Core Insights - U.S. small-cap equities experienced modest gains in Q4 2025, supported by attractive valuations, earnings recovery, and a shift from mega-cap stocks [1] - The Aristotle Small Cap Equity Fund (Class I-2) returned 1.96% in Q4 2025, slightly trailing the Russell 2000 Index's return of 2.19% [1] - Security selection positively impacted overall performance, while allocation effects detracted from it [1] Company Focus: Cohen & Steers, Inc. (NYSE:CNS) - Cohen & Steers, Inc. is a leading asset management holding company with a market capitalization of $3.4 billion [2] - The stock closed at $66.66 per share on February 13, 2026, with a one-month return of -5.34% and a twelve-month decline of 21.82% [2] - The company has seen an improvement in new business activity due to lower interest rates and high equity market valuations, which may lead to earnings growth [3] - Cohen & Steers maintains solid cash levels, positioning it for potential acquisitions or share repurchases [3] Hedge Fund Interest - Cohen & Steers, Inc. was held by 27 hedge fund portfolios at the end of Q3 2025, an increase from 23 in the previous quarter [5] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer better upside potential [5]

Economic Growth and Performance - The economy is showing signs of significant growth, with President Trump stating that the seeds for growth have been planted and the economy is "blooming" [1] - The jobs report is promising, and the Consumer Price Index (CPI) has printed lower than expected, indicating a positive economic environment for working Americans [1] - Core inflation is at an almost 5-year low, suggesting that inflationary pressures are easing [1] Stock Market and Investor Sentiment - The S&P 500 has reached 7,000, and the Dow Jones Industrial Average has hit 50,000, which was previously considered a miracle if achieved by the end of Trump's term [2] - The current economic conditions are described as "unbelievable," reflecting strong investor sentiment [2] Wage Growth and Consumer Perception - Wages are growing when adjusted for inflation, contributing to a sense of prosperity among more people [3] - There is a need for the administration to acknowledge ongoing struggles faced by lower-income individuals, particularly regarding debt levels [4] Tax Policy and Economic Strategy - There is a suggestion for another round of tax cuts to help lower-income individuals feel the benefits of wage growth and stay ahead of price increases [4] - The administration is encouraged to communicate a clear message about economic opportunities rather than focusing on past issues [10] Inflation and Consumer Prices - The CPI report indicates a 1.8% drop in used vehicle prices, but there are concerns about rising electricity prices, which increased by 6.3% [15] - The Federal Reserve's pause on interest rate cuts may hinder consumer relief, despite the positive economic indicators [16] Credit and Debt Concerns - Average clients seeking help from credit counseling agencies earn $70,000 annually but carry debt levels of $35,000, indicating financial strain among consumers [20] - High credit card interest rates, reaching up to 25%, are unsustainable and contribute to economic dissatisfaction [21] Regulatory Environment and Manufacturing - The manufacturing sector has seen a reduction of over 1,400 major regulations, which has impacted costs significantly [30] - The average cost per employee in manufacturing is $29,000, compared to much lower costs in countries like China, highlighting the need for continued regulatory reform [31]

Market Overview - The S&P/TSX composite index increased by 608.43 points, reaching 33,073.71, while the Dow Jones industrial average rose by 48.95 points to 49,500.93. The S&P 500 index saw a modest increase of 3.41 points to 6,836.17, whereas the Nasdaq composite decreased by 50.48 points to 22,546.67 [1][3]. Sector Performance - The basic materials sector experienced gains, potentially driven by investors identifying opportunities following fluctuations in the precious metals market. This sector's performance may also be attributed to investors closing positions after significant short selling [2][3]. Company Highlights - Magna International Inc., an auto parts manufacturer, saw its shares surge by 18.94% after providing guidance for increased profits in 2026 [2]. Inflation Impact - A report indicated that U.S. inflation slowed to 2.4% year-over-year, which, while above the Federal Reserve's 2% target, was an improvement from December's 2.7% rate. This slowdown in inflation could provide the Federal Reserve with more flexibility to consider interest rate cuts [3][4][5]. Market Sentiment - Stock prices on Wall Street stabilized for companies previously viewed as vulnerable to AI disruption, reflecting a market sentiment characterized by rapid reactions to perceived threats [6]. Commodity Prices - The March crude oil contract rose by five cents to US$62.89 per barrel, while the April gold contract increased by US$97.90 to US$5,046.30 per ounce [7].

Market Overview - US stocks experienced a decline heading into the close on Friday, resulting in weekly losses for major indices, with the S&P 500 and Dow Jones Industrial Average posting losses of more than 1% and the Nasdaq falling over 2% [1] Inflation Data - Inflation cooled more than expected in January, with the Consumer Price Index indicating a 0.2% increase from the previous month and a 2.4% increase on an annual basis [2] Federal Reserve Expectations - The inflation report is likely to influence expectations regarding Federal Reserve policy, with traders increasing bets on a potential quarter-point rate cut in June, while most anticipate two cuts by the end of 2026 [3] Sector Performance - Concerns about AI disruption affected various sectors, including real estate, logistics, and transportation, leading to significant selling pressure, particularly in technology stocks, with all seven of the "Magnificent Seven" megacaps closing lower [4] Earnings Reports - Applied Materials (AMAT) saw its stock surge due to a positive outlook driven by strong AI demand, while Pinterest (PINS) shares fell after revenue missed expectations, raising concerns about AI risks to its platform [5] - Rivian (RIVN) shares increased by over 25% following a fourth-quarter earnings beat, with the company on track to deliver its R2 midsize model before summer [6] - Moderna (MRNA) shares rose 10% after exceeding quarterly revenue estimates, attributed to strong sales of its Covid vaccine [6]

Economic Overview - The U.S. economy is showing signs of strength with stronger-than-expected job growth and encouraging inflation data, leading to a positive outlook [1][3][6] - Despite the positive aggregate economic indicators, underlying consumer conditions remain a concern, suggesting that the reported job growth may be overstated by approximately 60,000 jobs per month [2][5] Interest Rates and Monetary Policy - The two-year yield has decreased to its lowest level since September 2022, influenced by job growth and cooler inflation [3][4] - There is a belief that monetary policy is tighter than necessary, with calls for lower interest rates to support economic growth [5][6] - Traders are pricing in a 50% chance of a third rate cut by December, although some analysts argue that this may be an overreaction to recent data [8][9] Inflation Insights - Inflation remains relatively contained, but core services are contributing to underlying inflation pressures [6][7] - The Federal Reserve is expected to focus on PCE data rather than CPI, with upcoming numbers likely to influence future rate decisions [6][8] - Concerns exist regarding the potential for inflation to persist, particularly as tariffs begin to impact consumer prices [28][30] Global Debt Market Trends - U.S. companies are increasingly engaging in reverse Yankee bond sales, raising significant amounts in non-dollar markets, with strong demand observed [40][42] - Alphabet's recent $5.5 billion sterling deal and Goldman Sachs' €7 billion sale highlight the trend of U.S. firms diversifying their funding sources [41][42] - The current yield environment shows U.S. dollar yields around 4.8%, while euro-denominated yields are approximately 3%, suggesting potential cost advantages for companies issuing in euros [44] Private Credit and Software Sector - The software sector is facing scrutiny due to fears of AI disruption, but some analysts view this as a potential buying opportunity [77][78] - Private credit firms are categorizing investments variably, raising questions about transparency and the actual exposure to software companies [79][80] - Despite concerns, many software companies are performing well, with most loans marked at par, although the evolving AI landscape poses future risks [82]

2025 Fourth Quarter 2025 Earnings Conference Call February 13, 2026 FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market and our positioning within it, our belief relating to the Company's long- term growth, our assessment of the key factors influencing the Company's business outlook, including the expectation for future interest rate cuts or rising inflation and likely im ...

Core Viewpoint - The article indicates that the Swiss National Bank is expected to maintain its current interest rates during the upcoming meeting [1] Summary by Relevant Categories - **Monetary Policy Expectations** - The reading supports the anticipation that the Swiss National Bank will keep rates unchanged at its next meeting [1]

Market Overview - U.S. stocks stabilized after an encouraging inflation update, with the S&P 500 showing minimal movement, the Dow Jones Industrial Average rising by 48 points (0.1%), and the Nasdaq composite declining by 0.2% [1] - Easing Treasury yields contributed to the market's stability, following a report indicating inflation slowed more than expected, with U.S. consumers facing a 2.4% increase in prices year-over-year [2] Inflation Insights - Although inflation remains above the Federal Reserve's 2% target, it decreased from December's 2.7% rate, with a key underlying measure of inflation reaching its lowest level in nearly five years [3] - Slower inflation could provide the Federal Reserve with the flexibility to cut interest rates, which are currently on hold, with expectations for potential cuts later this year [4] Economic Conditions - The economy appears to be in a better position compared to the end of 2025, with improvements in the job market exceeding economists' expectations alongside the slowdown in inflation [5] Company Reactions - AppLovin experienced a significant drop of nearly 20% in value despite reporting stronger-than-expected profits, reflecting investor concerns over AI competition impacting software companies [6] - C.H. Robinson Worldwide saw a 14.5% decline on Thursday after news of an AI platform that could increase freight volumes by up to 400%, but rebounded by 4.9% on Friday [7] - The market has shown aggressive reactions to perceived threats from AI disruption, with analysts noting a "shoot first, ask questions later" mentality among investors [8]

Economic Indicators - Inflation cooled more than expected in January, with the Consumer Price Index showing a 0.2% increase from the previous month and a 2.4% increase on an annual basis [2] - The report is likely to influence Federal Reserve policy, with traders reviving bets on a quarter-point rate cut in June, and a majority expecting two cuts by the end of 2026 [3] Market Performance - US stocks experienced wavering performance, with the Dow Jones Industrial Average and Nasdaq Composite drifting below the flatline, while the S&P 500 fluctuated between small gains and losses [1] - The sell-off in tech stocks has led to weekly losses of over 1% for the Dow, S&P 500, and Nasdaq [4] Company Earnings - Applied Materials (AMAT) saw its stock surge over 10% due to an upbeat outlook driven by robust AI demand [5] - Rivian (RIVN) shares jumped more than 20% following a fourth-quarter earnings beat, with the company on track to deliver its R2 midsize model before summer [6] - Moderna (MRNA) shares surged 10% after exceeding quarterly revenue estimates, attributed to strong sales of its Covid vaccine [6] - Pinterest (PINS) shares tumbled about 20% as revenue fell short, raising concerns about AI risks to its discovery platform [5]

US stocks wavered on Friday but were on track for weekly losses as Wall Street digested a cooler-than-expected inflation reading for a steer on the path of interest rates. The Dow Jones Industrial Average (^DJI) and the tech-heavy Nasdaq Composite (^IXIC) drifted below the flatline. Meanwhile, the S&P 500 (^GSPC) flipped between small gains and losses, coming off a day of intense selling pressure on tech stocks. Inflation cooled more than expected in January, data released Friday by the Bureau of Labor ...