CVC Credit Research Hub

In the first quarter of 2026, CVC Credit navigated a volatile macroeconomic environment defined by heightened geopolitical instability and a sharp repricing within the technology sector. The firm highlights that while liquid and private credit markets have remained resilient with historically low default rates, the current landscape necessitates a highly selective investment approach. Notably, CVC has adopted an underweight stance on software credits in response to the recent market sell-off and widening spreads. Furthermore, the firm is pivoting its geographic focus toward the United States, prioritizing energy security over the risks currently impacting European markets. This tactical shift underscores a commitment to risk mitigation amid inflationary pressures exacerbated by supply chain disruptions in the Strait of Hormuz. Overall, CVC maintains a cautious, defensive posture focused on high-quality credit selection to manage systemic uncertainty.