Question-and-Answer SessionSo first question we have is, at a high level, Central is a little different than some of the other staples companies that have presented this week. The company started in distribution and has a mix of branded and private label together. And so maybe walk through what makes Central a little different than some of its peers or special, if you want.Brad SmithChief Financial Officer Okay. Good morning, everyone. As the name suggests, we are a pet and garden supplies company located i ...

PresentationJason GoldbergMD & Senior Equity Analyst Good afternoon. I think I know most of you in the room. But for those that I don't, I'm Jason Goldberg, and I cover the U.S. large-cap bank stocks at Barclays. Thank you for attending our 23rd Annual Global Financial Services Conference. The feedback so far on the presentations and the meetings this morning have been terrific, and I'm sure the rest of the conference will measure up. I am very excited to showcase Barclays at lunch again this year. You may ...

Barclays (NYSE:BCS) FY Conference September 08, 2025 12:45 PM ET Unknown Speakertextnumber_of_speakersparagraphs ...

To help set up our trading day, we welcome in Kevin Hanks, co-host of Fast Market, live at the CBOE. And uh we certainly have a lot to watch for this week ahead, including eco data earnings. Good morning, Kevin.Great to see you. Good morning, Nicole. Yeah, it you know, there's less volume than in weeks past leading up, but significant the the the events we'll get this week will be significant.like first and foremost CPI data on Thursday and for your viewers it's they they kind of flipped it. It's Wednesday ...

Core Insights - The company has a strong business foundation and a positive impact on the world, which is a key factor in employee engagement [1] - The company operates in a market with a limited number of competitors, indicating a potentially favorable competitive landscape [2]

Company Overview - Primo Brands is a branded beverage company and holds the position of the third largest in nonalcoholic beverage volume share in the U.S. [3] - The company boasts a portfolio of 7 brands that are over 100 years old, including notable names like Poland Spring, Saratoga, and Mountain Valley, with origins dating back to the 1820s and 1870s [3] Business Model - Approximately 45% of Primo Brands' business is in direct delivery, primarily focusing on a 5-gallon format [3] - The company offers products in both PET and glass formats, with Mountain Valley being marketed as a premium brand available in glass [3]

Core Viewpoint - The recent rise in global long-term bond yields is driven by overlapping factors including fiscal concerns, monetary policy, and supply-demand dynamics related to term premium effects [1][6]. Group 1: Bond Market Dynamics - A global bond sell-off has been observed, particularly affecting long-term bonds, with the 30-year U.S. Treasury yield surpassing 5% for the first time since July [3]. - The 30-year Japanese government bond yield reached a historic high of 3.286%, reflecting a cumulative increase of 100 basis points this year due to high inflation and low real interest rates [3]. - The 30-year UK bond yield hit its highest level since 1998 at 5.75%, while the 30-year French bond yield also exceeded levels seen in 2008 [3][6]. Group 2: Factors Influencing Yield Increases - Analysts indicate that the sell-off is driven by concerns over fiscal and monetary policies, compounded by political risks in various countries [6][8]. - The increase in bond issuance and a decline in traditional long-bond buyers have removed previous mechanisms that helped lower yields [7]. - The market is increasingly skeptical about central banks' ability to control inflation in the medium term, particularly regarding the independence of central banks like the Federal Reserve [6][7]. Group 3: Political and Economic Risks - The UK faces a £35 billion budget deficit, raising investor concerns about fiscal policy effectiveness [8]. - France is attempting to implement a $51 billion budget cut to curb its deficit, but political divisions complicate these efforts [8]. - Japan's political instability, highlighted by resignations within the ruling party, raises concerns about future fiscal policies and potential increases in the fiscal deficit [8][9]. Group 4: Seasonal and Technical Factors - Historical data shows that September is typically a poor month for long-term bonds, with a median decline of 2% over the past decade [10]. - Technical liquidity factors, including significant cash withdrawals from the banking system, are expected to impact the bond market in September [10].

Company Overview - Flowco is a pure-play production optimization and artificial lift company focused solely on the production phase of oil and gas wells, avoiding exposure to drilling and fracking expenses [2] - The company holds a 1 market position in all its product offerings and operates primarily in the onshore U.S. market [2] Revenue Model - Flowco has a highly visible recurring revenue stream, which is generated once an oil company activates a well [3] - The customer base includes a diverse range of clients, from large major oil companies to small family-owned and private equity-backed firms [3] Operational Scale - The company employs approximately 1,300 individuals and operates across every major basin in the U.S. [4] - Flowco utilizes a vertically integrated model, manufacturing all products that are sold or rented, and is headquartered in Houston with over 200 customers [4]

Company Overview - P10, Inc. is a leading private markets solutions provider with over $40 billion in assets under management as of June 30, 2025 [3] - The company invests across Private Equity, Private Credit, and Venture Capital, focusing on access-constrained strategies in the middle and lower-middle market [3] - P10 aims to deliver compelling risk-adjusted returns to a global investor base [3] Upcoming Event - P10's Chairman and CEO, Luke Sarsfield, along with EVP and Chief Administrative Officer, Mark Hood, will participate in a fireside chat at the Barclays 23rd Annual Global Financial Services Conference on September 8, 2025, at 12:00 P.M. Eastern Time [1] - A webcast of the discussion will be available on the Investor Relations section of P10's website, with a replay accessible by the end of the same day for those unable to attend live [2]

Industry Insights - The industry believes that the current softness in alcohol consumption trends in the U.S. is cyclical rather than structural, influenced by macroeconomic factors affecting consumer sentiment and uncertainty [1] - There is a notable impact on lower-income consumers and Hispanic demographics, leading to a decrease in buyers and a shift towards single-serve products [1] Company Strategy - The company is focusing on developing a more robust portfolio that emphasizes not only beer but also premiumization within the beer category and beyond, including investments in capabilities [2]