Core Thesis - Golar LNG Limited (GLNG) presents a compelling investment case with substantial upside potential that is currently underappreciated by the market [2][4] Valuation and Financial Metrics - As of September 25th, GLNG's share price was $40.57, with trailing and forward P/E ratios of 26.04 and 47.17 respectively [1] - Management's conservative 2028 net asset value (NAV) estimate is $65 per share, accounting for high capital costs and cautious LNG price assumptions [2] - By applying comparable multiples, Golar could be valued around $100 per share [3] Competitive Positioning - Golar's returns on capital employed (ROCE) are robust due to lower capital expenditures compared to peers like Venture Global and Cheniere, which trade at higher multiples despite more expensive projects [2] - Golar's projects benefit from USD-denominated contracts under English law, covering operational, maintenance, and local tax risks, thereby reducing execution risk [3] Market Sentiment and Catalysts - Investor sentiment in the broader LNG sector has influenced Golar's stock price, overshadowing company-specific catalysts such as long-term contracts with Hilli and Fuji [3] - The upcoming U.S. bond issuance could enhance visibility among debt investors, highlighting the structural value in Golar's portfolio [4] Historical Context - Previous bullish theses on Golar LNG have emphasized its market position and potential upside from commodity-linked tariffs, with fundamentals remaining strong [5]

Core Viewpoint - Eurocastle Investment Limited has announced the release of all remaining reserves related to a Legacy German tax matter, resulting in a pro forma NAV of €20.4 million or €20.34 per share as of June 30, 2025 [3][4]. Financial Summary - The total estimated cost of the contractual arrangement regarding the Legacy German tax matter is €0.85 million, leading to the release of €6.0 million in reserves [3]. - As of June 30, 2025, the pro forma NAV adjusted for the cost of the arrangement is €20.4 million, with a breakdown of net assets provided [4]. - The adjusted NAV reflects a significant change, with the Legacy German Tax Reserve being released, resulting in a new adjusted NAV of €20.37 million or €20.34 per share [5]. Company Strategy - Eurocastle is in the early stages of pursuing a new investment strategy focused on opportunistic real estate in Greece, with plans to expand across Southern Europe [6].

Core Insights - NB Private Equity Partners (NBPE) reported a NAV total return of 4.0% in USD for the six months ending June 30, 2025, driven by strong performance from private companies and positive foreign exchange effects [4][8][27] - The portfolio achieved weighted average LTM revenue growth of 8.8% and LTM EBITDA growth of 9.8%, indicating resilient operating performance despite market challenges [5][9][31] - The company is well-positioned to capitalize on potential investment opportunities with $284 million in cash and undrawn credit lines available [6][19] Financial Performance - As of June 30, 2025, NBPE's net assets totaled $1,283 million, with a NAV per share of $28.14 (£20.53) [6][8] - The portfolio's valuation multiple was 15.4x EV/EBITDA, with a weighted average net debt/EBITDA multiple of 5.4x, indicating stable leverage levels [11][34] - Realisation activity generated $68 million in proceeds during the first half of 2025, with expectations for an additional $41 million from pending realisations [13][36] Market Environment - The exit environment showed signs of recovery after a slowdown in 2023 and early 2024, with renewed momentum expected in the latter part of 2025 [5][12][40] - Despite positive NAV returns, NBPE's share price declined by 7.6% over the same period, reflecting broader market sentiment and sector-wide challenges [15][16] - The company continues to face a wide discount in the listed private equity sector, which has been attributed to overall muted NAV performance [14][24] Investment Strategy - NBPE's investment strategy includes a focus on mid-life co-investments, with a recent $10 million investment in Infra Group, a leading infrastructure service provider [20][38] - The company has repurchased approximately 739,000 shares at a 29% discount to NAV, contributing to NAV accretion of $0.09 per share [6][17] - The board remains focused on improving share price performance and narrowing the discount to NAV through enhanced investor relations and marketing efforts [25][26]

Core Viewpoint - Victory Square Technologies Inc. has announced its intention to commence a Normal Course Issuer Bid (NCIB) to purchase up to 5,000,000 common shares, representing approximately 5% of its issued and outstanding shares, as a strategy to enhance shareholder value [1][2][3]. Group 1: NCIB Details - The NCIB will commence on September 24, 2025, and will remain in effect until September 23, 2026, or until the maximum number of shares has been purchased [2]. - Purchases will be made at prevailing market prices through the facilities of the CSE and/or other permitted trading systems [2]. - BMO Nesbitt Burns Inc. has been appointed to coordinate and facilitate the purchases under the NCIB, with all purchased shares to be cancelled [3]. Group 2: Strategic Capital and Growth - In 2022, the company raised strategic capital to fund infrastructure for Hydreight Technology Inc. and VSDH, avoiding shareholder dilution while strengthening its core IP [4]. - A lender exercised an option to convert capital into Hydreight shares at a 20% discount, resulting in the transfer of 607,057 shares to settle $1,600,000 in debt [5][6]. - Following this settlement, the company holds approximately 25,326,124 Hydreight shares valued at around $122.3 million, with no outstanding debt [6]. Group 3: 2025 Priorities and Future Outlook - Management set three clear goals for 2025, with the initiation of the NCIB being the next logical step in returning value to shareholders [7]. - The CEO emphasized that the strategic capital raised in 2022 helped scale businesses like Hydreight and VSDH, which now represent significant value for the company [7]. - The current market capitalization is believed to not reflect the value of the company's portfolio, which includes various companies targeting large addressable markets [9]. Group 4: Upcoming Investor Engagement - Victory Square will host an Investor Webinar on October 2, 2025, to provide a detailed NAV breakdown of the company's portfolio and highlight upcoming catalysts [10].

Core Thesis - Brookfield Corporation is viewed positively due to its strong Q2 2025 performance, strategic growth investments, and a recent stock split, despite trading at a discount to its Net Asset Value (NAV) [2][3][5] Financial Performance - Brookfield Corporation reported Q2 2025 revenue significantly exceeding expectations, with robust growth in distributable earnings, although there was a slight EPS miss [2] - The company's share price was $69.76 as of September 16th, with trailing and forward P/E ratios of 158.55 and 14.14 respectively [1] Market Positioning - The company continues to trade at a noticeable discount to its NAV, attributed to a "complexity discount" applied by the market to diversified asset managers [2][3] - Analyst sentiment remains broadly positive, with many maintaining "Buy" ratings and raising price targets, some as high as $83, indicating confidence in Brookfield's growth trajectory [3] Strategic Initiatives - Brookfield's strategic investments focus on long-duration, high-growth areas, including AI infrastructure projects, renewable energy assets, and private credit platforms, positioning the company to capitalize on macro trends [3] - The announcement of a three-for-two stock split is expected to enhance liquidity and broaden appeal among retail investors [2] Risks and Catalysts - Potential risks include headwinds from rising interest rates and modest insider selling activity, which may temper near-term investor enthusiasm [4] - Operational outperformance, strategic positioning, and corporate actions like the stock split could serve as catalysts for a market re-rating, potentially narrowing the NAV discount over time [4]

Core Insights - Exor's net asset value (NAV) per share outperformed the MSCI World Index by 5 percentage points in the first half of 2025, supported by a €1 billion share buyback [6] - The company experienced significant market volatility but its portfolio companies performed in line with the MSCI World Index, with varied performance across holdings [6] - Exor is well-positioned for investment opportunities with €4.1 billion inflows from asset monetisation and dividend income, including a Ferrari share placement [6] Company Performance - Exor's gross asset value reached €40 billion, while the NAV totaled €36 billion by the end of the first half of 2025 [6] - Lingotto, a part of Exor's portfolio, delivered strong returns of 11% during the period, primarily driven by public investments [6] Strategic Actions - The company has reduced portfolio concentration through successful monetisation and backed a strategic deal for Iveco Group, aiming to create new opportunities [3] - Exor's CEO highlighted the challenges posed by tariffs and regulatory uncertainties but noted steady progress in navigating these headwinds [2]

Core Viewpoint - OFS Credit Company, Inc. has announced an estimated net asset value (NAV) per share of its common stock for August 31, 2025, ranging between $5.81 and $5.91 [1] Company Summary - OFS Credit Company primarily invests in collateralized loan obligation (CLO) equity and debt securities [1] - The NAV estimate provided is unaudited and does not represent a comprehensive statement of the company's financial position [1]

Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 31 August 2025, with a total NAV of $1.3 billion [2][3] - The NAV total return (TR) for the year-to-date is 4.5%, while the one-year return is 11.1% [4] - The company has realized $86 million year-to-date and has $269 million in available liquidity as of 31 August 2025 [5][8] NAV Performance - NAV per share was $27.79 (£20.57), reflecting a total return of 0.9% for the month [6] - Private company valuations increased by 2.3% during Q2 2025 and 1.9% year-to-date on a constant currency basis [6] - The NAV experienced a 0.6% increase ($7 million) from changes in quoted holdings and a similar increase from FX rate changes [7] Share Buybacks - Approximately 52,000 shares were repurchased in August 2025 at a weighted average discount of 28%, contributing ~$0.01 per share to NAV [10] - Year-to-date, around 921,000 shares have been repurchased at a weighted average discount of 29%, adding ~$0.17 per share to NAV [10] Portfolio Composition - As of 31 August 2025, 7% of the portfolio was valued based on public securities, while 93% was based on private direct investments [10] - The portfolio is primarily concentrated in North America (76%) and Europe (23%), with only 1% in Asia and the rest of the world [12] - The top 30 investments account for 78.2% of the total portfolio value, with significant holdings in sectors such as Technology, Consumer, and Industrials [11][12] Investment Strategy - NBPE focuses on direct private equity investments alongside leading private equity firms globally, aiming for capital appreciation and bi-annual dividends [13] - The investment manager, Neuberger Berman, emphasizes fee efficiency by avoiding management fees and carried interest payable to third-party GPs [13]

Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate as of 31 August 2025, with a total NAV of $1.3 billion [1][2]. NAV Highlights - The NAV total return (TR) for the year-to-date is 4.5%, with a one-year return of 11.1% and a ten-year return of 165.2% [3]. - The MSCI World TR shows a year-to-date return of 14.1% and a ten-year return of 214.5% [3]. - The share price TR in GBP has decreased by 7.0% year-to-date, with a ten-year return of 186.6% [3]. - The FTSE All-Share TR has a year-to-date return of 14.5% and a ten-year return of 108.5% [3]. Portfolio Update - Year-to-date realizations amount to $86 million, with total liquidity at $269 million as of 31 August 2025 [4]. - The NAV per share is reported at $27.79 (£20.57), reflecting a total return of 0.9% for the month [5]. - Private company valuations increased by 2.3% during Q2 2025 and 1.9% year-to-date on a constant currency basis [5]. - Approximately 52,000 shares were repurchased in August 2025 at a weighted average discount of 28%, contributing approximately $0.01 per share to NAV [5][8]. Realizations and Valuations - A $7 million increase in NAV is attributed to changes in quoted holdings and foreign exchange rates [6]. - $13 million was received from the partial realization of Tendam, with additional pending realizations of $9 million expected [6]. - The fair value of the portfolio as of 31 August 2025 is based on various private equity investments, with 7% valued as of the reporting date and 93% as of 30 June 2025 [8]. Geographic and Sector Allocation - The portfolio is geographically distributed with 76% in North America, 23% in Europe, and 1% in Asia/Rest of World [10]. - Sector allocation includes 22% in Tech, Media & Telecom, 22% in Consumer/E-commerce, and 18% in Industrials/Industrial Technology [10]. Investment Strategy - NBPE focuses on direct private equity investments alongside leading private equity firms globally, aiming for capital appreciation and bi-annual dividends [10].

Core Viewpoint - Brompton Funds Limited has proposed a merger of the Symphony Floating Rate Senior Loan Fund into the Brompton Wellington Square Investment Grade CLO ETF, with the ETF being the continuing fund, and a special meeting will be held for unitholders to vote on this proposal [1][8]. Fund Merger Details - The merger will involve exchanging class A and class U units of the Fund for CAD and USD units of the ETF, respectively, based on their net asset values [2]. - The ETF aims to provide high monthly income and capital preservation through investments in primarily investment grade rated collateralized loan obligations (CLOs) [3]. Investment Quality and Management - The average credit rating of the Fund's current portfolio is B+, while at least 75% of the Continuing Fund's portfolio will be in Investment Grade CLOs, which are less likely to default [5]. - The management fee for the Continuing Fund will be reduced from 1.25% to 0.60%, and the management expense ratio (MER) is expected to decrease from 2.29% to less than 0.75% per annum [5]. - The Continuing Fund will not engage in borrowing, which is expected to further reduce costs and volatility [5]. Distribution and Trading Benefits - The current distribution rate of the Fund is 7.26%, and the Continuing Fund will maintain a focus on high monthly income distributions [5]. - The merger is expected to reduce the bid/ask spread significantly, leading to lower effective costs for investors [5][12]. - Post-merger, the Continuing Fund is anticipated to trade closer to its NAV, improving trading liquidity and allowing for large volume transactions without significantly affecting market prices [12]. Meeting and Implementation - A special meeting for unitholders to vote on the merger will be held on November 17, 2025, with an accelerated annual redemption option expected on December 30, 2025, if approved [7][8].