This commentary is written by Horizon's asset management team. Past performance is not indicative of future results. Nothing contained herein should be construed as an offer to sell or the solicitation of an offer to buy any security. This report does not attempt to examine all the facts and circumstances that may be relevant to any company, industry, or security mentioned herein. We are not soliciting any action based on this document. It is for the general information of clients of Horizon Investments, LL ...

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Group 1 - The primary goal of the "High Income DIY Portfolios" service is to provide high income with low risk and capital preservation for DIY investors [1] - The service offers seven portfolios, including three buy-and-hold, three rotational portfolios, and a conservative NPP strategy portfolio, aimed at income investors such as retirees [1] - The portfolios are designed to create stable, long-term passive income with sustainable yields, featuring two high-income portfolios and two dividend growth investment (DGI) portfolios [1] Group 2 - The "Financially Free Investor" focuses on investing in dividend-growing stocks with a long-term horizon, applying a unique 3-basket investment approach [2] - This approach aims for 30% lower drawdowns, 6% current income, and market-beating growth over the long term [2] - The service includes a total of 10 model portfolios with varying income targets, buy and sell alerts, and live chat for portfolio management and asset allocation [2]

Financial Data and Key Metrics Changes - The company achieved fourth quarter net sales of $395 million, a 2% increase year-over-year, driven by higher sales in Supply Technologies and Assembly Components segments [16] - Full-year sales totaled $1.6 billion, a decline of 4% from 2024 levels, primarily due to lower demand in North American industrial end markets [17] - Fourth quarter gross margin improved to 17.3%, up 70 basis points year-over-year, while full-year gross margins remained stable at 17% [17][18] - Adjusted earnings per share for the fourth quarter was $0.65, down from $0.67 in the previous year, with full-year adjusted earnings per share at $2.70 compared to $3.59 in 2024 [18] Business Line Data and Key Metrics Changes - In Supply Technologies, fourth quarter sales were $187 million, up from $182 million in 2024, with operating income increasing 31% to $21 million [19] - Assembly Components segment saw fourth quarter sales of $92 million, a 2% increase from $90 million, with adjusted operating income stable at approximately $4 million [20] - Engineered Products segment reported fourth quarter sales of approximately $116 million, stable year-over-year, with full-year sales at $471 million, down from $482 million in 2024 [22] Market Data and Key Metrics Changes - Demand in power sports, industrial equipment, and heavy-duty truck end markets is expected to recover in 2026, with continued sales growth from electrical distribution customers supporting AI data center expansion [13] - The company anticipates consolidated revenues to grow to $1.675-1.71 billion in 2026, representing a 5-7% increase over 2025 [12] Company Strategy and Development Direction - The company is focusing on long-term goals regarding asset allocation, durable growth, and deleveraging, with significant investments in automation and information technology [3][8] - Growth capital investment represented more than a third of total capital expense, aimed at products and services with above-average margins and sustainable competitive advantages [7] - The company is committed to improving productivity and lowering costs through automation and vertical integration [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in 2026, despite previous volatility in demand due to tariffs and economic uncertainty [24] - The company is confident in its ability to manage cash flow better in 2026, aided by improved visibility and productivity tools [40] - Management highlighted the importance of better throughput in production to drive profitability and the potential for upside in 2026 guidance [80] Other Important Information - The company refinanced $350 million in senior notes and amended its revolving credit agreement to extend the maturity date by five years, enhancing its capital structure [9] - Investments of over $12 million in information technology were made during the year, with new ERP systems being implemented [10] Q&A Session Summary Question: Can you elaborate on the assumptions for price versus volume in the sales growth guidance? - Management indicated that the majority of the expected growth in 2026 will come from production volume increases, with pricing increases being a smaller component [30] Question: What are the expectations for sales growth by segment? - Management refrained from commenting on individual segments but noted that growth is expected across the board, with Engineered Products anticipated to reach record sales levels [35] Question: What gives confidence in the free cash flow guidance of $20-30 million? - Management cited improved visibility and better management of working capital as key factors contributing to confidence in achieving the free cash flow target [38] Question: What are the top end markets for the company? - The top markets include automotive, heavy-duty truck, semiconductor, power sports, and AI data center-related sectors, with no single market dominating revenues [66] Question: How did China perform last year? - China remains a good market, with the company focusing on successful products and services, generating cash and maintaining accretive margins [70]

Financial Data and Key Metrics Changes - The company achieved fourth quarter net sales of $395 million, a 2% year-over-year increase, driven by higher sales in Supply Technologies and Assembly Components segments [16] - Full-year sales totaled $1.6 billion, a decline of 4% from 2024 levels, primarily due to lower demand in North American industrial end markets [17] - Fourth quarter gross margin improved to 17.3%, up 70 basis points year-over-year, while full-year gross margins remained stable at 17% [17][18] - Adjusted earnings per share for the fourth quarter was $0.65, down from $0.67 in the previous year, with full-year adjusted earnings per share at $2.70 compared to $3.59 in 2024 [18] Business Line Data and Key Metrics Changes - In Supply Technologies, fourth quarter sales were $187 million, up from $182 million in 2024, with operating income increasing 31% to $21 million [19] - Assembly Components segment saw fourth quarter sales of $92 million, a 2% increase from $90 million, with full-year sales at $381 million, down from $399 million [20] - Engineered Products segment reported fourth quarter sales of approximately $116 million, stable year-over-year, with full-year sales at $471 million, down from $482 million [22] Market Data and Key Metrics Changes - Demand in power sports, industrial equipment, and heavy-duty truck end markets is expected to recover in 2026, with continued sales growth from electrical distribution customers supporting AI data center expansion [13] - The company anticipates record revenues in the Engineered Products segment in 2026, driven by strong new equipment backlogs in oil and gas, steel, and aerospace markets [14] Company Strategy and Development Direction - The company is focusing on long-term goals regarding asset allocation, durable growth, and deleveraging, with significant investments in automation and information technology [3][8] - Growth capital investment represented more than a third of total capital expenses, targeting products and services with above-average margins and sustainable competitive advantages [7] - The company is committed to improving productivity and lowering costs through automation and vertical integration [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in 2026, despite previous volatility in demand due to tariffs and economic uncertainty [25] - The company expects consolidated revenues to grow to $1.675 billion-$1.71 billion in 2026, with adjusted earnings per share projected to increase to $2.90-$3.20 [12] - Management highlighted the importance of better visibility in planning for 2026, with expectations for improved cash flow and reduced working capital needs [40][44] Other Important Information - The company refinanced $350 million in senior notes and amended its revolving credit agreement to extend the maturity date by five years, providing a solid capital structure for future growth [9] - Significant investments in information technology and new ERP systems are expected to yield benefits in lower working capital levels and improved operational efficiency [10] Q&A Session Summary Question: Can you elaborate on the assumptions for price versus volume in the sales growth guidance? - Management indicated that the majority of the expected growth in 2026 will come from production volume increases, with pricing increases primarily in the Assembly Components group [31] Question: What are the expected improvements in gross margin by business segment? - Management refrained from providing specific guidance on segment profitability but expects improved flow-through in each business segment based on increased revenue [32] Question: What gives you confidence in the free cash flow guidance for 2026? - Management cited better visibility and improved management of working capital as key factors contributing to confidence in achieving the $20 million-$30 million free cash flow guidance [40][44] Question: Can you provide insights on the record backlog in Engineered Products? - Management noted that the backlog reflects strong demand across various industrial segments, including data centers and AI, with no unusual burn rate expected [52] Question: What are the top end markets for the company? - The top markets include automotive, heavy-duty truck, semiconductor, power sports, and AI data centers, with no single market dominating revenues [70] Question: How did China perform last year compared to previous years? - Management reported that China remains a good market, focusing on generating cash and serving global partnerships, despite the challenges of doing business there [73]

RT Bloomberg Live (@BloombergLive)Is there a liquidity mismatch? "I don't think so. I think a lot of that market is advised. And advisors are thinking about asset allocation, risk management," Invesco's Andrew Schlossberg #BloombergInvest @kgreifeld⏯️ https://t.co/PXtOATD1BR https://t.co/OF27FQzLbh ...

Core Insights - The current wealth management approach is too narrow and fails to meet the comprehensive needs of families [1] - A new framework called the fortress balance sheet is proposed to help families maintain their wealth across their entire financial picture [2] Wealth Management Approach - Traditional wealth management focuses on stock selection and asset allocation while neglecting broader economic realities faced by families [2] - The fortress balance sheet strategy aims to protect families from various financial risks, including market risks, inflation, over-consumption, and unexpected liabilities [3] Comprehensive Asset View - The fortress balance sheet approach requires a holistic view of assets, encompassing public stocks, bonds, private investments, home equity, and more [4] - It also includes capturing all liabilities accurately, such as current liabilities, future expected liabilities, and deferred tax liabilities [5] Specialized Team Requirement - Building and maintaining a fortress balance sheet necessitates a specialized team that understands the complexities of finance, taxation, law, and insurance [6] Risks of Neglecting Comprehensive Planning - Examples illustrate the pitfalls of focusing solely on investment performance without considering tax strategies, estate planning, and insurance coverage [7]

I sat down with @senatorkline to discuss how wealthy investors use retirement accounts to reduce taxes, why volatility can create opportunities like Roth conversions, and the mistakes people make by holding assets in the wrong account.We also cover bitcoin in retirement portfolios, estate planning strategies, and how macro conditions like inflation, deflation, and Fed policy may impact long-term asset allocation.YouTube: https://t.co/IeBdjErqexApple: https://t.co/K7czKePbGvSpotify: https://t.co/zf2nDG0qAyTI ...

Group 1 - The core viewpoint of the news is that the Securities and Exchange Board of India (SEBI) has expanded the investment scope for actively managed equity funds, allowing them to hold up to 35% of their assets in gold and silver-related instruments and infrastructure investment trust shares, thereby broadening the investment landscape for India's $384 billion fund market and creating a new source of institutional demand for precious metals [1][4] - The policy adjustment coincides with a global increase in demand for precious metals, as evidenced by a significant rise in investor interest in gold assets, particularly after gold prices have shown strong performance. In January, for the first time, inflows into gold ETFs in the Indian market surpassed those into equity funds, indicating that gold's appeal as a safe-haven asset is growing amid increasing market uncertainty [1] Group 2 - In addition to relaxing investment limits for equity funds, SEBI has approved the establishment of a new type of lifecycle fund, known as target date funds, which have predetermined maturity periods ranging from 5 to 30 years, primarily aimed at retirement planning and other goal-oriented investment needs [4] - According to the new regulations, asset management companies can issue up to six actively managed lifecycle funds simultaneously, which is expected to foster competition with the government-led national pension system that currently manages approximately $177 billion in assets [4]

Core Insights - The article emphasizes the importance of hiring a financial advisor for high-net-worth individuals, particularly those with retirement savings of $2 million or more, to effectively plan for retirement and avoid common financial pitfalls [2][5][25] Group 1: Financial Planning and Advisory Services - Advisor.com offers a platform that connects individuals with vetted financial advisors who are legally obligated to act in their best interests, facilitating the search for reliable financial guidance [1][6] - A significant portion of millionaires without financial advisors feel unprepared for retirement, expecting to retire two years later than those who do seek professional help [2][8] Group 2: Retirement Savings and Lifestyle Management - Lifestyle inflation poses a risk to wealth preservation, with only 36% of American millionaires considering themselves "wealthy," indicating a disconnect between wealth and perceived financial security [3][4] - Following the 4% rule, $2 million in retirement savings could yield $80,000 annually, but this amount may vary significantly based on individual spending habits and living costs [3][5] Group 3: Investment Strategies and Asset Allocation - High-net-worth individuals are advised to maintain a balanced asset allocation, typically holding 2% in cash, 22% in alternative assets, 33% in fixed income, 15% in international stocks, and 28% in domestic stocks [10] - Investing in gold and real estate is highlighted as a strategy for wealth preservation, with gold showing significant long-term value appreciation [11][12][16] Group 4: Common Financial Pitfalls - The article identifies five common financial traps for high-net-worth individuals, including tax mismanagement, incorrect asset allocation, and neglecting estate planning [8][9][23] - A notable statistic reveals that 29% of high-net-worth individuals lack a will, contributing to the loss of wealth across generations [24]