Core Insights - Bain Capital has sold its entire stake in Disc Medicine, indicating a shift in sentiment towards the biotech company [4][5][6] - Disc Medicine focuses on developing innovative therapies for rare hematologic diseases, leveraging scientific expertise in red blood cell biology [3][5] - Despite Bain's exit, Disc Medicine's stock has continued to perform well, reaching a 52-week high [5][6] Company Overview - Disc Medicine is a biotechnology firm that targets rare and severe blood disorders, primarily serving healthcare providers and hospitals [1][3] - The company operates on a research-driven model, investing in the discovery and clinical development of novel treatments [2][3] Financial Performance - As of November 14, 2025, Disc Medicine shares were priced at $89.95, reflecting a 48.3% increase over the past year, outperforming the S&P 500 by 30.13 percentage points [4][5] - The complete sale by Bain Capital resulted in a net reduction of $30,902,160, with the position previously accounting for approximately 3.9% of the fund's assets under management [5][6] Market Implications - The exit of a significant institutional player like Bain Capital may signal potential skepticism regarding future growth prospects for Disc Medicine [6][7] - Retail investors should be aware of this development, as it could indicate broader market sentiment towards the company [7]

Financial Data and Key Metrics Changes - The company recorded a comprehensive loss of $80.2 million, or $0.77 per share, including a litigation settlement expense of $175.1 million, which equates to $1.68 per share [14][15] - Excluding the litigation expense, the company would have generated comprehensive income of $94.9 million, or $0.91 per share [14] - The total economic return for the third quarter was negative 6.3%, while it would have been positive 7.6% without the litigation expense [8][14] - For the first nine months of the year, the total economic return on book value was negative 15.6% and positive 9.3% excluding the expense [9] Business Line Data and Key Metrics Changes - The RMBS portfolio decreased from $11.4 billion to $10.9 billion due to sales of agency securities [5] - The company sold $19.1 billion UPB of MSR and an additional $10 billion UPB expected to settle soon, both slightly above marks [5] - The direct-to-consumer originations platform funded $49 million of UPB in first and second liens, with an additional $52 million UPB in the origination pipeline at quarter-end [11] Market Data and Key Metrics Changes - The Fed cut rates by 25 basis points in September, marking the first cut since November 2024, which positively impacted equity markets, with the S&P 500 up almost 8% by quarter-end [9][10] - The nominal spread for current coupon RMBS tightened by 26 basis points to 145 basis points to the swap curve [21] - The market for MSR remains competitive, with only about 3% of the MSR portfolio considered in the money at current mortgage rates [24] Company Strategy and Development Direction - The company aims to enhance and grow its servicing and origination activities, focusing on a MSR-focused investment strategy [7][12] - The company plans to redeem $262 million UPB of outstanding convertible notes to reduce structural leverage to historical levels [6] - The company is optimistic about the growth of its sub-servicing business, establishing significant relationships with third-party clients [5][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio adjustments and the ability to capitalize on opportunities in the MSR and MBS portfolio [12][30] - The company views mortgage spreads as attractive despite recent tightening and believes risks to MBS performance are symmetric, supporting their strategy [13] - Management highlighted the importance of technology investments to maintain growth in the direct-to-consumer origination business [63] Other Important Information - The company has approximately $770.5 million in cash on the balance sheet after the litigation settlement payment [17] - The weighted average days to maturity for agency RMBS repo was 88 days at quarter-end [18] - The company is focused on improving efficiencies and lowering costs, with significant savings already identified [7] Q&A Session Summary Question: Key drivers of the increase in EAD in Q3 - The increase in EAD was driven by a decrease in financing costs, allowing asset yields to remain constant [32][34] Question: Update on book value quarter to date - The book value was up about 1% as of the last Friday [36] Question: Discussion on various risk metrics post-settlement - The company looks at multiple risk metrics, balancing returns available on asset classes with overall leverage and liquidity [40][42] Question: Cost savings impact on return potential - Current return potential estimates do not factor in potential cost savings, indicating upside potential as those savings are realized [43] Question: Strategy behind coupon exposure - The coupon exposure is managed based on how rates move and the current coupon's risk relative to the MSR portfolio [47][50] Question: Growth opportunities in the sub-servicing business - The company is focused on developing relationships and attracting clients dissatisfied with their current sub-servicers [54][56] Question: Valuation of flow MSRs versus existing portfolio - The valuation of flow MSRs is marked to market prices, and recapture cash flows do not impact the mark but affect yield [82]

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]