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Performance attribution was mixed, with long-term asset-weighted outperformance in target date and fixed income strategies contrasting with challenged one-year equity performance.

Management attributed recent market volatility to a confluence of factors, including high-profile frauds that emerged late last year, AI-related disruption concerns in software sectors, and energy price spikes driven by the Iran war.

The firm is pivoting toward 'outcome-oriented solutions' by expanding its ETF and SMA platforms to reach clients who do not use traditional open-ended mutual funds.

Strategic positioning is being bolstered through a collaboration with Goldman Sachs to launch interval funds and target date sister series later in 2026.

The OHA partnership is central to the firm's alternatives strategy, focusing on private, opportunistic, and structured credit to meet institutional and insurance demand.

Operational efficiency is being driven by an ongoing expense management program, including outsourcing technology capabilities and rationalizing real estate footprint.

2026 adjusted operating expenses are projected to increase 3% to 6% over 2025, accounting for strategic investments and market-driven costs.

Management anticipates a targeted mid-2026 launch for the First Abu Dhabi Bank partnership, focusing on marketing and client support execution.

The firm plans to launch its first ETFs in Europe and expand its SMA platform beyond the current 42 offerings.

Future growth in the alternatives space assumes a 'broadening of markets' where active research can exploit idiosyncratic risks in credit and software.

Capital allocation strategy includes remaining active in share repurchases and evaluating M&A opportunities that offer cultural fit and new capabilities.

Effective fee rates declined to 38.4 basis points due to a mix shift toward lower-fee target date products and outflows from higher-fee equity strategies.

Management flagged elevated redemption activity in the broader non-traded BDC industry, though OHA's OCREDIT remained below the 5% quarterly limit.

Third-party technology costs were reclassified from G&A to technology and occupancy costs to reflect the new outsourcing operating model.

AI disruption is identified as a significant thematic risk for software credit, though management views the impact as idiosyncratic rather than systemic.

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OHA management stated they avoid 'technology risk' and ARR loans, focusing instead on mission-critical software with recurring revenue models.

The firm uses internal AI risk management tools to rate portfolio companies and re-underwrite exposure across services sectors like accounting.

Management confirmed that a majority of ETF business comes from new investors who would not have reached the firm via traditional mutual funds.

The strategy focuses on gaining placement in home office models and exploring future mutual fund-to-ETF conversions.

Management noted that while spreads have widened 25-50 basis points recently, they remain in line with historical averages when adjusted for improved credit quality.

Institutional investors are reportedly seeking 'dislocation funds' to capitalize on market softening, showing a longer time horizon than retail investors.

The firm is open to participating in industry consolidation but prioritizes cultural fit and capability expansion over 'growth for growth's sake.'

Management indicated no need for cash levels to build further, suggesting continued opportunistic share repurchases and seed investments.

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