Key Takeaways HMY is advancing Wafi-Golpu and Eva Copper to diversify beyond South African gold operations. Wafi-Golpu holds 13M ounces of gold while Eva Copper is expected to produce up to 60K tons annually. Harmony's shares are up 64.9% in a year, with 2025 EPS estimates implying 190.8% year-over-year growth.Harmony Gold Mining Co. Ltd. (HMY) is positioning itself for long-term growth through disciplined execution of two transformative development projects — the Wafi-Golpu copper-gold project in Papua N ...

Market Outlook - The market may experience volatility due to complacency, especially before the August 1st deadlines [2] - A market pullback should be viewed as a potential buying opportunity, but caution is advised in the near term [5] - The market is pricing in a perfect scenario regarding tariffs and Federal Reserve actions [5] - The technology and growth sectors are pricing in perfection and not considering existing risks [4] Investment Strategy - Rebalancing portfolios is necessary, especially after recent rapid increases [3] - Diversification into international stocks is recommended, as they have room to catch up with the US [7] - International stocks are relatively cheaper compared to the US, which is considered expensive, especially in large-cap growth [8] - Investors should be cautious about the growthiest part of the market, as valuations may be overextended [16] Federal Reserve & Interest Rates - There is less than a 50% chance of the Federal Reserve cutting rates in September [10] - Inflation is not moving in the right direction, limiting the Fed's flexibility to cut rates [11]

Business Diversification - Circle's business is more diversified in 2025 compared to the 2022 peak [1] - Diversification includes multiple tokenized products like USDC, EURC, and USYC [1] - Expansion across multiple chains such as Ethereum, Solana, and Arbitrum [1] Growth Areas - Growth observed in transaction-based business lines, specifically CCTP and CPN [1]

Core Viewpoint - NewGenDigital has entered into a Memorandum of Understanding with BNW Real Estate Development LLC to develop a strategic plot of land in Ras Al Khaimah, UAE, with an estimated potential net return of up to US$67 million from the project [1][4]. Group 1: Partnership Details - The MOU aims to negotiate a Joint Venture Agreement to form a special-purpose vehicle for the development of the plot [1]. - BNW is responsible for all construction and management costs, while NewGenDigital will contribute 36% of the land cost, estimated at about US$24 million [3]. - BNW will initially cover the remaining 64% of the land cost and any payments made on behalf of NewGenDigital will be deducted from its final entitlement [3]. Group 2: Financial Projections - A feasibility study by BNW estimates a net return of up to US$67 million for NewGenDigital, representing a 272% return on investment after accounting for costs [4]. - The projected sale price is estimated at AED3,000 per square foot (approximately US$817), with a total saleable area of 527,753 square feet [4]. - Consultant, construction, and administration costs are estimated at AED823 per square foot [4]. Group 3: Company Background - NewGen is a comprehensive fertility services provider in Asia, with clinics in Thailand, Cambodia, and Kyrgyzstan, offering a full suite of fertility treatments [6]. - The company aims to expand beyond its core fertility services through strategic partnerships like the one with BNW [5].

Emerging-market borrowers are tapping the euro bond market at the fastest pace in over a decade, capitalizing on the rising demand for diversification away from the US dollar https://t.co/TlYNkb1eTj ...

Company Overview - Teradyne is a specialized technology company focusing on automated test systems and robotics products, serving primarily semiconductor companies [1] Investment Philosophy - The company emphasizes diversification across different portfolios tailored for specific investment goals, including income plays, growth stocks, and options strategies [1] - It advocates for a "long only" investment approach, avoiding shorting companies, and employs various options strategies such as covered calls and iron condors [1] Analyst Position - The analyst holds a beneficial long position in shares of major tech companies including TSM, NVDA, AAPL, and GOOG, indicating a positive outlook on these stocks [2]

Financial Data and Key Metrics Changes - Earnings per share for Q2 was $0.73, a decrease from $0.75 sequentially [5] - Revenue for Q2 increased by 1.1% from the prior quarter to $135 million [5] - Ending AUM (Assets Under Management) was $88.9 billion, up from $87.6 billion in the prior quarter [6] - Operating margin decreased to 33.6% from 34.7% in the prior quarter [6] - Total expenses increased by 2.9% compared to the prior quarter [8] - Liquidity at the end of Q2 was $323 million, compared to $295 million in the prior quarter [10] Business Line Data and Key Metrics Changes - Open-end funds experienced net inflows of $285 million, marking the fourth consecutive quarter of inflows [33] - Closed-end funds had inflows of $103 million [33] - Advisory services had net outflows of $412 million, attributed to account rebalancing [35] - The one unfunded pipeline increased to $776 million, compared to a low watermark of $61 million last quarter [36] Market Data and Key Metrics Changes - Global equities and global listed infrastructure outperformed U.S. equities in the first half of 2025 [18][20] - U.S. REITs saw slightly negative performance, while international REITs performed in line with the market [29] - Global real estate flows were stronger than U.S. real estate flows in Q2 [57] Company Strategy and Development Direction - The company is focused on launching more active ETFs and expanding its wealth management channel [39][43] - There is a strategic emphasis on integrating listed and private real estate allocations into a single portfolio [24] - The company aims to enhance its distribution capabilities and invest in data analysis to support growth [43] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic resiliency and market performance have been impressive, driven by demographics and strong private sector balance sheets [31] - The company expects to see continued interest in real assets as valuations become more attractive [19] - Management highlighted that the era of ultra-low interest rates is over, leading to a need for true diversification in portfolios [20] Other Important Information - The company has successfully launched its first three active ETFs, with strong initial performance [38] - The launch of a tactical listed and private real estate strategy is expected to provide compelling solutions for institutional investors [24] Q&A Session Summary Question: What is the current appetite in the wealth management channel? - Management indicated that there is ongoing investment to reach more independent RIAs, with good progress in gaining allocations in real estate and infrastructure [47] Question: How are the active ETFs performing in the market? - The company reported a strong start for its active ETFs, attracting new investors and existing ones transitioning from open-end funds [50] Question: What drove the outflows in global listed infrastructure? - Outflows were attributed to institutional investors rebalancing their portfolios, although the strategy remains popular [54] Question: How does demand differ geographically, particularly in advisory? - The U.S. remains the largest market, with growing activity in Asia, while Europe is slower and the Middle East has seen reduced activity [62]

Financial Data and Key Metrics Changes - Earnings per share for Q2 was reported at $0.73, a decrease from $0.75 sequentially [5] - Revenue for Q2 increased by 1.1% from the prior quarter to $135 million [5] - Ending assets under management (AUM) rose to $88.9 billion from $87.6 billion in the previous quarter [6] - The effective fee rate remained stable at 59 basis points, while the operating margin decreased to 33.6% from 34.7% [6] Business Line Data and Key Metrics Changes - Net inflows into open-end funds were positive for the last four consecutive quarters, although institutional net outflows offset these gains [7] - Total expenses increased by 2.9% compared to the prior quarter, driven by higher compensation and benefits [8] - Compensation ratio remained at 40.5%, consistent with previous guidance [10] Market Data and Key Metrics Changes - The second quarter saw 89% of AUM outperforming benchmarks, with 94% outperforming on a one-year basis [14] - Global equities and listed infrastructure outperformed U.S. equities, with global strategies showing stronger performance [30][31] Company Strategy and Development Direction - The company is focused on launching active ETFs and expanding its wealth management channel, particularly in the independent RIA segment [49][50] - A new tactical listed and private real estate strategy was launched, aimed at integrating listed and private real estate allocations [24][42] - The company plans to continue investing in talent acquisition and data analysis to support growth initiatives [44] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment has been resilient, with strong private sector balance sheets and liquidity [31] - The outlook for real estate is favorable, with valuations seen as attractive for new investors [19][22] - The company expects G&A expenses to increase by 7% to 8% for the full year 2025 compared to 2024 [11] Other Important Information - The company moved into a new Hong Kong office, completing its planned foreign office upgrades [12] - Liquidity at the end of Q2 was reported at $323 million, an increase from $295 million in the prior quarter [11] Q&A Session Summary Question: What is the temperature of the wealth management channel? - The wealth channel is important, with progress in gaining allocations from sophisticated RIAs, although gross sales were about 10% lower than recent trends [48][49] Question: How are active ETFs performing? - Early results show good flows, with RIAs who only allocate to ETFs making allocations, indicating a positive start for the active ETFs [51][52] Question: What drove the outflows in global listed infrastructure? - Outflows were driven by institutional investors rebalancing their portfolios, although the strategy remains popular [55] Question: What is the demand for global real estate? - There has been stronger demand for global real estate, with more global allocators in the pipeline, although U.S. real estate remains the largest market [58][59] Question: Any geographical differences in advisory demand? - The U.S. remains the largest market, with growing activity in Asia, while Europe is slower and the Middle East has seen reduced activity [63]

Core Viewpoint - The S&P 500 index has become increasingly concentrated, particularly due to the rising valuations of megacap tech companies, which raises concerns about its performance and risk exposure [2][4]. Group 1: Concentration of the S&P 500 - The top three holdings in the S&P 500—Apple, Microsoft, and Nvidia—account for over 18% of the index, while the top 10 holdings make up over 34% [4]. - The concentration issue is significant as it can lead to increased volatility and risk, especially if the tech sector experiences a downturn [2][4]. Group 2: Equal-Weighted S&P 500 ETF - The Invesco S&P 500 Equal Weight ETF allows for a more balanced investment approach by giving equal weight to all companies in the index, reducing reliance on the performance of megacap tech stocks [5][6]. - In the equal-weight ETF, the top 10 holdings account for just over 2% of the index performance, compared to over a third in the standard S&P 500 [6]. Group 3: Performance Comparison - Over the past decade, the S&P 500 has increased by 198%, while the equal-weight ETF has risen approximately 127% [7]. - Despite the S&P 500's strong performance, the equal-weight ETF has outperformed the S&P 500 since its inception in April 2003, highlighting the benefits of diversification [7][9]. Group 4: Portfolio Management - Investors should be mindful of the concentration in their portfolios, particularly in the tech sector, and consider diversifying with stocks and ETFs from other sectors [10][11]. - A $2,000 investment in the equal-weight ETF could be a prudent choice in the current uncertain market environment [12].

President Trump is expected to sign an executive order in coming days aimed at opening up 401ks to private assets. Sharon Eper joins us now with more on what that could mean for 401k investors. Good morning, Sharon. Good morning, Melissa.Well, an executive order does not have the same weight of law, but it sends a strong signal that could encourage 401 play sponsors to include private assets in their offerings. Now, that's a big market. There more than 12 trillion in assets in defined contribution plans. Ne ...