Core Viewpoint - Abacus Global Management has launched a new asset-based finance strategy targeting the $20 trillion-plus asset-based finance market, leveraging its proprietary insurance analytics and institutional origination expertise [1][10]. Company Overview - Abacus Global Management, Inc. is a leader in the alternative asset management industry, focusing on longevity-based assets and personalized financial planning [19]. Leadership Team - The new strategy will be led by Monty Cook and Elena Plesco, who bring a combined four decades of experience in asset-based finance and specialty credit [4][5][6]. Investment Strategy - The ABF strategy will focus on asset-backed investments, aiming for net risk-adjusted returns of 11–13% with a target investment duration of three to five years [9][10]. - Key investment areas include consumer credit, equipment finance, receivables, small business loans, and insurance-related assets [8][9]. Strategic Rationale - The launch of the ABF strategy aligns with Abacus's goal of building a diversified alternative asset management platform, responding to increasing institutional demand for predictable cash flows and low correlation to traditional markets [10][11]. Unique Capabilities - Abacus combines institutional-quality origination and structuring expertise with proprietary insurance analytics, providing a competitive edge in sourcing and pricing [2][14]. - The strategy emphasizes downside protection, targeting approximately 65% of investments in holdings with investment grade-like characteristics [14].

Core Viewpoint - Patria Investments Limited has successfully completed the acquisition of a 51% stake in Solis Investimentos, enhancing its position in the Latin American investment management sector [1]. Group 1: Acquisition Details - The acquisition adds approximately US$ 3.5 billion of Fee-Earning AUM (FEAUM) from Solis, increasing Patria's total Credit FEAUM by over 40% to more than US$ 11.7 billion [2]. - Solis will continue to operate under the leadership of its founders, Delano Macedo and Ricardo Binelli, with its team of over 100 professionals remaining in their current roles [3]. Group 2: Company Background - Patria is a global middle market alternative asset manager with over 37 years of experience and more than US$ 51 billion in assets under management, focusing on resilient and growth sectors [4]. - The company has a strong presence in Latin America and Europe, leveraging local expertise to identify unique investment opportunities [4].

Company Overview - Blackstone Inc. (BX) has a market capitalization of $114.8 billion and specializes in alternative asset management, including private equity, real estate, hedge fund solutions, credit, and multi-asset investment strategies across various industries and geographies [1] Financial Performance - Analysts expect Blackstone to report an adjusted EPS of $1.52 for fiscal Q4 2025, which represents a 10.1% decrease from $1.69 in the same quarter of the previous year [2] - For fiscal 2025, the anticipated adjusted EPS is $5.34, reflecting a 15.1% increase from $4.64 in fiscal 2024, with projections for adjusted EPS to grow 21.2% year-over-year to $6.47 in fiscal 2026 [3] Stock Performance - Over the past 52 weeks, Blackstone shares have decreased by 11.9%, underperforming the S&P 500 Index, which gained 14.8%, and the State Street Financial Select Sector SPDR ETF, which returned 13.3% [4] - Despite reporting an adjusted EPS of $1.52 and adjusted revenue of $3.3 billion for Q3 2025, Blackstone shares fell by 4.2% on October 23 due to a significant decline in GAAP results, with net income dropping to $624.9 million ($0.80 per share) from $780.8 million ($1.02 per share) a year earlier, and total reported revenue declining by 15.7% year-over-year to $3.09 billion [5] Analyst Ratings - The consensus view on Blackstone stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 22 analysts, eight recommend "Strong Buy," two suggest "Moderate Buy," 11 indicate "Hold," and one has a "Strong Sell." The average analyst price target for Blackstone is $179.80, indicating a potential upside of 15.7% from current levels [6]

Core Viewpoint - Abacus Global Management, Inc. is transferring its listing from Nasdaq to the New York Stock Exchange, which is expected to enhance shareholder value and leverage the NYSE's advantages for growth [1][3]. Group 1: Listing Transfer Details - The transfer of Abacus' Class A common stock to the NYSE is anticipated to begin trading on or about December 30, 2025, under the new ticker symbol "ABX" [1]. - The Company's 9.875% Fixed Rate Senior Notes due 2028 will also transfer to the NYSE, starting to trade under the new ticker symbol "ABXL" on or about December 30, 2025 [2]. Group 2: Strategic Rationale - The decision to move to the NYSE is described as a strategic move aimed at creating long-term shareholder value, supported by the NYSE's global reach, strong institutional investor base, and deep market liquidity [3]. - The NYSE platform is expected to provide an exceptional foundation for Abacus' continued growth and innovation in the alternative asset management space [3]. Group 3: Company Overview - Abacus Global Management specializes in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services, focusing on longevity-based assets and personalized financial planning [4].

Core Viewpoint - Interactive Brokers Group Inc. is highlighted as a strong investment option, particularly among Reddit stocks, with a recent price target increase from Bank of America indicating positive market sentiment [1]. Financial Performance - In Q3 2025, Interactive Brokers reported a 21% year-over-year increase in net revenues, totaling $1.66 billion, and achieved a high pretax margin of 79% for the quarter [2]. - The company’s total assets reached $200 billion, marking a 35% increase from the previous year [2]. - Earnings per share (EPS) for Q3 was $0.57, exceeding market expectations by $0.03 [2]. Customer Growth and Revenue Streams - Commission revenue surged by 23% year-over-year, reaching $537 million, driven by increased trading activity [3]. - The company surpassed 4 million customers, with total customer accounts growing by 32% year-over-year to 4.13 million [3]. Market Positioning and Future Outlook - Bank of America favors alternative asset managers over online brokers like Interactive Brokers for 2026, citing superior valuation and favorable macroeconomic conditions [1][3]. - The company may face challenges, including a potential $417 million reduction in annual net interest income if benchmark rates decline by 1% [3].

Core Insights - Patria Investments has agreed to acquire RBR Gestão de Recursos Ltda, enhancing its position as the leading manager of listed REITs in Brazil and increasing its scale in credit and multi-asset strategies [1][3] - The acquisition will add approximately US$ 1.3 billion of Fee Earning Assets under Management (FEAUM), bringing Patria's total Real Estate FEAUM to US$ 8.5 billion pro-forma as of Q3 2025, reflecting a Compound Annual Growth Rate (CAGR) of over 65% since its IPO in early 2021 [2] Company Overview - Patria is a global alternative asset manager with a strong presence in Latin America and Europe, managing over US$ 51 billion in assets [4] - The company specializes in resilient and growth sectors, leveraging local expertise to identify compelling investment opportunities [4] Transaction Details - The acquisition is expected to close in Q1 2026 and is anticipated to be accretive to both Fee Related Earnings (FRE) and Distributable Earnings (DE) in the first year [3] - Post-acquisition, Patria will manage 12 funds, predominantly focused on Credit and Multi-Asset strategies, solidifying its leadership in the Brazilian REIT market [1][3]

Core Insights - GCM Grosvenor has been recognized for the fifth time as one of Pensions & Investments' Best Places to Work in Money Management, ranking 1 in the Major Employers category [1][2] - The recognition highlights the firm's commitment to creating an exceptional workplace and fostering strong employee engagement [1][2] - The Best Places to Work program evaluates firms based on employer and employee surveys regarding workplace policies, practices, and engagement [2] Company Overview - GCM Grosvenor is a global alternative asset management solutions provider with approximately $87 billion in assets under management across various investment strategies [4] - The firm has over 50 years of experience in alternatives and aims to deliver value for clients through a flexible investment platform [4] - GCM Grosvenor employs around 560 professionals and serves a global client base, with offices in major cities including Chicago, New York, and London [5]

Fund Performance - Baron Fifth Avenue Growth Fund gained 5.7% in Q3 2025, underperforming the Russell 1000 Growth Index's 10.5% gain and the S&P 500 Index's 8.1% return [1] - Year-to-date, the fund is up 14.4%, compared to 17.2% for the Russell 1000 Growth Index and 14.8% for the S&P 500 Index [1] KKR & Co. Inc. Overview - KKR & Co. Inc. is an equity and real estate investment firm with a market capitalization of $113.138 billion and a share price of $122.19 as of December 01, 2025 [2] - The one-month return for KKR & Co. Inc. was 3.30%, while it experienced a 22.62% decline over the last 52 weeks [2] Investment Strategy in KKR - The fund increased its position in KKR & Co. Inc. to capitalize on price volatility towards the end of Q3 2025 [3] - KKR manages $686 billion in assets across Private Equity, Private Credit, and Real Assets, and is in a three-year fundraising super-cycle expecting to raise over $300 billion [3] - KKR has diversified its business beyond traditional buyout private equity into alternative asset classes, maintaining over $150 billion in assets under management in each of its three scaled businesses [3] - KKR's asset management business generates highly recurring fees, and it also owns Global Atlantic, an insurance company involved in the retirement assets market [3]

Core Insights - Gold.com, formerly A-Mark Precious Metals, has officially changed its name and commenced trading on the NYSE under the ticker symbol "GOLD" [1][3] - The company plans to launch a co-branded Gold.com credit card that offers cashback rewards on purchases, initially targeting JM Bullion's customer base [2] - The CEO emphasized the rebranding as a strategic move to align with the evolving alternative assets market focused on precious metals and collectibles [3][4] Company Developments - Gold.com will ring the NYSE Opening Bell on January 27, 2026, to celebrate its new listing [1] - The company has introduced a new corporate website that enhances investor resources and provides educational content about alternative assets [4] - JM Bullion is selling gold and silver bullion bars featuring the new Gold.com branding to commemorate the transition [5] Market Positioning - The move to the NYSE is expected to enhance Gold.com's brand visibility and attract new investors interested in precious metals [4] - Gold.com operates a vertically integrated platform that includes market expertise in various precious metals and collectibles, serving a global clientele [6][7] - The company has a direct-to-consumer marketplace supported by flagship brands, which has served millions of customers [7]

Core Insights - Apollo will have its CEO, Marc Rowan, participate in a fireside chat at the Goldman Sachs US Financial Services Conference on December 10, 2025 [1] - A live webcast of the event will be available on Apollo's Investor Relations website, with a replay accessible shortly after the event [1] Company Overview - Apollo is a high-growth global alternative asset manager with a focus on providing clients with excess returns across various risk-reward spectrums, including investment grade credit and private equity [2] - The company has over three decades of investing expertise and offers innovative capital solutions for growth [2] - As of September 30, 2025, Apollo managed $908 billion in assets [2]