Financial Data and Key Metrics Changes - GAAP net income for the quarter was $283.9 million, or $0.53 per diluted share, with a return on equity of 17% [18] - Earnings available for distribution were $291.1 million, or $0.54 per diluted share, reflecting an 18% return on equity [18] - Book value increased to $6.7 billion, or $12.71 per share, up from $12.39 in the prior quarter [19] - The company ended the quarter with a record cash and liquidity amount of $2.1 billion [19] Business Line Data and Key Metrics Changes - Genesis Capital achieved a record quarter of production, with origination more than doubling since its acquisition in 2022 [6][10] - NewRez, the mortgage company, reported a 38% increase in funded volume, reaching $16 billion [36] - The servicing portfolio for NewRez is now $864 billion, with a 19% return on equity for the quarter [36][25] - Rhythm Asset Management saw an increase of $3.5 billion in assets under management (AUM), totaling $36 billion [24] Market Data and Key Metrics Changes - The company noted a robust pipeline for mergers and acquisitions, focusing on scaling up credit and origination business lines [10] - The asset-based finance (ABF) market is highlighted as a key area of growth, with the company controlling both origination and servicing [7][8] Company Strategy and Development Direction - The company aims to grow its asset management platform and differentiate itself through performance and trust with investors [8][10] - There is a focus on opportunistic acquisitions and scaling up the credit business, with a desire to enter the insurance market [51][52] - The company is exploring the potential for a separate listing for NewRez but is currently focused on growing the business [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment, anticipating one or two rate cuts this year [26] - There is a belief that policy uncertainty is declining, which could benefit investment products [27] - The company is cautious about credit markets but sees opportunities in the non-QM space and direct lending [90] Other Important Information - The company has paid out over $6 billion in dividends since inception, implying a stock price of about $25 based on historical payouts [12] - The company is focused on maintaining a balance between funding through its balance sheet and third-party capital [95][96] Q&A Session Summary Question: Any updated thoughts on Nuurez and unlocking value? - Management indicated that they are focused on growing Nuurez and enhancing earnings before considering a separate listing [45][46] Question: How will changes in the mortgage market impact NewRez's strategy? - Management noted significant growth in the non-QM business and plans to continue expanding origination channels [60][61] Question: What are the most logical ways to optimize Rhythm's corporate structure? - Management is evaluating the merits of a C Corp structure and the need for scale in the REIT business [66][67] Question: How does the partnership at Genesis support capital allocation? - Management stated that capital can be allocated flexibly across segments to generate the best returns for shareholders [73][74] Question: What type of insurance acquisitions are being considered? - Management is looking at broader insurance opportunities, including P&C and life insurance, to complement their asset management capabilities [88][89]

Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund [CEF] market activity from both the bottom-up, highlighting individual fund news and events, as well as the top-down, providing an overview of the broader market. We also try to provideCheck out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond mark ...

spot on"being the world champion in moralizing doesn’t buy you a seat at the table"EU has no political leverage, but hey it has GRETAAAALina Seiche (@LinaSeiche):If you wonder how the EU could agree to such a humiliating deal:It’s because the EU has no political leverage.It has outsourced its energy needs, neglected its defense, sabotaged its industry, regulated away any innovation, and generally failed to become an indispensable https://t.co/5EkrceaIJO ...

It's really for the health insurers. They're weathering a perfect storm of higher costs across all of their government health plans. When it comes to Medicare, United Health is at the eye of that storm.In midMay, CEO Andrew Witty stepped down. The company withdrew guidance and chairman Steve Hemsley was reinstated as chief executive, vowing to earn back investor trust and confidence. The crux of the problem, collapsing profits in the company's Medicare Advantage program.Insurers and doctors used to be able ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][11]. Core Insights - The WAIC 2025 showcased significant advancements in domestic AI technology, indicating a shift from being a "follower" to a "leader" in the AI sector. This includes developments in domestic computing power, large models, and AI applications, which are expected to evolve in a synergistic manner [11]. - Huawei's unveiling of the Ascend 384 SuperNode at WAIC 2025 represents a major leap in domestic AI computing capabilities, with over 80 mainstream large models already adapted for this technology. This architecture is anticipated to enhance the competitiveness of domestic computing power [7][11]. - The launch of the new 321 B-MoE large model by Jieyue Xingchen is set to open a new round of competition in multi-modal models, emphasizing the trend of "open-source + extreme inference efficiency" in domestic large model iterations [7][11]. - Alibaba Cloud's Baolian platform, recognized at WAIC 2025, has integrated over 200 mainstream models and attracted more than 200,000 developers, indicating a rapid acceleration in the commercialization of domestic AI applications [7][11]. Summary by Sections Domestic Computing Power - The Ascend 384 SuperNode features a high-bandwidth, low-latency interconnection among 384 NPUs, addressing communication bottlenecks within clusters and enhancing performance for model training and inference [7]. - The performance of SGLang and DeepSeek on the CloudMatrix384 has surpassed their performance on NV H100 and H800, showcasing the potential of domestic computing architectures [7]. Large Models and AI Applications - The 321 B-MoE model is expected to achieve three times the inference efficiency of DeepSeek-R1 on domestic chips and a 70% throughput increase on NVIDIA Hopper, highlighting the competitive edge of domestic models [7]. - The trend of open-source large models combined with domestic chips is projected to accelerate the growth of AI applications in China [7]. Key Companies to Watch - The report suggests focusing on companies such as Hengwei Technology (603496.SH), Youke De-W (688158.SH), YunSai ZhiLian (600602.SH), and Data Port (603881.SH) for domestic computing power. For large models and AI applications, companies like Dingjie Zhizhi (300378.SZ), HanDe Information (300170.SZ), and SuoChen Technology (688507.SH) are highlighted [11].

If you're interested in broad exposure to the Consumer Discretionary - Broad segment of the equity market, look no further than the Fidelity MSCI Consumer Discretionary Index ETF (FDIS) , a passively managed exchange traded fund launched on October 21, 2013.Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.Additionally, sector ETFs ...

Core Viewpoint - The iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) is a passively managed ETF that provides broad exposure to the Financials - Brokers/Capital markets segment, gaining popularity among investors due to its low cost and tax efficiency [1][2]. Group 1: Fund Overview - Launched on May 1, 2006, IAI has accumulated over $1.46 billion in assets, positioning it as an average-sized ETF in its category [3]. - The fund aims to match the performance of the Dow Jones U.S. Select Investment Services Index, which reflects the investment services sector of the U.S. equity market [3]. Group 2: Costs and Performance - IAI has an annual operating expense ratio of 0.4%, which is competitive within its peer group, and a 12-month trailing dividend yield of 0.92% [4]. - The ETF has shown strong performance, with a year-to-date increase of 22.58% and a 43.88% rise over the past year, trading between $115.73 and $175.82 in the last 52 weeks [7]. Group 3: Sector Exposure and Holdings - The ETF is fully allocated to the Financials sector, with Goldman Sachs Group Inc (GS) making up approximately 14.73% of total assets, followed by Morgan Stanley (MS) and S&P Global Inc (SPGI) [5][6]. - The top 10 holdings constitute about 72.64% of total assets under management, indicating a concentrated exposure [6]. Group 4: Risk Assessment - IAI has a beta of 1.15 and a standard deviation of 20.61% over the trailing three-year period, categorizing it as a high-risk investment option [7]. Group 5: Alternatives - The ETF holds a Zacks ETF Rank of 4 (Sell), suggesting that there are better alternatives available for investors seeking exposure to the Financials ETFs segment [8][9]. - An alternative option is the SPDR S&P Capital Markets ETF (KCE), which has $552.17 million in assets and a lower expense ratio of 0.35% [9].

The iShares Russell Top 200 ETF (IWL) was launched on 09/22/2009, and is a passively managed exchange traded fund designed to offer broad exposure to the Large Cap Blend segment of the US equity market.The fund is sponsored by Blackrock. It has amassed assets over $1.78 billion, making it one of the larger ETFs attempting to match the Large Cap Blend segment of the US equity market.Why Large Cap BlendCompanies that find themselves in the large cap category typically have a market capitalization above $10 bi ...

Investment Rating - The report suggests a positive outlook for industries leveraging AI, indicating a strong growth potential and value creation through AI integration Core Insights - AI is enhancing worker productivity and creating value for companies, with job numbers and wages increasing in AI-exposed occupations [4][6][33] - The skills required for success in AI-powered jobs are changing rapidly, with a significant acceleration in the demand for new skills [5][66] - Industries most exposed to AI are experiencing three times higher growth in revenue per employee compared to those least exposed [6][21][103] Summary by Sections AI Impact on Productivity and Wages - Industries most able to utilize AI have seen a nearly quadrupled productivity growth since 2022, with revenue per employee growing three times faster than in less exposed industries [6][24][26] - Wages for AI-powered workers are rising two times faster in industries most exposed to AI compared to those least exposed [36][38][42] Job Creation and Transformation - Job numbers are growing in virtually all AI-exposed occupations, with a 38% growth in AI-exposed jobs over the past five years [50][56] - The nature of jobs is evolving, with many roles being reshaped to focus on higher-value tasks rather than being eliminated [104][105] Skills Evolution - The demand for skills is changing 66% faster in AI-exposed jobs compared to less exposed ones, indicating a rapid skills transformation [5][66] - Employers are increasingly prioritizing skills over formal degrees, reflecting a shift in hiring practices in AI-exposed fields [72][75] Business Implications - Companies are encouraged to treat AI as a growth strategy rather than merely an efficiency tool, focusing on enterprise-wide transformation [7][59] - Building trust in AI and its applications is critical for maximizing its potential and ensuring successful integration into business processes [10][70][107]

Group 1 - Prudential Financial is expected to report earnings on July 30, 2025, with revenues projected at approximately $13.4 billion, reflecting a 3% year-over-year decline, and earnings per share estimated at $3.23, indicating a slight decrease compared to the previous year [2] - The U.S. insurance operations are anticipated to remain a significant contributor to earnings, with improved underwriting and reduced expenses in Q1, although some areas are experiencing weaker investment and fee-related income [2] - The global investment management division is likely to perform well due to an increase in assets under management driven by equity market appreciation, net inflows, and enhanced investment performance [3] Group 2 - The current market capitalization of Prudential Financial is $37 billion, with total revenue for the past twelve months at $61 billion and net income at $2.3 billion [4] - Historical data shows that Prudential Financial has recorded 20 earnings data points over the past five years, with 9 positive and 11 negative one-day returns, resulting in a 45% occurrence of positive returns [7] - The median of the positive one-day returns is 2.5%, while the median of the negative returns is -2.2% [7] Group 3 - There is a strategy to understand the correlation between short-term and medium-term returns post-earnings, which can help in executing trades based on the strongest correlations observed [8] - The performance of peers can influence the post-earnings stock reaction, with historical data indicating that price adjustments may begin before earnings are disclosed [9] - The Trefis High Quality portfolio has outperformed the S&P 500, delivering returns exceeding 91% since its inception, providing an alternative for investors seeking less volatility [5][10]