在前所未有的关税阴影笼罩市场的时期，投资者对前瞻性指引的关注远超过去季度的财务数据。有观点 认为，90天的关税暂缓可能让企业感到喘息空间，暂时推迟收益修正，并寄希望于未来达成协议。 不过目前看来，企业管理层的发言更多地指向了持续性担忧——政策的反复无常正在损害增长和商业前 景。 美股财报季拉开帷幕，管理层对未来的预测至关重要。 在全球贸易局势反复无常的背景下，随着美股财报季的到来，投资者密切关注公司管理层对未来的展望 和对潜在下滑的预警。 当地时间11日美股财报季开启，贝莱德、摩根大通、摩根士丹利和富国银行陆续公布2025年一季度财 报。其中，摩根大通和摩根士丹利的营收利润数据双双超出分析师预期；贝莱德和富国银行一季度的每 股收益也均高于分析师预期，贝莱德的营收与预期一致，而富国银行的营收略显疲软。 这些财务数据反映了2月中旬美股创新高后，因关税冲击导致的市场暴跌带来的影响，但尚未完全体现4 月2日关税政策正式宣布后的疯狂抛售行情。 财报仅为脚注，管理层评论才是重点 事实上，标准普尔500指数今年每股收益的共识预期为267美元，实现两位数的同比增速，而这一数字似 乎过于乐观，因为即使是温和的关税也会影响经济增 ...

I rate BlackRock, Inc. (NYSE: BLK ) as a Buy, for capital appreciation focused investors who are looking for long-term buy and hold investments. Although the start of the year hasn't been ideal for an asset manager, the long-term prospects forDavid A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment funds such as ...

Core Insights - BlackRock reported strong fiscal performance for Q1 2025, with adjusted EPS of $11.30, exceeding analyst expectations of $10.08, despite slightly missing revenue targets at $5.28 billion compared to the anticipated $5.29 billion [2][6]. Financial Performance - Adjusted EPS for Q1 2025 was $11.30, reflecting a 15.2% increase year-over-year from $9.81 in Q1 2024 [3]. - Revenue for Q1 2025 was $5.28 billion, an 11.6% increase from $4.73 billion in Q1 2024 [3]. - Operating income for Q1 2025 was $1.70 billion, showing a slight increase of 0.3% from the previous year [3]. - Assets Under Management (AUM) rose to $11.58 trillion, up 10.6% year-over-year, supported by $84 billion in net inflows [3][7]. Business Overview - BlackRock is a global leader in asset management, offering diverse investment strategies including equities, fixed income, and alternatives, with a strong focus on technology services like the Aladdin platform [4]. - The technology services segment experienced a 16% revenue growth, becoming a significant pillar of BlackRock's strategy [5][8]. Strategic Initiatives - The firm is enhancing its technology services and expanding investment offerings to mitigate market risks and attract a broader client base [5]. - Strategic acquisitions, such as Preqin, are contributing positively to BlackRock's innovation-driven growth strategy [8]. Market Positioning - BlackRock's ability to attract substantial capital is evidenced by $107 billion in net new ETF inflows, highlighting the importance of its diversified offerings [7]. - The management team emphasizes risk management through its Risk and Quantitative Analysis (RQA) group, crucial for operational continuity in a heavily regulated industry [9]. Future Outlook - Management is optimistic about leveraging technological advancements for further growth, with expectations that the integration of newly acquired companies will enhance service capabilities and revenue prospects [10][11]. - Forward guidance remains strong, focusing on maintaining client relationships and leveraging diversified investment offerings, with no substantial changes in financial outlook for the rest of the year [12].

Financial Data and Key Metrics Changes - BlackRock reported first quarter revenue of $5.3 billion, a 12% increase year-over-year, driven by organic growth and higher average AUM [14] - Operating income rose 14% to $2 billion, while earnings per share (EPS) increased by 15% to $11.30 [14] - The company achieved 6% organic base fee growth, marking its best start to the year since 2021, alongside a 100 basis points margin expansion [6][40] Business Line Data and Key Metrics Changes - Base fee and securities lending revenue reached $4.4 billion, up 16% year-over-year, influenced by market beta and organic growth [17] - Technology services and subscription revenue increased by 16%, reflecting sustained demand for Aladdin technology offerings [19] - Performance fees decreased to $60 million, primarily due to lower performance revenue from private markets and liquid alternatives [18] Market Data and Key Metrics Changes - BlackRock's total net inflows for the first quarter were $84 billion, with $140 billion when excluding low-fee institutional index outflows [12][30] - ETF net inflows totaled $107 billion, led by core equity and fixed income ETFs [30] - The European ETF platform crossed over $1 trillion in AUM for the first time, capturing approximately 40% market share [74] Company Strategy and Development Direction - BlackRock's strategy focuses on structural growth engines such as private markets, ETFs, and technology, aiming to integrate public and private markets for clients [6][11] - The company is committed to expanding its presence in private markets and enhancing its technology platform through acquisitions like Prequin [67] - BlackRock aims to leverage its global scale and local insights to provide comprehensive investment solutions across various markets [70][72] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of being a trusted partner during periods of market uncertainty, highlighting the resilience of their platform [7][39] - The company anticipates continued demand for infrastructure investments and private credit as clients seek to navigate economic challenges [97][136] - Management remains optimistic about long-term growth opportunities despite short-term market volatility, citing macro trends such as AI and infrastructure development [83][138] Other Important Information - BlackRock repurchased $375 million worth of common shares in the first quarter and plans to continue this strategy throughout the year [25][26] - The company is actively involved in various international markets, including India and Saudi Arabia, to enhance local capital markets [71][73] - BlackRock's cash management platform reached an all-time high of $950 billion in AUM [54] Q&A Session Summary Question: Current client allocation shifts - Management noted no capitulation from clients, with significant inflows into cash and ongoing discussions about fixed income and equity allocations [90][92] Question: Private markets in retirement funds - Management discussed the integration of private investments into target date funds, emphasizing the need for better data analytics and transparency [105][110] Question: Market dislocations and acquisitions - Management clarified that there are no immediate plans for large acquisitions outside the U.S., focusing instead on strategic partnerships and local market engagement [119][123] Question: Risks of asset movement away from the U.S. - Management acknowledged potential reallocations but emphasized their long-standing local presence and relationships in various markets [130][134]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

BlackRock (BLK) reported $5.28 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 11.6%. EPS of $11.30 for the same period compares to $9.81 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $5.33 billion, representing a surprise of -1.00%. The company delivered an EPS surprise of +10.24%, with the consensus EPS estimate being $10.25.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ho ...

Economic Outlook - BlackRock CEO Larry Fink indicated that the U.S. economy has weakened significantly, suggesting that growth may turn negative and stating, "I think we're very close, if not in, a recession now" [1] - Fink expressed concerns about rising fears of an economic slowdown following President Trump's announcement of widespread tariffs, which led to a stock market sell-off [1][2] - The temporary pause on some tariffs for 90 days has not restored confidence in the economy, according to Fink, who anticipates a continued slowdown due to prolonged uncertainty [2] Consumer and Business Sentiment - Surveys indicate a decline in sentiment among consumers and business leaders, although some economic indicators like job growth and retail sales have remained relatively stable [3] - Fink noted that consumers may have stockpiled goods in anticipation of tariffs, potentially obscuring underlying economic weaknesses [3] BlackRock's Financial Performance - BlackRock's first-quarter financial results were mixed, with adjusted earnings per share of $11.30 exceeding Wall Street's expectation of $10.14, while revenue of $5.28 billion fell short of the $5.34 billion consensus [4] - The company reported $84 billion in net inflows during the quarter, bringing total assets under management to nearly $11.6 trillion [5] - Following the earnings report, BlackRock's shares experienced a slight increase of less than 1% in morning trading [5]

Core Viewpoint - BlackRock's first-quarter 2025 adjusted earnings of $11.30 per share exceeded expectations, reflecting a 15% increase year-over-year, despite challenges in net income and revenue [1][3]. Financial Performance - Adjusted operating income rose 14% year-over-year to $2.03 billion, while net income on a GAAP basis decreased 4% to $1.51 billion [3][5]. - Revenues for the quarter were $5.28 billion, a 12% increase from the previous year, but fell short of the Zacks Consensus Estimate of $5.38 billion [4]. - Total expenses increased by 18% to $3.58 billion, driven by rising costs across all components [4]. Assets Under Management (AUM) - As of March 31, 2025, AUM reached a record high of $11.58 trillion, marking an 11% year-over-year increase, with long-term net inflows of $83 billion during the quarter [6]. - The average AUM for the quarter was $11.68 trillion, reflecting a 15% year-over-year rise [6]. Shareholder Actions - BlackRock repurchased shares worth $375 million during the reported quarter [7]. Strategic Initiatives - The company is diversifying its offerings through acquisitions, including Global Infrastructure Partners and Preqin, which are expected to strengthen its position as a global asset manager [8].

Group 1 - Gold reached a record high above $3,200, outperforming Treasury bills as a protective asset amid market turmoil [1][2] - Concerns over the long-term impact of trade tariffs have led to a significant sell-off in US bonds, with the 10-year Treasury yield rising nearly 4.4% [1] - The dollar has weakened, hitting a three-year low against the euro and a ten-year low against the Swiss franc, indicating a shift in investment safety perceptions [2] Group 2 - Gold surpassed the $3,000 mark for the first time last month, peaking at approximately $3,150 following tariff announcements before regaining momentum as a safe-haven asset [3] - UBS analysts have raised their 2025 gold price target to $3,500, citing factors such as tariff uncertainty, weaker growth, and higher inflation [4] - Bank of America also projects a gold price target of $3,500, reinforcing the metal's status as a preferred safe haven compared to Treasuries and other currencies [4]

BlackRock's first client 37 years ago was Japanese. A majority of the $11. 6 trillion New York-based firm's employees are based internationally. The manager's risk platform Aladdin just signed its first Korean client. There are even plans to open a few more offices outside the US where the world's largest asset manager has a client base, CEO Larry Fink said Friday morning."BlackRock is a global firm, but one that operates hyper-locally," he said. In practice, this means "we are Mexican in Mexico, Canadian ...