Private-credit defaults hit a record 6% — and the tell is that most of it is hiding in payment-in-kind. Meanwhile the Big Three index managers split their stewardship operations for the 2026 season, the Fed reshuffles its risk ranking, and four companies grow to 4% of the investment-grade bond market. The long take: does unbundling stewardship strengthen the universal owner's voice, or hollow it out?

Full brief and sources: https://universal-asset-owners.ghost.io/uao-daily-brief-2026-05-22/