Core Viewpoint - Barrick Mining has agreed to sell its last operating gold mine in Canada, the Hemlo Gold Mine, to Carcetti Capital Corp for a total of $1.1 billion, marking a strategic shift towards copper investments [2][5]. Transaction Details - The sale includes $875 million in cash and $50 million in Carcetti shares, with an additional $165 million in contingent payments based on future gold prices [2]. - The transaction is expected to close in the fourth quarter of 2025 [2]. - BMO Capital Markets valued Hemlo at approximately $620 million under long-term assumptions, but up to $1.2 billion at current spot prices, indicating a sale price of about $3,150 per ounce of reserves [4]. Strategic Shift - The sale reflects CEO Mark Bristow's strategy to diversify Barrick's portfolio beyond gold and into copper, following the acquisition of Randgold Resources in 2019 [5]. - Barrick has reduced its Canadian presence by relocating head office functions and cutting the number of executives based in Canada [5]. Production and Future Plans - Hemlo has produced over 21 million ounces of gold since its discovery, contributing 143,000 ounces in 2024, which accounted for about 3.5% of Barrick's total output [6]. - Despite the sale, Barrick maintains a pipeline of early-stage projects and exploration targets in Canada, emphasizing its ongoing commitment to the region [6]. Other Asset Sales - Barrick has been active in divesting non-core assets, including a $1 billion sale in Alaska earlier this year, with total gross proceeds from such sales expected to exceed $2 billion in 2025 [7]. - The company is also advancing major copper projects, including the $6 billion Reko Diq mine in Pakistan and an expansion in Zambia [7].

Core Insights - A prominent millionaire meme coin trader believes that the recent bounce in meme coins is just the beginning, with an "explosive parabolic move" expected soon [1][4] - The trader, Unipcs, has a current position in Fartcoin (CRYPTO: FARTCOIN) with a profit and loss (PnL) of approximately $4.3 million, down from a peak of over $8 million [2][3] - Unipcs plans to hold his positions until they surpass $10 million in value, focusing on undervalued assets and maintaining conviction in his strategy [3][5] Profit and Loss Analysis - In June, Unipcs reported an unrealized profit of $4.5 million, which has slightly decreased to around $4.3 million today [2] - The PnL has remained around the $4 million mark for the past few months, not accounting for nearly $933,000 already paid in funding [3] Market Outlook - Unipcs anticipates a parabolic rally in meme coins, particularly those within the Solana (CRYPTO: SOL) ecosystem [3] - He emphasizes a long-term investment strategy, contrasting with short-term or volatility-driven trading approaches [5] Investment Focus - Unipcs's conviction picks include Fartcoin, Useless, and Bonk (CRYPTO: BONK), while he notably excludes Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) from his list [6]

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, with a focus on banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] - The investment approach has evolved from focusing solely on blue-chip companies to a more diversified portfolio across various industries and market capitalizations [1] Group 2 - The entry into the US market occurred in 2020, following a period of learning and analysis through platforms like Seeking Alpha [1] - The investor has holdings in US banks, hotels, shipping, and logistics companies, indicating a strategic approach to portfolio diversification [1] - The comparative analysis between the US and Philippine markets has been a key aspect of the investment strategy, enhancing market awareness and decision-making [1]

Core Insights - Advisors and investors are increasingly seeking alternatives to enhance and diversify traditional portfolios, with hedge fund strategies providing low correlation complements to stocks and bonds [1][2] - High management and entry fees have historically restricted access to hedge funds, but the emergence of hedge fund replication ETFs allows investors to capture industry strategies with lower costs [1][2] Hedge Fund Strategies - Hedge fund strategies typically offer reduced correlations to major asset classes and can capture trends beyond traditional portfolios, making them attractive during market volatility [2] - The traditional 2/20 fee model and high entry fees have been significant barriers for many investors, which ETFs aim to lower [2] HFND ETF Overview - The Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) provides a comprehensive approach for investors looking to enhance portfolio diversification by offering exposure to hedge fund industry returns within an ETF structure [3] - HFND aims for potential outperformance through fee savings and tax efficiency, without directly investing in hedge funds or replicating their holdings [3] Investment Strategy - HFND seeks to generate returns similar to various hedge fund sectors, including global macro, managed futures, and equity long/short, using publicly reported returns and fees for portfolio construction [4] - The portfolio is designed to offer similar volatility, returns, and correlations as the hedge fund industry, gross fees, primarily investing in ETFs and futures contracts [4] Performance Metrics - As of August 31, 2025, HFND generated a 30-day SEC yield of 1.99% and has management fees of 0.95%, allowing investors to capture hedge fund industry returns while mitigating single-manager and manager concentration risk [5]

Market Overview - U.S. stock markets have experienced a significant bull run since the start of 2023, with major indexes like the Dow, S&P 500, and Nasdaq Composite nearing all-time highs [1] - The S&P 500 and Nasdaq Composite have achieved multiple all-time highs in 2025, while the S&P 400 mid-cap index is up 4.9% year to date, just 4.6% away from its 52-week high [2][9] Mid-Cap Stocks - Investment in mid-cap stocks is recognized as a strong portfolio diversification strategy, combining attributes of both small and large-cap stocks [3] - Mid-cap stocks are less vulnerable to losses during economic downturns due to lower international exposure, and they can outperform small caps in a thriving economy due to established management and market presence [4] Recommended Mid-Cap Stocks - Five mid-cap stocks with favorable Zacks Rank for the remainder of 2025 are Dillard's Inc. (DDS), Sterling Infrastructure Inc. (STRL), StoneX Group Inc. (SNEX), Armstrong World Industries Inc. (AWI), and Watts Water Technologies Inc. (WTS), all rated Zacks Rank 1 (Strong Buy) [5][9] Company Insights Dillard's Inc. (DDS) - Dillard's is enhancing growth through strategic initiatives in both brick-and-mortar and e-commerce, focusing on customer acquisition and retention [8] - The company has a strong financial position with solid liquidity and minimal rent obligations, alongside shareholder-friendly practices like dividends and buybacks [10] - Expected revenue and earnings growth rates for DDS are -0.4% and -15.8%, respectively, for the current year, with a 1.8% improvement in the earnings consensus estimate over the last 30 days [11] Sterling Infrastructure Inc. (STRL) - Sterling Infrastructure provides e-infrastructure, transportation, and building solutions, operating through three segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions [12][13][14] - The expected revenue and earnings growth rates for STRL are 6.5% and 56.9%, respectively, for the current year, with a 5.3% improvement in the earnings consensus estimate over the last seven days [15] StoneX Group Inc. (SNEX) - StoneX Group operates a global financial services network, offering execution, post-trade settlement, clearing, and custody services through various segments [16] - The expected revenue and earnings growth rates for SNEX are 4.9% and 21.7%, respectively, for the next year, with a 21.7% improvement in the earnings consensus estimate over the last 60 days [17] Armstrong World Industries Inc. (AWI) - Armstrong World Industries is a leading producer of ceiling systems for construction and renovation, operating in three segments: Mineral Fiber, Architectural Specialties, and Unallocated Corporate [18][19][20] - The expected revenue and earnings growth rates for AWI are 12.2% and 15.1%, respectively, for the current year, with a 0.7% improvement in the earnings consensus estimate over the last 30 days [21] Watts Water Technologies Inc. (WTS) - Watts Water Technologies designs and manufactures water safety and flow control products, reporting under three geographic segments: The Americas, Europe, and APMEA [22] - The expected revenue and earnings growth rates for WTS are 3.9% and 11.3%, respectively, for the current year, with a 0.8% improvement in the earnings consensus estimate over the last seven days [24]

Group 1 - The core opinion presented is that while many investors see a strong correlation between gold and Bitcoin, Stockton believes they should be viewed differently, with gold acting as a portfolio diversifier and offering potential upside [1][2] - The S&P 500 has increased approximately 11% year-to-date and nearly 30% since its lows, with recent pullbacks considered healthy resets supported by the 20-day moving average [1] - Gold has broken above resistance, indicating about 4% further upside potential, and is increasingly viewed as a substitute for Bitcoin due to its low correlation with equities [2] Group 2 - Treasury yields are testing support near 4%, and a breakdown could lead to a cyclical downtrend towards 3.2%, suggesting a relatively strong fixed income environment compared to equities [2][3] - Bitcoin is in a long-term uptrend with support levels between $108,000 and $111,000, while short-term momentum is neutral; a target of $135,000 by early 2026 is set, contrasting with other analysts' predictions [4] - Ethereum has surpassed $4,000, indicating continued technical strength, while Dogecoin's breakout aligns with broader momentum signals, emphasizing the importance of technical momentum over fundamentals [5]

Summary of Key Points from the Conference Call Industry Overview - The report provides insights into various asset classes including equities, fixed income, currencies, and commodities, with a focus on market sentiment and positioning as of September 2025. Core Insights and Arguments 1. **Equity Market Forecasts**: - S&P 500 is forecasted to return 1.5% in the base case, with a bear case return of -23.2% and a bull case return of 12.3% [3] - MSCI Europe shows a similar trend with a base case return of 5.6% and a bear case of -23.5% [3] - Emerging Markets (MSCI EM) are projected to have a bear case return of -29.3% and a base case of -3.5% [3] 2. **Fixed Income Insights**: - UST 10-year yields are at 4.08%, with a forecasted base case return of 9.7% [3] - UK 30-year bond yields have risen to their highest levels since 1998, indicating a significant shift in the fixed income landscape [7][17] 3. **Commodity Performance**: - Gold has surpassed $3,500 for the first time, reflecting strong demand amidst market volatility [19] - Brent crude oil is forecasted to have a bear case return of -22.6% and a bull case return of 85.9% [3] 4. **Market Sentiment and Positioning**: - The Market Sentiment Indicator (MSI) aggregates survey positioning, volatility, and momentum data, indicating a mixed sentiment across different asset classes [60] - The report highlights a divergence in volatility between US stock and bond markets, with the VIX-MOVE ratio near its lowest since February [7][11] 5. **ETF Flows**: - Recent data shows a significant outflow from US equities, with a net flow of -0.1 billion over the past week, while bonds saw inflows of 13.8 billion [42] Other Important Insights 1. **Brazilian Equities**: - Brazilian equities have reached a new all-time high, indicating strong performance in the Latin American market [10] 2. **Cross-Asset Correlations**: - The report discusses the current correlation indices, noting that equity and credit correlations are at 79%, indicating a strong relationship between these asset classes [76] 3. **COVA Framework**: - The Cross-Asset Correlation-Valuation Framework (COVA) identifies good portfolio diversifiers, emphasizing the importance of correlation and valuation in investment decisions [83] 4. **Extreme Market Moves**: - The report tracks significant market moves, highlighting the largest weekly changes in various asset classes, which can indicate potential volatility and investment opportunities [93] 5. **Analyst Disclosures**: - The report includes disclaimers regarding potential conflicts of interest and the objectivity of Morgan Stanley Research, urging investors to consider this information as one of many factors in their investment decisions [5][6] This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current market landscape and investment outlook.

Core Insights - Australia's Future Fund has reached a valuation of A$252 billion ($166.22 billion) and has reduced its U.S. market exposure to increase investments in Germany and Japan [1][2] Investment Performance - The Future Fund achieved a return of 12.2% for the year ending June 30, significantly exceeding its government-mandated target of 6.1% [1] Portfolio Composition - As of the June quarter, A$65.13 billion is invested in developed markets, representing 25% of the total investments, an increase from A$46.83 billion in the same period in 2024 [2] - Australian equity investments rose to A$27.2 billion from A$23.1 billion [2] Strategic Adjustments - The U.S. remains the largest international investment area, but volatility and political uncertainty have led to a reduction in exposure [3][4] - The Future Fund is focusing on continental Europe, particularly Germany, due to government initiatives aimed at economic stimulation [4] - Investments in Japan have also been increased as these markets appear cheaper compared to U.S. or Australian equities [5] Asset Allocation Changes - The property investment portfolio decreased from A$12 billion to A$11.1 billion, while credit investments fell from A$24.82 billion to A$22.4 billion [5] - The fund has increased its exposure to developed market currencies and commodities, including gold [5]

Group 1: Market Capitalization Overview - Market capitalization, or "market cap," is the total value of a company's outstanding shares, calculated by multiplying the current share price by the total number of shares outstanding [2][33] - Understanding market capitalization helps classify companies into small-cap, mid-cap, and large-cap categories, providing insights into risk profiles, growth potential, and investment returns [3][34] Group 2: Small-Cap Stocks - Small-cap stocks are defined as companies with market capitalizations ranging from a few million dollars to a couple of billion dollars, often characterized by high growth potential and higher risk [5][34] - Morningstar classifies the top 70% of U.S. market capitalization as large-cap, the next 20% as mid-cap, and the subsequent 7% as small-cap, with the remaining 3% categorized as micro-cap stocks [6][7] - Examples of small-cap stocks include Guidewire Software Inc. (Ticker: GWRE) and Cerus Corporation (Ticker: CERS), which operate in niche markets with significant growth potential [8][9] Group 3: Mid-Cap Stocks - Mid-cap stocks fall between small-cap and large-cap stocks, generally having market capitalizations from a few billion to around ten billion dollars, offering a balance of growth and stability [11][34] - Examples of mid-cap stocks include Zebra Technologies Corporation (Ticker: ZBRA) and The Cooper Companies Inc. (Ticker: COO), both of which have established themselves in their respective industries [12][13] Group 4: Large-Cap Stocks - Large-cap stocks are well-established companies with market capitalizations exceeding ten billion dollars, known for their stability and lower risk compared to smaller counterparts [14][34] - Notable examples of large-cap stocks include Apple Inc. (Ticker: AAPL) and Johnson & Johnson (Ticker: JNJ), both recognized globally for their strong market presence [15][34] Group 5: Investment Strategies - Investment strategies vary across market caps, including value investing, which seeks undervalued stocks, growth investing, which targets high-growth companies, and blend investing, which combines both approaches [23][24][25] - Diversifying across small-cap, mid-cap, and large-cap stocks can reduce risk and enhance potential returns, allowing investors to tailor their portfolios based on individual risk appetites and goals [27][29][30] Group 6: Portfolio Management - Regular monitoring and rebalancing of portfolios are essential to ensure alignment with changing market conditions and personal circumstances, reflecting effective portfolio management [32][35] - The small- and mid-cap strategy, or "SMID" cap strategy, combines small-cap and mid-cap exposures, providing a complementary approach to large-cap investments [36]

Group 1 - The year 2025 is expected to be particularly uncertain for markets due to unpredictable U.S. policy changes, leading to increased investor interest in foreign equities and diversification [1] - Emerging markets are highlighted as potential growth areas, especially as investors may have been underweight in this category due to previous hesitations regarding China [2][3] - India is noted for its strong economic growth potential, supported by an educated workforce and growth in technology sectors, making it an attractive option within emerging markets [3] Group 2 - Emerging markets ETFs, such as the Fidelity Enhanced Emerging Markets ETF (FEMR) and the Fidelity Emerging Markets Multifactor ETF (FDEM), offer investors exposure to this sector [4][5] - FEMR has achieved over 20% year-to-date returns with a fee of 38 basis points, focusing on factors like valuation, growth, and quality [4] - FDEM, with a 27 basis point fee, has returned 17.5% year-to-date by employing a multifactor index approach that emphasizes lower volatility and positive momentum [5]