TORONTO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Middlefield Limited, on behalf of E Split Corp. (TSX: ENS) (the “Fund”) is pleased to announce a 7.7% increase in the Fund’s Class A share monthly distribution rate, raising it from $0.13/share to $0.14/share. The distribution increase is supported by continued dividend growth from Enbridge Inc. Record DatePayable DateDistribution Per Equity ShareFebruary 28, 2026March 13, 2026$0.14 E Split Corp. is a corporation with over a half a billion dollars investing in comm ...

Core Viewpoint - Virtus Investment Partners, Inc. reported mixed financial results for Q4 2025, showing strength in GAAP revenues but facing pressures on adjusted metrics due to market conditions and significant net outflows of $8.1 billion [1]. Financial Performance - GAAP Revenues were $208.0 million, down 11% year-over-year from $233.5 million in Q4 2024, exceeding consensus estimates of around $194.29 million, resulting in a positive surprise of approximately 7% [4]. - Adjusted Revenues were $188.9 million, also down 11% year-over-year from $212.0 million, falling short of consensus views of around $192–$198 million, with a miss of about 1–2% [4]. - GAAP Diluted EPS was $5.17, up 11% from $4.66 in the prior-year quarter [4]. - Adjusted Diluted EPS was $6.50, down 13% from $7.50 in Q4 2024 [4]. Market Dynamics - Year-over-year declines in revenues and adjusted EPS were driven by challenges including net outflows, particularly in equity and institutional strategies, and shifts in market favor away from certain quality-growth approaches [2]. Valuation Metrics - VRTS trades at a low valuation with a P/E ratio of approximately 6.84, a price-to-sales ratio of about 1.12, an enterprise value to operating cash flow ratio of around 12.24, and an earnings yield of roughly 14.61%, suggesting potential undervaluation relative to earnings and sales generation [3]. - The stock experienced downward pressure post-release, reflecting market concerns over outflows and mixed earnings performance [3].

Core Insights - Vulcan Value Partners reported positive results across all its investment strategies for Q4 2025, with notable year-to-date returns despite overvalued markets [1] - The firm emphasizes a disciplined investment approach, prioritizing safety and long-term gains over short-term performance, drawing parallels to the late 1990s dot-com bubble [1] Investment Strategies Performance - Large Cap Composite (Net) returned -1.5% in Q4 and 7.9% YTD - Small Cap Composite (Net) gained 3.2% in Q4 and 9.5% YTD - Focus Composite (Net) returned 0.1% in Q4 and 7.1% YTD - Focus Plus Composite (Net) returned 0.1% in Q4 and 6.2% YTD - All-Cap Composite (Net) returned 1.3% in Q4 and 10.7% YTD [1] Company Highlight: Everest Group, Ltd. - Everest Group, Ltd. (NYSE:EG) was added to Vulcan's Small-Cap strategy during Q4 2025, with a market capitalization of $3.101 billion [2] - The stock traded between $302.44 and $372.00 over the past 52 weeks, closing at $327.10 on January 26, 2026 [2] - The one-month return for Everest Group was -4.15%, while it gained 7.28% over the last three months [2] Historical Context and Valuation - Vulcan Value Partners has a long history with Everest Group, having previously owned it for 11 years before selling in 2020 to focus on companies with larger margins of safety [3] - The firm repurchased Everest Group in Q3 2023 for its Large Cap strategy and again in its Small Cap strategy due to its undervaluation [3] - Despite steady value per share growth, Everest Group's stock price declined in 2024 and 2025, allowing for repurchase at a discount to tangible book value [3] - The company is utilizing its free cash flow for stock repurchases, positively impacting value per share growth [3]

Core Insights - CNO Financial Group has appointed Linda Gibson as a Director, expanding the board to 10 members [1][2] Group 1: Appointment Details - Linda Gibson brings over 30 years of experience in global investment management, previously serving as Chairperson and CEO of PGIM Quantitative Solutions [2] - Gibson's leadership expertise in investment strategy and asset management aligns with CNO's focus on sustained growth and long-term shareholder return [2] Group 2: Professional Background - Prior to PGIM, Gibson held various executive roles at OMAM Asset Management, including Executive Vice President and Head of Global Distribution [3] - Gibson has a bachelor's degree in mathematics from Bates College and a Juris Doctor degree from Boston University School of Law [4] Group 3: Company Overview - CNO Financial Group provides life and health insurance, annuities, and financial services, managing 3.3 million policies and $38.3 billion in total assets [5] - The company employs 3,300 associates and works with 4,900 exclusive agents and over 6,500 independent partner agents [5]

Core Insights - Palm Valley Capital Fund experienced a 0.66% appreciation in Q4 2025, underperforming compared to the S&P SmallCap 600's 1.70% gain and the Morningstar Small Cap Total Return Index's 3.12% rise [1] - The Fund increased its allocation to Treasury bills from 74.1% to 76.3% during the quarter, while equity holdings rose by 1.12% [1] - Investments in precious metals, particularly silver, positively influenced equity performance, with silver being the Fund's largest allocation for several years [1] Company Focus: Forrester Research, Inc. - Forrester Research, Inc. (NASDAQ:FORR) had a one-month return of 14.47%, but its shares declined by 44.86% over the past 52 weeks, closing at $8.15 per share on January 5, 2026, with a market capitalization of $155.526 million [2] - The Fund sold its position in Forrester Research in Q4 2025, citing that sales typically occur when share prices reach valuations, and sometimes at a loss when confidence in valuation diminishes [3] - Forrester's revenue challenges were deemed self-inflicted, especially as larger competitor Gartner continued to grow, leading to the decision to divest from Forrester [3]

Core Viewpoint - Micron Technology, Inc. reported its fiscal first quarter results for the November-ending period, indicating a significant recovery in its stock price, which has more than doubled recently [1]. Financial Performance - The company has experienced a notable increase in its share price, reflecting positive market sentiment and recovery in the memory and storage sector [1]. Market Context - The results come amid a broader recovery in the semiconductor industry, which has been facing challenges but is showing signs of improvement [1].

Core Insights - BlackRock Inc. is a leading global investment management corporation known for its extensive portfolio and innovative financial solutions, competing with firms like Vanguard and State Street [1] Stock Performance - On December 9, 2025, Goldman Sachs analyst Alexander Blostein set a price target of $1,313 for BlackRock, indicating a potential upside of 22.6% from the current stock price of $1,070.94 [2][6] - The stock has shown significant movement, with a daily trading range between $1,059.18 and $1,076.22, and over the past year, it fluctuated from a low of $773.74 to a high of $1,219.94 [4] - The stock's recent increase of 0.84% reflects positive market sentiment towards BlackRock [3] Market Position - BlackRock has a market capitalization of approximately $165.95 billion, reinforcing its status as a dominant player in the financial sector [5][6] - The trading volume of 316,428 shares today indicates strong investor interest and confidence in the company's future prospects [5] Conference Insights - The Goldman Sachs 2025 U.S. Financial Services Conference was a pivotal event for BlackRock, allowing the company to showcase its strategies and reinforce its market presence [3][6]

Core Points - Thornburg Income Builder Opportunities Trust announced a monthly distribution of $0.10417 per share, payable on November 20, 2025, to shareholders of record as of November 13, 2025 [1] - The Trust's cumulative distributions for the fiscal year to date (FYTD) amount to $0.20834 per share, with all distributions coming from net investment income [2] - The Trust aims to provide current income and total return by investing at least 80% of its managed assets in income-producing securities, including both equity and debt securities globally [3] Distribution Details - The monthly distribution of $0.10417 per share represents no change from previous declarations [1] - Cumulative distributions for the fiscal year include $0.10417 from net investment income, with no short-term or long-term capital gains or return of capital reported [2] - The Trust's distributions are calculated based on net asset value or market price per share as of the distribution announcement date [1][2] Investment Strategy - The Trust's investment strategy focuses on a broad range of income-producing securities, with the flexibility to invest up to 20% of its managed assets in emerging market companies [3] - The Trust is subject to a 4% excise tax if it fails to distribute at least 98% of its ordinary income and 98.2% of its capital gains by the end of the calendar year [4] Company Overview - Thornburg Investment Management manages approximately $52 billion in client assets as of September 30, 2025, serving institutions and investors globally [7] - The firm offers a variety of investment products, including mutual funds, ETFs, and closed-end funds, and has been in operation since 1982 [7]

Financial Data and Key Metrics Changes - In Q3, net income was $388 million, or $4.73 per share, compared to $303 million, or $3.44 per share a year ago, representing a significant increase [4] - Net operating income for the quarter was $394 million, or $4.81 per share, an increase of 38% over the $3.49 per share from a year ago [4] - Return on equity through September 30 is 21.9%, and book value per share is $69.52, with a 12% increase in book value per share from a year ago [4] Business Line Data and Key Metrics Changes - Total premium revenue in Q3 grew 5% over the year-ago quarter [6] - Life premium revenue for Q3 increased 3% from the year-ago quarter to $844 million, with life underwriting margin up 24% to $482 million [7] - Health insurance premium revenue grew 9% in the quarter to $387 million, with health underwriting margin up 25% to $108 million [7][8] - Administrative expenses were $90 million for the quarter, an increase of 1% over the third quarter of 2024, maintaining 7.3% of premium [8] Market Data and Key Metrics Changes - The company serves the lower middle to middle-income market, which is vastly underserved and has significant growth potential [5] - The average producing agent count for the third quarter was 12,230, up 2% from a year ago, indicating growth in the agency force [10] Company Strategy and Development Direction - The company aims to surpass 28,000 exclusive agents and $1.4 billion in annual sales by 2030, focusing on enhancing recruiting initiatives [9] - The introduction of a new worksite enrollment platform and a recruiting CRM is expected to improve agent productivity and training [11][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future sales growth due to improvements in agent count and productivity, with a focus on recruiting activities [42] - The company anticipates total premium revenue growth of approximately 5% for the full year 2025, consistent with its 10-year average growth rate [7] - For 2025, net operating earnings per diluted share are estimated to be in the range of $14.40 to $14.60, representing 17% growth at the midpoint [36] Other Important Information - The company repurchased approximately 840,000 shares for a total cost of approximately $113 million in Q3 [26] - The company maintains a consolidated company action level RBC ratio in the range of 300% to 320% to support its current ratings [30] Q&A Session Summary Question: What is driving muted sales growth in recent quarters? - Management indicated that the challenge is related to agent productivity and onboarding new agents, not consumer demand [40][41] Question: Does the $600 million to $700 million cash flow guidance include benefits from the Bermuda entity? - The guidance does not include benefits from the Bermuda affiliate, which is expected to take at least two accounting periods for reciprocal jurisdiction [44][45] Question: Can you elaborate on the new worksite enrollment platform and recruiting CRM? - The new platform enhances agents' ability to customize coverage for clients, while the recruiting CRM will provide real-time data to manage the recruiting pipeline more effectively [48][50] Question: What are the expectations for claims trends and sales in the health business? - Management expects favorable trends in Medicare Supplement and group retiree health, with anticipated rate increases to improve margins [66][69] Question: What is the outlook for health sales given the aging baby boomer generation? - Management believes there will be continued demand for Medicare Supplement products, supported by demographic trends [78]

Core Viewpoint - The Chinese economy is facing challenges, but the stock market, particularly the Shanghai Composite Index, is performing well, outpacing the S&P 500 [1]. Group 1: Economic Performance - The Shanghai Composite Index (SHCOMP) has shown a faster rise compared to the S&P 500, indicating a divergence between economic stress and stock market performance [1]. Group 2: Investment Focus - Manika, a macroeconomist with over 20 years of experience, emphasizes the generational opportunities in the green economy through her profile Long Term Tips (LTT) [1]. - The investing group Green Growth Giants, associated with Manika, delves deeper into the opportunities within the green economy segment [1].