War in the Middle East. Energy crisis. A spike in inflation. By all canons of macroeconomics, gold should have been rising, but it fell for most of March. The clue to this lies in the cracks that went down in the $2 trillion private credit market, believes Michael Portnoy, senior partner at <a href="https://movchans.com/ru/">Movchan's Group</a>, who manages the Liquid Alpha Income Fund strategy.

Gold prices have collapsed nearly 20% from this year's high. Will they recover? Forecast

Apollo Global Management, Inc.

Morgan Stanley

BlackRock, Inc.

Previously, BlackRock and BlueOwl had applied similar measures

Apollo followed Morgan Stanley in restricting withdrawals from the private credit fund

JPMorgan Chase & Co.

The largest U.S. bank will cut back on the amount of funding it provides to private lending funds secured by the business loans they issue

JPMorgan discounted loans to software developers. How does this threaten the stock market?

Blue Owl Capital Inc.

Citigroup Inc.

KKR & Co. Inc.

Ares Capital Corporation

American Express Company

Capital One Financial Corporation

Shares of U.S. banks and private asset managers fell on February 27 amid growing concerns about artificial intelligence and instability in the private lending sector. The sell-off affected both the largest Wall Street banks and securities of alternative investment funds.

Market exits credit risk: US bank stocks fall to lowest in nearly a year

UBS predicts default rates in the private credit market to rise to 15% amid 'destabilization' due to AI

Failures due to AI: UBS warned of 'cascading defaults' in US private credit market

Blue Owl Capital Corporation

The head of the largest US bank JPMorgan Jamie Dimon said he sees signs in the financial market reminiscent of the situation before the 2008 crisis. He warned of risks in lending amid aggressive competition and weakening standards. Fears that a <a href="https://oninvest.com/article/kanarejka-v-sahte-dla-finsektora-cto-znacit-blokirovka-deneg-v-blue-owl-dla-rynka">bubble is inflating</a> in private lending are increasingly worrying investors.

"The market is doing stupid things": the head of JPMorgan saw signs of a crisis on the scale of 2008

Ares Management Corporation

Blackstone Inc.

Restrictions on withdrawals from one of the Blue Owl funds have exposed possible risks of a bubble forming in the private lending market, analysts said

"The canary in the mine" for the fintech sector: what the Blue Owl money lockup means for the marketplace

NVIDIA Corporation

Shares of AI chipmaker Nvidia rose 36% over 2025, outperforming other AI sector stocks

Nvidia shares 'lagging AI market': Wolfe analyst adds chipmaker to his top picks

Amprius Technologies, Inc.

Ballard Power Systems Inc.

Resolute Holdings Management, Inc.

While tech giants remain at the center of market attention, another trend – the rapid rise of small-capitalization industrial stocks – has largely gone unnoticed. Take the Equal Weight Industrial Small Caps Index, compiled for <i>Oninvest </i>by analyst Aldiyar Anuarbekov: it has gained 19.6% year to date.

While tech steals the spotlight, small cap industrials outperforming in 2025

Ituran Location and Control Ltd.

Perfect Corp.

Gaia, Inc.

Dave Inc.

A “Goldilocks” scenario is unfolding in the stock market – a balanced backdrop in which the economy grows but does not overheat, inflation continues to normalize, and the labor market is supported by a neutral-to-soft policy by the Fed. This combination of factors creates favorable conditions for growth by equities, says Vadim Merkulov, head of research at Freedom Finance Global. He offers investors two “simple but effective strategies.”

Small cap picks for November

In the fall of 2025, Russian lawyers faced a sharp increase in the number of refusals by the Belgian Treasury to issue individual licenses to private investors to unblock assets in Euroclear, six lawyers specializing in such matters told Oninvest. This is due to new requirements of the Belgian regulator, which the latter began to apply retrospectively. The new conditions prove impossible for the majority of Russians who applied in 2024-2025 or transferred assets between brokers after 2023, the lawyers complain. They are already preparing their clients for a further fight - in the Belgian Council of State, Belgian courts and international investment arbitration, since Belgium will not accept corrected reapplications either.

99% rejection rate: how did Belgium deprive Russians of chances for quick unblocking of assets?

Apple Inc.

AT&T Inc.

The Coca-Cola Company

For more than three years, only 55 Russians have been able to unblock their assets in European depositories. In total, the funds of 5 million retail investors were blocked. Now the return of funds has become even more difficult. And two investors from Russia are trying a new way of unfreezing: through international arbitration. Will it help?

Private investments