Daily Update — June 16, 2026
Funds of Hedge Funds AUM Growth; EQ Resources' Tungsten Expansion; and South Korea’s Memory Sector
Today is Tuesday, June 16, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Capital Markets
FoHF: The biggest managers
The largest funds of hedge funds and dedicated third-party multimanagers recorded a second consecutive year of asset growth in 2025. The aggregate assets of funds of hedge funds with over a billion dollars in assets rose 12.3% year over year to $564 billion, with the number of ranked firms up to 52 from 50. Growth was driven primarily by performance, as this cohort logged its best year since at least 2020, according to data from With Intelligence, a part of S&P Global Market Intelligence.
However, the assets are increasingly concentrated among larger managers. Firms with less than $5 billion in assets under management account for just 11% of the group total, down from 15% two years ago, while those with more than $10 billion in AUM control over 70%.
Supply Chain
EQ Resources expanding in Spain, Australia amid tungsten supply crunch
EQ Resources, a global tungsten producer with operations in Australia and Spain, acquired six exploration permits next to its Mt. Carbine project in Queensland, Australia, on June 9. The move followed the company's approval of a A$39 million investment on June 3 to double Mt. Carbine's crushing capacity to 2 million metric tons/year. In an interview with Platts, part of S&P Global Energy, EQ Resources Managing Director Craig Bradshaw discussed the company's position in the tight tungsten market, emphasizing a focus on "getting assets up the curve."
The acquisition of the permits aligns with EQ Resources' strategy to leverage its expanded processing capacity for tungsten. Demand for tungsten is on the rise, as Chinese export restrictions have prompted Western supply chains to secure mined material for defense and other uses.
Technology & Innovation
Korea's Memory Sector: Dissecting A Supercycle
Memory chip prices are expected to stay elevated due to tight supply from surging AI demand and producers’ conservative capacity expansion. In this environment, S&P Global Ratings forecasts positive credit impacts for South Korea’s Samsung Electronics and SK Hynix, the two largest memory-chip makers in the world.
The earnings of both companies have improved substantially over the past few quarters and are expected to continue outperforming until at least 2028. Still, downside risks remain in this highly cyclical sector. Overproduction during times of strong prices could lead to losses, such as in 2022–2023, when the rapid reversal of demand during the COVID-19 pandemic led to oversupply and substantial price drops.
In case you missed it
- American Airlines and Google signed a sustainable aviation fuel certificate agreement aimed at cutting nearly 300,000 metric tons of CO2 equivalent emissions over three years.
- Most large European banks improved asset quality year over year in the first quarter, even as they boosted loan-loss provisions to prepare for the impact of the Middle East war.
- The US Agriculture Department kept its US beef imports forecast for marketing year 2027 at 6 billion pounds, projecting imports to be 1.8% lower year over year but 9.7% higher than in 2025.
Upcoming events
- U.S. Public Finance Credit Spotlight: Charter Schools Medians | June 18 (Webinar)
- An Unprecedented Oil Supply Shock and What It Means | June 23 (Webinar)
- Lay of the Land: Mid-year Updates and Outlooks for the Agriculture Sector | June 30 (Webinar)
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