Agree with everyone's positive sentiment however we must...

Agree with everyone's positive sentiment however we must remember that this business is reliant on positive markets (Performance and then flows) and investor confidence.

PAC is up 26% for the month, sp500 is up 13% for the month. I welcome higher equity markets and the rise of PAC's share price don't get me wrong, It is very well placed and many of its boutiques FUM is relatively stable.

I did more research into Victory park and am very excited on the rise of private credit and their best exposed to this, happened in the gfc as well as businesses needed alternate funding solutions, to generate higher yields for investors the quality of companies are lower and very cyclical; Caribbean Financial Group Holdings, L.P represents 12% of their LSE listed vehicle who's business is the a non-bank provider of unsecured consumer instalment loans to the Caribbean market. 4 out of 5 companies in their top five are also unsecured credit lenders of some sort,

Elevate Credit, Inc. (“Elevate”) is a lender of unsecured short-term cash advances and instalment loans to individuals primarily through the internet.
Applied Data Finance, LLC provides credit to non-prime and near-prime consumers in select states across the U.S
Deinde Group, LLC (“Integra”) is an early stage, online provider of unsecured consumer loans to borrowers
West Creek Financial, Inc. (“West Creek”) provides a point-of-sale, lease-to-own solution for underserved customers enabling purchases of durable goods such as furniture, mattresses, appliances and tires.

Others are small technology companies / platforms / neobanks.

Exposure to these types of companies are desirable in a strong economy however consumer credit /confidence is something to monitor in the US, if one or more of these companies struggled to meet recovery rates it would impact victory park even despite their seniority in liquidation.

General sentiment across markets has changed to almost a fear of missing out on this recent rally (and probably short squeeze), I think people are of the impression that oil has peaked (GQG's take on this is very interesting; along the lines of underinvestment due to ESG factors), just because markets have risen doesn't mean the cracks have disappeared. I don't wish to be over pessimistic but balance is always important and to recognise risks, I want PAC to go up as much as everyone.

Cheers,
Plague.