So, uh, for people who are watching who want to know, uh, what they might do with their money, let's suppose people don't know about private wealth management and they're not really that financially sophisticated. What do you think the average person, middle class person should do with his or her money. So, I think uh, if you're an average person, depending on your age, you should always keep in cash or something safe as much money as you need for a couple of months of your expenses, 2, three, four months.A ...

Investment Rating - The report indicates a negative trend in global equity fund flows, with net outflows of $10 billion for the week ending June 11, contrasting with inflows of $5 billion in the previous week [3] Core Insights - There were significant net outflows from equity funds, particularly in G10 markets, while fixed income funds experienced robust inflows, particularly in emerging markets [3][9] - Emerging market local currency bond funds saw strong inflows, indicating a preference for these assets amidst the broader market trends [3][9] - The report highlights a shift in investor preference towards short-duration bond funds over long-duration options [3][9] Summary by Sections Global Fund Flows - Total equity experienced net outflows of $18.2 billion over the past four weeks, with a weekly outflow of $10 billion [9] - Fixed income funds saw inflows of $77.1 billion, with $15.1 billion in the latest week, driven by demand for credit products [9] - Money market funds had a decline of $9.1 billion in assets [9] Equity Flows - Developed markets saw significant outflows, particularly from US equities, which had outflows of $24.2 billion [9] - Emerging markets showed mixed results, with mainland China experiencing outflows of $7.2 billion, while Taiwan and Brazil saw inflows of $4.7 billion and $0.8 billion respectively [9] Fixed Income Flows - Total fixed income inflows were $77.1 billion, with $64.2 billion from developed markets [9] - Emerging market fixed income funds had inflows of $10.8 billion, with local currency bonds being particularly favored [9] FX Flows - Cross-border FX flows remained elevated at $56.4 billion, with G10 currencies attracting strong inflows [11] - The report notes that the South Korean won (KRW) saw the strongest net inflows among Asian currencies [11] Sector Flows - Consumer goods funds saw the largest net inflows, while technology funds experienced the greatest net outflows [3][9] - The report indicates a notable preference for sectors such as consumer goods and utilities, contrasting with the outflows from technology and financial sectors [9]

Fixed Income Investor Meetings 06 June 2025 BW Energy has engaged Pareto Securities as Global Coordinator together with Arctic Securities as Joint Bookrunners to arrange a series of fixed income investor meetings. Fearnley Securities and Sparebank1 Markets are acting as Co-Managers. Subject to inter alia market conditions and acceptable terms, a new senior unsecured bond issue of USD 300 million with a tenor of five years may follow. The purpose of the bond issue is for general corporate purposes. Holder ...

Group 1 - The article emphasizes the distinction between "income investors" who focus on current yield and those who prioritize total return, suggesting that the latter can find mispriced or undervalued securities [1] - It highlights the belief that the next decade will favor fixed income investments, regardless of the investor's approach, whether conservative or aggressive [1] - The company promotes its Conservative Income Portfolio, which targets preferred stocks and bonds with high safety margins, indicating a strategic focus on fixed income securities [1] Group 2 - The article mentions opportunities in undervalued fixed income securities, bond ladders, and high-yield cash parking, appealing to investors looking for attractive investment options [2] - It also offers access to an options portfolio as a bonus, suggesting additional investment strategies available to clients [2]

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha May 6, 2025 07:13 PM GMT Global EM Strategist M Global Idea A New Phase in Flows EM fixed income investors are voting with their feet on the outlook for the USD, with flows returning to EM local market funds while hard currency sees continued outflows. Does a new era beckon? Key Takeaways Must reads from Global EM Strategy EM Fixed Income Strategy and Economics – IMF Spring Meetings Takeaways | 30-Apr-2025 We summarise our views from the IMF Spring Meetings, including highlig ...

Apollo Global Management (APO) 2025 Conference May 07, 2025 08:30 AM ET Speaker0 afternoon, everyone. Thanks for being here. I'm Ben Budish. I cover The US Brokers, Asset Managers, and exchanges. And with us for this afternoon session from Apollo Global Management, Martin Kelly, CFO. Speaker0 You bet. So you guys reported earnings last week. Definitely wanna talk about that a little bit. But maybe just to start out, you know, can you talk about what you're seeing in the environment in the wake of some of th ...

Core Insights - The Conservative Income Portfolio targets high-value stocks with significant margins of safety and aims to reduce investment volatility through well-priced options [1][3] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Trapping Value offers Covered Calls and Preferred Stock Trader focuses on Fixed Income, with an emphasis on capital preservation and high income potential [2][3] Investment Strategies - The Covered Calls Portfolio aims for lower volatility income investing, prioritizing capital preservation [2][3] - The fixed income portfolio seeks to acquire securities that are heavily undervalued compared to their peers, focusing on high income potential [2] Team Expertise - Trapping Value consists of a team of analysts with over 40 years of combined experience in generating options income while maintaining a focus on capital preservation [3]

Financial Data and Key Metrics Changes - The company reported adjusted net revenues of $383 million for Q1 2025, reflecting a 15% increase compared to Q1 2024, but a 23% decline from the previous quarter [21][22] - The operating margin was 17.9%, with adjusted EPS of $4.9, both showing improvements year over year [6][22] - Operating income grew by 23% year over year, outpacing revenue growth [22] Business Line Data and Key Metrics Changes - Corporate Investment Banking revenues totaled $253 million, a 20% increase year over year, driven by advisory services which saw revenues of $217 million, a 38% increase [6][7] - Corporate financing revenues decreased by 32% year over year to $36 million due to a challenging equity underwriting environment [11][22] - Equity brokerage revenues increased by 10% year over year to $54 million, with trading volumes reaching 2.9 billion shares [18][22] - Fixed income revenues rose by 7% year over year to $45 million, driven by solid activity across most client verticals [19][22] Market Data and Key Metrics Changes - The municipal financing revenues increased by 27% year over year to $26 million, outpacing market issuance growth [15][22] - The health care fee pool for corporate financing decreased over 60%, indicating significant market challenges [11] Company Strategy and Development Direction - The company is focusing on increasing client engagement and leveraging its comprehensive suite of products to navigate market volatility [5][8] - There is a strategic emphasis on expanding industry and product capabilities to provide solutions across more sectors [8][13] - The company aims to maintain its position as a top three investment bank in middle market deal activity, which is expected to demonstrate greater resilience [13] Management's Comments on Operating Environment and Future Outlook - Management noted heightened volatility in equity and debt markets, leading to uncertainty in M&A deal cycles and delayed announcements [5][9] - The outlook for M&A is challenging, but certain sectors remain active, particularly service-based business models [9][10] - Management expressed optimism about a potential rebound in M&A activity when market conditions stabilize [10] Other Important Information - The company hired additional managing directors to expand into the infrastructure sector and enhance its health care investment banking team [12][22] - The Board approved a quarterly cash dividend of $0.65 per share, reflecting a commitment to shareholder returns [27] Q&A Session Summary Question: M&A conditions and market stability - Management indicated that M&A activity is sector-dependent, with some processes stalled due to market uncertainty, particularly in consumer sectors [31][32] Question: Outlook for depositories - Management expressed a more positive outlook for depositories, with recent transactions indicating potential for activity in 2025 [35][39] Question: Advisory revenue outlook - Management noted that while advisory revenues may decline in the near term, there are offsets from different industry groups, and many companies are prepared to launch transactions [62][64] Question: IPO pipeline and health care business - Management highlighted a good backlog in the IPO market, particularly in med tech, but noted that small-cap biotech stocks need to recover before significant activity can resume [78][80] Question: Fixed income trading activity - Management observed that volatility is creating uncertainty, leading to cautious behavior among clients, although some activity is seen in balance sheet restructurings [81]

Group 1 - The Conservative Income Portfolio targets value stocks with high margins of safety and aims to reduce volatility through well-priced options [1][3] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Trapping Value, with over 40 years of combined experience, focuses on generating options income and capital preservation [3] Group 2 - The Covered Calls Portfolio aims for lower volatility income investing with a focus on capital preservation [2] - The fixed income portfolio emphasizes purchasing securities with high income potential and significant undervaluation compared to peers [2]

AUM Growth and Composition - Total Assets Under Management (AUM) increased from $26.6 billion in 2022 to $31.9 billion in 2024[25] - Fixed income AUM has been a significant driver of overall growth[24], increasing from $2.1 billion in 2022 to $6.2 billion in 2024[25, 35] - The pace of fixed income AUM growth is accelerating, with the time to reach each additional $1 billion in AUM decreasing over time[33] Investment Performance - Diamond Hill's Short Duration Securitized Bond Composite showed net performance of 9.40% for 1 Year, 4.85% for 3 Years, 4.11% for 5 Years, and 4.01% Since Inception (5 Jul 2016)[28] - Diamond Hill's Core Bond Composite showed net performance of 3.58% for 1 Year, -0.81% for 3 Years, 0.89% for 5 Years, and 1.89% Since Inception (5 Jul 2016)[28] - Diamond Hill International Composite net performance was 4.03% for 1 Year, 2.14% for 3 Years, 5.14% for 5 Years, and 8.18% Since Inception (30 Dec 2016)[71] - Diamond Hill Large Cap Strategy outperformed the Russell 1000 Value Index in 61% of 1-year rolling periods, 76% of 3-year rolling periods, 89% of 5-year rolling periods, 95% of 7-year rolling periods, and 100% of 10-year and 15-year rolling periods[65] Market Environment and Equity Strategy Performance - Active equity managers faced headwinds in 2024, with active mutual funds experiencing net outflows of $373 billion[38] - US equity strategies have shown varied alpha versus core and value benchmarks, with a weighted average alpha of -9 bps versus core benchmarks and 156 bps versus value benchmarks over 5 years[58] Financial Performance - The company returned $46.8 million to shareholders in 2024 through dividends and share repurchases[82] - Revenue and average AUM show signs of improvement, with revenue increasing from $33.4 million in Q2 2023 to $39.1 million in Q4 2024[74] - Adjusted net operating profit margins have stabilized in a higher cost environment, reaching 34% in Q4 2024[77, 121] Asset Allocation - Diamond Hill Funds account for $18.05 billion of the total assets, while Institutional SMA represents $3.29 billion[93]