view of traditional and crypto assets, tax optimization insights, and regulatory reporting. Eaglebrook’s platform serves over 70 RIAs and over 700 advisors managing more than $225 million in crypto assets, the firms said.
“This integration represents exactly the type of comprehensive solution our industry needs,” said Jud Mackrill, CEO and Co-Founder of Milemarker. “Transparency and access to complete data across all asset classes isn’t just about better reporting—it’s about creating pathways for advisors to truly understand their clients’ full financial picture and serve their interests more effectively.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
