Core Viewpoint - The interim management statement for Hargreave Hale AIM VCT PLC highlights contrasting economic conditions in the US and UK, with the US showing strong growth while the UK faces challenges including weak economic growth and rising unemployment [3][5]. Economic Overview - The US economy reported a robust growth rate of 4.3% in Q3 2025, despite political pressures [3]. - The UK is projected to have a growth rate of 1.5% for 2025 and 1.4% for 2026, with an unemployment rate rising to 5.1% [5]. - Consumer sentiment in the UK has improved post-Autumn Budget, although business confidence remains fragile [4]. Inflation and Monetary Policy - UK inflation, as measured by CPI, increased by 3.4% year-on-year as of December 2025, down from 3.8% in September 2025 [6]. - The Bank of England reduced interest rates to 3.75% during the quarter, with expectations for further cuts in 2026 [6]. Investment Performance - The unaudited NAV per share decreased by 1.25 pence to 35.21 pence, resulting in a total return of -3.43% for shareholders [9]. - The AIM index returned -0.97% in the three months to December 31, 2025, reflecting a challenging market environment [8]. Qualifying Investments - Hardide saw a significant increase of 157.1% in value, returning to profitability and reporting a 40% year-on-year revenue increase [10]. - Skillcast and Tortilla Mexican Grill also reported positive performance, with increases of 11.7% and 34.3% respectively [11]. - Negative contributors included Cohort, which declined by 36.7% despite solid revenue growth, and Diaceutics, which fell by 23.3% without specific news [12][13]. Portfolio Structure - The company maintained a strong investment position, ending the period with 84.11% invested according to HMRC VCT investment tests [16]. - The weighting to qualifying investments increased from 54.0% to 54.9% by market value [16]. Share Buybacks and Market Activity - The company repurchased 2.6 million shares at an average price of 34.14 pence, with the share price trading at a discount of 4.30% to the last published NAV [21]. - Post-period, the NAV per share increased to 36.33 pence, reflecting a 3.18% rise, while AIM increased by 6.54% [22].

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [4] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [31] - After-tax distributable earnings increased 17% year-over-year to $304 million, marking the highest level since becoming a public company [35] - Total AUM increased 23% year-over-year to $303 billion, driven by $51 billion of capital raised and $24 billion of value creation [35] Business Line Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [8] - The credit platform raised a record $21 billion during the year, up 67% from 2024, with a record $9 billion raised in the fourth quarter alone [17] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [20] - The real estate platform appreciated 9% in 2025, with $6 billion of capital deployed [25] Market Data and Key Metrics Changes - The company experienced double-digit value creation across nearly all platforms in 2025, with private equity strategies appreciating 11% over the last twelve months [37] - The credit platform also appreciated 11% over the last twelve months, maintaining strong credit quality with non-accruals just over 1% [38] - The real estate portfolios appreciated more than 9% for the year, driven by robust value creation in data center holdings and other sectors [39] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [28] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business, with a strategic partnership with Jackson Financial expected to close soon [12][42] - TPG plans to begin fundraising for several new funds in 2026, including TPG Real Estate's next fund and various Asia-focused funds [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to sustain growth and deliver differentiated value for stakeholders, citing a strong performance in 2025 as a foundation for future success [47] - The company anticipates another robust year of capital formation in 2026, expecting aggregate capital raising to exceed $50 billion [41] - Management highlighted the importance of maintaining strong relationships with borrowers and sponsors to ensure credit quality and performance [50][54] Other Important Information - TPG's new and emerging strategies attracted over $7 billion of commitments in 2025, indicating effective identification and scaling of high-potential opportunities [16] - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM, positioning it well for future investments [35] Q&A Session Summary Question: Concerns about direct lending performance sustainability - Management acknowledged the market's skepticism regarding direct lending performance but emphasized the unique characteristics of their lower middle market focus, which differs from upper middle market dynamics [50][51] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by increased deployment and diversification across various platforms, indicating a long-term growth opportunity in capital markets [65][66] Question: Outlook for net deployment in credit business - Management highlighted the significant growth in the credit business and the expected upward trend in deployment opportunities due to increased capital formation and synergies from the Angelo Gordon acquisition [76][77]

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [4][35] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [31] - The company finished 2025 with $303 billion of total AUM, up 23% from 2024, driven by $51 billion of capital raised and $24 billion of value creation [35] Business Line Data and Key Metrics Changes - In credit, TPG raised a record $21 billion of credit capital during the year, up 67% from 2024, with a record $9 billion raised in the fourth quarter alone [17] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [20] - The real estate platform appreciated 9% in 2025, with $6 billion of capital deployed [25] Market Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [8] - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM [35] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [28][29] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business [12][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to sustain growth and deliver differentiated value for stakeholders, expecting 2026 to be another robust year of capital formation with aggregate capital raising expected to exceed $50 billion [40][41] - The company highlighted the importance of avoiding capital loss and managing exposures in the lending markets, particularly in the lower middle market [56] Other Important Information - TPG announced a long-term strategic partnership with Jackson Financial, which is expected to provide predictable fee revenue and enhance credit capabilities [12] - The company launched several new products in 2025, including Tika, a growth equity strategy, and Advantage Direct Lending, a new core middle market direct lending strategy [15] Q&A Session Questions and Answers Question: Concerns about direct lending performance sustainability - Management emphasized the differences between lower middle market lending and upper middle market lending, highlighting their unique position and rigorous monitoring of borrower performance [50][51][54] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by increased deployment and diversification across various platforms, indicating a long-term growth opportunity in capital markets [66][67] Question: Outlook for net deployment in credit business - Management discussed the significant growth in credit capital and the synergies from the TPG and Angelo Gordon collaboration, which are expected to enhance deployment opportunities [78]

Artisan Partners Asset Management Business Update and Fourth Quarter 2025 Earnings Presentation Business Philosophy & Approach Artisan has built its business based upon a consistent philosophy and business model High Value-Added Investment Firm Talent-Driven Business Model Thoughtful Growth ARTISAN PARTNERS ASSET MANAGEMENT 2 ▪ Active Strategies ▪ Autonomous Franchises ▪ Process-Driven Results ▪ Designed for Investment Talent to Thrive ▪ Managed by Business Professionals ▪ Structured to Align Interests ▪ Ac ...

Core Insights - Saratoga Investment Corp. reported a 5.2% increase in net investment income (NII) per share and a 0.7% increase in net asset value (NAV) from the previous quarter, with NAV per share remaining stable [1][3] - The company achieved a quarterly return on equity (ROE) of 13.5%, generating a last twelve months (LTM) ROE of 9.7%, which exceeds the business development company (BDC) industry average of 6.6% [1][4] Financial Performance - As of November 30, 2025, assets under management (AUM) increased to $1.016 billion, up 5.8% from $960.1 million a year ago and up 2.1% from $995.3 million in the previous quarter [2][7] - The net asset value (NAV) was $413.2 million, reflecting an increase of $38.3 million from $374.9 million a year ago and a slight increase of $2.7 million from $410.5 million in the previous quarter [7][30] - Total investment income for the quarter was $31.6 million, a decrease of 11.8% from $35.9 million a year ago but an increase of 3.3% from $30.6 million in the previous quarter [7][31] - Net investment income (NII) per share was $0.61, up from $0.58 in the previous quarter but down from $0.90 a year ago [2][31] - Earnings per share (EPS) for the quarter was $0.74, compared to $0.84 in the previous quarter and $0.64 a year ago [2][31] Dividend and Shareholder Returns - The company declared a base dividend of $0.75 per share for the fourth quarter of fiscal 2026, maintaining a monthly dividend of $0.25 per share [3][15] - Total dividends declared for fiscal year 2026 amounted to $3.25 per share, including a special dividend of $0.25 per share [3][15] Investment Activity - The company reported net originations of $17.2 million during the quarter, with total investments made amounting to $72.1 million, including three new investments and nine follow-ons [4][11] - The fair value of the portfolio increased by $2.5 million during the quarter, with a total portfolio fair value of $1.016 billion [6][11] Credit Quality and Leverage - The overall credit quality improved, with 99.8% of credits rated in the highest category, and only one investment remaining on non-accrual status [4][6] - The company’s regulatory leverage ratio was reported at 168.4%, reflecting a decrease from 160.1% last year [4][30] Market Position and Outlook - The company noted an increase in M&A activity despite competitive market dynamics, indicating a positive outlook for future investment opportunities [4][5] - Management expressed confidence in the resilience of the portfolio and the ability to generate consistent investment performance amid macroeconomic uncertainties [5][22]

Core Insights - T. Rowe Price Group (TROW) has been experiencing weak investment performance leading to net outflows, a trend that has proven difficult to reverse [1] Company Analysis - The company has faced challenges in maintaining its investment performance, which has resulted in a decline in assets under management [1] Industry Context - The financial sector, particularly fund management, is under pressure as firms struggle to attract and retain investments amid changing market conditions [1]

Which will perform best over the next 5 years: ...

Core Viewpoint - The final quarter of 2025 showed gradual improvement in UK financial markets, with investors beginning to look beyond earlier turbulence, despite ongoing concerns about inflation and household demand [3][4]. Economic Overview - UK CPI rose to 3.8% in July, plateauing in August and September, with a lower-than-expected September reading potentially indicating a period of lower inflation [4] - Unemployment increased to 4.8% in August, allowing the Bank of England to consider further interest rate cuts after a 25bps reduction to 4.00% in August [4] - Consumer sentiment improved, although households remained cautious with high savings rates and reduced debt [5] - Gilt yields rose due to concerns over public spending and high inflation, indicating challenges for the upcoming Autumn Budget [6] Investment Performance - The unaudited NAV per share increased from 36.43 pence to 36.46 pence, with a total return of +3.51% for shareholders [8] - Qualifying investments contributed positively, with Qureight increasing by 102.4% and Diaceutics by 41.7% [9][10] - Non-qualifying investments saw mixed results, with the IFSL Marlborough UK Micro-Cap Growth Fund and Special Situations Fund posting gains, while WH Smith faced issues due to accounting irregularities [15] Portfolio Structure - The company maintained a strong investment position, ending the period at 98.98% invested, with an increase in qualifying investments from 53.7% to 54.1% [16] - There were no new VCT qualifying IPOs in the quarter, but the company remains optimistic about future deal flow [17] - The company executed three full exits and adjusted its investment in Cohort following strong share price performance [18] Share Buybacks and Market Activity - The company repurchased 3.7 million shares at an average price of 33.31 pence, with the share price increasing from 34.10 pence to 34.40 pence [21] - As of 30 September 2025, the shares traded at a discount of 3.83% to the last published NAV per share [21] Post Period Developments - The unaudited NAV per share decreased to 35.84 pence as of 31 October 2025, reflecting a decline of 1.70% [22]

Core Insights - T. Rowe Price reported moderate growth in Q3, exceeding Wall Street expectations for revenue and adjusted earnings, driven by solid investment returns and progress in ETFs and alternative investments [1][2] - CEO Rob Sharps highlighted improvements in one-year fund performance and positive momentum in retirement-focused products [1] Financial Performance - Revenue reached $1.91 billion, surpassing analyst estimates of $1.87 billion, reflecting a 6.9% year-on-year growth and a 2.2% beat [5] - Adjusted EPS was $2.81, exceeding analyst estimates of $2.54, marking a 10.5% beat [5] - Adjusted EBITDA stood at $785.8 million, with a margin of 41.2%, beating estimates of $757.6 million [5] - Operating margin was 33.7%, consistent with the same quarter last year [5] - Market capitalization is reported at $22.29 billion [5] Analyst Insights - Questions from analysts focused on T. Rowe Price's digital asset strategy, with management emphasizing internal expertise and gradual product rollout [5] - The economics of the Goldman Sachs partnership were described as balanced, with shared incentives but no specific financial details provided [5] - Management acknowledged weaker near-term flows due to higher equity redemptions, indicating a need for alternatives and retirement products to scale further [5] - Initial launches of co-branded Target Date products are planned for mid-2026, with potential slow client uptake due to regulatory and fee concerns [5] - Recent investment performance was attributed to a narrow market environment and some stock selection missteps, with recent changes in portfolio management acknowledged [5]

Core Viewpoint - Guggenheim Investments has announced the distribution schedule for certain closed-end funds, detailing the amounts and payment dates for investors [1][2]. Distribution Schedule - The record date and ex-dividend date for the distributions is set for November 14, 2025, with the payable date on November 28, 2025 [2]. - The following closed-end funds have declared their distributions: - Advent Convertible and Income Fund (AVK): $0.1172 per share, paid monthly [2]. - Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB): $0.12573 per share, paid monthly [2]. - Guggenheim Strategic Opportunities Fund (GOF): $0.1821 per share, paid monthly [2]. - Guggenheim Active Allocation Fund (GUG): $0.11875 per share, paid monthly [2]. Fund Characteristics - A portion of the distributions is estimated to be a return of capital rather than income, with the final determination of the character of distributions to be made at year-end [2][3]. - Guggenheim Investments manages over $357 billion in assets, focusing on fixed income, equity, and alternative strategies [4][7]. - The firm serves a diverse client base, including insurance companies, pension funds, sovereign wealth funds, and high-net-worth investors [5].