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Activest’s Head of Wealth Strategy Juan Xavier Sánchez recently shared his analysis on The Fed’s decision on Wednesday not to change interest rates with ConnectMoney. He argued the three dissenting votes reinforce the committee’s increasingly hawkish bias and could strengthen efforts to contain inflation expectations, adding that with a faltering ceasefire and oil back near $90, he reads the move as “a hawkish hold rather than an all-clear.” Still, Sánchez remains constructive on markets, pointing to resilient corporate earnings and stressing that “portfolios should be built to work whether the Fed hikes or holds, not on guessing the Fed correctly.”. You can read the full article here

Activest Founder and CEO Isaac Wakszol recently spoke to InvestmentNews to share his perspective on mergers and acquisitions. Because Activest serves multi-generational families with international ties, Isaac thinks in generational time horizons, a frame he argues is incompatible with acquirers whose private equity backers require exits within a few years. Rather than accepting offers to be absorbed, he says he is focused on “bringing in like-minded advisors who share our purpose and our values and want a real path to partnership,”. His advice to smaller RIAs is to begin with purpose, not price, and to ask the questions that truly matter: who owns the client relationship after close, what happens to the people, and whether the firm will still be recognizable in two years. See the full article here

Activest Managing Partner Jacob Taurel was recently interviewed by InvestmentNews to discuss how the financial management industry approaches elder financial protection. He pointed out that most firms wrongly treat diminished capacity as a compliance event rather than a human one. Jacob advocates building authority in stages, mainly a second signer on an account, expanded visibility for a trusted family member, and a documented escalation path, well before any cognitive concern arises He also stressed that monitoring the family’s communication rhythm matters as much as watching account activity. You can see the full article here

Activest Managing Partner Jacob Taurel was recently featured on Asset TV’s Meet the RIA, where he discussed Activest’s mission, how we’ve evolved, our approach to generational wealth, and more. Jacob also addressed how we create international teams to address the many cross-border issues our clients may come across. You can watch Jacob’s full interview here.

A few weeks ago, I attended Blackstone’s Platinum Circle gathering in New York — an exclusive event bringing together a select group of the nation’s top Registered Investment Advisors to discuss the most pressing issues in investment management today. Topics ranged from the impact of geopolitical conflicts on markets to the accelerating rise of artificial intelligence. The conference offered invaluable insights into the dynamics of the current financial landscape and how Activest can best navigate an ever-shifting environment on behalf of our clients.

The full-day program covered a broad range of themes: a constructive macroeconomic outlook, continued conviction in physical assets, selective opportunities in real estate, private equity and infrastructure, and a strong preference for evergreen fund structures. Key speakers, including Jon Gray and Steve Schwarzman, emphasized underwriting discipline, inflation linkage in infrastructure contracts, and sound portfolio construction principles.

Macro and Cross-Asset Views

A central message from the conference was one of cautious optimism. Inflation is broadly easing, though oil remains a near-term source of upside pressure, and the cost of capital appears to be stabilizing. Speakers were clear that geopolitical shocks — however alarming — have historically not derailed markets over the long term. As one speaker noted, markets have weathered more than 22 wars and have always rebounded.

One speaker offered a line that stuck with me as a simple but powerful reminder about long-term discipline: “Your portfolio is like a bar of soap. The more you touch it, the smaller it gets.” Less turnover, better compounding. It’s a principle we take seriously at Activest.

Artificial intelligence is expected to increase dispersion and selectivity across sectors, pressuring some valuations without necessarily decimating industries. Meanwhile, investment in digital infrastructure continues to accelerate, with power supply emerging as a critical constraint — reinforcing the importance of infrastructure exposure within a well-diversified portfolio.

Real Assets and Real Estate

Real estate generated significant discussion throughout the day. Speakers were clear-eyed about its cyclical nature: values can compress on discount-rate moves even when underlying cash flows remain intact. One striking data point — the cost to purchase a home is now 30% higher than renting, and the median age of first-time homebuyers has risen from 31 to 38. This dynamic strongly favors multifamily rental investments, particularly in Sun Belt markets.

In retail, the lack of new construction over recent years has created meaningful scarcity. With demand for retail services growing at roughly 3% per year, that supply constraint could translate into real expansion opportunities — especially for properties with near-term lease expirations.

Self-storage was highlighted as another attractive sector, driven by its close ties to mobility and life-transition dynamics. Data centers, meanwhile, emerged as the clear standout of the real estate conversation. Occupancy rates are running near 99%, and estimated demand for computing power in the U.S. stands at 200 gigawatts — far exceeding current capacity. The opportunity here is substantial.

Office space appears to have bottomed, though speakers stopped short of calling it a compelling opportunity at this stage.

Public Equity, Private Markets, and the Case for Diversification

Public equity valuations remain elevated — approximately 15x free cash flow — implying forward returns in the mid-single to low-double digit range. Private market valuations, while also above historical averages at roughly 12x free cash flow, remain meaningfully lower than their public counterparts, presenting a relative opportunity for patient, long-term investors.

A recurring theme across multiple sessions was the importance of broad diversification in achieving stable, durable returns. One speaker put it simply: “Concentration makes money. Diversification preserves it.”

Private markets are increasingly gravitating toward evergreen structures, which offer income generation, diversification, and more streamlined access than traditional drawdown models. They also simplify performance measurement — capital is deployed as a lump sum rather than through unpredictable capital calls, making it easier to track and evaluate outcomes.

Looking Ahead

In an ever-shifting financial landscape, staying close to the world’s leading asset managers isn’t a luxury — it’s a responsibility we take seriously on behalf of our clients. Over the years, Activest has cultivated deep relationships with top-tier managers globally, and events like Blackstone’s Platinum Circle give us a front-row seat to the thinking that shapes markets. These conversations directly inform how we position portfolios and evaluate opportunities across asset classes.

We look forward to sharing more of these insights with you as the year unfolds.

PIK exposure remains stable at 6.6%, reflecting the structural flexibility characteristic of private credit. The portfolio maintains a meaningful allocation to software, historically the sector with the lowest default rates due to high margins, low capex, and recurring revenue.

PIK and structural flexibility

Liquid (traded) loans should not have PIKs. PE sponsors seek capital flexibility and access — that’s a key value driver of private credit.

PIK is a form of flexibility — more common in private credit, not applicable in public markets. Bain, for example, does not offer PIK flexibility — they lend to significantly smaller businesses than BCRED’s target market.

PIK is a form of flexibility — reserved for private credit, absent in public markets. Bain: no PIKs, but their borrowers are significantly smaller than BCRED’s portfolio companies.

Software as a defensive sector

Software: historically the lowest default sector in private credit — driven by low capex, high margins, and recurring revenue. Attractive sector for capital deployment.

98% first lien. Focus on scale businesses: ~$360mm average EBITDA. ~$4bn average total enterprise value per portfolio company. Healthy businesses.

Lowest default sector over the past 20 years — key rationale for the overweight.

Artificial intelligence risk

On AI risk to software: Jensen Huang’s view — people will be more efficient, but enterprises won’t rebuild core software in-house. AI is a tool, not a replacement for existing software companies that hold patents and deep integrations (e.g., no one is rebuilding Dropbox).

Underwriting process: before any investment, Blackstone’s tech team (based in Miami) evaluates the business, and then consults multiple Blackstone PE teams — if the PE teams would not invest in the equity, Blackstone will not lend to the company.

Largest software positions include cybersecurity. Not all software is the same — Blackstone categorizes by AI exposure and risk profile.

Of the ~26% software allocation, only ~5% is considered at risk from AI disruption. Meaningful headwinds identified; currently marked at ~88 cents on the dollar.

Worst-case scenario (100% default, recovery at 75 cents on the dollar): ~30bps drawdown to NAV.

Liquidity and maturities

Average remaining loan maturity: 3–5 years (~4 years average). Contract lengths align with loan maturities — provides visibility into repayment.

12–15% of the loan book matures this year; capital is also being deployed, maintaining strong liquidity. New capital being deployed in parallel — active recycling. A lot of liquidity.

Currently underlevered; target is 1:1 leverage ratio.

BCRED holds the highest credit rating of any private credit fund globally.

Source: Internal Research AWM

Managing Partner at Activest Wealth Management Jacob Taurel, was recently interviewed by Professional Wealth Management about recent tensions in the Middle East and their effects on the market. Jacob explained that the fall of one of the world’s most dangerous regimes “not just a geopolitical event” but an economic inflection point. Although he says short-term caution is warranted, he argues that markets often overcorrect during geopolitical crises and that a decisive outcome could ultimately prove supportive for risk assets. Read the full article here

The Activest team joins a volunteer effort with United Way Miami

At Activest, we believe real impact starts from within—through our actions and the values we live by. That’s why we’re proud to have participated, alongside our families, in the Back to School Drive Kit Packing Day, an initiative led by United Way Miami.

During this special event, we came together to pack backpacks with essential school supplies for over 1,000 children in vulnerable situations across Miami-Dade County. Beyond providing materials, we aimed to offer hope, opportunity, and a stronger start to the school year.

Sharing this experience as families was a powerful reminder of who we are and what drives us. At Activest, Empowering Families, Building Legacies, and Impacting Lives is more than a motto—it’s how we live our purpose, even beyond the workplace.

We are deeply grateful to everyone who contributed with heart and dedication, and to United Way Miami for leading such a meaningful cause.