Core Insights - The London Company reported a 6.3% return for its Large Cap Strategy in Q3 2025, underperforming the Russell 1000 Index which gained 8.0% [1] - The US economy maintained momentum despite mixed economic data, driven by a Fed rate cut, strong corporate earnings, and enthusiasm for AI [1] Company Overview: Equitable Holdings, Inc. (NYSE:EQH) - Equitable Holdings is a diversified financial services company focused on retirement and wealth management, managing over $1 trillion in client assets [3] - The stock experienced a one-month return of -4.28% but gained 9.67% over the past 52 weeks, closing at $48.79 with a market cap of $14.614 billion on November 3, 2025 [2] - The company operates with an asset-light model, generating strong free cash flow used for share repurchases and dividend growth, with an annual share count decline of about 8% and a dividend growth rate of 7% [3] Recent Developments - A recent reinsurance transaction with Venerable released nearly $2 billion in excess capital, reducing risk and validating reserves for Equitable Holdings [3] - The company is shifting towards higher-quality, fee-based retirement and asset management businesses, which is expected to enhance its market valuation [3] Market Position - Equitable Holdings is not among the top 30 most popular stocks among hedge funds, with 42 hedge fund portfolios holding the stock at the end of Q2 2025, down from 49 in the previous quarter [4] - While the company shows potential, certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Viewpoint - Equitable Holdings has scheduled the announcement of its third quarter 2025 results, indicating a focus on transparency and communication with stakeholders [1] Group 1 - The announcement is part of Equitable Holdings' regular financial reporting cycle, which is crucial for investors and analysts to assess the company's performance [1] - The specific date and time for the announcement have not been disclosed in the provided information, which may be relevant for stakeholders planning to follow the results [1]

Core Viewpoint - Equitable Holdings, Inc. has announced the full redemption of its Series B Depositary Shares, indicating a strategic financial move to manage its capital structure effectively [1] Group 1 - The full redemption will involve the repurchase of all outstanding Series B Depositary Shares [1] - This action reflects the company's commitment to optimizing its balance sheet and enhancing shareholder value [1] - The redemption is expected to be completed on a specified date, providing clarity to investors regarding the timeline [1]

Core Insights - The iShares Core S&P U.S. Growth ETF (IUSG) has an implied analyst target price of $178.40 per unit, indicating a potential upside of 10.53% from its recent trading price of $161.40 [1][2][3] ETF and Holdings Analysis - IUSG's underlying holdings include Targa Resources Corp (TRGP), Equitable Holdings Inc (EQH), and Range Resources Corp (RRC), all of which show significant upside potential based on analyst target prices [2][3] - TRGP is currently trading at $163.41, with an average analyst target of $205.14, representing a 25.54% upside [2][3] - EQH has a recent price of $52.72, with a target price of $65.50, indicating a 24.24% upside [2][3] - RRC is trading at $34.84, with an expected target price of $43.27, which is 24.20% above its current price [2][3] Analyst Target Price Considerations - The article raises questions about whether analysts' target prices are justified or overly optimistic, suggesting that high target prices relative to current trading prices may reflect optimism but could also lead to potential downgrades if they are based on outdated information [3]

Core Viewpoint - Equitable Holdings has declared a dividend on its preferred stock, indicating a commitment to returning value to shareholders and maintaining financial stability [1] Company Summary - The preferred stock dividend reflects the company's ongoing strategy to reward investors and manage its capital effectively [1] - The announcement of the dividend is a positive signal regarding the company's financial health and operational performance [1] Industry Context - The declaration of dividends in the financial services sector often serves as a benchmark for investor confidence and market stability [1] - Companies in the industry are closely monitored for their dividend policies, which can influence investment decisions and market perceptions [1]

Core Viewpoint - Equitable Holdings has announced the pricing terms for a cash tender offer for certain of its debt securities, indicating a strategic move to manage its debt portfolio and optimize capital structure [1] Group 1: Cash Tender Offer Details - The company is offering to purchase specific series of its debt securities, which reflects its proactive approach to debt management [1] - The tender offer is part of the company's broader strategy to enhance financial flexibility and reduce interest expenses [1] Group 2: Financial Implications - The cash tender offer may lead to a reduction in outstanding debt, potentially improving the company's credit profile and lowering future interest obligations [1] - This move is expected to positively impact the company's liquidity position, allowing for better allocation of resources towards growth initiatives [1]

Core Insights - In 2023, Equitable established 5-year financial targets through 2027, focusing on growth strategies in the retirement and asset management sectors, particularly in the U.S. retirement market, which benefits from demographic and legislative tailwinds [1] - The U.S. retirement market sees 4 million Americans retiring annually, with $600 billion in assets in motion, presenting significant growth opportunities for Equitable [2] - Equitable's integrated model combining asset wealth and retirement services positions the company to differentiate itself and capture a substantial share of market growth [2]

Equitable (EQH) 2025 Conference Summary Company Overview - **Company**: Equitable Holdings, Inc. (EQH) - **Industry**: Financial Services, specifically focusing on retirement asset management and wealth management Key Financial Targets and Progress - Equitable established five-year financial targets through 2027, aiming for: - Cash flows of $2 billion by 2027, with a current guidance of $1.6 billion to $1.7 billion for 2023, representing a 10% growth from the prior year [4][5] - A payout ratio of 60% to 70%, currently at 68% [6] - Earnings per share (EPS) growth of 12% to 15%, with a current growth of approximately 11% since the Investor Day [7][8] Market Dynamics and Growth Strategy - The U.S. retirement market is experiencing significant growth, with 4 million Americans retiring annually and $600 billion in assets in motion [2] - Equitable's integrated model combining asset, wealth, and retirement services positions it well to capture market growth [3] - The company has achieved a 12% organic growth rate in its wealth management business over the past year, with assets under administration (AUA) growing from $40 billion in 2018 to $110 billion [17][18] RGA Life Transaction and Capital Deployment - The RGA Life transaction freed up $2 billion in capital, with plans for: - $800 million to increase ownership in AllianceBernstein - $500 million for share buybacks - $500 million for debt tendering [14][15] - The remaining $500 million will be allocated to growth investments or additional share repurchases, focusing on wealth management acquisitions [15] Individual Annuity Business and Competitive Landscape - The RILA (Registered Index Linked Annuity) market has grown 40% year-over-year, with Equitable maintaining a leading position [32] - The company has launched new products, including a fixed index annuity, to meet client needs for downside protection and upside potential [34][35] - Equitable's competitive advantage lies in its low cost of funds and strong distribution channels [37] Financial Disclosure Changes - Following the RGA transaction, Equitable plans to simplify financial disclosures, focusing on asset retirement and wealth management [26][27] - The company will combine group and individual retirement segments into one broad retirement segment to better reflect operational realities [28] Future Growth Opportunities - Equitable is optimistic about in-plan annuities, which address the decumulation needs in the retirement market, with significant market potential [55][56] - The company is also exploring growth in spread-based lending and private credit through its partnership with AllianceBernstein [62][64] AllianceBernstein (AB) Private Markets Business - AB's private markets business has grown to $77 billion, with a target of reaching $90 billion to $100 billion by 2027 [64] - Equitable has committed $20 billion to support AB's private credit business, with $15 billion already deployed [65] Conclusion - Equitable is well-positioned for growth in the retirement and wealth management sectors, with a clear strategy to achieve its financial targets through organic growth, strategic acquisitions, and capital deployment initiatives. The company is focused on maintaining its competitive edge while adapting to market dynamics and evolving client needs.

Core Viewpoint - Equitable Holdings (NYSE: EQH) has experienced a strong performance over the past year, with shares increasing by over 25%, but have stalled following the announcement of a transformative reinsurance deal with Reinsurance Group of America [1] Company Performance - Equitable Holdings' shares have gained over 25% in the past year [1] - The stock performance has been stagnant since the announcement of the reinsurance deal [1] Strategic Developments - The company announced a transformative reinsurance deal with Reinsurance Group of America, which is a significant strategic move [1]

[Note Regarding Forward-Looking Statements and Information](index=4&type=section&id=Note%20Regarding%20Forward-Looking%20Statements%20and%20Information) This section cautions that forward-looking statements are based on current expectations but involve risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based on management's current expectations and beliefs, but actual results may differ materially due to various risks and uncertainties[10](index=10&type=chunk) - Key risk factors include conditions in financial markets and economy (geopolitical conflicts, interest rate fluctuations, equity market volatility), operational factors (reliance on subsidiary dividends, data protection, strategic transactions), credit and investment risks (counterparty default, economic downturns), reinsurance and hedging programs, product features (variable annuity guarantees), estimates and valuations, asset management segment fluctuations, employee retention, legal and regulatory risks, common stock risks, and general industry competition[11](index=11&type=chunk) PART I - FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including balance sheets, income, comprehensive income, equity, and cash flow statements, with detailed notes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets provide a snapshot of the company's financial position, showing an increase in total assets and liabilities, while equity attributable to Holdings decreased | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :-------------------------- | :-------------------------- | :-------------------------- | | Total Assets | $303,088 | $295,727 | | Total Liabilities | $300,125 | $292,179 | | Total Equity | $2,605 | $3,423 | | Equity attributable to Holdings | $1,149 | $1,565 | Key Asset Changes (June 30, 2025 vs. December 31, 2024) | Asset Category | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | Change (in millions) | | :------------------------------ | :-------------------------- | :------------------------- | :------------------- | | Total investments | $121,798 | $116,441 | $5,357 | | Cash and cash equivalents | $14,957 | $6,964 | $7,993 | | Purchased market risk benefits | $5,543 | $7,376 | $(1,833) | | Separate Accounts assets | $131,683 | $134,717 | $(3,034) | Key Liability Changes (June 30, 2025 vs. December 31, 2024) | Liability Category | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | Change (in millions) | | :---------------------------------- | :-------------------------- | :------------------------- | :------------------- | | Policyholders' account balances | $123,359 | $110,929 | $12,430 | | Liability for market risk benefits | $10,187 | $11,810 | $(1,623) | | Long-term debt | $4,332 | $3,833 | $499 | | Separate Accounts liabilities | $131,683 | $134,717 | $(3,034) | [Consolidated Statements of Income (Loss)](index=8&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) The Consolidated Statements of Income (Loss) reflect a shift from net income in Q2 2024 to a net loss in Q2 2025, primarily due to substantial net derivative losses | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Net income (loss) attributable to Holdings | $(349) | $428 | | Diluted EPS | $(1.21) | $1.23 | | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :------------------------------------------ | :------------------------------------------- | :------------------------------------------- | | Net income (loss) attributable to Holdings | $(286) | $520 | | Diluted EPS | $(1.04) | $1.45 | Key Revenue Changes (Three Months Ended June 30, 2025 vs. 2024) | Revenue Category | 2025 (in millions) | 2024 (in millions) | Change (in millions) | | :-------------------------------- | :----------------- | :----------------- | :------------------- | | Net derivative gains (losses) | $(1,374) | $(208) | $(1,166) | | Net investment income (loss) | $1,355 | $1,167 | $188 | | Investment management and service fees | $1,272 | $1,240 | $32 | Key Benefits and Other Deductions Changes (Three Months Ended June 30, 2025 vs. 2024) | Deduction Category | 2025 (in millions) | 2024 (in millions) | Change (in millions) | | :---------------------------------------------------------- | :----------------- | :----------------- | :------------------- | | Change in market risk benefits and purchased market risk benefits | $(606) | $(132) | $(474) | | Interest credited to policyholders' account balances | $796 | $599 | $197 | | Policyholders' benefits | $787 | $667 | $120 | [Consolidated Statements of Comprehensive Income (Loss)](index=9&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The Consolidated Statements of Comprehensive Income (Loss) show a shift to a comprehensive loss in Q2 2025, but a significant comprehensive income for the six-month period, driven by investment gains | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | | :---------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Comprehensive income (loss) attributable to Holdings | $(214) | $(56) | | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :---------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Comprehensive income (loss) attributable to Holdings | $994 | $(358) | Total Other Comprehensive Income (Loss), Net of Income Taxes (Six Months Ended June 30, 2025 vs. 2024) | OCI Component | 2025 (in millions) | 2024 (in millions) | Change (in millions) | | :---------------------------------------------------------- | :----------------- | :----------------- | :------------------- | | Change in unrealized gains (losses), net of reclassification adjustment | $918 | $(922) | $1,840 | | Change in market risk benefits - instrument-specific credit risk | $414 | $(139) | $553 | | Change in liability for future policy benefits - current discount rate | $(92) | $165 | $(257) | [Consolidated Statements of Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Equity) The Consolidated Statements of Equity show a decrease in total equity for the six months ended June 30, 2025, primarily due to share repurchases and preferred stock redemption | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :---------- | :-------------------------- | :-------------------------- | | Total Equity | $2,605 | $3,423 | Key Changes in Equity Attributable to Holdings (Six Months Ended June 30, 2025) | Item | Amount (in millions) | | :---------------------------------- | :------------------- | | Balance, beginning of period | $1,565 | | Purchase of treasury stock | $(497) | | Purchase of AB Holding units | $(443) | | Dividends on common stock | $(156) | | Dividends on preferred stock | $(32) | | Redemption of preferred stock | $(279) | | Net income (loss) | $(286) | | Other comprehensive income (loss) | $1,280 | | Balance, end of period | $1,149 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows indicate a significant increase in cash and cash equivalents, primarily driven by financing activities, despite decreased cash from operating and investing activities | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :------------------------------------------ | :------------------------------------------- | :------------------------------------------- | | Net cash provided by (used in) operating activities | $499 | $923 | | Net cash provided by (used in) investing activities | $(3,717) | $(7,927) | | Net cash provided by (used in) financing activities | $11,170 | $8,309 | | Cash and cash equivalents, end of period | $14,957 | $9,684 | Key Financing Activities (Six Months Ended June 30, 2025) | Item | Amount (in millions) | | :------------------------------------------ | :------------------- | | Policyholders' account balances: Deposits | $14,931 | | Policyholders' account balances: Withdrawals | $(4,637) | | Change in collateralized pledged liabilities | $1,298 | | Issuance of long-term debt | $495 | | Proceeds from notes issued by consolidated VIEs | $1,203 | | Purchase of AllianceBern