Seven doors - and a fund that is 35.8% cash

Seven funds published the width of their exit doors on Friday 21 August 2026 - one at 10%, two at 7%, four at 5% - each reserving a further 2% the board may offer and is not obliged to. Four other funds published how much cash was sitting behind those doors: 35.8%, 18.5%, 12.6% and 11.8% of net asset value. Also in this edition: Third Point's Friday filing was its fourth registration statement since March; why a 25bp discount-rate sensitivity is not a net-asset-value effect; and the Bank of Canada staff framework for who is suited to hold private credit. Read the full edition: https://www.universalassetowners.com/intelligence/a-fund-that-is-36-cash-seven-exit-doors-from-5-to-10/ Sources: SEC EDGAR (seven Form N-23C3A notices and four Form 8-K net asset value reports, filed 21 August 2026) - Bank of Canada, Private credit in Canada, Sparks at Bank article, 17 August 2026 - US Treasury daily par yield curve. Not investment advice.