A $129B AUM asset manager:"The total market cap of listed, investable assets is ~$200T. With a market cap of ~$3T, cryptocurrencies represent around 1.5% of the market portfolio.""The neutral position for multi-asset portfolios is to invest roughly 1.5% in cryptocurrencies." https://t.co/tldjn41LZl ...

Group 1 - The aerospace & defense industry constitutes 20% of the overall portfolio of the analyst, with four holdings in this sector [1] - The companies mentioned include RTX, LHX, NOC, and GE, indicating a beneficial long position in these shares [1]

Group 1 - The REIT Forum offers exclusive investment ideas and access to subscriber-only portfolios [1] - Amrita leads a family office fund in Vancouver, focusing on sustainable, growth-driven companies to maximize shareholder equity [2] - The Pragmatic Optimist newsletter, co-founded by Amrita, emphasizes portfolio strategy, valuation, and macroeconomics [2] Group 2 - Amrita has experience in high-growth supply-chain start-ups and has worked with venture capital firms to enhance user acquisition [2] - The newsletter has been recognized as a top finance newsletter and aims to simplify financial literacy for a broader audience [2]

Company Overview - OFS Capital's investment portfolio totals $403 million[11], with total assets of $412 million[11] - The company's net asset value is $160 million, or $11.97 per share[11] - 100% of the loan portfolio is in senior secured loans[11] - Since 2011, OFS Capital has invested approximately $2 billion with an annualized net realized loss rate of approximately 0.24% as of March 31, 2025[11] Financial Performance (Q1 2025) - Net investment income was $0.26 per share, a decrease of $0.04 per share compared to the prior quarter[15] - Net loss on investments was $0.80 per share, primarily related to net unrealized depreciation on debt investments[15] - A quarterly distribution of $0.34 per share was paid on March 31, 2025[15] - The investment portfolio's weighted-average performing income yield decreased to 13.4% from 13.8% during the prior quarter[15] Portfolio Composition - Senior secured loans comprise approximately 54% of all investments[47] - Floating rate loans account for 90% of the loan portfolio[20] - $324 million is invested in portfolio companies, with an average investment of approximately $7.2 million across 45 companies[53] Debt and Liabilities - Unsecured funding makes up 73% of the outstanding liability mix[11] - Total outstanding debt is $248.1 million, with $107 million in undrawn commitments[54]

Core Viewpoint - PubMatic, Inc. (NASDAQ: PUBM) has reported positive Q1 '25 results, indicating a favorable outlook for the company in the long term [1]. Financial Performance - The company has shown strong financial performance in its recent quarterly results, which is expected to contribute to its growth trajectory [1]. Investment Strategy - The investment strategy focuses on a diversified portfolio that includes growth, value, and dividend-paying stocks, with a particular emphasis on value investments [1].

Group 1 - The article discusses the investment potential of Wix.com (WIX), highlighting a "buy" rating due to expected growth in user adoption of its platform [1] - The author emphasizes the importance of sustainable, growth-driven companies in maximizing shareholder equity, aligning with the investment strategy of a family office fund [1] - The article mentions the author's background in high-growth supply-chain start-ups and venture capital, indicating a strong foundation in investment strategy and user acquisition [1] Group 2 - The author has a beneficial long position in WIX shares, indicating confidence in the company's future performance [2] - The article is presented as an independent opinion, with no compensation received for the analysis, reinforcing the credibility of the insights provided [2] - There is a focus on democratizing financial literacy, suggesting that the author aims to make complex financial concepts more accessible to a broader audience [1]

Group 1 - Palantir Technologies Inc. (NASDAQ: PLTR) is positioned attractively ahead of its earnings report, indicating potential for growth [1] - The company is involved in sustainable, growth-driven investments aimed at maximizing shareholder equity [1] - The investment strategy emphasizes democratizing financial literacy and simplifying complex macroeconomic concepts for broader understanding [1] Group 2 - The analyst has a beneficial long position in PLTR shares, indicating confidence in the company's future performance [2] - The article expresses personal opinions and does not represent any business relationship with companies mentioned [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that views may not reflect the platform's overall stance [3]

Financial Data and Key Metrics Changes - First quarter reported adjusted net earnings were $91 million or $0.72 per share, compared to $108 million or $0.86 per share in the first quarter of 2024, reflecting a decrease of $17 million primarily driven by margin compression and higher interest expense [27][28] - First quarter adjusted return on assets (ROA) was 68 basis points, pressured from near-term headwinds, with a last twelve-month adjusted ROA of 100 basis points, down six basis points from the previous quarter [29] - Reported adjusted return on equity (ROE), excluding AOCI, was 9.7%, up 2.3% over the first quarter of 2024 [29] Business Line Data and Key Metrics Changes - F&G reported record assets under management (AUM) before flow reinsurance of $67.4 billion as of March 31, reflecting a 169% increase compared to the first quarter of 2024 [21] - Gross sales were $2.9 billion, a 17% decrease from the first quarter of 2024, primarily due to lower MYGA sales, while indexed annuity sales remained strong at $1.5 billion [21][22] - Pension risk transfer (PRT) sales were $311 million, down from $584 million in the first quarter of 2024, with funding agreements at $525 million compared to $105 million in the prior year [23] Market Data and Key Metrics Changes - The investment portfolio is well matched to the liability profile, with 96% of fixed maturities being investment grade, and credit-related impairments averaging six basis points over the last five years [12][29] - The fixed income yield was 4.53% in the first quarter, a decrease of three basis points from the first quarter of 2024, reflecting the runoff of higher-yielding in-force assets [13] Company Strategy and Development Direction - The company continues to diversify earnings between spread-based and fee-based sources, with a focus on optimizing return on capital and maintaining pricing discipline [19][20] - F&G is committed to achieving its 2023 Investor Day targets while navigating near-term headwinds and macro uncertainty [31] Management's Comments on Operating Environment and Future Outlook - Management believes that the near-term headwinds are temporary and expects improvement in sales and profitability throughout 2025 [7][9] - The company remains confident in its business model's resilience and its ability to generate long-term shareholder value despite current market volatility [84] Other Important Information - The company has successfully completed recent capital markets activities, including issuing $375 million of junior subordinated notes and a public offering of 8 million shares of common stock [30][31] - The owned distribution portfolio is performing well, with double-digit annual growth of EBITDA expected over the medium term [19] Q&A Session Summary Question: Growth opportunity for the Ryla product - Management expressed excitement about the Ryla product, noting that it has taken time to get onto platforms but is now adding broker dealers consistently, with medium-term potential in the billions [35][38] Question: Impact of lower industry volume on own distribution - Management indicated that the slowdown in owned distribution was balanced between industry volume and investments supported by the company, with a rebound observed in April [39][40] Question: Thoughts on capital deployment after raising common equity - Management stated that the capital raised would be deployed thoughtfully into new business, maintaining a disciplined approach to pricing and capital allocation [43][44] Question: Cost of funds increase and market competition - Management acknowledged the increase in cost of funds and attributed it to lower surrender income and market volatility, but remains disciplined in pricing [47][48] Question: Performance of the alternatives portfolio - Management noted that the direct lending portfolio performed well, while the limited partnerships came in lower than expectations, impacting overall yield [75][76] Question: Surrender activity expectations - Management projected that surrender activity would remain similar in Q2 compared to Q1, with ongoing uncertainty regarding future surrenders [78][80]

I recently joined The REIT Forum and if you are looking for more investment ideas like this one, get them exclusively at The REIT Forum with access to our subscriber only portfolios.When I last wrote about Veeva (NYSE: VEEV ) in January, I reiterated my "buy" rating on the stock while making it my software pick for 2025.Amrita runs a boutique family office fund in beautiful Vancouver, where she leads the investment strategy for the family fund. The fund's objective is to invest capital in sustainable, growt ...

Financial Data and Key Metrics Changes - In Q1 2025, net income was $255 million or $3.01 per share, compared to $254 million or $2.67 per share a year ago, indicating a slight increase in profitability [5] - Net operating income for the quarter was $259 million or $3.07 per share, a 10% increase from the previous year, slightly exceeding internal projections [5] - Return on equity as of March 31 was 19%, with book value per share at $64.5, while excluding accumulated other comprehensive income (AOCI), return on equity was 14.1% and book value per share was $87.92, up 11% from a year ago [5] Business Line Data and Key Metrics Changes - Life insurance premium revenue increased by 3% year-over-year to $830 million, with life underwriting margin rising 9% to $337 million due to premium growth and lower policy obligations [5][6] - Health insurance premium revenue grew by 8% to $370 million, but health underwriting margin decreased by 10% to $85 million due to higher claim costs [6] - American Income Life saw life premiums rise 6% to $438 million, with a life underwriting margin up 5% to $196 million [8] - Liberty National's life premiums grew 6% to $96 million, while health sales decreased by 5% to $7 million [10] - Family Heritage's health premiums increased by 9% to $112 million, with health underwriting margin up 10% to $39 million [11] Market Data and Key Metrics Changes - United American General Agency's health premiums increased by 13% to $160 million, but health underwriting margin fell to $2 million due to higher claim costs [13] - The average producing agent count across various divisions showed growth, with American Income up 3% and Liberty National up 8% year-over-year [9][10] Company Strategy and Development Direction - The company anticipates life premium revenue growth of around 4% for the year, with health premium revenue expected to grow between 7.5% and 8.5% [6] - The focus remains on managing rising advertising and distribution costs while maximizing underwriting margin dollars on new sales [12] - The company plans to maintain a consolidated risk-based capital (RBC) ratio within the targeted range of 300% to 320% [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of EPS guidance for 2025, citing favorable mortality trends and expected remeasurement gains [42][44] - The company is well-positioned to manage through economic uncertainties, with a strong capital position and a conservative investment philosophy [24][29] - There is an expectation of elevated health obligations due to recent claim trends, but management believes they can manage these through rate increases [33] Other Important Information - The company repurchased approximately 1.5 million shares for $177 million in Q1 2025, returning a total of $197 million to shareholders [26] - Legal proceedings included an estimate for settlements related to outstanding litigation, but these are not indicative of future performance [78] Q&A Session Summary Question: Outlook for Health margins and timing of rate actions - Management indicated that most rate increases will be effective at the beginning of Q2, expecting margins for UAGA to be in the 5% to 7% range for the year [36] Question: Confidence in EPS guidance amid tough comps - Management reaffirmed confidence in the EPS guidance range, citing favorable mortality trends and expected remeasurement gains [42][44] Question: Increase in health usage and claims - Management noted that utilization is the primary driver of increased claims, with actions being taken to mitigate costs related to specific procedures [96][100] Question: Capital return strategy and commercial paper reduction - The company plans to maintain a normal capital return strategy but may front-load buybacks depending on market conditions [57] Question: Legal proceedings and regulatory matters - The increase in legal expenses is not indicative of future performance and is common in the insurance industry [78]