Two Harbors Investment (NYSE:TWO) Q3 2025 Earnings Call October 28, 2025 09:00 AM ET Speaker3Good morning. My name is Taryn, and I will be your conference facilitator. At this time, I would like to welcome everyone to the Two Harbors Investment Corp. third quarter 2025 earnings call. All participants will be in a listen-only mode. After the speakers' remarks, there will be a question and answer period. I would now like to turn the call over to Margaret Karr.Speaker1Good morning, everyone, and welcome to our ...

Core Insights - Amplius Wealth Advisors sold 75,079 shares of the iShares Core S&P U.S. Growth ETF for an estimated $11.8 million, leaving a remaining stake of 43,598 shares valued at $7.2 million [1][2] - The iShares Core S&P U.S. Growth ETF (IUSG) has shown a price increase of 24.5% over the past year, outperforming the S&P 500, which has climbed nearly 17% [3] ETF Overview - The iShares Core S&P U.S. Growth ETF has an Assets Under Management (AUM) of $25.7 billion and a current price of $167.39, with a one-year total return of 26% and a dividend yield of 0.5% [4] - IUSG provides targeted exposure to U.S. growth equities by replicating a widely recognized benchmark, emphasizing broad diversification [5][8] Portfolio Strategy - The sale of IUSG shares appears to be part of a broader portfolio adjustment rather than a complete shift away from growth investing, as Amplius maintains significant exposure through its flagship Amplius Aggressive Asset Allocation ETF (AAAA) [6][9] - Amplius has trimmed several growth-oriented ETFs while adding to a short-term bond fund, indicating a cautious approach after a strong equity rally [7] Investment Focus - IUSG invests at least 80% of its assets in index components and economically similar securities, operating as a passively managed ETF designed for cost-efficient core U.S. equity growth exposure [8] - The ETF tracks the S&P 900 Growth Index, offering low-cost, diversified exposure to large- and mid-cap U.S. growth stocks, which is beneficial for long-term investors [9]

Group 1 - Berkshire Hathaway's share price is showing bearish technical signals, spending six consecutive weeks below its 200-day moving average, indicating potential long-term weakness [1][4] - The stock is currently consolidating under the long-term trend line after a significant pullback from record highs, reminiscent of the late-2022 base that preceded a strong rally [2] - A decisive close above the 200-day moving average would signal a trend resumption, while continued rejection could lead to a deeper retracement [4] Group 2 - Since Warren Buffett announced his intention to step down as CEO at the end of 2025, the stock has declined approximately 11%, although it remains up nearly 6% year-to-date, trading at $477 [5] - In the second quarter, Berkshire made significant portfolio moves, including a new $1.6 billion stake in UnitedHealth, which positively impacted the stock [7] - Berkshire initiated smaller positions in Allegion, D.R. Horton, Lamar Advertising, and Nucor, while fully exiting T-Mobile and reducing its Charter Communications holding by nearly half [7] Group 3 - Adjustments to core holdings included trimming 20 million shares from its approximately 300 million Apple stake and selling 26 million of its 630 million Bank of America shares [8] - Berkshire added 3 million shares of Chevron while maintaining long-standing positions in Coca-Cola and American Express [8] - Homebuilders emerged as a theme, with Berkshire increasing its stake in Lennar to about 7 million shares from just 150,000, indicating a portfolio tilt towards healthcare, energy, and housing [9]