Core Insights - The firm views SaaS businesses as resilient and believes they will benefit from AI advancements, with protective attachment points in SaaS-related credit [1][2] - The firm reported strong investment results for 2025, with a 15% gross return in Absolute Return Strategies and 11% in Infrastructure, alongside a significant increase in assets under management (AUM) [3][6] - Record fundraising of $10.7 billion in 2025, with a strong pipeline entering 2026, indicates robust client demand and diversified inflows across strategies [7][9] Financial Performance - Year-end AUM reached $91 billion, a 14% increase year-over-year, with fee-related earnings, adjusted EBITDA, and adjusted net income rising by 11%, 15%, and 18% respectively [6][10] - The firm reported a FRE margin of 44%, up 200 basis points from the previous year, indicating improved operational efficiency [12][13] Capital Allocation and Share Repurchases - Management increased buyback authorization by $35 million, with a total of $91 million available for share repurchases, and repurchased 2.8 million shares in Q4 at an average price of $11.11 [5][20] - The firm prepaid $65 million of its term loan to reduce leverage and save over $3 million annually in interest expenses [21] Strategic Initiatives - The firm launched Grove Lane Partners, a wealth management distribution joint venture, and an infrastructure interval fund, indicating a focus on expanding its wealth management capabilities [11] - Management emphasized the importance of diversification across portfolios, with SaaS exposure representing only 4% of total AUM, suggesting a cautious approach to market volatility [2][10]

Jordi Visser is the highest quality thinker I have become friends with over the last 18 months.I highly recommend reading everything he writes and watching everything he produces.You will not only learn something new, but he will force you to think more critically.Jordi Visser (@jvisserlabs):Launching the 22V Research Wall:Palantir as the Signal in the SaaS Inflection,Why SaaS Panicked,Why Seat-Based Software Is Breaking,Where Enterprise AI Spend Is Actually Going,Palantir as the Orchestration Layer.https:/ ...

隔夜美股科技板块大跌，如何展望后续科技叙事走向？ 20260205 摘要 特朗普提名沃什引发市场短期冲击，主要源于其对美联储政策的批评和 潜在的缩表主张，但考虑到特朗普的政治诉求和沃什上任的时间，预计 美联储年内仍将维持相对宽松的流动性环境，长期影响有限。 市场风格轮动是短期现象，始于 4,200 点难以突破，成交量下滑背景下 科技成长主题资金流入减弱。技术性量价及风格切换通常持续时间不会 超过一个季度，若宏观矛盾解除及财报指引明确，主线行情将回归。 当前 AI 行情类似 1998 年加速阶段，宏观流动性环境宽松，产业趋势类 似，估值因盈利消化较好。若硬件不断兑现并传导至应用端，则类似 1998-1999 年；若应用难以兑现且流动性收紧，则类似 1999-2000 年 泡沫尾部风险暴露阶段。 生成式 AI 产业存在泡沫但尚未达到危险程度，2027、2028 年电子板 块增速最快且估值最低。长期视角看，AI 产业仍处于发展中段，硬件成 本下降速度与推理收费标准下降速度之间的 PK 是关注重点。 Q&A 近期市场对 AI 科技的应用及其对传统 SaaS 业务的冲击产生了较大波动，您 如何看待这种情况？ 近期市场对 ...

Databricks CEO says SaaS isn’t dead, but AI will soon make it irrelevant https://t.co/Rqjl7FUKWG ...

You have this innovation bazooka with these models. Why would you point it at rebuilding payroll or ERP or CRM. The general story that we're going to vibe code everything is flat wrong and the whole market is oversold software.>> I'm so excited to welcome Anish Akaya GP at Andre where he leads consumer and fintech investing at series 8. Now an interesting topic that's not discussed is the cost of transitioning from one SAS provider to another going dramatically down. So systems integration.I don't think we' ...

软件ETF（515230）跟踪的是软件指数（H30202），该指数主要反映软件行业上市公司的整体表现，成 分股覆盖了从事系统软件、应用软件开发及相关服务的企业，以体现软件行业相关上市公司证券的整体 表现。该指数具有较高的成长性和技术导向性特征，是衡量信息技术领域特别是软件行业发展状况的重 要指标。 （文章来源：每日经济新闻） 招商证券指出，近期Anthropic发布AI插件工具，引发市场对传统软件商业模式被颠覆的担忧，导致美 股软件概念股抛售。这背后是对以SaaS为首的软件行业长期增长逻辑与高利润率是否仍然成立的根本性 怀疑。通用大模型通过垂类插件，能够以更低的成本、更直接的方式完成过去需要专业软件才能完成的 核心任务，对软件行业的定价逻辑和收入模型形成严重威胁。当前的剧烈波动更应被理解为一场深刻的 结构性调整，而非行业基本面的全面崩坏。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 ...

Core Viewpoint - Zhongsheng Group predicts that Yunzhisheng (09678) will experience accelerated revenue growth over the next three years, with projected revenues of 1.236 billion, 1.923 billion, and 2.918 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 31.6%, 55.6%, and 51.7%, and expects the company to achieve profitability in 2026 [1] Group 1 - Yunzhisheng is a pioneer in AGI technology in China, being one of the first companies to commercialize deep learning voice technology and integrate multimodal technology [2] - The company has developed a matrix of multimodal large models and specialized industry large models, with its UniGPT-Med ranking first in three projects in the latest MedBench 4.0 evaluation, demonstrating a hallucination rate of less than 3%, leading the industry [2] Group 2 - The company has established partnerships with top-tier hospitals such as Peking Union Medical College Hospital and Hunan Xiangya Hospital, covering 40% of the top 100 hospitals in China, creating a solid competitive advantage through its vast medical data assets [3] - The high-quality data training forms an efficient data flywheel, with significant application potential in medical insurance and commercial health insurance cost reduction [3] Group 3 - The company employs a dual-platform strategy, utilizing MaaS for high-end clients through private deployment of regional/industry large models, while SaaS focuses on standardized applications for small and medium clients, facilitating commercial monetization [4] Group 4 - The smart living business continues to grow steadily, with multimodal interactions implemented in various transportation sectors, and deep collaborations with leading companies like TCL and Gree in the home appliance sector [5] - Smart cockpit solutions have been widely adopted in mainstream vehicle models such as SAIC's Zhiji L6 and Geely's Xingrui [5]

bankr did $3.7m fees in 8 days at $50m fdv. virtuals pulled $75m revenue at $388m mcap. both trading under 5x sales. saas companies at these multiples get bought out instantly. ai agent infrastructure generating real revenue but priced like testnet experiments. the pick and shovel sellers always win gold rushes. ...

Core Insights - The competition in the video model space is intensifying, with ByteDance's Seedance 2.0 and Kuaishou's Kling 3.0 emerging as significant players, each with distinct focuses on video creation and production capabilities [3][6][9] - The advancements in video models are expected to bridge the gap between real and virtual content, with the potential to revolutionize video production processes by 2026 [6][9] - The Chinese AI companies are leveraging their strengths in short video and live streaming ecosystems, which are globally leading, to drive the development of video models [9][10] Group 1 - ByteDance's Seedance 2.0 is noted for its innovative approach to video generation, enhancing the ecosystem for short video creators [3][10] - Kuaishou's Kling 3.0 is recognized for its focus on professional filmmaking and industrial capabilities, targeting directors and studios [3][4] - The competition between these two models is not just about technology but also about market positioning and user engagement [4][9] Group 2 - The release of new video models by major players like Elon Musk's Grok and Google's Genie 3 indicates a broader trend towards video-centric AI solutions [6][9] - The evolution of AI in coding and multi-modal applications is seen as a key factor in making AI more accessible to the general public [4][7] - The Chinese market's unique characteristics and the existing demand for video content provide a fertile ground for AI advancements, contrasting with the U.S. market's focus on AI coding [9][10] Group 3 - ByteDance is actively fostering internal competition to identify the next major product, with multiple teams vying for leadership in AI-driven applications [13][14] - The company's dynamic culture and strong desire for innovation are highlighted as key factors in its ongoing success [13][14] - Upcoming announcements in the AI space are anticipated, suggesting a continued wave of significant developments in the industry [14]

两三天前，软件股突然崩了。Anthropic在1月底放出Claude Cowork的插件更新，本来只是个小新闻，结 果华尔街一下就炸锅了。这些插件让AI直接干活，不用再靠传统软件的界面和账号。投资者一看，觉 得SaaS公司那种按人头收费的模式要完蛋了。 要是一个AI代理就能顶十个员工，企业干嘛还买那么多软件席位？市场开始抛售，Salesforce、Adobe这 些巨头股价直线往下掉。恐慌从硅谷传到纽约，交易员们盯着屏幕，手忙脚乱地卖出持仓。 崩盘从2月3日开始加速。那天Anthropic的工具正式引发卖盘，软件指数重挫6%。金融服务股也跟着遭 殃，下跌近7%。总市值损失很快就堆到2850亿美元。欧洲和亚洲市场没跑掉，次日开盘继续跌。 投资者担心AI代理会取代浅层工具，那些只包装业务流程的软件最先倒霉。像合同签署和客户支持， 本来靠DocuSign和Zendesk，现在AI自己就能搞定。整个行业开始反思，软件的价值是不是从界面转向 了数据底座。 高盛这时候跳出来补刀。2月6日，他们公布跟Anthropic合作半年，用Claude模型建AI代理，专攻交易对 账和客户审查。这些代理能读海量记录，套用规则，找出问题， ...