Core Insights - Euro Pacific Asset Management, LLC sold 156,001 shares of Kinross Gold Corporation for an estimated $3.0 million, reducing its stake to 776,378 shares, which now represents 2.02% of its reportable assets under management [2][3] Company Overview - Kinross Gold Corporation reported a total revenue of $6.07 billion and a net income of $1.53 billion for the trailing twelve months (TTM) [4] - The company has a dividend yield of 0.47% and its share price as of October 13, 2025, was $25.51 [4] Business Model - Kinross Gold operates an integrated model that includes acquisition, exploration, extraction, and processing of gold-containing ores, generating revenue primarily from gold mining operations across various countries including the United States, Russia, Brazil, Chile, Ghana, and Mauritania [5][6] Market Performance - As of October 13, 2025, Kinross Gold's stock price increased by 158.7% over the past year, significantly outperforming the S&P 500 by 146.24 percentage points [3] - The company expects to produce approximately 2.0 million ounces of gold at an all-in sustaining cost of $1,500 per ounce sold [9] Financial Highlights - In the second quarter, Kinross Gold achieved a record free cash flow of $646.6 million, with margins increasing by 68% year over year to $2,204 per ounce due to soaring gold prices [8][9]

Core Insights - SEI Investments (SEIC) reported revenue of $578.51 million for the quarter ended September 2025, marking a year-over-year increase of 7.7% and an EPS of $1.30 compared to $1.19 a year ago, with an EPS surprise of +4% [1][3] Financial Performance - Revenue of $578.51 million represents a slight miss of -0.17% against the Zacks Consensus Estimate of $579.5 million [1] - The company’s shares have returned -4.3% over the past month, contrasting with the Zacks S&P 500 composite's +1.1% change [3] Assets Under Management - Investments in New Business: $3.24 billion, slightly below the $3.29 billion average estimate [4] - Investment Advisors: $88.64 billion, exceeding the $86.94 billion average estimate [4] - Private Banks: $31.21 billion, slightly above the $31.17 billion estimate [4] - Institutional Investors: $84.26 billion, below the $84.63 billion average estimate [4] - LSV - Equity and Fixed Income programs: $95.8 billion, surpassing the $93.64 billion average estimate [4] Revenue Breakdown - Revenue from Investment Advisors: $147.47 million, a +16.3% change year-over-year, exceeding the $143.82 million estimate [4] - Revenue from Investment Managers: $207.05 million, a +12.2% change year-over-year, above the $204.78 million estimate [4] - Revenue from Private Banks: $143.99 million, a +3.8% change year-over-year, slightly below the $145.32 million estimate [4] - Revenue from Institutional Investors: $71.83 million, a +0.3% change year-over-year, close to the $72.05 million estimate [4] - Revenue from Information processing and software servicing fees: $116.55 million, a +2.7% change year-over-year, below the $122.9 million estimate [4] - Revenue from Asset management, administration and distribution fees: $461.96 million, a +9% change year-over-year, slightly above the $461.68 million estimate [4]

Core Insights - Pacer Advisors, Inc. has significantly reduced its holdings in United Parcel Service (UPS), selling 3,884,101 shares for approximately $351.8 million, leaving them with 533,764 shares valued at $44.59 million [1][2][3] Company Overview - United Parcel Service, Inc. is a global leader in integrated freight and logistics, operating in over 200 countries and territories, leveraging a vast transportation network and advanced technology for reliable delivery services [5][6] - The company reported a total revenue of $90.17 billion and a net income of $5.73 billion for the trailing twelve months (TTM), with a dividend yield of 7.79% [4] Performance Metrics - As of October 14, 2025, UPS shares were priced at $84.05, reflecting a 37.5% decline over the past year and underperforming the S&P 500 by 47.9 percentage points [3][4] - Over the last three years, UPS shares have decreased nearly 48%, while the S&P 500 has gained about 86%, indicating a significant underperformance of 134% compared to the benchmark [9] Financial Challenges - Key financial metrics for UPS have shown a downward trend, with revenue falling by 10%, net income dropping by 50%, and free cash flow declining by 62% since 2022 [9]

Core Insights - BlackRock Inc. reported stronger-than-expected third-quarter results, with assets under management (AUM) reaching a record level due to robust market performance and solid net inflows [1] Financial Performance - Earnings per share for the quarter were $11.55, exceeding Wall Street's consensus estimate of $11.31 [2] - Revenue increased by 25% year-over-year to $6.51 billion, surpassing expectations of $6.29 billion [2] - Adjusted operating income rose 23% to $2.61 billion [3] Assets Under Management - AUM reached a record $13.46 trillion, supported by $205 billion in net inflows [3] - iShares ETFs achieved an all-time high in quarterly inflows, contributing to a 10% annualized organic base fee growth [3] Growth Drivers - The increase in revenue was driven by market appreciation, performance fees from GIP and HPS transactions, and growth in technology and subscription-based income [2] - CEO Laurence Fink highlighted multiple sources of growth, including strength in ETFs, private markets, and digital asset initiatives [4] - The firm's technology and data analytics expansion is driving significant fundraising and deal flow [4] Client Demand - There is growing client demand for deeper, more dynamic partnerships across public and private assets, validating the firm's strategic approach [4]

Core Insights - AGF Management Limited reported total assets under management (AUM) and fee-earning assets of $56.8 billion as of August 31, 2025, reflecting a 1.2% increase from the previous month and a 14.3% increase year-over-year [1][2]. AUM Breakdown - Total Mutual Fund AUM reached $32.9 billion, up from $32.7 billion in July 2025 and significantly higher than $28.1 billion in August 2024 [2][3]. - Exchange-traded funds and separately managed accounts increased to $3.5 billion from $3.2 billion month-over-month and up from $2.1 billion year-over-year [2]. - AGF Private Wealth AUM rose to $9.0 billion, compared to $8.8 billion in July 2025 and $8.2 billion in August 2024 [2]. - The subtotal of AUM before AGF Capital Partners was $52.1 billion, an increase from $51.4 billion in July 2025 and $44.8 billion in August 2024 [2]. AGF Capital Partners - AGF Capital Partners AUM remained stable at $2.6 billion, unchanged from July 2025 but slightly down from $2.8 billion in August 2024 [3]. - Fee-earning assets for AGF Capital Partners were reported at $2.1 billion, consistent with previous months and year [3]. Company Overview - AGF Management Limited, founded in 1957, is an independent asset management firm with a focus on public and private markets through three business lines: AGF Investments, AGF Capital Partners, and AGF Private Wealth [5][6]. - The firm emphasizes responsible and sustainable corporate practices, serving a diverse client base including financial advisors, high-net-worth individuals, and institutional investors [6][7]. - Headquartered in Toronto, Canada, AGF has a global presence with investment operations and client servicing teams in North America and Europe, serving over 815,000 investors [7].

Core Viewpoint - Silvercrest Asset Management Group reported a decline in earnings and revenue for Q2 2025, despite achieving record assets under management, indicating challenges in profitability due to rising costs and fee pressures [1][7][8]. Financial Performance - GAAP revenue for Q2 2025 was $30.7 million, down 1.0% from $31.0 million in Q2 2024, and slightly below analyst expectations [1][12]. - Non-GAAP EPS was $0.25, missing estimates by 16.7% and down from $0.30 in Q2 2024 [1][2]. - Adjusted EBITDA fell to $5.7 million, a decrease of 20.6% year-over-year [2]. - Net income dropped to $3.1 million, down 28.4% from the previous year [2]. Assets Under Management - Assets under management reached a record $36.7 billion, up 9.9% from $33.4 billion a year earlier [1][5]. - Discretionary AUM increased by 9.7% year-over-year, while non-discretionary AUM rose by 10.2% [5]. Client Flows - Overall net client flows were negative at ($0.4) billion, although this was an improvement from ($0.9) billion in Q2 2024 [6]. - Gross client inflows were $0.9 billion, with outflows at $1.3 billion [6]. Expense Management - Total expenses increased by 3.7% year-over-year, driven by a 1.7% rise in compensation and benefits and an 8.8% increase in general and administrative expenses [8]. - Adjusted EBITDA margin fell to 18.7% from 23.3% year-over-year [8]. Investment Strategies - Proprietary equity strategies showed mixed results, with the Large Cap Value composite returning 10.1% compared to its benchmark's 13.7%, while the Global Value Opportunity composite outperformed its benchmark with a return of 19.5% [9]. Shareholder Returns - The company completed a $12.0 million share repurchase and announced a new $25.0 million buyback authorization [10]. - The quarterly dividend was raised by 5% to $0.21 per share [10][13]. Future Outlook - Management expressed optimism about long-term growth, highlighting a strong pipeline for global investment strategies and new client acquisitions [11]. - Elevated expenses are expected to persist through at least 2026, with anticipated improvements in margins as growth investments begin to yield results [11][12].

Core Insights - Blackstone Inc. reported better-than-expected second-quarter financial results, driven by a 25% increase in distributable earnings and robust growth across key business segments, leading to total assets under management exceeding $1.2 trillion, a new industry record [1][3]. Financial Performance - Second-quarter fiscal year segment revenues reached $3.075 billion, reflecting a 22% year-over-year increase, surpassing the analyst consensus estimate of $2.778 billion [2]. - Distributable earnings rose 25% year-over-year to $1.57 billion [2]. Business Growth - The strong performance was attributed to broad growth across private wealth, credit and insurance, and infrastructure sectors [3]. - Blackstone achieved the highest level of fund appreciation in nearly four years, indicating strong investment performance for its limited partners [3]. Market Reaction - Following the earnings announcement, Blackstone shares gained 3.6%, closing at $178.11 [4]. - Analysts adjusted their price targets for Blackstone, with Deutsche Bank raising it from $170 to $192 and Keefe, Bruyette & Woods increasing it from $168 to $180 [9].

Financial Data and Key Metrics Changes - Total assets under management (AUM) decreased to $167.5 billion as of March 31, primarily due to market performance and net outflows [9][16][20] - Earnings per share (EPS) as adjusted was $5.73, a decline from the previous quarter but an increase of 6% year-over-year [13][28] - Operating income as adjusted was $54.6 million, down from $74.5 million sequentially, largely due to seasonal employment expenses [26][27] Business Line Data and Key Metrics Changes - Institutional AUM accounted for 34% of total AUM, with net outflows of $1.2 billion primarily from large cap equity strategies [16][20] - Retail separate accounts experienced net outflows of $700 million, largely due to the soft closing of a specific equity model offering [10][21] - ETFs saw positive net flows of $300 million, with a year-over-year organic growth rate of 73% [12][20] Market Data and Key Metrics Changes - Total sales for the quarter were $6.2 billion, slightly down from $6.4 billion in the previous quarter, with stable sales across products despite market disruptions [9][19] - Institutional sales remained relatively unchanged at $1.5 billion, while retail separate account sales were also stable at $1.7 billion [19][20] - The average fee rate was 41.7 basis points, consistent with the previous quarter, reflecting a mix of asset classes [22] Company Strategy and Development Direction - The company is focused on expanding its offerings in ETFs, global funds, and retail separate accounts, with several strategies under development [8][9] - Management emphasized the importance of active management in volatile markets, with over 70% of equity strategies outperforming their benchmarks [7][8] - The company aims to maintain a balanced approach to capital management, investing in growth while returning capital to shareholders [14][15] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing market volatility and uncertainty, which they believe provides opportunities for active managers to demonstrate value [6][10] - The company remains cautious about investor behavior in light of market conditions, with trends in retail investments remaining consistent [12][20] - Management expressed confidence in their investment performance, with a strong track record recognized by industry rankings [8][18] Other Important Information - The company repurchased approximately 146,000 shares during the quarter, reducing shares outstanding by 3% on a net basis [14][29] - The first quarter typically represents the highest cash utilization due to annual incentives and revenue participation payments [29][30] - The net present value of the tax asset is approximately $112 million, providing a cash tax benefit not included in adjusted EPS [31] Q&A Session Summary Question: Fee rate outlook and changes - Management indicated that the fee rate will be influenced by market conditions and the mix of assets, with a target range of 41 to 42 basis points for modeling purposes [32][34] Question: Capital allocation and share repurchases - Management acknowledged an increase in share repurchases compared to previous quarters, emphasizing the importance of stock performance in capital allocation decisions [36][38] Question: SMAs and capacity constraints - Management confirmed that the soft closing of a successful SMA strategy was a response to market challenges, but they have other strategies available to investors [42][44] - There are no current capacity constraints in other areas of the retail channel, with expectations for growth in mid-cap strategies [45] Question: Monetizing deferred tax assets - Management clarified that they are achieving economic benefits from tax attributes and will continue to provide transparency regarding their value [46][47]

Core Viewpoint - The Bank of New York Mellon Corporation (BK) reported strong first-quarter 2025 adjusted earnings of $1.58 per share, exceeding expectations and reflecting a 22.5% increase year-over-year [1][2]. Financial Performance - Adjusted earnings surpassed the Zacks Consensus Estimate of $1.49, with net income applicable to common shareholders (GAAP basis) reaching $1.15 billion, up from $953 million in the prior year [1][3]. - Total revenues increased by 5.9% year-over-year to $4.79 billion, exceeding the Zacks Consensus Estimate of $4.74 billion [4]. - Net interest income (NII) was $1.16 billion, an 11.4% increase year-over-year, driven by higher reinvestment yields [4]. - Total fee and other revenues rose by 4.2% year-over-year to $3.63 billion, primarily due to increases in various components [5]. Expense and Asset Management - Total non-interest expenses (GAAP basis) were $3.25 billion, a 2.4% increase from the prior year, with most components contributing to the rise [6]. - As of March 31, 2025, assets under management (AUM) were $2.01 trillion, a slight decrease year-over-year due to net outflows, while assets under custody and/or administration (AUC/A) increased to $53.1 trillion, an 8.8% rise [7]. Credit Quality and Capital Position - The allowance for loan losses decreased to 0.41% of total loans, with non-performing assets down to $213 million from $278 million in the previous year [8]. - The common equity Tier 1 ratio improved to 11.5%, up from 10.8% a year earlier, indicating a stronger capital position [9]. Shareholder Returns - During the reported quarter, BNY Mellon repurchased shares worth $746 million, reflecting a commitment to returning value to shareholders [10]. Outlook - The company is expected to benefit from relatively higher interest rates, global expansion efforts, and a strong balance sheet, although there are concerns regarding dependence on fee-based revenues and rising expenses [11].