Core Investment Proposition - ClearBridge Large Cap Growth ESG ETF (LRGE) aims for long-term capital appreciation by investing in high-quality U.S. growth franchises with durable earnings, competitive advantages, and reinvestment opportunities [1] - The strategy incorporates ESG analysis into the research process and blends multiple growth archetypes, including mature compounders, secular growers, and select emerging innovators [1] - Portfolio construction focuses on concentrating capital in the best ideas while managing risks related to single-name and thematic crowding, which helps mitigate cyclicality across different business and policy environments [1] Investment Strategy and Focus - Factor tilts emphasize quality, profitability, and earnings stability rather than aggressive revenue growth, recognizing that growth drawdowns often result from multiple compression rather than fundamental issues [1] - LRGE can function as a core large-cap growth component, an alpha engine alongside passive investments, or a thematic anchor for long-term capital [1] - The ETF faces challenges when interest rate expectations rise quickly or when risk appetite shifts towards deep value investments, but it benefits when fundamentals regain leadership [1] Risk Management - A key risk to monitor is valuation discipline, as overpaying for growth can extend payback periods and increase downside risk [1]

Investment Proposition - T. Rowe Price Blue Chip Growth ETF (TCHP) offers an actively managed portfolio of established large-cap growth companies with durable competitive positions and solid balance sheets [1] - The strategy targets long-term capital appreciation by concentrating on high-conviction leaders and selective emerging winners, supported by a research-driven process emphasizing business quality, industry structure, and secular growth runways [1] Portfolio Characteristics - Resulting exposures typically tilt toward growth and quality, with sensitivity to innovation cycles, product pipelines, and platform scale [1] - The fund can experience higher dispersion during rotations favoring deep value or when market leadership narrows outside its focus industries [1] Market Environment - TCHP often benefits from environments featuring stable growth, benign inflation, and healthy corporate reinvestment [1] - The fund may be challenged during sharp rate-driven factor reversals [1] Portfolio Roles - Portfolio roles include a growth engine within a core-satellite framework, a style sleeve for factor balance, and a portfolio-alpha candidate alongside broad market holdings [1] - Suitable investors include allocators pursuing persistent growth exposure and advisors building diversified multi-style equity lineups [1] Risks - A key risk is concentration in select growth franchises, which can amplify idiosyncratic and sector-specific drawdowns [1]

Group 1 - Vanguard U.S. Minimum Volatility ETF (VFMV) was launched on February 13, 2018, with the objective of long-term capital appreciation while maintaining lower volatility compared to the broad U.S. equity market [1] - VFMV has a portfolio consisting of 198 stocks and utilizes a 30-day volatility measure [1] Group 2 - Fred Piard, PhD, is a quantitative analyst with over 30 years of experience in technology and has been investing in data-driven systematic strategies since 2010 [1] - Fred runs the investing group Quantitative Risk & Value, focusing on quality dividend stocks and companies leading in tech innovation [1] - The group also provides market risk indicators, real estate strategies, bond strategies, and income strategies in closed-end funds [1]

Group 1 - First Solar is the largest producer of utility-scale solar panels in the US, with a vertically integrated business model that includes manufacturing cells from cadmium telluride (CdTe), module production, and recycling [1] - The company is expected to produce between 17GW of solar panels, indicating significant capacity and growth potential in the renewable energy sector [1] Group 2 - The investment focus is on growth companies, particularly in mid-cap segments, with an emphasis on sectors such as biotechnology, computer chips, cloud technology, energy, and commodities [1] - A systematic balance sheet analysis will be conducted to assess the financial health of growing businesses, as many may struggle with funding [1] - Long-term capital appreciation is prioritized over short-term speculation, reflecting a strategic investment approach [1]

Core Viewpoint - Helios Fairfax Partners Corporation reported a return to growth in book value and strong net earnings in Q2 2025, driven by the performance of Helios Managed Investments and improved expectations from underlying investments [2][4]. Financial Performance - The company reported net earnings of $11.6 million in Q2 2025, a significant recovery from a net loss of $16.5 million in Q2 2024 [4]. - For the first six months of 2025, net earnings were $12.4 million, compared to a net loss of $21.2 million in the same period of 2024 [5]. - The net earnings in Q2 included $19.9 million in net gains from Helios Managed Investments and a net gain of $3.3 million from TopCo LP Class A [4][5]. - Book value per share increased to $3.96 as of June 30, 2025, up from $3.85 in Q1 2025, primarily due to unrealized gains from Helios Managed Investments [5][7]. Investment Activities - The company deployed $1.2 million under a loan facility with Digital Ventures and $1.5 million under a $13.5 million loan facility with Helios Sports & Entertainment Group (HSEG) during the quarter [5]. - HFP committed to investing $20 million in Helios Fund V and an additional $2 million for management team commitment, which will allow HFP to share in future carried interest [5]. Cash Position - As of June 30, 2025, the company had $14.7 million in cash and cash equivalents [7]. - The total number of common shares outstanding increased to 108,291,576 from 108,179,127 at the end of 2024 [7].

Group 1 - Hull Tactical US ETF (BATS: HTUS) is an actively managed ETF launched on June 24, 2015, aimed at long-term capital appreciation [1] - HTUS has a 12-month dividend yield of 16.83% and a 30-day SEC yield of 0.78% [1] - The investing group led by Fred Piard focuses on quality dividend stocks and companies at the forefront of tech innovation, providing various market risk indicators and investment strategies [1] Group 2 - Fred Piard, PhD, has over 30 years of experience in technology and has been investing in data-driven systematic strategies since 2010 [1]