Group 1 - Lawrence Fuller has 30 years of experience managing portfolios for individual investors, starting at Merrill Lynch in 1993 and later founding Fuller Asset Management for independence [1] - Fuller Asset Management manages the Focused Growth portfolio on Dub, a copy-trading platform approved by US securities regulators, allowing retail investors to automatically copy chosen managers' trades [1] - The Portfolio Architect, led by Fuller, focuses on an economic and market outlook that supports an all-weather investment strategy aimed at consistent risk-adjusted returns [1] Group 2 - The services offered by Fuller Asset Management include portfolio construction guidance, access to an "All-Weather" model portfolio, a dividend and options income portfolio, daily briefs, weekly newsletters, technical and fundamental reports, trade alerts, and 24/7 chat support [1]

Core Viewpoint - Intercont (Cayman) Limited has entered into a Memorandum of Understanding to acquire a minority stake in Starks Network Ltd, aiming to co-develop the zCloak Network, which integrates maritime services with blockchain technology [1][6]. Company Overview - Intercont (Cayman) Limited is a global carbon-neutral shipping company focused on innovative and environmentally friendly transportation solutions [9]. - Starks Network, based in Singapore, is a leading Web3 technology service provider with strong competitive advantages in the global Web3 ecosystem [2]. Project zCloak Network - zCloak Network is recognized for its proprietary frameworks and compliance-forward infrastructure, which includes AI identity, self-custodial wallets, and stablecoin payment systems [2]. - The project has received support from the Hong Kong Cyberport incubation programs and investments from top-tier venture capital firms, indicating robust investor confidence [2]. Market Trends - The global adoption of stablecoin-based payment systems has rapidly accelerated, with transaction volumes surpassing those of Visa and Mastercard in 2024, marking a significant shift in financial infrastructure [5]. - The digital asset market capitalization has increased from $5 billion in 2022 to over $25.5 billion by July 2025, reflecting a growth of approximately 410% [5]. Strategic Implications - The acquisition of zCloak is a strategic move for NCT to expand into the digitization of real-world assets and enhance its leadership in global shipping services [6]. - NCT plans to leverage zCloak's infrastructure to develop standardized and compliant on-chain asset solutions, targeting high-value verticals in the market [8]. Leadership Perspective - The partnership between NCT and Starks Network is described as a convergence of tradition and innovation, aiming to re-imagine themes of contract and wealth through Web3 technology [7]. - NCT's CEO highlighted the potential for significant revenue generation in privacy-preserving identity and compliance verification, with leading infrastructure providers achieving annual revenues in the range of $30–40 million [8].

Core Insights - T. Rowe Price's Global Retirement Savers Study reveals that nearly 34% of retirement savers globally expect to work part-time after retirement, with the highest expectation in the U.S. at 37% [1][2] - Economic uncertainty is prevalent among savers, with 50% anticipating a recession by mid-2026 and inflation being a top concern for 42% of respondents [2][5] - The study highlights a significant gender gap in retirement confidence, with only 31% of respondents expecting to live as well or better in retirement, and single women reporting the lowest confidence levels [5] Economic Outlook - Economic pessimism is highest in Japan and Canada, where 62% and 56% of respondents foresee a recession, while savers in the U.S., Australia, and the UK show more optimism [5] - The survey indicates that retirement optimism is low worldwide, with significant variations in confidence levels across different regions [5] Financial Confidence and Resources - About one-third of global retirement savers express excitement for retirement, which correlates with stronger financial footing and higher earnings [5] - Workplace resources and human advisors are the most relied-upon sources of financial advice, particularly in the U.S., while Japanese respondents tend to self-direct more [5]

Group 1 - BlackRock has filed for a staked Ethereum (ETH) exchange-traded fund (ETF), initiating the review process with the U.S. SEC [1] - The proposed fund, named iShares Ethereum Staking Trust (ETHB), was first indicated in November when BlackRock registered the name in Delaware [2] - This is not BlackRock's first Ethereum ETF; the firm launched the iShares Ethereum Trust (ETHA) in July 2024, but had to remove staking components from earlier filings due to SEC guidance [3] Group 2 - Under new SEC Chair Paul Atkins, the stance on staking appears to be softening, allowing BlackRock and others to amend ETF filings to include staking [4] - The iShares Ethereum Trust (ETHA), which holds approximately $11 billion in ETH, will remain separate from the proposed staked fund [4] - If approved, the staked fund would provide investors with exposure to Ethereum's yield-generating mechanism without the need to stake assets themselves [4]

Core Viewpoint - Ed Yardeni has increased the probability of a productivity-driven boom in U.S. equities from 50% to 60%, projecting a year-end 2026 S&P 500 target of 7,700, indicating a potential 13% rally for the Vanguard S&P 500 ETF [1][4]. Economic Outlook - The U.S. economy is expected to grow between 3% and 3.5% next year, with easing unit labor costs and inflation moving towards the Federal Reserve's 2% target [4]. - Recent fiscal and monetary measures are anticipated to take full effect next year, contributing to economic growth [5]. Demographic Factors - By 2026, Baby Boomers will be aged 62 to 80 and will hold a net worth of $85.4 trillion, with $27.4 trillion in equities and mutual funds, which will support consumption through wealth effects [7]. - Big Tech companies are projected to invest a record $500 billion in capital expenditures in 2026, primarily focused on artificial intelligence infrastructure [7]. Earnings and Valuation Projections - S&P 500 earnings per share are projected to rise from $268 in 2023 to $310 in 2026, with a further increase to $350 in 2027 [8]. - Forward valuation multiples of 18 to 22 suggest an index range of 6,300 to 7,700, with the target set at the high end [8]. Risks to the Outlook - Potential risks include market volatility related to AI valuations, pressures from bond markets, private credit stress, consumer retrenchment, and geopolitical tensions [9][10][11].

Core Insights - The MFS report highlights the tightening of credit spreads, with the Global Investment Grade index trading inside of 80 basis points as of September 30, 2025 [2] - Strong fundamentals in both domestic and global markets are noted, with the OBBBA potentially enhancing corporate stability and capital spending in the U.S. and favorable leverage conditions in Europe [3] - Investor demand is significantly outpacing supply, driven by an aging retail investor base and the derisking of corporate pension plans, while yields remain favorable, creating a positive risk profile for fixed income portfolios [4] Fixed Income Portfolio Strategy - The MFS Active Core Plus Bond ETF (MFSB) is suggested as a strong foundation for building a resilient fixed income portfolio [5] - MFSB employs a macro-aware, bottom-up approach to security selection, focusing on bonds with attractive fundamentals and valuations, particularly in credit markets [6] - The fund utilizes active management to seek additional yield through selective high-yield investments and aims to enhance value via sector tilts and quality allocations, achieving a 30-day SEC yield of 4.79% as of September 30, 2025 [7]

Core Insights - Westwood Holdings Group, Inc. was recognized in the 2025 Best Places to Work in Money Management awards by Pensions & Investments, marking its 11th win of this prestigious award [1][3] Company Overview - Westwood Holdings Group is a boutique asset management firm that offers a diverse array of actively and passively managed, outcome-oriented investment strategies, along with trust and wealth services for institutional, intermediary, and private wealth clients [6] - The firm has a client-first approach that has fostered strong, long-term client relationships for over 40 years, emphasizing bespoke investment strategies and exceptional client service [6] Workplace Culture - The company is noted for fostering a culture of growth and collaboration, providing comprehensive professional development opportunities, mentorship, and exposure to diverse investment strategies [2] - Competitive compensation, robust benefits, and recognition programs contribute to high employee retention and engagement rates [2] - Employees appreciate the inclusive environment and the opportunity to make meaningful impacts within a supportive and innovative setting [2] Award Evaluation Process - The award evaluation consisted of a two-part survey process: the first part evaluated workplace policies and practices (20% of total evaluation), while the second part measured employee experience through a survey (80% of total evaluation) [4]

Core Viewpoint - Gabelli Funds has launched the Keeley Dividend ETF (KDVD) on the NYSE, aiming to generate current income and capital appreciation through investments in dividend-paying small- and mid-cap companies [1][2]. Group 1: ETF Overview - KDVD is an actively managed ETF that focuses on dividend-paying stocks, managed by experienced portfolio managers Thomas E. Browne, Jr. and Brian P. Leonard, who have over 16 years of experience in dividend strategies [1]. - The ETF will invest across a range of dividend-paying stocks, from modest payers with high reinvestment opportunities to stable growers and higher-yielding names, utilizing Gabelli's fundamental, bottom-up research framework [2]. Group 2: Market Context - The current market conditions are favorable for dividend investors, as valuations in small- and mid-cap equities are more attractive compared to large-cap peers, and dividend strategies have lagged in recent years [2]. Group 3: Fee Structure - To promote the new ETF, Gabelli is waiving the standard 0.90% management fee for the first year after inception, after which the fund will revert to its stated management fee schedule [3].

Core Insights - Invesco Ltd. has formed a strategic partnership with LGT Capital Partners to develop multi-alternative private markets solutions, initially targeting the U.S. wealth and retirement sectors [1][2][3] Company Overview - Invesco manages over $190 billion in global private markets and alternatives, with more than $1 trillion managed for U.S. wealth clients, positioning itself as a leading provider in defined contribution retirement plans [4] - LGT Capital Partners has over $120 billion in assets under management and serves more than 700 institutional clients across 50 countries, specializing in alternative investments [8] Strategic Goals - The collaboration aims to simplify access to private markets through innovative portfolio solutions and enhanced investor education [2][3] - Both firms emphasize a client-first approach and long-term investment performance, seeking to leverage their complementary strengths to deliver innovative solutions [3][6] Market Positioning - Invesco's consultative approach and history of innovation have established a best-in-class wealth platform, enabling advisors to create resilient portfolios [4] - LGT Capital Partners has a strong network of over 800 general partners, providing access to private equity, private credit, and infrastructure investments [5]

Core Viewpoint - Bimini Capital Management, Inc. has successfully upgraded to trade on the OTCQX® Best Market, indicating its growth and enhanced visibility among U.S. investors [1][4]. Company Overview - Bimini Capital Management, Inc. specializes in residential mortgage-related securities, primarily investing in securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae [4]. - The company's investment strategy focuses on earning returns from the spread between asset yields and borrowing costs [4]. - Bimini also serves as the external manager of Orchid Island Capital Inc., receiving management fees and dividends from its investment in Orchid Island Capital common shares [4]. Market Context - The OTCQX Market provides a premium platform for investor-focused companies, requiring high financial standards and compliance with securities laws for qualification [3]. - OTC Markets Group Inc. operates regulated markets for trading 12,000 U.S. and international securities, facilitating efficient access to financial markets [5].