1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Securities and Capital Markets(India)Private Limited View HSBC Global Research at:https:/ Thank you for

2、 your supportSee resultsHSBC in Extel Survey 2025 With S&P500+25%from its 2025 lows,the market seems to have moved on from the trade gridlock fears but some alts stocks appear to be marching towards a Goldilocks scenario,making a pause more likely,in our view Downgrade KKR to Hold from Buy;reiterate

3、 Buy on BAM and Hold on Blackstone;raise TPs Gridlock to Goldilocks?Following the global trade gridlock fears in the aftermath of the Liberation Day announcements,equity markets appear to have moved on,with S&P500 up 25%from its YTD lows.And while there are signs of an improving exit environment,we

4、think the broader macro backdrop suggests the alts industry is far from a Goldilocks set-up.Stocks of major alts players are up 38%on average from their 2025 lows,with a c49%jump in KKRs share price being a stand-out.Brookfield Asset Management Ltd.We continue to like BAM as we think the group remai

5、ns well-placed to deliver solid,high-quality earnings growth over the near-to-medium term.BAMs AUM growth strategy centered more on complementary funds rather than flagship funds should make it easier to deploy capital and drive future exits,in our view.Reiterate Buy,raise TP to USD60.00(from USD57.

6、50).Blackstone Inc.We think Blackstones growth in Credit and Insurance over the past few years has been particularly impressive,and we expect no let-up going forward.And while the group continues to further scale its giant infrastructure platform and raise capital across various PE strategies,we thi