As a follow up from this morning....If you were around when $VADER launched, then you know part of the original thesis was the onchain blackrock agentic fund...and then we had some pivots to try to find PMF and that led to Vader developing the EOA system for good launches that has now become the Virgen Genesis system.Anyway....now we're so back. Vader revealed this afternoon that the VADER agent will be managing wallets/points/launch presale buys for stakers and allocating/managing for you automatically usi ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of prioritizing investor interests in the mutual fund industry, urging firms to align their operations with this principle, particularly in governance, product issuance, investment operations, and performance evaluation [1]. Group 1: Company Financial Performance - In 2024, China Ocean Fund achieved operating revenue of 125 million yuan and a net profit of 3.65 million yuan [4]. - The total assets of China Ocean Fund as of December 31, 2024, amounted to approximately 309.99 million yuan, with net assets attributable to the parent company at around 231.58 million yuan [3]. Group 2: Fund Performance and Management Fees - China Ocean Fund's non-money market products incurred losses exceeding 300 million yuan in 2024, while the company collected over 80 million yuan in management fees from these products [6][5]. - From 2022 to 2024, the total losses from non-money market products managed by China Ocean Fund exceeded 5 billion yuan, with management fees collected over the past three years surpassing 300 million yuan [5]. Group 3: Specific Fund Performance - The main sources of losses for China Ocean Fund include the "China Energy Strategy" and "China Environmental New Energy" funds, each losing over 1 billion yuan from 2022 to 2024 [9]. - The "China Energy Strategy" fund has seen a net value decline of 53.31% over the past three years, significantly underperforming its benchmark by over 50 percentage points [9].

Investment Rating - The report assigns an "Overweight" rating to Intermediate Capital Group PLC (ICG) with a price target of 2,250p, compared to the closing price of 2,054p on May 20, 2025 [5]. Core Insights - The financial results for FY25 showed a strong performance, with FMC revenues approximately 5-6% better than consensus estimates, driven by management fees and catch-up fees of £62 million, exceeding the expected £45 million [2]. - The outlook for the company remains unchanged, with guidance of at least $55 billion in aggregate fund-raising over the next four years, having completed over 40% in FY25 [3]. - The valuation of ICG is considered attractive, trading at approximately 11.7x P/E for calendar year 2026, which is a significant discount compared to global peers at around 20x [4]. Financial Performance - The report highlights a strong performance in third-party business, with management fees approximately 3% ahead of expectations and performance fees at £86 million, significantly above estimates [2]. - Cost discipline was noted, with cost growth of about 10% year-over-year, compared to consensus estimates of 14-15%, leading to an operating margin expansion with FMC margin at around 60% [2]. - Fee-earning assets under management (AuM) reached $75 billion, in line with expectations, with strong fund-raising of $24 billion, surpassing consensus estimates of $20 billion [8]. Market Position - The report indicates that ICG's balance sheet returns are broadly in line, with a recovery in the second half compared to the first half, although slightly below the guidance of low double-digit growth [8]. - The company is expected to experience a positive share price reaction due to solid P&L performance and a reassuring outlook despite macroeconomic uncertainties [8].