Core Viewpoint - Cohen & Steers (CNS) is a global investment management firm specializing in REITs and preferred shares, indicating a focus on real estate investment trusts and income-generating securities [1] Group 1: Company Overview - Cohen & Steers has a range of ETFs and CEFs available, showcasing its diverse investment product offerings [1] - Binary Tree Analytics (BTA) aims to provide transparency and analytics in capital markets, focusing on CEFs, ETFs, and Special Situations [1] - BTA has over 20 years of investment experience, emphasizing its established presence in the market [1] Group 2: Investment Strategy - BTA seeks to deliver high annualized returns with a low volatility profile, indicating a conservative yet potentially lucrative investment approach [1]

Core Insights - U.S. small-cap equities experienced modest gains in Q4 2025, supported by attractive valuations, earnings recovery, and a shift from mega-cap stocks [1] - The Aristotle Small Cap Equity Fund (Class I-2) returned 1.96% in Q4 2025, slightly trailing the Russell 2000 Index's return of 2.19% [1] - Security selection positively impacted overall performance, while allocation effects detracted from it [1] Company Focus: Cohen & Steers, Inc. (NYSE:CNS) - Cohen & Steers, Inc. is a leading asset management holding company with a market capitalization of $3.4 billion [2] - The stock closed at $66.66 per share on February 13, 2026, with a one-month return of -5.34% and a twelve-month decline of 21.82% [2] - The company has seen an improvement in new business activity due to lower interest rates and high equity market valuations, which may lead to earnings growth [3] - Cohen & Steers maintains solid cash levels, positioning it for potential acquisitions or share repurchases [3] Hedge Fund Interest - Cohen & Steers, Inc. was held by 27 hedge fund portfolios at the end of Q3 2025, an increase from 23 in the previous quarter [5] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer better upside potential [5]

Core Insights - Cohen & Steers, Inc. (CNS) is a global investment manager specializing in real assets and alternative income, with a strong presence in major financial hubs [1] Group 1: Insider Transactions - Francis C. Poli, General Counsel and Executive Vice President of CNS, sold 10,000 shares at $65.73 each, leaving him with 55,675 shares, which may indicate insights into the company's future prospects or personal financial strategy [2][6] Group 2: Assets Under Management - As of January 31, 2026, Cohen & Steers reported preliminary assets under management of $93.1 billion, reflecting a $2.5 billion increase from the previous month, driven by market appreciation of $2.2 billion and net inflows of $449 million, although distributions of $153 million partially offset this growth [3][6] Group 3: Financial Metrics - The company has a price-to-earnings (P/E) ratio of 23.40, a price-to-sales ratio of 5.94, and an enterprise value to sales ratio of 6.02, indicating the market's valuation of its revenue and overall worth [4] - CNS maintains a low debt-to-equity ratio of 0.25 and a strong current ratio of 5.04, demonstrating its ability to cover short-term liabilities, but faces challenges with a negative enterprise value to operating cash flow ratio of -39.41 [5][6]

Core Viewpoint - The mutual fund industry is increasingly converting to exchange-traded funds (ETFs) as they attract more capital while mutual funds are losing assets [2][3]. Group 1: Industry Trends - A record 60 mutual-fund-to-ETF conversions occurred in 2025, indicating a significant shift in investment strategies [2]. - ETFs are experiencing a surge in inflows, while mutual funds are facing outflows, prompting fund companies to adapt their offerings [3]. Group 2: Company Actions - Cohen & Steers is preparing to convert its Future of Energy Fund into an ETF, which currently manages about $130 million and has shown strong performance [2][4]. - Baillie Gifford is transitioning three of its mutual funds into ETFs, marking its entry into the US ETF market [4]. - Impax Asset Management has launched its first US ETF, a global infrastructure fund that replaces a similar mutual fund, reflecting the trend of mutual fund conversions [2][3]. Group 3: Performance Metrics - The Future of Energy Fund returned 17% last year, outperforming its Morningstar category peers, which returned 12% [4][6]. - Year-to-date, the fund has returned close to 16%, benefiting from strong performance in the energy sector [6].

Core Insights - Corero Network Security has formed a strategic partnership with EdgeUno to enhance automated DDoS protection services across Latin America [1] - The collaboration aims to combine EdgeUno's regional connectivity with Corero's advanced defense systems to ensure service availability during DDoS attacks [1] - The service will be rolled out in phases, starting with IP Transit customers and expanding to enterprises and service providers [1] Company Overview - Corero Network Security specializes in DDoS protection solutions, focusing on automatic detection and protection with network visibility, analytics, and reporting tools [1] - The company is headquartered in London and operates in the US and UK markets, listed on the London Stock Exchange's AIM market and the US OTCQX Market [1] - EdgeUno is a leading provider of connected edge infrastructure in Latin America, offering services across 17 countries and over 50 data centers [1] Service Benefits - The partnership ensures uninterrupted service during DDoS attacks, maintaining consistent application performance and business continuity for customers [1] - Customers of EdgeUno will benefit from enhanced peace of mind, knowing their service availability is protected without the need for internal security management [1] - The collaboration emphasizes the importance of service availability as a critical factor for customer reputation and revenue [1]

Core Viewpoint - Cohen & Steers, Inc. reported a preliminary increase in assets under management (AUM) to $93.1 billion as of January 31, 2026, reflecting a growth of $2.5 billion from $90.5 billion at the end of 2025, driven by market appreciation and net inflows [1][2]. Assets Under Management - The total AUM as of January 31, 2026, is $93,067 million, which includes contributions from various investment vehicles [2]. - Institutional Accounts saw an increase in AUM from $35,060 million to $36,218 million, with net inflows of $145 million and market appreciation of $1,066 million, despite distributions of $53 million [2]. - Open-end Funds increased from $43,437 million to $44,566 million, with net inflows of $304 million and market appreciation of $870 million, offset by distributions of $45 million [2]. - Closed-end Funds rose from $12,047 million to $12,283 million, with no net inflows but market appreciation of $291 million, countered by distributions of $55 million [2]. Company Overview - Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, and commodities [2]. - The firm was founded in 1986 and is headquartered in New York City, with additional offices in London, Dublin, Hong Kong, Tokyo, and Singapore [2].

Core Viewpoint - PreveCeutical Medical Inc. has filed an International (PCT) patent application for innovative methods to deliver CNS-active therapeutic agents, particularly targeting Parkinson's disease treatment [1][2]. Company Developments - The patent application, filed on February 5, 2026, is aimed at addressing challenges in treating neurological diseases, with a focus on Parkinson's disease, which affects over 10 to 12 million people globally [1][2]. - The company has developed a method to deliver dopamine directly to the brain, potentially eliminating the need for traditional treatments like L-dopa, which become ineffective as the disease progresses [4][6]. Industry Context - Parkinson's disease is the second most common neurodegenerative disorder after dementia, characterized by progressive symptoms that severely impact daily living and cognitive function [2]. - Current treatments primarily involve oral administration of L-dopa, which cannot cross the blood-brain barrier, leading to limitations in effective management as the disease advances [3][4]. Future Potential - PreveCeutical's approach could revolutionize the treatment landscape for Parkinson's disease and other CNS disorders by providing a direct replenishment of dopamine, offering a safer and more effective option for patients in advanced stages [4][6]. - The company is also exploring opportunities to address delivery challenges for a range of therapeutics restricted to peripheral administration for CNS conditions [5].

Core Thesis - Cohen & Steers, Inc. (CNS) is positioned as a compelling investment opportunity due to its focus on niche asset management in real estate, infrastructure, and preferred securities, benefiting from the U.S. Federal Reserve's policy shift from tightening to easing [3][4] Financial Performance - CNS's share price was $64.58 as of January 29th, with trailing and forward P/E ratios of 21.53 and 19.19 respectively [1] - The company has seen a recovery in financial performance, with Q3 2025 revenues increasing by approximately 12% year-on-year and positive fund flows after nine quarters of outflows [5] - Morningstar projects operating margins to rebound to 35–38% and revenues to grow at a compound annual growth rate (CAGR) of approximately 7% through 2029 [5] Assets Under Management (AUM) - CNS has a total AUM of $90.9 billion, with about two-thirds invested in global real estate and the remainder in preferred stocks and infrastructure, indicating a narrow economic moat and client loyalty [4] - The firm maintains a balanced AUM distribution across institutional, open-end, and closed-end fund channels [4] Financial Health - CNS has a solid balance sheet with no debt and approximately $5 per share in cash, supporting a generous dividend yield of around 4% [4] Market Catalysts - Key catalysts for CNS include the Federal Reserve's easing, rebounding asset prices, and renewed institutional inflows, which are expected to drive a re-rating of the stock [6] - The target price for CNS is set at $88 over the next 12–18 months, representing a potential upside of roughly 40% [6] Comparison with Peers - The bullish thesis on CNS shares similarities with a previous analysis of BlackRock, Inc. (BLK), emphasizing CNS's niche in real assets and recovery driven by Federal Reserve policies [7]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned to profit from the surge in electricity demand driven by AI data centers [3][6] Market Position - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It has a unique footprint in nuclear energy, which is considered vital for America's future power strategy [7] Financial Health - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened with debt [8][10] - It also has a substantial equity stake in another AI-related company, providing indirect exposure to multiple growth engines in the AI sector [9] Market Sentiment - There is a growing interest from Wall Street in this company, as it is perceived to be undervalued and is beginning to attract attention from hedge fund managers [8][10] - The company is trading at less than 7 times earnings, which is considered an attractive valuation for a business involved in both AI and energy [10] Future Outlook - The ongoing AI infrastructure supercycle, combined with the onshoring boom and a surge in U.S. LNG exports, presents a favorable environment for this company [14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the potential for significant returns on investment in this area [12]

Core Insights - SEQSTER and Praxis Precision Medicines have expanded their partnership to enhance clinical trials, data collection, and real-world evidence generation for Praxis's clinical development programs [1][2][4] Group 1: Partnership and Collaboration - SEQSTER has been integral to Praxis's clinical trial execution, improving trial enrollment efficiency and capturing necessary longitudinal real-world data [2][3] - The partnership focuses on advancing the ENERGY program, which includes the EMPOWER observational study and POWER clinical studies, attracting over 5,000 patients with epilepsy [3][4] Group 2: Company Profiles - Praxis Precision Medicines is a leading biopharmaceutical company specializing in central nervous system (CNS) disorders, utilizing genetic insights to develop therapies for various neurological conditions [5] - SEQSTER is a healthcare technology company that consolidates patient-consented health data into a unified view, supporting research and patient health management with a repository of 150 million patients [6][7]