Group 1 - Gladstone Capital (GLAD) has experienced a decline of approximately 18% since September 2025, indicating it is currently underwater on a total return basis [1] - The company is one of the few Business Development Companies (BDCs) in the portfolio that is facing this decline [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on shaping financial strategies for top-tier corporates and executing large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1]

Core Perspective - The company emphasizes the importance of aligning investments with ethical values, particularly in the context of faith-based investing, and aims to create positive impacts through its investment choices [1][4][5]. Investment Philosophy - The company has developed a framework called "business 360," which assesses how a company's products and services create or extract value from six key stakeholders: customers, employees, supply chain, host communities, environment, and society [2][3]. - The investment approach is rooted in a "love your neighbor" philosophy, focusing on ethical responsibility and the impact of business on the global common good [3][4]. Market Positioning - The company identifies a significant problem in the marketplace regarding values misalignment, where faith-driven investors unknowingly support companies that conflict with their values [5][19]. - The firm aims to provide a win-win investment opportunity that balances risk and return while ensuring that investments are aligned with positive values [10][14]. Investment Strategy - The company avoids sectors such as communication services, consumer staples, and defense, particularly those associated with addictive behaviors like alcohol, tobacco, and gambling [9][10]. - The firm has a dedicated team that collaborates with its investment team to identify companies that not only perform well financially but also have a positive societal impact [7][8]. Performance Expectations - The company believes that by focusing on qualitative aspects and value creation, it can achieve returns comparable to major indices like the S&P 500 while maintaining a values-driven approach [15][21]. - The firm screens out nearly 70% of the investable universe to ensure alignment with its ethical standards while still aiming for competitive returns [14][15]. Industry Trends - There is a growing trend towards faith-aligned investing, with an estimated $22 trillion held by church-attending Christians, indicating a potential shift in investment practices [19][20]. - The company believes that this movement will gain traction due to its foundation in biblical principles, which are seen as enduring and relevant [20][21].

Group 1 - The covered call ETF market has seen a significant increase in the supply of new instruments over the past couple of years and quarters, with more ETFs being launched featuring various strategies and underlying exposures [1]

Core Insights - ESG stocks have significantly underperformed compared to the S&P 500, with the Kiplinger ESG 20 returning an average of 4.3% over the past year, which is less than one-third of the S&P 500's 15.9% return [1] - Only six out of the 15 stocks in the Kiplinger ESG 20 outperformed the S&P 500, and only one of the favored ESG funds did so [1] Group 1: ESG Performance Challenges - ESG investing faced hurdles last year due to social media pressure, leading companies to retreat from their ESG objectives [2] - Morningstar reported that 2023 was the worst calendar year for ESG stocks, with lagging performance cited as the primary reason for this underperformance [3][4] - High interest rates and supply chain disruptions were noted as contributing factors to the underperformance of ESG stocks, although these challenges affected all sectors [4] Group 2: AI Stocks and ESG - Despite the energy-intensive nature of AI, several AI stocks, including Microsoft and Nvidia, were included in the Kiplinger ESG 20 list, raising questions about the criteria for ESG classification [6][7] - Microsoft's commitment to being carbon negative and water positive by 2030 justified its inclusion, while Nvidia's board and compensation practices were highlighted as reasons for its selection [8]

Core Viewpoint - The article discusses the current state of the gold market, highlighting the impact of U.S. economic policies, global economic conditions, and market sentiment on gold prices and investment strategies [2][29]. Group 1: Market Performance - Gold prices reached a new high of $4,378.69 but fell by 1.77% ($76.62) last Friday, despite a 5.8% increase over the week [2][29]. - Year-to-date returns for gold stand at 61.8%, and returns from the end of 2022 to last Friday are at 133%, indicating a significant decline in the purchasing power of the U.S. dollar over the past two years [2][29]. - Bitcoin experienced a 7.8% drop from its peak last week and has declined by 10.6% over the past three months [2][29]. Group 2: Investment Sentiment - There are concerns that short-term gold and silver prices may have peaked, but during a bull market, corrections can present buying opportunities [2][29]. - The sentiment in the market is influenced by fears regarding the health of U.S. regional banks, leading to a sell-off in bank stocks and profit-taking in gold and silver futures [2][29]. Group 3: Economic Outlook - The expectation is that the U.S. will continue to lower interest rates next year, which is seen as favorable for gold prices [3][30]. - The article suggests that global economic conditions are likely to worsen, particularly outside of China, with signs of stagflation becoming more apparent [5][30]. - Despite increased retail demand for gold and silver, the article posits that retail investors may not have sufficient capital to drive prices significantly higher [5][30]. Group 4: CFTC Data Summary - As of September 23, net long positions in COMEX gold decreased by 1.1% to 493 million, while net long positions in COMEX silver increased by 5.1% to 6,231 million [6][10]. - The net long position in platinum increased by 24.8% to 28 million, while net long positions in copper turned positive after a significant decline [13][15]. Group 5: Market Indicators - The gold-to-silver ratio, a measure of market sentiment, increased by 2.5% to 81.942, with a year-to-date decline of 9.8% [26]. - The ratio of gold prices to North American gold mining stocks has risen by 2.13% over the past two weeks, indicating a potential divergence in market performance [20][22]. Group 6: Future Considerations - The article raises concerns about the potential for inflation to resurge if the U.S. begins to lower interest rates, posing a challenge for the Federal Reserve [34][29]. - The future trajectory of gold prices will depend on the interplay between U.S. monetary policy and global economic stability [34][29].

Group 1 - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Significant efforts have been made to institutionalize the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] - Development of national SOE financing guidelines and frameworks for channeling private capital into affordable housing stock has been a focus area [1] - Roberts is a CFA Charterholder and holds an ESG investing certificate, indicating a strong background in investment analysis and sustainable finance [1] - Active involvement in "thought-leadership" activities supports the development of pan-Baltic capital markets [1]

Group 1 - The article discusses the methods for determining fair valuations, specifically mentioning discounted cash flow models and multiples approach as common techniques [1] - It highlights the experience of Roberts Berzins in financial management, particularly in shaping financial strategies for top-tier corporates and executing large-scale financings [1] - The article notes Berzins' contributions to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] Group 2 - It mentions Berzins' involvement in developing national SOE financing guidelines and frameworks aimed at channeling private capital into affordable housing [1] - The article states that Berzins holds a CFA Charter and an ESG investing certificate, indicating his qualifications in the field [1] - It also references his internship experience at the Chicago Board of Trade, despite being based in Latvia, showcasing his international exposure [1]

Core Viewpoint - The anti-ESG movement in the U.S. has gained significant traction, particularly following the re-election of Donald Trump, leading to a rise in legislative actions against ESG investing and policies [5][6]. Group 1: Legislative Actions - Texas passed laws in 2021 restricting state entities from investing in funds promoting ESG investing, claiming it does not serve their financial interests [1]. - A total of 370 anti-ESG bills were submitted across 40 U.S. states between 2021 and 2024, indicating a widespread legislative push against ESG initiatives [3]. - Although few anti-ESG bills were signed into law, their success rate has increased in 2024, suggesting improved legislative strategies by proponents [4]. Group 2: Impact of Political Leadership - The anti-ESG movement has gained momentum since Donald Trump's re-election, with significant rollbacks of climate policies from the previous administration [5]. - Trump's administration has enacted executive orders banning ESG investing and has rolled back clean energy credits established under the Inflation Reduction Act of 2022 [6]. - An estimated $28 billion worth of renewable energy projects have been delayed or canceled since Trump's presidency, potentially affecting around 19,000 jobs in the sector [7].

Core Viewpoint - The US is committed to defending American companies against European Union regulations that may unfairly target them, particularly in the areas of digital services, digital markets, and environmental, social, and governance (ESG) directives [1][2][3]. Regulatory Environment - Concerns have been raised regarding the EU's digital services and digital markets acts, as well as ESG-related directives, which are perceived to create a challenging business environment for American companies [2][4]. - The recent $3.5 billion antitrust fine against Google highlights the EU's stringent regulatory actions against US firms [2]. US-EU Relations - The Trump administration has expressed dissatisfaction with European regulations that complicate business operations for American companies, with Andy Puzder appointed to address these issues [3][4]. - Puzder advocates for a repeal of what he describes as "draconian" regulations and emphasizes the need for US and EU collaboration to counteract threats from China and Russia [4][14]. ESG and Digital Regulations - Puzder has been a prominent figure in the anti-ESG movement in the US, arguing that the economic impact of ESG policies is becoming evident in the EU [6][11]. - He criticizes the digital services and digital markets acts for unfairly penalizing US companies and limiting free speech, particularly in political discourse [12][13]. Economic Implications - The EU is under pressure to enhance its regulatory environment to improve economic output, especially in light of the need to increase defense spending and adapt to reduced reliance on Russian energy [14][15]. - Puzder highlights the importance of shifting from Russian liquefied natural gas to US sources, with tariff agreements indicating a $750 billion investment in American energy products [15].

Core Viewpoint - ESG investing can serve as a risk mitigation strategy, helping investors reduce exposure to potential environmental, social, and governance risks while seeking returns [2][5][6]. Group 1: ESG Investing and Risk Mitigation - The Invesco ESG Nasdaq 100 ETF (QQMG) and Invesco ESG Nasdaq Next Gen 100 ETF (QQJG) are designed to dampen some risks associated with equity investments [2][3]. - Historical market examples show that stocks can decline due to environmental disasters, underscoring the benefits of excluding companies with potential environmental risks from investment portfolios [3][4]. - Negative ESG events can incur significant costs, including cleanup expenses, legal battles, and reputational damage, which can adversely affect a company's bottom line [4][6]. Group 2: ESG Integration in Risk Management - Unlike values-based investing, ESG risk management utilizes sustainability factors to identify potential issues before they impact financial performance [5][6]. - Companies that incorporate ESG risk factors into their traditional risk management frameworks gain a comprehensive understanding of their industry vulnerabilities, enhancing long-term resilience [7].