Today, as the market sells technology to buy stable consumer goods, industrials, and energy, a question arises: is something truly serious about to happen to predominantly technology-based indices like the Nasdaq-100, or is this an opportunity? I ask myself thisFinancial Serenity is a financial analysis and quantitative research column with a particular focus on the asset management sector. It is actively managed by Tommaso Scarpellini, a seasoned financial researcher and data analyst with proven experience ...

Tonner Drones concludes transition year with €1.1M net profit Paris, February 24th, 2026, 18:30, Tonner Drones (’the Company’) is pleased to announce its 2025 results. The year ended with a net profit of €1.1 million. Furthermore, equity was strengthened by more than €6 million, allowing the company to report positive equity. Tonner Drones had a successful year, completing its reorganization and refinancing. The company is pleased to announce that it has succeeded in its plan to prepare for renewed growth. ...

With a background in asset management, FinHeim Research is specialized in investment analysis and portfolio management, maintaining a global perspective on financial markets. Expertise in portfolio construction and optimization. Long term investor. Passionate about finding value in traditional companies and tech gems alike. Thematic investing research and thematic ETFs. Macroeconomics enthusiast. Main goal of writing is sharing hidden value and insightful facts and opinions, providing objective analysis to ...

Core Insights - Sprott Inc. is a global asset management firm focused on precious metals and real assets, distinguishing itself from competitors through its niche in gold, silver, platinum, and palladium investments [1] Financial Performance - For Q4 2025, Sprott reported earnings per share (EPS) of $1.11, significantly surpassing the estimated EPS of $0.52, despite revenue falling short at $61.7 million compared to the expected $68.7 million [2] - The company's Assets Under Management (AUM) reached $59.6 billion by the end of 2025, marking a 21% increase from the previous quarter and an 89% rise from the end of 2024, driven by market value appreciation and $3.9 billion in net sales, particularly in the Exchange Listed Products segment [2] Market Valuation - Sprott has a price-to-earnings (P/E) ratio of approximately 48, indicating strong investor confidence in its earnings potential [3] - The price-to-sales ratio is about 16.88, and the enterprise value to sales ratio is 16.48, reflecting the market's valuation of Sprott's revenue and overall valuation compared to sales [3] Financial Health - The current ratio of 2.14 suggests robust short-term financial health, with current assets more than double current liabilities [4] - The enterprise value to operating cash flow ratio is approximately 44.98, indicating the company's valuation relative to its cash flow from operations [4] - An earnings yield of about 2.08% shows the percentage of each dollar invested that was earned by the company [4]

GATX (NYSE:GATX) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAndrzej Tomczyk - VPBob Lyons - President and CEOHarrison Bauer - Equity Research AssociatePaul Titterton - EVP and President of Rail North AmericaShari Hellerman - Head of Investor RelationsTom Ellman - EVP and CFOConference Call ParticipantsBen Moore - Director and Equity Research AnalystBrendan McCarthy - Equity AnalystJustin Bergner - Manager and Research AnalystOperatorThank you for standing by. My name is Jordan, ...

开栏语：马年新春至，辞旧启新程。回顾旧岁，证券业转型深化与公募业高质量发展并行， 成绩斐然；展望新年，"十五五"规划开局，更待擘画新蓝图。值此新春佳节，智通财经启幕 2026年"券商・基金业新年献词"专栏，诚挚邀请券商、基金掌舵人执笔献词，寄语新年，共 话未来。 展望新的一年，希望和信心正在破土而出。在金融服务向更高质量进阶的过程中，我们的角色也需随之 迭代：国家创新驱动战略之下，我们将主动融入发展大局，继续依托ABS、REITs等工具拓宽企业融资 渠道，让金融活水成为产业跃迁背后的助力；面对市场潮涨潮落，我们始终以客户为中心，关注投资者 的理财需求和投资痛点，持续打磨自身的"产品力"，以更多元的资产配置工具、更丰富的产品货架、更 贴心的陪伴服务，力求创造长期价值，提升投资者的获得感。 因为看见，所以坚信。金融服务的温度，往往在细微处，潜藏于对责任的坚守、对专业的敬畏、对未来 的耐心之中。感谢每一位投资者的信任，正是这一份份真实且具象的托付，推动我们在变化的浪潮中稳 步前行。 春风入户，岁岁安澜。值此辞旧迎新的美好时刻，财通资管党委副书记、总经理钱慧谨向一路相伴的投 资者、合作伙伴和关心支持财通资管的社会各界 ...

In alternatives, Casey said Westwood closed its second oversubscribed private equity fund, Westwood Energy Secondaries Fund II, on Dec. 31, with over $300 million in commitments across the fund and two related co-investment funds—double its initial goal. He added that since launching the firm’s first energy secondaries fund in 2023, Westwood has raised nearly $350 million and invested more than $250 million across its energy secondaries flagship funds and three co-investment funds.Casey also pointed to asse ...

Group 1 - The initiative "Financial Serenity" focuses on providing in-depth analysis of the asset management sector, driven by rigorous data analysis and actionable insights [1] - The column is managed by Tommaso Scarpellini, who has extensive experience in financial research and analytics [1] - The mission is to deliver valuable, data-driven perspectives to assist investors in making informed decisions in the evolving asset management market [1] Group 2 - The content is intended for informational purposes and does not constitute financial advice or investment recommendations [3] - There is no guarantee regarding the accuracy of the data presented, and users are encouraged to conduct their own research [3] - The author does not hold any positions in the companies mentioned and has no plans to initiate any such positions [2]

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Financial Data and Key Metrics Changes - Underlying net income reached CAD 1.1 billion, contributing to underlying earnings per share growth of 17% year-over-year and underlying return on equity of 19.1% [5][15] - Total company reported net income was CAD 722 million, 34% lower than underlying net income, primarily due to market-related impacts [17] - Full-year underlying earnings growth was 9%, with a 17% increase in new business contractual service margin [12][29] Business Line Data and Key Metrics Changes - SLC Management achieved CAD 242 million in underlying net income, exceeding its investor day target of CAD 235 million [6] - Group Health and Protection underlying earnings increased by 16% year-over-year, driven by stabilization in claims experience [16] - Individual protection underlying net income rose by 17%, supported by favorable mortality experience in Asia and the U.S. [16] Market Data and Key Metrics Changes - In Asia, protection sales grew by 50% year-over-year, with standout markets being Hong Kong and Indonesia [8][29] - In Canada, gross sales in wealth businesses were up 46% year-over-year, driven by strong results in Group Retirement Services and individual mutual funds [7][24] - U.S. Medical Stop-Loss business saw robust sales growth of 58% [9][25] Company Strategy and Development Direction - The company is focused on a balanced and diversified growth strategy, with a commitment to digital transformation and enhancing client experiences [10][11] - The introduction of a management equity plan for SLC aims to motivate and retain talent in the alternative asset management space [6] - The company plans to complete the buyouts of BGO and Crescent Capital in the first half of 2026, strengthening its alternative asset management platform [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business mix and disciplined execution of long-term strategies, despite a complex operating environment [14] - The company anticipates continued strong earnings growth aligned with medium-term objectives, with a focus on organic capital generation and prudent risk management [11][30] - Management highlighted the importance of maintaining a strong capital position, with a LICAT ratio of 157% [5][18] Other Important Information - The company achieved Great Place to Work recertification in nine countries, emphasizing its commitment to culture and employee satisfaction [11] - The asset management platform ended the year with CAD 1.2 trillion of third-party assets under management and administration [13] Q&A Session Summary Question: Regarding stop-loss experience and future improvements - Management noted a modest improvement in the loss ratio and expressed confidence heading into 2026 [33][36] Question: On pricing increases in stop-loss and dental - Management confirmed a 17% average price increase on renewal business, which aligns with target margins [40][42] Question: Capital deployment strategy and buybacks - Management emphasized a disciplined approach to capital deployment, prioritizing organic growth and completing private asset affiliate purchases before resuming share buybacks [45][50] Question: Strategy for growth in the dental market - Management highlighted a strong distribution footprint and growth in the commercial dental segment, expecting continued expansion [61] Question: Insights on stop-loss market dynamics - Management acknowledged a hardening market and competitive dynamics, emphasizing their strong capabilities and historical low loss ratios [92]