Core Viewpoint - The final quarter of 2025 showed gradual improvement in UK financial markets, with investors beginning to look beyond earlier turbulence, despite ongoing concerns about inflation and household demand [3][4]. Economic Overview - UK CPI rose to 3.8% in July, plateauing in August and September, with a lower-than-expected September reading potentially indicating a period of lower inflation [4] - Unemployment increased to 4.8% in August, allowing the Bank of England to consider further interest rate cuts after a 25bps reduction to 4.00% in August [4] - Consumer sentiment improved, although households remained cautious with high savings rates and reduced debt [5] - Gilt yields rose due to concerns over public spending and high inflation, indicating challenges for the upcoming Autumn Budget [6] Investment Performance - The unaudited NAV per share increased from 36.43 pence to 36.46 pence, with a total return of +3.51% for shareholders [8] - Qualifying investments contributed positively, with Qureight increasing by 102.4% and Diaceutics by 41.7% [9][10] - Non-qualifying investments saw mixed results, with the IFSL Marlborough UK Micro-Cap Growth Fund and Special Situations Fund posting gains, while WH Smith faced issues due to accounting irregularities [15] Portfolio Structure - The company maintained a strong investment position, ending the period at 98.98% invested, with an increase in qualifying investments from 53.7% to 54.1% [16] - There were no new VCT qualifying IPOs in the quarter, but the company remains optimistic about future deal flow [17] - The company executed three full exits and adjusted its investment in Cohort following strong share price performance [18] Share Buybacks and Market Activity - The company repurchased 3.7 million shares at an average price of 33.31 pence, with the share price increasing from 34.10 pence to 34.40 pence [21] - As of 30 September 2025, the shares traded at a discount of 3.83% to the last published NAV per share [21] Post Period Developments - The unaudited NAV per share decreased to 35.84 pence as of 31 October 2025, reflecting a decline of 1.70% [22]

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Core Insights - Emerging-market bonds are experiencing a rally driven by a rare slowdown in global inflation trends, with some markets like Hungary, Brazil, and Egypt seeing gains exceeding 20% [1][5] - Investment managers, including Morgan Stanley Investment Management and Ninety One Plc, are positioning for further gains in local-currency debt, anticipating that central banks in emerging markets will have more room to cut interest rates compared to developed nations [2] - The average annual inflation in emerging markets has decreased to 2.47% in the July-September quarter, the lowest since early 2021, contrasting with a rise in inflation to 3.32% in developed economies [6] Group 1: Inflation Trends - A significant slowdown in inflation in emerging markets has been noted, with consumer prices growing more slowly than in developed nations for two consecutive quarters, a trend not seen for over 35 years [3] - The latest inflation data supports expectations for deeper and faster monetary easing in emerging markets, which could benefit the bond market [6] Group 2: Monetary Policy and Rate Cuts - Many emerging-market countries are already in a rate-cutting phase, with Mexico and Poland recently easing their policies, while others like Thailand, South Korea, Turkey, and India are expected to follow suit by year-end [7] - Despite the easing, most central banks are proceeding cautiously, maintaining rates above inflation levels, as seen in Brazil where the real rate is around 10% [7][8]

Economic and Market Sentiment - Asian stocks advanced following the U.S. Senate's bipartisan vote to end the government shutdown, which lasted 40 days, with the legislation now moving to the House of Representatives for consideration [1] - China's producer price deflation eased in October, while consumer prices returned to positive territory, with the Shanghai Composite index rising 0.53 percent to 4,018.60 [2] - Consumer price inflation in China unexpectedly rose by 0.2 percent in October after a 0.3 percent decline in the previous month, contrary to analysts' expectations of no change [2][3] Stock Market Performance - Hong Kong's Hang Seng index increased by 1.55 percent to 26,649.06, rebounding from previous sell-offs [3] - The Nikkei average in Japan climbed 1.26 percent to 50,911.76, with significant gains in the technology sector, while the broader Topix index settled 0.56 percent higher at 3,317.42 [4] - Seoul's Kospi average surged 3.02 percent to 4,073.24, driven by renewed optimism over AI and expectations of tax cuts [4] Company-Specific Developments - SoftBank Group's stock rallied by 2.6 percent, while Tokyo Electron surged 4.3 percent and Advantest added 3.8 percent [4] - Samsung Electronics rose by 2.8 percent and SK Hynix surged 4.5 percent, following Nvidia CEO's comments on strong demand for their Blackwell chips [5] - Honda Motor's stock slumped by 4.7 percent after the company cut its annual earnings forecast [4] Commodity and Currency Movements - Australian markets ended higher, with the S&P/ASX 200 rising 0.75 percent to 8,835.90, supported by a rally in gold, energy, and bank stocks [6] - Gold prices increased nearly 2 percent to $4,080 an ounce, aided by a weaker dollar in Asian trade [7]

U.S. stock futures climbed early Monday, as investors weighed two major developments out of Washington: a significant step toward ending the record-long government shutdown and a surprise stimulus proposal from President Donald Trump.Government Reopening Hopes Push Futures HigherFutures for the Dow Jones, S&P 500, and Nasdaq 100 all pointed to a positive open, reflecting renewed market optimism. This sentiment follows a key vote in the Senate on Sunday to advance a funding bill aimed at ending the 40-day go ...

Egyptian inflation quickened for the first time since May after a hike in fuel prices, increasing the likelihood authorities will leave interest rates unchanged next week https://t.co/KSUCHkbs4C ...

Tax rises loom. Borrowing costs remain stubbornly high. And inflation is still way above target. But for investors in UK companies there’s at least one bright spot: sterling junk loans https://t.co/rpTXt1VLUI ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Economics** sector, focusing on inflation trends and economic indicators in the Asia Pacific region. Core Insights and Arguments 1. **Consumer Price Index (CPI) Trends**: - CPI increased to **0.2% YoY** in October 2025, rebounding from **-0.3%** in September, attributed to a "super Golden Week" which boosted food and service prices [8][6][4] - Core CPI rose to **1.2% YoY**, up from **1.0%** in September, driven by higher gold prices and a low base effect [8][6][4] 2. **Producer Price Index (PPI) Developments**: - PPI showed a slight increase of **0.1% MoM**, compared to **0%** previously, influenced by higher imported prices in non-ferrous metals, particularly copper [8][6][4] - Overall, producer prices remained stable, with commodity prices supported by disciplined production practices [8][6][4] 3. **Inflation Outlook**: - The outlook for inflation remains stable yet lukewarm, with expectations of largely stable inflation data for November and December as the low base effect diminishes [4][8][6] - Anti-involution measures are expected to provide a floor for sequential momentum in inflation [4][8][6] 4. **Sector-Specific Insights**: - Non-ferrous metals, particularly copper, are experiencing strong demand due to supply constraints and global demand driven by AI advancements [3][8] - Prices for daily sundry articles reached a **15-year high of 0.7% MoM**, likely due to transient demand from promotional events [3][8] Additional Important Information - The report includes a detailed summary table of CPI and PPI changes over recent months, highlighting significant fluctuations in various categories such as food, non-food, and core indices [6][8] - The analysis emphasizes the impact of seasonal effects and promotional events on price movements, which may not be sustainable in the long term [2][3][8] This summary encapsulates the key points discussed in the conference call, providing insights into the current economic landscape in China and the broader Asia Pacific region.

Core Insights - The annual inflation rate for the 12 months ending in August 2025 was 2.9%, with a cumulative inflation rate of 25.2% from 2020 to 2025, indicating a significant decrease in the dollar's purchasing power [1] - Mark Cuban views crypto treasuries, including Bitcoin, Ethereum, and Solana, as alternative assets that can serve as a hedge against inflation [3][5] - Bitcoin's performance has been notably strong, with an increase of 1,041.17% as of October 1, 2025, compared to gold's 170.73% and the S&P 500's 125.60% [6] Investment Strategies - Companies are increasingly adopting treasury strategies that involve holding Bitcoin, highlighting its potential as a scarce digital asset with long-term store-of-value characteristics [8] - Charley Brady from BitFuFu emphasizes that Bitcoin's fixed supply and growing institutional adoption contribute to its characteristics akin to "digital gold" [7] Market Dynamics - The volatility of cryptocurrencies like Bitcoin is acknowledged, but they are seen as having long-term potential to balance investment portfolios and mitigate risks [5][8] - Mark Cuban's investments in nearly two dozen blockchain companies reflect a broader trend of institutional interest in decentralized finance (DeFi) as a means for consumers to manage finances independently [4]

Core Insights - The fast food industry, particularly burger chains, is facing significant challenges due to inflation and changing consumer spending habits [1][2] - Wendy's is experiencing a decline in foot traffic as consumers become more budget-conscious and shift towards casual dining options that are lowering prices [2][3] Industry Overview - Quick-service restaurants (QSRs) are heavily impacted by reduced consumer spending, with burger chains like Wendy's being particularly affected [2] - The competitive landscape is shifting as casual dining restaurants, such as Chili's, are cutting prices to attract cost-conscious consumers, which is eroding the market position of fast food chains [3][7] Wendy's Specifics - Wendy's has historically positioned itself as a quality-focused brand rather than a low-cost option, but this strategy is now backfiring as it faces increased competition from casual dining [3] - The company is under pressure from rising costs, with 91% of restaurants reporting food cost increases, leading to difficult decisions such as closing many locations by 2026 [5][6] - Wendy's system-wide sales for 2024 are projected to be $14.5 billion, reflecting a year-over-year increase of 3.1% [8]