The Fill: August 2023

The Fill: August 2023

I’m the proud dad of three girls. Helping my girls grow into intelligent, independent young women has been a true joy. Over the years, I’ve realized that being the dad they deserve requires practice and learning. Like many parents trying to help their kids navigate life experiences and relationships, I’ve had to stay on my game and, at times, challenge conventional thinking.?

One of those conventional relationship concepts I learned that doesn’t hold true is “opposites attract.” First proposed by Robert Francis Winch in the 1950s, the theory is that it’s not similarities that make a relationship work, but rather complementarity, because people tend to search for a partner who possesses the traits they lack. While the adage is still commonly shared and, on the surface, may seem to apply even in my own marriage—for example, my wife has endless patience, I have almost none—it’s been largely disproven by psychologists in more recent years. In fact, updated studies demonstrate people tend to be attracted to partners with shared interests and attributes, and the most successful pairings are ones where the couple shares similar bedrock values and beliefs. This perspective certainly applies to my wife and me, as we share the same value system, which sits at the core of our wonderful family dynamic.??

While psychologists have studied these issues in the context of romantic relationships, in my decades-long corporate law practice and over 16 years as a CEO, I’ve found this principle very much applies to bringing businesses together, too.

As you’ve likely seen, we closed our transaction to combine with Portfolio Advisors earlier this summer. On the surface, the two firms looked quite different—managing different investment strategies for different types of clients—but as we got to know each other, we recognized we shared similar cultures, values and growth aspirations, making us a strong, complementary fit.

As a combined firm, we have more depth and a broader platform to deliver innovations and investment solutions to help a wide range of clients build better portfolios. The combination also presents exciting growth opportunities for our organization and professional development opportunities for our colleagues. And at our core, we value our clients, our colleagues and our communities.?

With shared values and aspirations as our foundation, and complementary strengths in our approaches to investing and raising capital, the combination of FS and Portfolio Advisors is a classic example of modern relationship theory playing out in a business context.?

I hope you all have a great rest of your summer, and I give a special salute to the fellow girl dads out there—I hope you enjoy time with your girls.

—?Michael Forman, Chairman + CEO


Get filled in on...?

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Growing, diversifying, and democratizing alternatives

We completed our combination with Portfolio Advisors. Our combined firm now manages over $75 billion in assets and a broad suite of alternative strategies for institutional and individual investors.

Strategy note: Where do you go for growth –?Part two

The latest strategy note from Chief Market Strategist Troy Gayeski goes deeper into the opportunity in middle market private equity. Troy explores the unique market conditions making middle market PE so compelling, as well as structures investors should potentially consider when accessing this sector.

Q3 Economic outlook: Sailing into the slowdown

Our experts explore signs of an economic?slowdown?and discuss how investors can plan ahead in this Q3 Economic outlook. At midyear, concerns of a recession may feel far-fetched: Consumption has been resilient, inflation is slowing and?the?economy is?sailing?along. But headwinds are gathering, with forward-looking indicators weakening and a Fed rate hike cycle that may not be over.?

Also, read additional insights from our research experts in the Q3 CRE outlook and Q3 Credit outlook.

Head to Head: A conversation with Rachel Gottlieb

Co-Heads of Distribution Kirsten Pickens and Ryan Robertson share their conversation with top advisor Rachel Gottlieb, Managing Director, Wealth Management at UBS in this new episode of the Head to Head podcast. Rachel?shares how she launched a career that landed her on lists like?Forbes Top Next Gen Wealth Advisors, Forbes Top Women Wealth Advisors and Wall Street’s Top 40 Advisors Under 40.

Macro matters: The great global policy divergence

Global monetary policy could be one of the most dominant market forces in the next several years. That’s why our experts put together this guide to the latest from the Global Central Bank (GCB). Our GCB guide breaks down what global central banks have done and where markets expect them to go, framing these outcomes against the macro backdrop of each region.


FS Investments in the media

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Lisa Detwiler appointed to Pennsylvania Governor’s Advisory Commission on Women

Managing Director and General Counsel at FS Investments Lisa Detwiler will work with the commission to “empower and uplift Pennsylvania women by gathering insights, assessing programs and providing recommendations to enhance their experiences and meet their needs.”

Forbes | SHOOK Top Women Advisor Summit

Co-Head of U.S. Distribution Kirsten Pickens and Chief U.S. Economist Lara Rhame recently attended the Forbes | SHOOK Top Women Advisor Summit. At the event, Lara Rhame presented “Bright spots and stormy skies,” a look at the economic outlook in this unique business cycle.

Lara Rhame on Fox Business: Trajectories for growth

Chief U.S. Economist Lara Rhame joined Charles Payne on Fox Business’ “Making Money” to discuss taking a seasoned eye to market movements, including indicators of a potential slowdown.

Troy Gayeski on Bloomberg: One and done

Chief Market Strategist Troy Gayeski joined Jonathan Ferro on “Bloomberg The Open” to talk Fed rate hikes and what the increase means for investor planning.


Fulfilling acts?

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Boys & Girls Club Speed Networking Event

FS Investments welcomed over 30 students from the Caring People Alliance Boys and Girls Club teen program for a speed networking event. Teens from two local Boys and Girls Clubs were paired with FS Investments colleagues to participate in networking conversations and learn about the workforce.

Civic 50 Greater Philadelphia

FS Investments recently hosted this year's Civic 50 Greater Philadelphia event, presented by the Philadelphia Foundation in partnership with Points of Life—a nonpartisan global nonprofit dedicated to inspiring impactful change worldwide. We are proud to be honored alongside likeminded, civically engaged businesses, passionate about investing in the greater Philadelphia region to impact local communities.


Weekly fill’er up

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The FireSide podcast: Tap into unconventional perspectives from our very own thought leaders and research experts.

Chart of the week: A collection of charts published each week using economic data to address timely market topics.

Market minute: Start receiving a weekly analysis from our Investment Research team.


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An investment in any fund sponsored by FS Investments involves a high degree of risk and may be considered speculative. Investors are advised to consider the investment objectives, risks, and charges and expenses of the applicable fund carefully before investing. For funds offering shares to new investors, the applicable fund’s prospectus contains this and other information. Investors may obtain a copy of the applicable fund’s prospectus free of charge at?www.fsinvestments.com?or by phone at?877-628-8575?for FS interval funds and closed-end funds or?877-924-4766?for FS mutual funds. Investors should read and carefully consider all information found in the applicable fund’s prospectus and other reports filed with the U.S. Securities and Exchange Commission (SEC) before investing.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein.?An offering is made only by a prospectus, which must be made available to you in connection with any offering.?No offering is made to New York investors except by a prospectus filed with the Department of Law of the State of New York.

Individual investors and endowments may have different investment horizons, liquidity needs and risk tolerances. In addition, fees that may be incurred by an investor in any of the funds sponsored by FS Investments may be different than fees incurred by an endowment investing in similar assets as those in which the funds invest.

FS Investment Solutions, LLC | 201 Rouse Boulevard | Philadelphia, PA 19112

877-628-8575 | Member?FINRA/SIPC

? 2023?FS Investments


Well said. I am grateful to be a two girl dad and eight girl grand dad. So many have commented on what a thoughtful and powerful combination FS and PA is.

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