Core Viewpoint - Sterling Capital Focus Equity ETF (LCG) aims for long-term capital appreciation by investing in companies with strong competitive advantages and disciplined capital allocation [1] Investment Strategy - The ETF employs a concentrated, high-conviction approach focusing on quality growth at sensible valuations through deep fundamental research [1] - Long holding periods and measured portfolio turnover are emphasized to allow compounding to drive outcomes [1] - The strategy is designed to complement diversified core equity and serve as a portfolio-alpha sleeve for investors comfortable with active share [1] Risk Management - Concentration heightens both upside potential and the need for rigorous risk oversight, with a focus on quality and profitability [1] - A key risk to monitor is concentration risk, as a limited number of holdings can increase idiosyncratic exposure if individual positions underperform [1] Suitable Investor Profiles - The ETF is suitable for institutions and advisors who value bottom-up research and patient ownership in leading franchises [1] - The approach may excel when earnings leadership is rewarded and fundamentals dominate market direction [1] - It may lag during sharp factor rotations favoring value or low-quality rallies [1]

Summary of Anta Sports Products Conference Call Company Overview - **Company**: Anta Sports Products (2020.HK) - **Industry**: Consumer & Leisure Key Takeaways 1. **4Q25 Demand Trends**: - Overall demand was soft in 4Q25, with December sales impacted by warm weather and a late start to Chinese New Year shopping. Despite these challenges, Anta met its lowered full-year sell-through target. [1][2][6] - Fila performed well during the Double-11 shopping festival but faced challenges in down apparel sales due to unfavorable weather. [1][6][7] - Descente and Kolon brands showed solid growth and opportunities for product expansion. [1][7] 2. **FY26 Outlook**: - Anta aims for quality topline growth in FY26, with stable brand-level margins year-over-year supported by strong cost control. However, losses from Jack Wolfskin and other non-operating items may impact overall profitability. [1][14] - Specific numerical guidance for FY26 has not been provided, but the focus will be on high-quality growth. [1][14] 3. **M&A Pipeline**: - The company is actively evaluating acquisition targets across various categories, both in China and globally. Key criteria for evaluation include valuation, execution potential, and strategic fit. [1][12] 4. **Multi-Brand Portfolio Strategy**: - Management emphasized the importance of a multi-brand portfolio as a strategic necessity to capture market share in a de-consolidating environment. The company aims to differentiate brands within the same category to meet segmented demand and minimize cannibalization risks. [1][11] 5. **Jack Wolfskin Update**: - The integration of Jack Wolfskin is in early stages, with the brand contributing seven months of losses in FY25. Losses are expected to widen in FY26 due to significant investments in brand and supply chain. Management believes Jack Wolfskin can serve the mass-outdoor segment in China. [1][10] 6. **Super ANTA Retail Format**: - The new retail format, Super ANTA, is meeting store productivity targets but is underperforming on profitability metrics due to a lack of economies of scale. [1][9] Financial Metrics - **Market Cap**: HK$233.3 billion / $30.0 billion - **Revenue Forecasts**: - FY24: Rmb 70,826 million - FY25E: Rmb 79,471 million - FY26E: Rmb 87,200 million - FY27E: Rmb 94,868 million [1][15] Risks and Considerations - Key risks include weaker growth for Anta and Fila, discount pressures, and challenges in operating expense control. [1][13] Conclusion Anta Sports Products is navigating a challenging retail environment with a focus on quality growth and strategic acquisitions. The company is committed to maintaining brand differentiation and managing profitability amidst ongoing investments in new brands and retail formats.

Core Insights - H World Group Limited celebrates its 20th anniversary and announces a strategic focus on supply-side innovation and quality growth, aiming to operate over 20,000 hotels in 2,000 Chinese cities by 2030, targeting approximately 15% market share [1][2]. Company Overview - H World Group has grown from a single hotel in 2005 to over 12,000 properties across 19 countries and regions, with nearly 4,000 franchisees, investors, and partners involved [3]. - The company has welcomed over two billion guests and contributed over RMB 300 billion in industry investment, ranking 4th globally among hotel groups by room count [4]. Strategic Vision - The growth strategy is centered on three pillars: brand leadership, a powerful membership ecosystem, and an advanced technology backbone [2]. - H World aims to deliver high-quality growth and become the infrastructure of China's hospitality industry, with a mission to make "Chinese hospitality" resonate globally [5]. Brand and Membership - The company boasts a multi-brand portfolio that spans from mass-market to luxury, including brands like Hanting and JI Hotel, supported by strong brand equity and industrialized supply chain capabilities [6]. - The H Rewards membership program has surpassed 280 million members, making it the world's largest hotel loyalty platform, which drives direct bookings and repeat stays [6]. Technology and Operations - H World utilizes a self-developed, full-stack digital platform that covers booking, operations, and analytics, enabling real-time management and personalized experiences for guests and franchise partners [6].