Core Insights - The investment landscape for 2026 is perceived as offering deeper and wider opportunities despite high market valuations and indices [2] - Current equity markets are characterized by greed and impatience, leading to a focus on short-term performance rather than long-term value [3] - Investor psychology is shifting towards perceived risk aversion, which may actually be driving them away from areas with genuine mispricing [4] Performance and Net Asset Value - Dynasty Trust reported a quarterly return of -2.29% and a net asset value per unit of $1.3030 as of December 31, 2025 [5] - Over the rolling 12 months, the return was 8.19%, and over two years, it was 12.93% [5] - The inception return of Dynasty Trust stands at 36.74% [5] Market Dynamics - The S&P 500 index saw a significant concentration of performance in its top 10 stocks, which now account for 39.2% of the index [6] - Smaller companies and controlled entities have recently fallen out of favor, impacting the performance of Dynasty Trust [6] Currency Impact - The Australian dollar's fluctuations against the euro and US dollar affected returns, with a 5.5% decline against the euro and a 6% rise against the US dollar in 2025 [7] - The overall impact of currency changes on performance was minimal, costing only 11 basis points [7] Positive Contributors to Performance - Seven securities contributed positively to Dynasty Trust, with Sportradar (SRAD) showing a 68% gain and Catapult International a 54% gain [8] - Other notable contributors included Viel et Cie (48% gain) and Avolta (30% gain) [8] Negative Contributors to Performance - Six securities detracted from returns, with Novo Nordisk (NVO) down 28% due to drug pricing uncertainties [9] - Other significant detractors included Bolloré (19% decline) and EuroEyes International (24% decline) [9] Investment Strategy - The company emphasizes investing in controlled public companies, which historically have shown long-term benefits [11] - The focus is on avoiding dilution of investment skills by steering clear of extraneous factors like stock or currency hedging [11] Market Trends - The technology sector has seen a significant rerating, while other sectors have experienced derating from already pessimistic valuations [13] - A bifurcation in the market is evident, with technology stocks performing well while other sectors lag behind [17] Valuation Insights - Many European holding companies are trading at significant discounts to NAV, with an average discount increasing from 30% to 30.6% over three years [14] - The high pricing of privately held technology companies has widened discounts for European firms, leading to investor skepticism [19] Specific Company Analysis: Hansa Investment Company - Hansa trades at a 44% discount to NAV, with a pro-forma cash exposure of approximately 35% of NAV [32] - The company has initiated share repurchases post-merger with Ocean Wilson, which is expected to enhance NAV [38] Specific Company Analysis: D'leteren - D'leteren is facing challenges due to increased leverage and cyclical pressures, impacting reported profits [41] - The company has initiated a €100 million stock buyback program to manage its capital structure [44] - The valuation of D'leteren's stake in Belron is under scrutiny, with significant skepticism regarding private equity valuations [60]

全球指数提供商MSCI宣布，将维持目前对所谓"加密货币财库公司"的指数处理方式，此举意味着 MicroStrategy等将比特币作为核心资产的企业暂时免遭剔除。 周二，明晟公司（MSCI）在声明中表示，将维持对包括加密货币持有量超过总资产50%的公司在内的 现有指数处理方式，也就是暂不将财库公司剔除出指数。 MSCI指出，加密货币财库公司（DATCOs）具有投资基金特征，这类公司业务活动主要以投资为导向 而非经营为导向。作为替代方案，MSCI透露计划启动更广泛的咨询，探讨应如何对待非经营性公司。 Strategy目前持有超过600亿美元的比特币，约占其企业价值的99%。受此消息提振，Strategy股价在盘后 交易中上涨超6%，此前一年该股已累计下跌近60%。 更广泛的咨询与定义难题 尽管MSCI搁置了这一可能导致加密资产密集型公司被移出主要基准指数的争议性计划，但这并不意味 着监管大门就此关闭。CIBC Capital Markets股票和投资组合策略主管Christopher Harvey评论称： MSCI在声明中解释称，区分那些持有非运营资产（如加密货币）是为了核心运营还是仅仅为了投资目 的，需要进一步 ...

Group 1 - The company announced that its wholly-owned subsidiary, Tongxiang Chanyun Huiying Equity Investment Co., Ltd., has committed to invest 119.2 million yuan in establishing the "Chanyun Zhe Pharmaceutical Zhongying Fuyiao (Hangzhou) Equity Investment Partnership (Limited Partnership)" [1][2] - The investment fund has completed the registration process with the Asset Management Association of China and has obtained the "Private Investment Fund Registration Certificate" [2] - The fund's registration details include the registration code SBNH29, the fund name, management company as Zhejiang Oriental Group Chanyun Investment Co., Ltd., and custodian as Bank of China [2]

Core Insights - The article emphasizes the importance of generating income from investments through dividends, which can support lifestyle expenses and provide a tangible return on investment [1] Investment Strategy - The company focuses on identifying high-quality dividend stocks and other assets that offer long-term growth potential, aiming to create a hybrid investment strategy that balances growth and income [1] - The investment approach includes a mix of classic dividend growth stocks, Business Development Companies, Real Estate Investment Trusts (REITs), and Closed-End Funds to enhance investment income while achieving total returns comparable to traditional index funds like the S&P 500 [1]

Investment Overview - MSC Income Fund, Inc. has completed a new portfolio investment of $12.7 million in UBM ParentCo, LLC to facilitate UBM's merger with Mystic Logistics Holdings, LLC [1] - The investment includes a combination of first lien, senior secured term debt and direct minority equity [1] - The Fund has fully exited its debt and equity investments in Mystic and is now a lender and minority equity owner in UBM [1] Company Profiles - UBM is a leading provider of marketing mail commingle services, focusing on optimizing postage, transportation, and delivery performance for large-scale mailers [2] - UBM utilizes a nationwide logistics network and technology-driven processes to enhance speed-to-market, visibility, and cost efficiency for clients [2] - Mystic specializes in marketing mail consolidation and logistics solutions, supporting precise, date-driven in-home delivery performance [3] - Mystic employs disciplined transportation planning, mail flow optimization, and performance tracking to align marketing campaigns with targeted delivery windows [3] Historical Investment Performance - The Fund initially partnered with Mystic's management in August 2014 with a $2.5 million first lien, senior secured term loan and a $0.7 million equity investment [4] - Mystic experienced significant growth post-investment, expanding its customer base and strengthening partnerships [4] - The Fund realized a gain of $6.0 million on the exit of its equity investment in Mystic, along with total dividends of $5.5 million [5] - The cumulative annual internal rate of return (IRR) for the Fund's equity investment in Mystic is 32.9%, with a total money invested (TMI) return of 17.9 times [5] - Including both debt and equity investments, the Fund achieved an IRR of 22.9% and a TMI return of 5.1 times [5] Fund Overview - MSC Income Fund primarily provides debt capital to private companies owned by or in the process of being acquired by private equity funds [6] - The Fund's investments support leveraged buyouts, recapitalizations, growth financings, refinancings, and acquisitions across diverse industry sectors [6] - The Fund typically invests in secured debt and maintains a portfolio of customized long-term debt and equity investments in lower middle market companies [6] - Portfolio companies generally have annual revenues between $25 million and $500 million for private loan investments and between $10 million and $150 million for lower middle market investments [6]

Japanese investment firm Metaplanet saw its stock move higher on Dec. 6, rising about 8%. This occurred as renewed buying across the crypto market lifted shares of companies linked to Bitcoin holdings and trading activity. The move followed gains in Bitcoin and strength in US crypto-related stocks overnight. Metaplanet Stock Rises with Bitcoin Recovery Metaplanet stock increased dramatically during the latest trading session in Japan, showing improved mood across digital asset markets. According to Goog ...

人民财讯1月6日电，企查查APP显示，近日，爱朋智链云脑(嘉兴)股权投资合伙企业(有限合伙)成立， 出资额1亿元，经营范围包含股权投资；以私募基金从事创业投资活动。企查查股权穿透显示，该合伙 企业由嘉兴思麟创业投资合伙企业(有限合伙)、爱朋医疗（300753）、江苏英掘私募基金管理有限公司 共同持股。 ...

西开投把债务化解摆在突出位置，坚持分类施策、精准发力，通过优化债务结构、置换高成本融资、推 进资产证券化等方式，稳妥化解存量债务，资产质量和抗风险能力显著增强。同时，深入推进"三资三 化"改革，积极探索资源资产化、资产证券化、资金杠杆化路径，不断提升国有资本配置效率。紧扣开 发区光通信等特色产业发展方向，西开投实施股权投资和产业并购，推动产业链条延伸，助力构建"光 纤预制棒-光纤-光缆"完整产业体系，为园区主导产业提质升级注入新动能。与此同时，依托旗下担保 和小贷平台，集团持续加大对园区企业的金融支持力度，为中小微企业纾困解难、稳健经营提供有力保 障，有效发挥了产投国企服务实体经济的重要作用。 作为西宁（国家级）经济技术开发区建设的主力军，西开投长期承担道路、地下管网、污水处理、标准 化厂房等基础设施建设任务，持续夯实园区宜居宜业的硬件基础。同时，集团聚焦债权清收、闲置房产 楼宇、厂房商业设施等低效资产系统化攻坚，纵深推进市场化转型，成功实现从传统"城投"向现代"产 投"的关键转变，为开发区发展持续注入强劲动能。通过资金融通、资源整合和项目孵化，积极服务新 能源、新材料、生物医药等主导产业发展，推动产业由分散 ...

Shares of Grayscale Ethereum Staking ETF set to trade ex-Dividend at Today’s Market OpenSTAMFORD, Conn., Jan. 05, 2026 (GLOBE NEWSWIRE) -- Grayscale, the world's largest digital asset-focused investment platform*, today announced that Grayscale Ethereum Staking ETF (Ticker: ETHE) has made a distribution to existing shareholders of proceeds from the sale of staking rewards earned by the Fund between October 6, 2025 and December 31, 2025. The milestone marks the first time a spot crypto ETP in the U.S. has di ...

As a non-traditional retiree that retired from the U.S. Navy, I've taken a simple yet effective approach to investing by owning dividend stocks. A few weeks ago, I opened my first non-dividend-paying position in Netflix, Inc. (Formerly known as "The Dividend Collectuh." Top 1% of financial experts on TipRanks. Contributing analyst to the iREIT+Hoya Capital investment group. Dividend Collection Agency is not a registered investment professional nor financial advisor and these articles should not be taken as ...