Core Insights - Harvard University significantly increased its Bitcoin ETF holdings by 257% in Q3, making it the largest disclosed position with $442.8 million as of September 30 [1][2] - The university also raised its gold ETF holdings by 99% to $235 million, maintaining a 2-to-1 allocation ratio of Bitcoin to gold [1] - The $443 million Bitcoin position constitutes approximately 0.75% of Harvard's $57 billion endowment, placing it among the top 20 largest holders of the BlackRock-managed fund [2] Market Timing and Impact - Harvard's Bitcoin accumulation occurred just before a market correction, with Bitcoin's value dropping over 20% from $114,000 to around $92,000 since the end of Q3 [3] - This timing could result in a potential 14% loss on its Q3 Bitcoin purchases, translating to an $89 million paper loss if shares were bought at July's low point [3] Performance Comparison - Despite the losses, they represent a small fraction of Harvard's endowment, which has lagged behind some Ivy League peers in annualized returns over the past decade [4] - For the year ending June 30, Harvard reported an 11.9% gain, trailing behind MIT's 14.8% and Stanford's 14.3% [4] Institutional Perspectives - The substantial Bitcoin allocation by Harvard contrasts with earlier skepticism from its economics faculty regarding Bitcoin's long-term value [5] - Kenneth Rogoff, a Harvard professor, previously predicted that Bitcoin would likely trade at $100 rather than $100,000 within a decade, citing concerns over its transaction uses if money laundering and tax evasion were curtailed [6]

中经记者 樊红敏 北京报道 近日，FOFWEEKLY（母基金周刊）在其官方平台发布《LP全景报告（精华版）2025》（以下简 称"《报告》"）。《报告》从LP职能与定位的转变入手，寻找市场的几大重要变化，并以此为切入点 对政策型LP、金融机构LP、产业型LP、财务型LP、公共型LP五种类型的机构LP的出资现状和特点进 行详尽的梳理，以便更好地反映一级市场的资金供给情况。 "2025年前三季度，出资最活跃的金融机构为保险，累计出资规模超过1000亿元，其次是资产管理公司 和银行，三者的大额投资多为与地方政府合作，投向地区重点产业布局与未来产业、存量资产盘活、重 大产业投资项目等领域，投资偏好相对谨慎、投资周期相对较长的金融机构与地方政府的合作开始找到 新的契合点。"《报告》提到。 （编辑：李晖 审核：何莎莎 校对：颜京宁） 根据《报告》，FOFWEEKLY又将金融机构LP拆分为保险、券商、银行（AIC）、信托和AMC（不良 资产管理公司）五小类。2025年，保险机构无论是从出资频次来看，还是从出资规模来看，在上述五大 金融机构中均排在首位。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is implementing guidelines to link mutual fund managers' salaries to fund performance, aiming to eliminate elitism in the industry [1][4]. Group 1: Regulatory Changes - The CSRC has called on 160 mutual fund houses to establish a performance-based salary mechanism, suggesting that up to 80% of annual salaries should be determined by fund performance [1]. - The regulator is currently soliciting opinions from industry officials regarding the new rules, but has not provided a timeline for enforcement [2]. Group 2: Salary Caps and Industry Context - In the previous year, Beijing capped annual salaries for financial services workers at 3 million yuan (approximately US$424,322) to address wealth disparity among professionals [3]. - Senior managers in top fund-management firms previously earned up to 6 million yuan, making them some of the highest-paid professionals in China, with part of their compensation linked to the size of the funds managed [5]. Group 3: Historical Context and Performance Issues - The mutual fund industry in China saw significant growth from 2006 to 2010, benefiting asset managers who experienced substantial increases in remuneration during this period [6]. - A 2008 report indicated that the performance of domestic funds was largely unrelated to the managers overseeing them, highlighting a disconnect between management and fund performance [7].

Core Viewpoint - A class action lawsuit has been filed against Blue Owl Capital Inc. for alleged violations of the Securities Exchange Act, specifically related to misleading statements regarding liquidity issues and BDC redemptions [1][2]. Summary by Sections Class Action Details - The class period for the lawsuit is from February 6, 2025, to November 16, 2025, with a deadline for lead plaintiff appointments set for February 2, 2026 [2]. - The complaint alleges that Blue Owl made false and misleading statements, particularly regarding undisclosed liquidity issues stemming from BDC redemptions, which may lead to limitations or halting of these redemptions [2]. Shareholder Participation - Shareholders who purchased shares during the specified class period are encouraged to contact the law firm for potential lead plaintiff appointments, although this is not a requirement for recovery [2][3]. - Once registered, shareholders will be enrolled in a portfolio monitoring system to receive updates on the case's progress, with no associated costs or obligations [3]. Law Firm Background - DJS Law Group specializes in securities class actions and corporate governance litigation, focusing on enhancing investor returns through advocacy [4]. - The firm represents large hedge funds and alternative asset managers, emphasizing the value of litigation claims as significant assets [4].

The phone calls will keep coming for shareholders in one of the world’s largest ETFs, if they haven’t voted already. Invesco is in the process of turning its flagship $400B QQQ fund from a unit investment trust to an open-end fund, and it needs shareholders’ proxy votes to do it. If approved, the change would also make Invesco the trustee, a switch from current trustee BNY Mellon, and approve an investment advisory agreement between the ETF and Invesco. Much of the fund’s fee revenue goes to BNY and Nasda ...

Core Insights - ClearBridge is a leading global asset manager focused on active management and research-based stock selection [1] Group 1: Company Overview - ClearBridge emphasizes high-conviction ideas from portfolio managers in its investment strategies [1] - The company regularly shares insights through various channels including investment commentaries, white papers, blog posts, videos, and podcasts [1]

Core Insights - The upcoming FOMC meeting is anticipated to result in a 25 basis point interest rate hike, reflecting consolidated market expectations [1] Group 1 - The FOMC meeting is scheduled for Wednesday, marking a significant event for the month [1] - Market expectations have solidified around the likelihood of a 25 basis point increase in interest rates [1]

李鹏总经理在致辞中指出，作为中国人寿集团旗下专业的资产管理平台，中国人寿资产公司始终秉 承"服务国家战略、支持实体经济"的使命，充分发挥保险资金长期、稳定、规模大的独特优势，致力于 通过创新投资推动产业与资本深度融合，表示将与广发银行南京分行在江苏这片发展热土上深入耕耘， 以"耐心资本"的信念，积极助力江苏的产业升级、科技创新与经济发展。 座谈会上，中国人寿资产公司的投资经理围绕保险资金投资及优秀案例进行专题宣讲和分享，并就如何 加强与产业投资、政府基金合作开展交流。来自江苏省内的扬州产控集团、扬州国金集团等产业投资机 构以及徐州产发基金、无锡创投、盐城创投、南京金鱼嘴创投、淮安淮上英才创投、扬州龙川控股等政 府基金管理人围绕S基金接续投资、并购基金、产业基金以及重点项目投资等开展了项目现场对接和深 入交流。 本次座谈会是广发银行南京分行与中国人寿资产公司深化投贷联动，服务江苏经济高质量发展的具体实 践。广发银行南京分行将以此次活动为契机，发挥科技金融、综合金融优势，带动更多优质金融资源落 地江苏，持续强化对科技创新、产业升级及重大项目的精准支持，全面提升金融服务质效，做好金 融"五篇大文章"，为"强富美高" ...

Core Viewpoint - A class action lawsuit has been initiated against Blue Owl Capital Inc. for alleged misleading statements and undisclosed liquidity issues affecting its business operations during the specified period [2][6]. Group 1: Lawsuit Details - The class action lawsuit pertains to securities purchased between February 6, 2025, and November 16, 2025 [2]. - Allegations include that Blue Owl faced significant pressure on its asset base due to business development companies (BDC) redemptions, leading to undisclosed liquidity issues [6]. - The lawsuit claims that the defendants downplayed the severity of these issues, resulting in materially misleading statements about Blue Owl's business prospects [6]. Group 2: Investor Actions - Investors who purchased or sold Blue Owl securities during the class period may be entitled to compensation without upfront costs through a contingency fee arrangement [3]. - Interested investors can join the class action by submitting a form or contacting the law firm directly [4][7]. - A lead plaintiff must be appointed by February 2, 2026, to represent the class in the litigation [2][4]. Group 3: Law Firm Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements and recognition in the field [5]. - The firm emphasizes the importance of selecting qualified legal counsel with proven success in similar cases [5].

Core Insights - Tokenization technology has not significantly improved the liquidity of illiquid assets, as they retain the illiquidity of their physical counterparts [1][2] - The current focus is on enhancing liquidity for existing liquid assets, such as cash and U.S. Treasuries, rather than illiquid markets [3] - Stablecoins, valued at approximately $300 billion, represent a successful application of tokenization, while tokenized U.S. Treasuries are valued at around $9 billion, significantly outpacing tokenized stocks at $681 million [4] Industry Developments - Securitize is actively involved in bringing tokenization to Wall Street, having helped launch BlackRock's USD Institutional Digital Liquidity Fund, which has reached a valuation of $2 billion since its inception [4] - BlackRock executives have emphasized the potential of tokenization to expand the range of investable assets, particularly in emerging markets, suggesting that smaller, more accessible units could democratize access to asset classes like real estate [5]