Core Insights - The article emphasizes the importance of understanding macro trends and their influence on asset prices and investor behavior [1] - It highlights the significance of central bank policies, sector rotation, and sentiment dynamics in constructing actionable investment strategies [1] Group 1: Professional Background - The author has over 10 years of experience in asset management, focusing on equity analysis, macroeconomics, and risk-managed portfolio construction [1] - The professional background includes advising on and implementing multi-asset strategies, with a strong emphasis on equities and derivatives [1] Group 2: Investment Philosophy - The goal of sharing insights is to make investing accessible, inspiring, and empowering for all investors [1] - The article encourages collaboration among investors to build confidence in long-term investing [1]

Core Insights - Delta Air Lines, Inc. (DAL) is one of the largest American airline companies providing scheduled air transportation for passengers and cargo globally [1] - DAL also owns a jet fuel refinery, which supports its operational needs [1] Company Overview - Delta Air Lines operates in the airline industry, focusing on both passenger and cargo transportation [1] - The company has integrated operations by owning a jet fuel refinery, enhancing its fuel supply chain [1] Industry Context - The airline industry is characterized by significant competition and the need for efficient operational strategies to manage costs and enhance service delivery [1]

Core Viewpoint - CPA Australia recommends that the Queensland government expand its review of local council finances to focus on long-term financial sustainability rather than solely on depreciation of fixed assets [1][2]. Financial Stability Assessment - Depreciation should not be the only indicator for evaluating the financial stability of councils, as it is just one factor in the complex equation of asset management [2]. - The consumption of assets over time reflected by depreciation does not directly influence decisions regarding asset replacement or maintenance [2]. Holistic Approach to Asset Management - Councils are encouraged to adopt a more comprehensive view that includes real-world asset data, service delivery needs, and demographic pressures [3]. - The recommendation for a broader perspective follows a significant error in depreciation calculations by Sunshine Coast Council, which reported a A$30 million error contributing to a A$20 million budget deficit [3]. Strategic Recommendations - CPA Australia calls for a strategic, state-wide approach to asset management, improved financial expertise among council staff, and more reliable accounting processes [4]. - Factors such as climate change, population growth, and rising infrastructure needs should be integrated into councils' financial planning [4]. Collaboration and Competency Development - There is a need for stronger collaboration between finance and other departments, such as engineering, to enhance accurate financial reporting [5]. - Councils should invest in the right competencies and systems to support effective financial management, as errors in depreciation can undermine public trust [5]. Standardization and Support Systems - CPA Australia advocates for a centralized framework and guidelines to ensure consistent practices across councils [6]. - The necessity for standardized guidelines and improved methods for assessing asset value and estimating useful asset life has been identified [6]. - A centralized support system is proposed to help councils implement best practice procedures consistently [6].

Group 1 - KKR & Co is enhancing its Indian insurance division while expanding in private equity, infrastructure, and credit across India [1][2] - The insurance operations are managed by Global Atlantic Financial Group, fully acquired by KKR in January 2024 [1] - KKR's insurance division made its first investment in India in June, providing $600 million in financing to Manipal Group [2] Group 2 - KKR's insurance business is also expanding in Japan and Europe, with adjusted investible assets of $197 million as of September [3] - KKR has committed $9 billion in equity investments in India since 2020, focusing on private equity and infrastructure [4] - The credit division is identified as KKR's fastest-evolving business line, with India and Japan showing the strongest performance among Asian markets [4] Group 3 - KKR manages approximately $685 billion in assets globally, with credit operations accounting for $250 billion to $300 billion [5] - The Indian business is expected to increasingly align with KKR's global profile over time [5] - KKR aims to invest between $90 billion and $100 billion globally this year [4]

Core Insights - Robinhood Markets has evolved from being a brokerage favored by meme traders to a significant financial services company with millions of customers since its IPO in July 2021 [1][2] - The company has a market capitalization of $130 billion, making it a valuable player in the financial sector, just $39 billion below Charles Schwab's market cap of approximately $169 billion [2][8] Company Growth and Performance - Since its inception in 2013, Robinhood has made investing more accessible, boasting a retail user base of 26.7 million [4] - The company generated nearly $3 billion in sales last year, reflecting a 57% increase from 2023, with earnings of $1.4 billion or $1.56 per share, marking a 360% year-over-year growth [6] - Despite anticipated sales growth slowing to 44.4% this year and earnings growth of only 16%, the stock trades at 71 times forward earnings, indicating market expectations for higher future growth [6] Market Position and Future Prospects - Robinhood's stock has surged nearly 300% year-to-date, driven by optimism regarding its expansion into crypto, tokenized assets, and asset management [7][9] - The company is positioned to potentially surpass Charles Schwab in market valuation if its expansion efforts yield positive results [8][9]

Financial Data and Key Metrics Changes - The company's Q3 revenues were $1.46 billion, representing a 23% year-over-year increase, driven by engineering and real estate services segments [6][9] - Adjusted EBITDA for the quarter was $191 million, a 24% increase from the previous year [6] - Overall internal growth for the quarter was 13% [6] Business Line Data and Key Metrics Changes - Engineering segment revenues increased by 36%, with internal growth of 6% [7] - Real estate services segment revenues rose by 13%, with capital markets up 21% and leasing revenues up 14% [6][7] - Outsourcing revenues increased by 8%, led by valuation and advisory practices [7] Market Data and Key Metrics Changes - Assets under management reached $108 billion, a 10% increase from the previous year [5] - The company raised $1 billion in new capital commitments during the quarter, with total year-to-date fundraising at $4.4 billion [8] Company Strategy and Development Direction - The company is focused on unifying operations under the Harrison Street Asset Management brand, which is expected to strengthen the business and deliver value to shareholders [4][5] - The engineering sector is seen as a significant growth area, with plans to double revenue and profitability in the coming years [25][94] - The company is actively pursuing acquisitions in various segments, particularly in engineering, to capitalize on growth opportunities in fragmented markets [25][94] Management's Comments on Operating Environment and Future Outlook - Management anticipates an increase in business activity as interest rates stabilize and investor confidence builds [4] - The capital markets recovery is described as gradual, with expectations for continued growth in Q4 and beyond [41][46] - Management remains confident in meeting full-year guidance despite slight expected declines in investment management margins due to integration costs [9][40] Other Important Information - The company has $9 billion in dry powder available for deployment, which is expected to drive future growth [5][86] - The integration of IAM under the Harrison Street platform has received positive client feedback, indicating a successful transition [33] Q&A Session Summary Question: Inquiry about engineering margins and service mix - Management noted that engineering margins were slightly impacted by service mix, with a net margin decrease of 20 to 30 basis points [14][15] Question: Discussion on investment management margins and future outlook - Management indicated that integration costs would impact margins for the next two to three quarters, but they are focused on long-term growth [16][18] Question: Organic growth in engineering - Year-to-date organic growth in engineering is around 8%, with expectations to maintain mid-high single-digit growth for the year [22][23] Question: Capital markets activity and pipeline - The capital markets pipeline is solid, with expectations to exceed last year's performance in Q4 [41][42] Question: Construction activity and market conditions - Management indicated that construction activity is currently soft, particularly in condominiums, but there is ongoing activity in data centers and related infrastructure [61] Question: Performance of recent acquisitions - The integration of Triovest and Asterisk is ongoing, with positive early results noted for both acquisitions [96][98]

Core Viewpoint - Guangfa Securities Asset Management announced a change in senior management, with Sun Xiaoyan set to become the chairman on October 31, 2025, following the departure of the former chairman, Qin Li [2] Group 1: Management Changes - Sun Xiaoyan has a long-standing career with Guangfa Securities, having worked in various departments since joining in July 1993, including the capital operations, accounting, and investment banking departments [3][4] - Sun Xiaoyan's previous roles include manager and deputy general manager of the accounting department, deputy general manager of the investment self-operation department, and financial director and deputy general manager of Guangfa Fund Management [4] - The former chairman, Qin Li, has been appointed as the general manager of Guangfa Securities since May 2024 [4] Group 2: Recent Executive Adjustments - Since 2025, Guangfa Asset Management has undergone a series of executive changes, including the retirement of CIO Jiang Rong in March and the appointment of Liu Yu as the new CIO in July [4][5] - Wang Hua, a deputy general manager, also left due to work arrangements in July [5] Group 3: Company Overview and Financials - Guangfa Asset Management, established on January 2, 2014, is a wholly-owned subsidiary of Guangfa Securities and the first broker-dealer asset management company in South China [6] - As of June 30, 2025, the net asset value managed by Guangfa Asset Management was 250.645 billion yuan, with specific asset management plans seeing a net value increase of 4.56% and 39.49% compared to the end of 2024, while collective asset management plans decreased by 8.85% [6]

As we are gearing up for next week's @sgfintechfest, we look forward to sharing the stage with @PIMCO, @DeutscheBank, @Memento_Bc and presenting how Prividiums are solving both for Privacy and Interoperability enabling financial institutions to come onchain.Memento (@Memento_Bc):Excited to join @PIMCO, @zksync and Mindful Wealth on the "Tokenization & the Future of Asset Management" panel, moderated by @DeutscheBank and organized by the SFA!We'll share our experience bringing TradFi RWA funds onchain and di ...

Partnerships - Token Terminal announces data partnership with Reserve Protocol [1] Project Overview - Reserve Protocol is a fast-growing asset management project on Ethereum and Base [1] - Reserve Protocol's Total Value Locked (TVL) is approximately $500 million [1] Backing & Investment - Reserve Protocol is backed by Coinbase Ventures, Peter Thiel, Sam Altman and others [1]

Core Viewpoint - Lowe's Companies, Inc. is a leading American retail company focused on home improvement, maintenance, and decorating products and services, with a significant market presence [1] Company Overview - Lowe's operates in the home improvement sector, providing a wide range of products and services aimed at enhancing home maintenance and decoration [1] Market Position - The company is recognized as one of the few market leaders in its industry, indicating a strong competitive position [1]