Core Insights - Pershing Square Holdings (PSH) demonstrated strong financial performance in 2025, with a net asset value (NAV) increase of 20.9% and a total shareholder return of 33.9% [2][6] - The company is undergoing a transformation of its long-held investment in Howard Hughes, aiming to evolve it into a diversified company similar to Berkshire Hathaway [5][10] - PSH is redesigning its planned U.S. vehicle, PSUS, to reduce performance fees, while also focusing on strategic initiatives and shareholder engagement [6][9] Financial Performance - PSH reported a weighted average maturity of six years and a weighted average cost of capital of 3.6%, with a debt-to-total-capital ratio maintained between 15% and 25% [1] - The company issued two bonds in 2025: a €650 million five-year bond at 4.25% and a $500 million seven-year bond at 5.5% [1] - Over the last eight years, PSH achieved a compound growth rate of 23% in both NAV and share price, outperforming the S&P 500 and FTSE [2] Governance and Shareholder Engagement - The board of PSH held seven meetings in 2025, focusing on portfolio performance, strategy, and governance issues [3] - The manager of PSH is also its largest shareholder, owning 28% of the company, which aligns interests [3] Strategic Initiatives - PSH is transforming Howard Hughes into a diversified holding company, with a $900 million investment made in May 2025 [5][10] - The planned acquisition of Vantage, a specialty insurer, for approximately $2.1 billion is a key step in this transformation [12] - PSH's management team will provide support to Howard Hughes in exchange for management fees, which will offset PSH's own management fees [11] Market Activity and Investments - In 2025, PSH made new investments in Hertz, Amazon, and Meta, while exiting positions in Chipotle, Canadian Pacific, and Nike [14] - The company executed share buybacks totaling $370 million in 2025, bringing total buybacks to $1.8 billion, reducing shares outstanding by nearly 30% [8] Market Conditions and Outlook - The Chief Investment Officer noted that the S&P 500's growth has been primarily driven by earnings growth rather than multiple expansion, with a focus on large companies [16] - PSH's ability to quickly invest in mega-cap stocks during market volatility is emphasized as a strategic advantage [16]

Group 1 - The article focuses on the asset management sector, providing in-depth analysis of market dynamics [1] - It aims to combine rigorous data analysis with actionable opinions and ratings on ETFs and trending instruments [1] - The initiative is managed by a seasoned financial researcher with proven experience in banking and financial analytics [1] Group 2 - The mission is to deliver valuable, data-driven perspectives to assist investors in making informed decisions [1]

Group 1 - The core focus of the initiative is on providing in-depth analysis of the asset management sector, driven by data analysis and actionable insights [1] - The initiative is managed by a seasoned financial researcher with extensive experience in banking and financial analytics [1] - The mission is to deliver valuable, data-driven perspectives to assist investors in making informed decisions in a dynamic 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]

Core Insights - Northern Trust is a significant player in the asset management industry, being part of the exclusive "$1 trillion club" of asset managers [2] - The company manages a total of $1.4 trillion in assets, with a notable presence in both passive and active asset management [3] - Northern Trust has $18 trillion in assets under custody, highlighting its extensive reach in wealth management and asset servicing [2] Company Overview - Northern Trust is recognized for its strong brand in wealth management, which may overshadow its asset management capabilities [2] - The company is one of the largest asset managers in the industry, indicating its competitive position [2] Financial Metrics - Total assets managed by Northern Trust amount to $1.4 trillion, with a significant portion being passive assets [3] - The company is noted for being one of the largest passive asset providers in the market [3]

Core Insights - Gabelli Investors, Inc. reported strong operating results for the quarter and year ended December 31, 2025, with significant growth in assets under management and revenues [1][3] Financial Performance - Quarter-end assets under management (AUM) reached $34.9 billion, reflecting a 10% increase compared to Q4 2024 [3] - Quarterly revenues grew by 10.7% to $65.6 million [3] - Earnings per share (EPS) for the fourth quarter were $0.75, up from $0.64 in the fourth quarter of 2024 [3] - Total earnings for 2025 were $3.17 per share, compared to $2.58 per share in 2024 [3] Capital Management - The company maintains a strong liquidity position with $195.5 million in cash and investments and no debt [3] - A total of 22.0 million shares are outstanding after repurchasing 103,871 shares during Q4 2025 [3] Company Overview - Gabelli, established in 1977, provides investment advisory services across various funds and investment products, serving approximately 1,900 institutional and private wealth management investors primarily in the U.S. [1][2] - The company offers a diverse range of client solutions across asset classes, regions, market capitalizations, sectors, and investment styles [2]

Core Insights - The Carlyle Group Inc. (CG) reported a 5.9% increase in shares during Friday's trading session, with fourth-quarter 2025 post-tax distributable earnings per share of $1.01, matching the Zacks Consensus Estimate and improving from 92 cents per share in the previous year [1][8] Financial Performance - Net income attributable to Carlyle was $358.1 million, up from $210.9 million in the year-ago quarter, while for 2025, post-tax distributable earnings per share were $4.02, slightly missing the Zacks Consensus Estimate of $4.03 but increasing from $3.66 in 2024 [2] - Fourth-quarter segmental revenues reached $1.09 billion, a 15.1% increase from the previous year, matching the Zacks Consensus Estimate [3][8] - Total segment fee revenues rose 2.3% year over year to $669.9 million, driven by increased fund management fees and fee-related performance revenues, while realized performance revenues surged 46.8% to $360.8 million [4] Expenses and AUM - Total segmental expenses increased by 16.1% year over year to $655.4 million, presenting a challenge to overall profitability [4][8] - As of December 31, 2025, total assets under management (AUM) were $476.9 billion, reflecting an 8.1% increase from the prior year, with fee-earning AUM rising 10.6% to $336.8 billion [5] Capital Distribution - In the reported quarter, Carlyle repurchased or withheld 3.8 million shares for $204 million, with $0.2 billion worth of shares remaining under authorization [6] - The company declared a quarterly dividend of 35 cents per share, scheduled for payment on February 20, 2026 [6] Strategic Outlook - The increase in total AUM and efforts to expand investment platforms are expected to support long-term revenue growth for Carlyle, although rising expenses and a competitive financial environment pose challenges [7]

Core Viewpoint - Jefferies has experienced a decline of approximately 7.4% in share price since the last earnings report, underperforming the S&P 500, raising questions about future performance leading up to the next earnings release [1] Financial Performance - Jefferies reported adjusted earnings from continuing operations of 96 cents per share for Q4 fiscal 2025, reflecting a year-over-year increase of 5.5%, surpassing the Zacks Consensus Estimate of 83 cents [2] - The net income attributable to common shareholders on a GAAP basis was $190.9 million, down from $205.7 million in the prior-year quarter [3] - For fiscal 2025, adjusted earnings from continuing operations totaled $2.94, slightly down from $2.96 in fiscal 2024, but exceeded the Zacks Consensus Estimate of $2.81 [3] Revenue and Expenses - Quarterly net revenues reached $2.07 billion, an increase from $1.96 billion in the prior-year quarter, and surpassed the Zacks Consensus Estimate of $1.93 billion [4] - Total non-interest expenses for the quarter were $1.82 billion, up from $1.65 billion in the year-ago quarter, driven by higher compensation and benefits as well as increased non-compensation expenses [5] Segment Performance - In Investment Banking and Capital Markets, net revenues were $1.88 billion, a 14.7% increase from the prior-year quarter, with investment banking net revenues rising to $1.19 billion [6] - Asset Management net revenues decreased to $187.0 million from $314.8 million in the year-ago quarter, despite an increase in asset management fees and revenues [7] Market Estimates and Outlook - There has been a 9.52% upward shift in consensus estimates over the past month, indicating positive sentiment among investors [8] - Jefferies holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [11]

Financial Data and Key Metrics Changes - The company reported earnings available for distribution of $2.35 per diluted share for 2025, representing a 12% year-over-year growth [12] - GAAP net income for Q4 was $53 million, or $0.09 per diluted share, with a 3% return on equity [13] - For the full year, GAAP net income was $567 million, with a return on equity of 8% [13] - Book value at the end of 2025 was reported at $7 billion, or $12.60 per common share, an increase from the previous year [14] Business Line Data and Key Metrics Changes - The Genesis business produced just under $5 billion in loans, with earnings up 250% since its acquisition in 2022 [6] - Newrez, the mortgage company, saw year-over-year earnings growth of 13% [6] - Sculptor's AUM grew from $34 billion to $38 billion in 2025, with gross inflows of $5.8 billion [15][24] Market Data and Key Metrics Changes - The 10-year treasury yield increased to approximately 4.30%, while mortgage rates have slightly decreased [14] - In San Francisco, leasing activity increased by 330% year-over-year, reflecting a recovery in the market [36] - The New York core portfolio's leased occupancy was 92.8%, up 780 basis points year-over-year [34] Company Strategy and Development Direction - The company aims to grow prudently by creating alpha and results for clients, focusing on performance-driven asset management [5] - The acquisition of Paramount is seen as a strategic move to capitalize on dislocated office assets, with a focus on Class A office buildings in major cities [29] - The company plans to enhance its technology stack and marketing efforts to improve customer experience and brand [7] Management's Comments on Operating Environment and Future Outlook - Management noted significant geopolitical risks but expressed optimism about the mortgage market, anticipating increased production due to tighter mortgage basis [20] - The company expects a 10% increase in overall volumes for 2026, driven by improved service and tools for homeowners [59] - Management highlighted the importance of maintaining discipline in pricing and origination strategies amidst competitive pressures [62] Other Important Information - The company has made significant investments in technology partnerships, including with Valon Technologies and HomeVision, to enhance operational efficiency [45] - The firm ended the year with $1.7 billion in cash and liquidity after funding various business operations [15] Q&A Session Summary Question: Can you detail the funded volumes, particularly the refi percentage? - Management indicated that the increase in refi volume was a reflection of market conditions, particularly a rally in late summer and September, leading to higher production in January [58] Question: What are the expectations for production in 2026? - The company forecasts a 10% increase in production for 2026, aligning with market estimates, and aims to improve market share through enhanced service [59] Question: How does the company view competition in the mortgage space? - Management acknowledged the competitive nature of the mortgage business but emphasized their focus on maintaining margins and not engaging in irrational pricing wars [62]

Core Strategy - eQ's updated strategy for 2030 aims to return to strong growth, leveraging its unique strengths and expertise as trusted asset managers for institutions, with a goal to double operating profit by the end of 2030 [1][6][14] Market Position - eQ holds a strong position in long-term active asset management and corporate finance in Finland, with notable strengths in private equity, real estate investments, and advisory services for mergers and acquisitions [2][6] Economic Environment - The last four years have presented challenges due to geopolitical tensions, inflation, and rising interest rates, leading to weak economic growth and declining real estate valuations in Finland. However, the economic outlook for the upcoming years is more positive, with expectations of growth [4] Growth Opportunities - eQ plans to expand its business to international institutional clients and domestic private clients, particularly in the unlisted private equity market, which has historically outperformed the listed market. Mega-trends such as urbanization, aging populations, and green transitions present additional growth opportunities [5][8] Product Development - The company is focused on developing products and services in collaboration with clients and partners, including the recent launch of the eQ PE Direct I fund, aimed at investing in small and medium-sized enterprises [7][10] Client Expansion - eQ seeks to grow its client base by targeting international institutional clients and domestic private clients, offering investment solutions that align with those used by institutional investors [8][9] Implementation Strategy - The strategy for strong growth will primarily be achieved through organic growth, supported by partnerships for broader distribution of services and potential mergers and acquisitions to enhance value for clients [9] Investment Focus - Achieving strategic goals will require moderate investments in personnel, skills development, client experience, technology, and digital services, while maintaining a focus on distributing profits to shareholders as dividends [10][14]

LAZARD JANUARY 2026 Investor Presentation Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward- looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," ...