The Weekly Chu: 2Q Preview Season - Investor Feedback + Positioning; 2Q Advisors on the Move

Research evidence excerpt

The Weekly Chu: 2Q Preview Season - Investor Feedback + Positioning; 2Q Advisors on the Move

JulyJuly 12,12, 20262026

downside to OWL estimates (2Q / 2026 / 2027) with cons. 2Q management fees too high, most investors are not

yet comfortable engaging (long or short) given risk to ests. but wary of short crowding (>20% short interest).

●M&A Independents: Investors appeared to be receptive to our barbell approach where we recommended balancing

exposure to large cap strategic M&A beneficiaries with middle market (“MM”) sponsor plays, supporting our

relative preference for EVR and PIPR. However, the tone on middle-market sponsor M&A was by no means

constructive, with many investors still needing to see an inflection in activity before engaging in PIPR / HLI / MC /

LCLN. We also received very little pushback on our HLI upgrade, though many noted that the backdrop for CY2Q

remains challenging given more muted MM sponsor M&A / RX activity. Meanwhile, the tone was more negative

for LAZ whose ests. are likely to be revised lower given a slower productivity ramp for new senior bankers, and

PJT where despite being more heavily geared to strategic M&A, deal activity has been more concentrated in the

bulges, and RX activity may struggle to grow off the current base given tough comps / softer LME activity.

We hope the rundown was helpful. To the extent you have any follow-up questions / data requests ahead of earnings

please don’t hesitate to reach out to chubakteam@wolferesearch.com.

Weekly Topic: Advisors on the Move (AOTM) Update. As the we enter the final stretch of 2Q preview prep this week

we refreshed our Advisor on the Move (AOTM) tracker, which compiles all advisor transitions via U-5 filings (latest data

as of 7/2/26).