The Universal Owner — 30 September 2026 — The rights are the risk. The tape kept buying.

Norges Bank Investment Management says shareholder rights are weakening in many markets — and because index inclusion rules shape the governance investors hold, the deterioration is inherited inside the benchmark. In the same window, capital kept writing tickets: CPP Investments into Indian hotels, a final investment decision to double LNG Canada, an ADIA subsidiary into US grocery-anchored retail, New York Life buying a residential-credit manager, and the EIB guaranteeing grid-component makers. Every ticket with its contractual stage labelled. Full edition at universalassetowners.com. Sources: nbim.no, cppinvestments.com, lngcanada.ca, sec.gov, eib.org, rba.gov.au, federalreserve.gov, home.treasury.gov, energy.gov.