Core Insights - Crocs stock has started to recover from a significant year-to-date decline, with shares down approximately 18% year to date despite a recent rebound [7] - Blueshift Asset Management has initiated a new position in Crocs, acquiring 48,877 shares valued at $4.08 million, representing 1.3% of the fund's reportable U.S. equity assets [2][3] Company Overview - Crocs offers a diverse range of casual footwear products, including clogs, sandals, slides, and accessories, and operates through a multi-channel model that includes wholesale distribution, retail stores, and e-commerce platforms [4][10] - The company targets a wide consumer base across men, women, and children in approximately 85 countries, with a presence in regions such as the Americas, Asia Pacific, Europe, the Middle East, and Africa [5] Financial Performance - As of November 12, 2025, Crocs' stock price was $74.45, with a market capitalization of $4.18 billion, revenue of $4.07 billion, and net income of $182.55 million for the trailing twelve months (TTM) [3] - The acquisition of the casual footwear brand Heydude for approximately $2.5 billion in February 2022 has not yielded the expected immediate revenue growth, with Heydude's revenue dropping nearly 22% to $160 million in the third quarter of this year [6] Investment Activity - Blueshift Asset Management's investment in Crocs indicates a belief in the potential for recovery, as it has made Crocs a top holding during the third quarter [7][8]

Financial Data and Key Metrics Changes - Vinci Compass generated BRL 77.1 million in earnings for Q3 2025, translating to BRL 1.22 per share, with a FRE margin of 32.3% and adjusted distributable earnings of BRL 73.1 million, or BRL 1.16 per share, marking a 28% increase year-over-year on a nominal basis [3][25] - Total assets under management (AUM) reached BRL 316 billion, a 4% increase quarter-over-quarter, with capital formation and appreciation totaling BRL 19 billion [22][13] Business Line Data and Key Metrics Changes - The credit segment raised over BRL 1 billion in the quarter, with 30% coming from international investors, indicating strong global interest [11] - The global IP&S segment saw AUM exceed BRL 241 billion, supported by approximately BRL 8 billion of inflows, with TPD alternative funds being a key growth driver [17][12] Market Data and Key Metrics Changes - Brazil is expected to benefit from a potential political shift reinforcing fiscal responsibility and a likely Selic-cutting cycle, creating a favorable environment for asset re-rating [10] - The trend of global investors seeking exposure beyond the U.S. is expected to support fundraising efforts, offering attractive risk-adjusted opportunities [11] Company Strategy and Development Direction - The acquisition of Verde is a significant milestone in strategic expansion, enhancing Vinci Compass's position as a leading alternative investment platform in Latin America [5][6] - The company aims to achieve a 38% FRE margin target by 2028, supported by cost reduction initiatives and substantial fundraising across all segments [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment, citing broad-based asset appreciation and easing rate bias across emerging economies as constructive for the platform [10] - The company is well-positioned to capture generational shifts in the global economy and markets, compounding value for clients and shareholders [13][22] Other Important Information - The company is adopting AI across its operations, with approximately 80% of the team using AI to enhance productivity and risk management [21] - The first Brazilian pension plan commitment to the SPS4 fund is expected to unlock further commitments from similar institutional investors [26][27] Q&A Session Summary Question: Regarding the first Brazilian pension plan commitment to SPS4, how fast do you think this new demand could come? - Management expects further commitments for this strategy but cannot predict the exact size of it, noting the low penetration of this type of investment among local and international institutions [26][27] Question: Should the improved FRE margin be considered the new base for the next quarter? - Management indicated that while there is some seasonality in expenses, they expect margins to remain above 30% going forward, with the Verde acquisition expected to positively impact margins in 2026 [29][30] Question: How much of the strong global IP&S inflows this quarter was related to TPD alternatives? - TPD alternatives had a significant positive impact, with a $2 billion contribution from a regional player into a US-based closed-end fund, and management remains optimistic about future inflows [31][32]

Core Insights - Ares Management Corporation has acquired 100% equity interests in Meade Pipeline Co LLC for approximately $1.1 billion, enhancing its energy infrastructure portfolio [1][2][3] Group 1: Acquisition Details - The acquisition involves Meade Pipeline, which owns about 40% of the Central Penn Line, a 180-mile pipeline regulated by FERC that transports natural gas from the Marcellus and Utica Shale regions to various demand centers [2][3] - The Central Penn Line has a gross capacity of approximately 2.3 billion cubic feet per day (bcf/day) and began operations in 2018, with an expansion completed in 2022 [2] Group 2: Strategic Rationale - Ares Infrastructure Opportunities aims to invest in critical infrastructure that provides access to reliable and cost-competitive energy, with this acquisition diversifying its energy asset portfolio [3] - The investment is driven by increasing demand for power due to factors such as electrification, industrial activity, and rising LNG exports [4] Group 3: Financial Advisory - Morgan Stanley & Co. LLC and Wells Fargo acted as financial advisors to Ares in this transaction, while J.P. Morgan served as the financial advisor to XPLR Infrastructure [4]

Core Insights - The acquisition of Forge First will enhance CI GAM's capabilities in the liquid alternatives and private markets segments, complementing its existing fund lineup [1] - Forge First has a strong track record in the alternatives space, particularly in risk management during market downturns [1] Transaction Details - The transaction is expected to close in the fourth quarter, with undisclosed terms, and Forge will continue to operate under its own name as a separate business [2] - Forge First manages two liquid alternatives mutual funds and two limited partnerships, distributed through major Canadian bank-owned dealers [2] Strategic Implications - CI GAM's scale and distribution capabilities are expected to increase Forge First's exposure to advisors, family offices, and institutional investors across Canada [3] - CI Financial Corp., CI GAM's parent company, was recently acquired by Mubadala Capital for US$4.7 billion, indicating ongoing growth and expansion under new ownership [3]