Core Viewpoint - StepStone Group Inc. (STEP) has reached a significant support level and shows potential for investors from a technical perspective, having recently broken through the 20-day moving average, indicating a short-term bullish trend [1]. Technical Analysis - The 20-day simple moving average (SMA) is a widely used investing tool that helps smooth out price fluctuations and provides insight into short-term price trends. A stock trading above the 20-day SMA indicates a positive trend, while falling below it may signal a downward trend [2]. - STEP has rallied 7.6% over the past four weeks, suggesting a potential for further upward movement [4]. Earnings Estimates - STEP is currently rated as Zacks Rank 3 (Hold), indicating a neutral outlook. However, the combination of recent positive earnings estimate revisions strengthens the bullish case for the stock. There has been one upward revision for the current fiscal year with no downward revisions, and the consensus estimate has also increased [4][5]. Investment Outlook - Given the favorable combination of earnings estimate revisions and the technical breakout at a key level, investors are encouraged to monitor STEP for potential gains in the near future [5].

Core Insights - Crowd Street has announced distribution agreements with Nuveen and StepStone, expanding its investment offerings beyond commercial real estate to include various private market asset classes [1][2] - The partnerships signify a strategic shift for Crowd Street, enhancing its commitment to providing diverse investment options and empowering members with self-directed access to private markets [2][5] Company Developments - Nuveen, managing over $1.3 trillion in assets, will launch two funds on Crowd Street's platform, including a $2 billion perpetual-life non-traded investment vehicle focused on U.S. middle market companies [3][4] - StepStone, with approximately $709 billion in total capital, will collaborate with Crowd Street to offer two funds focused on private equity and venture capital, with the initial fund designed for long-term capital appreciation [4][5] Market Impact - The new offerings from Nuveen and StepStone are expected to provide Crowd Street members with access to private credit investments and diversified private market opportunities, enhancing the platform's appeal [3][4] - Crowd Street has facilitated over 800 commercial real estate deals worth more than $4 billion, indicating strong demand for self-directed private market investing [4]

Core Insights - Chipotle Mexican Grill is launching a new sauce called Red Chimichurri, which is designed to enhance the flavor of its entrees and will be available for a limited time starting September 30, 2025 [1][2][3] Product Details - Red Chimichurri is a tangy sauce made with roasted garlic, fresh cilantro, chili peppers, and citrus juice, prepared daily in restaurants [3][4] - The sauce is specifically curated to pair well with Chipotle's Carne Asada, which is a popular menu item [5][7] - Chipotle Rewards members can try Red Chimichurri for free on the launch day, provided they enroll in the rewards program by September 29, 2025 [4][5] Market Strategy - The introduction of Red Chimichurri is part of Chipotle's strategy to cater to Gen Z consumers, with 92% of whom indicate they would visit a restaurant specifically for a sauce [3] - This new sauce follows the success of Adobo Ranch, which helped attract new customers and increase transactions [3][4] Culinary Recommendations - Chipotle's culinary team recommends specific pairings for Red Chimichurri, including Carne Asada Burrito, Chicken Bowl, and Sofritas Bowl [6][7] Company Overview - Chipotle operates over 3,800 restaurants across multiple countries and is known for its commitment to using responsibly sourced ingredients without artificial additives [9] - The company emphasizes innovation in the food industry and aims to enhance customer experience through digital and sustainable practices [9]

Core Points - STEP Energy Services Ltd. has received a non-binding offer from ARC Financial Corp. to acquire 100% of the issued and outstanding common shares not currently owned by ARC at a price of $5.50 per share [2][4] - ARC Financial Corp. currently owns 55.22% of STEP's common shares [2] - STEP's board has formed a special committee of independent directors to review the offer and has engaged financial and legal advisors for this process [3] Company Overview - STEP Energy Services Ltd. is an energy services company providing coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions [5] - The company has evolved since its founding in 2011 into a North American service provider, focusing on completion and stimulation services primarily in Canada and the U.S. [6] - STEP operates in key regions such as the Western Canadian Sedimentary Basin and the Permian Basin in the U.S. [6] Corporate Governance - The special committee formed by STEP's board includes independent directors Edward LaFehr (Chair), James Harbilas, and Rachel Moore [3] - Legal and financial advisors have been appointed to assist the special committee in evaluating the offer [3]

Group 1 - StepStone Group Inc. (STEP) shares increased by 8.8% to close at $65.39, with notable trading volume compared to typical sessions, and a 2.7% gain over the past four weeks [1] - The stock's rise is attributed to Goldman Sachs' rating upgrade to a Buy and an increased price target, highlighting the company's growing private wealth business and solid institutional pipeline as growth catalysts [2] - StepStone is positioned as a long-term value creator in the asset management space, benefiting from a strong foothold in alternative investments and impressive fundraising momentum [2] Group 2 - The company is expected to report quarterly earnings of $0.45 per share, unchanged from the previous year, with revenues projected at $235.99 million, reflecting a 13% increase year-over-year [3] - The consensus EPS estimate for StepStone has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - StepStone Group holds a Zacks Rank of 3 (Hold), while another company in the same industry, SoFi Technologies, has shown a 20.5% return over the past month [4]

Upgrades Summary - RBC Capital upgraded Nike (NKE) to Outperform from Sector Perform with a price target of $90, increased from $76, citing a "steeper revenue recovery" than market estimates due to new product contributions and World Cup sales [2] - Needham upgraded Amicus (FOLD) to Buy from Hold with a price target of $14, indicating reduced regulatory risk for Amicus' DMX-200 following FDA's decision regarding Travere's Filspari [2] - Goldman Sachs upgraded Stepstone Group (STEP) to Buy from Neutral with a price target of $83, up from $64, expecting a 25% CAGR in management fees from 2024-28 driven by growth in Private Wealth and record levels of shadow AUM [2] - RBC Capital upgraded CSX (CSX) to Outperform from Sector Perform with a price target of $39, increased from $37, viewing CSX shares as well positioned for consolidation scenarios in the railroad sector [2] - Scotiabank upgraded Vale (VALE) to Outperform from Sector Perform with a price target of $14, up from $12.50, anticipating benefits from the upcoming "decarbonization wave" [2]

Core Viewpoint - The appetite for private markets remains strong, potentially countering negative headlines in the media [1] Group 1: LP Allocations to Private Markets - Current trends indicate that LP allocations to private markets are on the rise, with ongoing discussions with clients reflecting a positive outlook [1] - There is potential for further upside in allocations, suggesting a robust interest in private market investments [1] Group 2: Realization Cycle - The upcoming realization cycle is deemed important for future allocations to private markets, indicating that successful exits could influence LPs' investment decisions [1]

Summary of StepStone FY Conference Call - September 09, 2025 Company Overview - **Company**: StepStone (NasdaqGS:STEP) - **Industry**: Private Markets, Asset Management Key Points Current Market Trends - **Strong Appetite for Private Markets**: Despite some LPs being over-allocated, most are maintaining or increasing their long-term allocations to private markets, particularly in private credit and infrastructure [5][6] - **Realization Cycle Impact**: The upcoming realization cycle is causing some LPs to slow down current deployments, but it is not affecting long-term appetite for private markets [5][6] Fundraising and Growth - **Separate Account Business**: StepStone has maintained a re-up rate above 90% across its separate account business, with clients increasing account sizes by an average of 30% upon re-up [9][10] - **Diversified Growth**: Approximately 40% of gross AUM flows came from new relationships or expansions into new strategies, indicating a healthy balance of growth [10] - **Co-Mingled Funds**: StepStone raised $10 billion in commitments to co-mingled funds, representing a 21% year-over-year growth [15] Asset Class Performance - **Diversification Across Asset Classes**: StepStone has a well-diversified business across private equity, venture capital, private debt, infrastructure, and real estate, with all asset classes contributing to growth [11][12] - **Geographic Mix**: About two-thirds of revenue comes from clients outside the U.S., with significant growth potential in international LP allocations [12] Wealth Management - **Growth Milestone**: StepStone's wealth management business reached $10 billion in AUM, with a solutions-oriented approach driving growth [27][28] - **Distribution Strategy**: The company is expanding its distribution footprint internationally, particularly in Europe, Asia, and Australia, while maintaining a strong presence in the U.S. [30][31] Product Development - **Emerging Products**: StepStone is launching a private equity-specific vehicle called StepX and has seen significant growth in its Spring product, which offers unique access to venture and growth strategies [39][34] - **Private Credit Differentiation**: StepStone's multi-manager approach in private credit sets it apart from competitors, emphasizing diversification and downside protection [36][37] Partnerships and Innovations - **Index Development**: Partnerships with FTSE Russell and Kroll aim to create benchmarking indices for private markets, enhancing transparency and potentially increasing allocations to private markets [43][44] - **Future Product Opportunities**: The company plans to develop additional indices and products based on its data capabilities, with a focus on private equity and infrastructure [50][51] M&A Strategy - **Embedded M&A Activity**: StepStone has a successful track record in M&A, with plans to continue leveraging this strategy to enhance its platform across various asset classes [56] Financial Considerations - **Profit Sharing Structure**: For every dollar of management fee from wealth management, 50% contributes directly to StepStone's bottom line, enhancing margins [40][41] Additional Insights - **Client Relationships**: The high re-up rate and client satisfaction indicate strong performance and trust in StepStone's offerings [9] - **Market Positioning**: StepStone's unique position as a connector between LPs and GPs allows it to capitalize on trends in private markets and innovate accordingly [4][6]

Core Insights - Kroll and StepStone Group have launched the Kroll StepStone Private Credit Benchmarks, establishing a new industry standard for private capital markets, aimed at enhancing decision-making through improved valuation and intelligence [1][2]. Group 1: Product Overview - The Private Credit Benchmarks are based on loan-level data from over 15,000 deals, providing more reliable insights compared to traditional fund-level aggregates [2]. - The Benchmarks are updated weekly with new primary market data, offering anonymized insights across various dimensions such as regions, sectors, and loan security [3]. Group 2: Market Demand and Trends - There is a growing investor interest in private markets, driven by the 'retailification' of private capital, with expectations for increased allocations to these markets in the coming years [3]. - Retail investors currently control over 50% of global wealth but only about 20% of private market assets under management, indicating a significant opportunity for growth in private investment markets [4]. Group 3: Strategic Collaboration - The collaboration between Kroll and StepStone aims to address the need for clarity and granular benchmarks in the evolving private credit asset class [4]. - The Benchmarks will be integrated into Kroll's Private Capital Markets Platform, facilitating the analysis and modeling of critical valuation drivers for illiquid investments [4]. Group 4: Company Background - Kroll is a leading independent provider of financial and risk advisory solutions, with a team of over 6,500 professionals and nearly 100 years of expertise [6]. - StepStone Group, as of June 30, 2025, manages approximately $723 billion in total capital, including $199 billion in assets under management, serving a diverse range of clients [8].

Group 1 - StepStone Group is recognized for having one of the largest global networks in the alternative asset solutions space, connecting both limited partners (such as pension funds and endowments) and general partners (like fund managers) [1] - The company's extensive network is supported by dedicated resources, enhancing its position in the market [1]