Valued at a market cap of $18 billion, Principal Financial Group, Inc. (PFG) is a financial investment management and insurance company based in Des Moines, Iowa. It provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients. This asset management company has lagged behind the broader market over the past 52 weeks. Shares of PFG have declined 4.5% over this time frame, while the broader S&P 500 Index ($SPX) has gained 12.3%. Moreover, o ...

Core Insights - State Street Corporation (STT) is a financial services company based in Boston, specializing in institutional investors, with a market cap of $33.4 billion [1] Performance Overview - STT shares have outperformed the broader market over the past 52 weeks, increasing by 27.2%, compared to the S&P 500 Index's gain of 14.5% [2] - Year-to-date, STT stock is up 23.4%, while the S&P 500 has returned 16.5% [2] - STT has also surpassed the iShares U.S. Financial Services ETF's (IYG) 13.1% increase over the past 52 weeks and 15.9% rise year-to-date [3] Financial Results - Following the Q3 earnings release, STT shares fell by 1.4%, but rebounded by 3.5% the next day as investor sentiment improved [4] - The company's total revenue for Q3 increased by 8.8% year-over-year to $3.5 billion, exceeding consensus estimates [4] - Earnings per share (EPS) for Q3 was $2.78, reflecting a 23% increase from the previous year and 4.8% above analyst expectations [4] - Assets Under Management (AUM) rose by 15.1% year-over-year to $5.4 trillion, driven by higher market levels and net inflows [4] Future Expectations - Analysts project STT's EPS to grow by 17.3% year-over-year to $10.17 for the current fiscal year ending in December [5] - STT has consistently exceeded consensus estimates in the last four quarters [5] - The consensus rating among 20 analysts is a "Moderate Buy," with 12 "Strong Buy," three "Moderate Buy," four "Hold," and one "Moderate Sell" rating [5] Analyst Ratings - The current analyst configuration is more bullish than two months ago, with nine analysts recommending a "Strong Buy" [6] - JPMorgan Chase & Co. analyst Vivek Juneja maintains a "Hold" rating on STT with a price target of $131, indicating an 8.2% potential upside from current levels [6]

Core Insights - Invesco's preliminary assets under management (AUM) for October 2025 reached $2.17 trillion, reflecting a 2% increase from the previous month [1][9] AUM Performance - The company reported net long-term inflows of $8 billion for October, with non-management fee-earning net inflows at $6.6 billion and money market net inflows totaling $11.1 billion [2][9] - Favorable market returns contributed to a $38 billion increase in AUM, while foreign exchange effects reduced the AUM balance by $6.2 billion [2] AUM Breakdown by Asset Class - AUM under ETFs & Index Strategies was $621.4 billion, up 2.6% month-over-month [4] - China joint venture AUM increased by 2.8% to $125.2 billion [5] - Fundamental Equities AUM rose to $309.4 billion, a 0.2% increase [5] - Global Liquidity AUM grew by 5.4% to $200.3 billion [5] - QQQs AUM reached $410.8 billion, marking a 6.5% rise [5] - Private Markets AUM declined by 0.8% to $129.9 billion, and Multi-Asset/Other AUM decreased by 17.1% to $68.1 billion [5] Strategic Outlook - The company is expected to benefit from strategic expansion plans, a strong global presence, diverse offerings, and efforts to enhance operating efficiency [6] - Initiatives such as converting QQQ into an open-end ETF and establishing a joint venture in India are anticipated to support revenue growth [6] Market Performance - Invesco's shares have increased by 11% over the past three months, contrasting with a decline of 11.3% in the industry [7]

Core Insights - KKR & Co. Inc. reported a third-quarter 2025 adjusted net income per share of $1.41, exceeding the Zacks Consensus Estimate of $1.29 and increasing from $1.38 in the prior-year quarter [1][9] - The company's shares rose nearly 2.2% in pre-market trading following the positive results [1] - The growth in assets under management (AUM) and transaction fees in the capital markets business were key drivers of the results, although rising expenses posed a challenge [1] Financial Performance - Net income attributable to KKR on a GAAP basis was $859.9 million, up from $600.6 million in the same quarter last year [2] - Total segment revenues reached $1.46 billion, a 3.4% increase year-over-year, driven by higher management fees and transaction-related revenues, surpassing the Zacks Consensus Estimate by 6.9% [3] - Total segment expenses rose by 3.9% to $431.9 million [3] - Total operating earnings grew 12% year-over-year to $1.4 billion, while fee-related earnings increased by 3% to $1 billion [5] Assets Under Management - As of September 30, 2025, total AUM increased by 16% year-over-year to $723 billion, with fee-paying AUM also rising by 16% to $585 billion [4] Strategic Outlook - The company is expected to continue capitalizing on lucrative investment opportunities due to its effective fundraising capabilities [6] - Significant growth in fee-related and total operating earnings is enhancing the company's financial position, although elevated expenses from global expansion and a challenging operating environment are concerns [6]

2025 Third Quarter Results November 5, 2025 NYSE/TSX:SII Forward-Looking Statements Speakers Sprott Inc. | 2 Certain statements in this presentation or the accompanying oral remarks contain forward-looking information and forward-looking statements (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "p ...

Core Insights - Sprott Inc. reported significant growth in Assets Under Management (AUM), reaching $49.1 billion as of September 30, 2025, a 23% increase from $40 billion at the end of June 2025 and a 56% increase from $31.5 billion at the end of December 2024 [2][3] - The company achieved $1.1 billion in net sales during the quarter, with September marking the best sales month in its history at $879 million across 20 investment strategies [2] - Sprott's ETF offerings have expanded, with AUM growing from less than $400 million in 2022 to over $4.5 billion [2] - A quarterly dividend of $0.40 per share was declared, representing a 33% increase, reflecting confidence in the company's future [2] AUM Highlights - AUM was $49.1 billion as of September 30, 2025, up 23% from $40 billion as of June 30, 2025, and up 56% from $31.5 billion as of December 31, 2024 [3] - The growth in AUM was driven by market value appreciation and positive net inflows, particularly in physical trusts [3] Revenue Highlights - Management fees for the quarter were $50.7 million, a 30% increase from $39 million for the same quarter in 2024 [6] - Net fees were $46.7 million for the quarter, up 20% from $38.9 million for the same quarter in 2024 [6] - Commission revenues increased to $3.8 million for the quarter, up from $0.5 million for the same quarter in 2024 [6] Expense Highlights - Net compensation expense was $19 million for the quarter, up 13% from $16.7 million for the same quarter in 2024 [5] - Stock-based compensation expense was $22.4 million for the quarter, significantly up from $4.8 million for the same quarter in 2024 [5] - Selling, general, and administrative expenses were $4.5 million for the quarter, down 3% from $4.6 million for the same quarter in 2024 [7] Earnings Summary - Net income for the quarter was $13.2 million ($0.51 per share), a 4% increase from $12.7 million ($0.50 per share) for the same quarter in 2024 [11] - Adjusted EBITDA was $31.9 million ($1.24 per share) for the quarter, up 54% from $20.7 million ($0.81 per share) for the same quarter in 2024 [11] Subsequent Events - New executive appointments include Ryan McIntyre as President and Kevin Hibbert and Arthur Einav as Co-Chief Operating Officers [9][10] - As of October 31, 2025, AUM increased to $51 billion, reflecting continued market value appreciation and net inflows [11]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $288.9 million for the quarter ended September 30, 2025[1] - After-tax realized income was $425.8 million for the quarter ended September 30, 2025[2] - Fee related earnings were $471.2 million for the quarter ended September 30, 2025[2] - Total assets under management reached $595.7 billion as of September 30, 2025, a 28% year-over-year increase[9,3] - Total fee paying AUM was $367.6 billion as of September 30, 2025, a 28% year-over-year increase[3,37] Fundraising and Capital Deployment - Ares expects to exceed its previous annual fundraising record of $93 billion this year[3] - The company raised $30.9 billion in Q3 2025, with net inflows of capital of $28.5 billion[25] - Capital deployment reached $41.7 billion, including $20.2 billion by drawdown funds[25] - Available capital stood at $150 billion at the end of the third quarter[3] Dividends - Ares declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock[4] - Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock[5]

Financial Data and Key Metrics Changes - Discretionary assets under management (AUM) increased by $687 million during Q3 2025, reaching $24.3 billion, representing a 3% sequential increase and an 8% year-over-year increase [3][4] - Total AUM hit a new high of $37.6 billion at the end of Q3 2025, with non-discretionary AUM comprising $13.3 billion, which accounts for only 4% of total revenue [4][8] - Revenue for Q3 2025 was $31.3 million, an increase of $0.9 million or 2.9% year-over-year [8][9] - Reported net income for Q3 2025 was approximately $1.1 million, with adjusted net income of approximately $2.4 million, or $0.19 per adjusted basic and diluted earnings per share [9][10] Business Line Data and Key Metrics Changes - The firm added $46.4 million in organic new client accounts during Q3 2025, totaling $564 million in new client accounts year-to-date [3] - Approximately $2 billion in organic new client accounts were added year-over-year, indicating a strong focus on organic growth [3][4] - Adjusted EBITDA for Q3 2025 was approximately $4.5 million, or 14.5% of revenue [10] Market Data and Key Metrics Changes - The firm is actively expanding its marketing efforts in Europe, Oceania, and Asia, with a focus on institutional and family clients [6][28] - The OCIO assets currently stand at almost $2.2 billion, with a strong pipeline and recent new client additions [36] Company Strategy and Development Direction - The company is focused on significant strategic investments to promote growth opportunities, particularly in intellectual capital and headcount [5][6] - A new global value equity strategy is being emphasized, with a robust new business pipeline [6][28] - The firm plans to adjust how it reports non-discretionary AUM in 2026 to provide a clearer picture of its asset management and advisory businesses [4][5] Management's Comments on Operating Environment and Future Outlook - Management expects that the increase in AUM will bode well for future revenue, barring short-term market volatility [5] - The company anticipates that investments made will start yielding results within 6 to 12 months, with a longer-term horizon of 18 to 24 months for other initiatives [19][20] - Management expressed confidence in the potential for substantial progress from recent investments and expects to report meaningful improvements soon [20][46] Other Important Information - The company announced a dividend of $0.21 per share of Class A common stock, payable around December 19, 2025 [8] - A buyback program of $25 million was initiated, with approximately $16 million worth of shares repurchased by the end of Q3 2025 [6][7] Q&A Session Summary Question: Timing of AUM and revenue recovery - Management indicated a longer-term horizon of 18 to 24 months for overall investments to pay off, but expects shorter-term results from the new global value equity strategy within 6 to 12 months [19][20] Question: Professional fees and future expenses - Some professional fees are temporary, particularly related to global initiatives, and disclosures are available in the earnings release [21] Question: Future EBITDA margins - Management expects EBITDA margins to return to previous levels barring new investments, with ongoing investments being on a larger scale [22][23] Question: Current status of OCIO assets - OCIO assets are nearly $2.2 billion, with a strong performance and pipeline [36] Question: Share buyback pricing - Management did not disclose specific buyback prices but indicated favorable pricing during the buyback period [37][38]

Core Insights - Ameriprise Financial (AMP) reported third-quarter 2025 adjusted operating earnings of $9.92 per share, exceeding the Zacks Consensus Estimate of $9.60, reflecting a 12.3% increase from the previous year [1][9] - The results were driven by higher revenues and a significant improvement in assets under management (AUM) and assets under administration (AUA), although increased expenses posed a challenge [1][3] Financial Performance - Adjusted operating total net revenues for the quarter were $4.61 billion, a 6% year-over-year increase, surpassing the Zacks Consensus Estimate [3][9] - Total GAAP net revenues reached $4.8 billion, marking a 9% increase year over year [3] - Adjusted operating expenses totaled $3.47 billion, up 4.8% year over year, compared to projected expenses of $3.27 billion [3] Assets Under Management - As of September 30, 2025, total AUM and AUA reached a record $1.66 trillion, reflecting a 7.9% increase year over year, surpassing the estimate of $1.55 trillion [4] Share Repurchase Activity - The company repurchased 1.4 million shares for $687 million during the reported quarter [5] Market Position and Outlook - Ameriprise is positioned for strong top-line growth due to its robust AUM balance and ongoing business restructuring initiatives, although elevated expenses, particularly from technology upgrades, may impact profitability [6]

Core Insights - Invesco's third-quarter 2025 adjusted earnings per share (EPS) reached 61 cents, significantly exceeding the Zacks Consensus Estimate of 45 cents, marking a 38.6% increase from the previous year [1][9] - The company's shares rose by 2.3% in pre-market trading following the announcement of these results [1] Financial Performance - Adjusted net revenues for the quarter were $1.19 billion, reflecting a year-over-year increase of 7.4%, meeting the Zacks Consensus Estimate [4] - Adjusted operating expenses rose to $780.2 million, up 3.3% year over year, while the adjusted operating margin improved to 34.2%, compared to 31.6% in the prior year [4][9] Assets Under Management (AUM) - As of September 30, 2025, AUM reached a record $2.12 trillion, representing an 18.3% increase year over year [5] - The average AUM at the end of the third quarter was $2.06 trillion, also up 18.3% [5] - The company experienced long-term net inflows of $28.9 billion during the quarter, driven by various segments including ETFs, Index, and Private Markets [5] Balance Sheet and Share Repurchases - As of September 30, 2025, cash and cash equivalents stood at $973.1 million, an increase from $922.7 million as of June 30, 2025 [6] - Long-term debt was reported at $1.62 billion [6] - In the reported quarter, Invesco repurchased 1.2 million shares for $25 million [7] Strategic Outlook - Invesco's strong AUM balance, diverse product offerings, and solid balance sheet are expected to support its financial performance [10] - The company is positioned to benefit from synergies arising from acquisitions, which will aid profitability [10]