Two of Wall Street’s biggest firms say the AI boom is far from a speculative mania. Instead, BlackRock and Bank of America say this cycle is being driven by real corporate investment, earnings, and productivity gains — not the kind of irrational exuberance that defined the dot-com bubble of the early 2000s. "We don't think the bubble framing is that useful at this stage for investors," Jean Boivin, head of the BlackRock Investment Institute, said at a media roundtable on Tuesday. “We want to avoid just ...

Blackrock, the world's largest asset manager, laid out its vision for 2026 and — reading past its bearish outlook for U.S. bonds and the world's largest economy — it’s a bullish blueprint for institutional crypto adoption. U.S. federal debt will swell past $38 trillion, setting the tone for a market outlook defined by fragility and the failure of traditional hedges, according to the report. For crypto that's good news, because this economic environment will lead to accelerated digital asset adoption among ...

Core Insights - VistaShares celebrates the one-year anniversary of its first ETF, the VistaShares Artificial Intelligence Supercycle ETF (AIS), which aims to redefine thematic exposures and income strategies in the investment landscape [1][2]. Group 1: ETF Differentiation - AIS is designed to differentiate itself from other ETFs by focusing on Supercycles™, which are technology-driven trends causing disruption across various industries [2]. - The ETF employs an actively managed approach, guided by an Investment Committee with expertise in technology, AI, and asset management, to identify "hidden gems" in the AI sector rather than just mega-cap stocks [3]. Group 2: Performance and Growth - In its first year, AIS has attracted approximately $100 million in assets and has shown strong performance within the AI infrastructure and technology sector [4]. - AIS has been recognized as the top-performing fund in the AI Infrastructure sector, validating its investment strategy and approach [5]. Group 3: Expansion of Offerings - VistaShares has introduced a new ETF, the VistaShares Electrification Supercycle® ETF (POW), which aims to provide Pure Exposure™ to energy infrastructure benefiting from AI-driven investments [5][6]. - The VistaShares ETF lineup has grown to seven funds, collectively amassing over $800 million in assets under management (AUM) since the firm's entry into the ETF market [8].

Core Insights - Capital Group is partnering with KKR to launch funds aimed at retail investors, including a target-date fund for retirement plans that will incorporate both public and private assets [1][4] - The firm is shifting its strategy to attract more retail money through a marketing campaign and expanding its ETF lineup, marking a significant change since its founding in 1931 [4][5] - The partnership aims to provide diversified portfolios that blend public and private markets, addressing the gap between institutional and retail investment options [7][26] Company Strategy - Capital Group has historically maintained a low profile but is now actively seeking to engage retail investors as competition from private-market firms increases [6][5] - The firm has experienced net outflows from its equity mutual funds for the past decade, prompting a need for strategic evolution [8][5] - The new funds with KKR have already attracted over $500 million in assets under management, indicating initial success in this new venture [9] Market Position - Capital Group manages approximately $3.3 trillion in assets and is known for its American Funds, which have significant investments in major companies like Nvidia and Amazon [3][5] - The firm has relationships with over 20 million households and 75% of U.S. financial advisers, providing a strong distribution network for its products [25][34] - Despite strong performance in certain funds, clients have withdrawn $122 billion from its largest mutual fund since 2015, highlighting challenges in retaining investor interest [23][21] Product Development - The new funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+, will target a mix of 60% publicly traded debt and 40% private credit [27] - The partnership is designed to create products that are more accessible and easier to implement for retail investors, reflecting a shift in Capital Group's approach [34][35] - Negotiations regarding fees and product rollout timelines have been complex, but both firms are aligned on their strategic goals [28][30] Cultural Shift - Capital Group is moving away from its traditionally secretive culture to appeal more to retail investors, including unique marketing efforts like a hot-air balloon campaign [15][16] - The firm is undergoing personnel changes, including hiring for new roles focused on private markets, indicating a shift in operational strategy [19][17] - The CEO, Mike Gitlin, is actively engaging with the public through social media and podcasts to reshape the firm's narrative and attract a broader audience [16][8]

Core Insights - Capital Group, historically low-profile, is shifting its strategy to adapt to the changing investment landscape, particularly the rise of passive investing and ETFs [2][3] - The firm is launching a marketing campaign, expanding its ETF offerings, and forming a partnership with KKR to attract retail investors [3][5] Company Strategy - The $3.3 trillion firm is concerned about being left behind as competitors like Apollo and Blackstone enhance their retail offerings [4] - Capital Group's CEO Mike Gitlin emphasizes the need for the firm to evolve and strengthen its client relationships [4][7] - The partnership with KKR aims to create diversified portfolios that combine public and private market assets [6][25] Financial Performance - Over the past decade, Capital Group has experienced net outflows from its equity mutual funds, with clients withdrawing $122 billion from its largest fund since 2015 [7][20] - The firm’s ETFs, launched in 2022, have accumulated about $100 billion in assets, but this is not enough to offset the losses from traditional mutual funds [18] Market Position - Capital Group has strong distribution networks, with relationships with over 20 million households and 75% of U.S. financial advisers [23] - The firm is attempting to capture a share of the growing retail investor market, which is seen as a significant opportunity for future growth [32] Product Development - The new funds created in partnership with KKR will target a mix of 60% public debt and 40% private credit, with plans for additional funds focusing on private equity and real assets [25] - The co-managed funds will charge lower fees compared to KKR's traditional offerings, aiming to be more accessible to retail investors [27][31] Organizational Changes - Recent leadership changes include the appointment of new executives and a shift in Gitlin's role to focus solely on business operations [15][16] - The firm is also hiring for a head of private markets, indicating a strategic pivot towards this asset class [17]

Company Overview - Ameriprise Financial, Inc. (AMP) is a diversified financial services company based in Minneapolis, Minnesota, with a market cap of $42.3 billion, specializing in wealth management, asset management, and retirement planning for individuals and institutions [1]. Market Position - AMP is classified as a "large-cap stock" due to its market cap exceeding $10 billion, highlighting its size, influence, and dominance in the asset management industry [2]. Stock Performance - AMP's shares have declined 21.5% from its 52-week high of $582.05, reached on January 30, and have fallen 10.9% over the past three months, underperforming the S&P 500 Index, which rose by 6.5% during the same period [3]. - Over the past 52 weeks, AMP has decreased by 19.2%, while the S&P 500 Index has increased by 12.9%. Year-to-date, AMP shares are down 14.2%, compared to the S&P 500's return of 16.1% [4]. Financial Performance - In Q3, AMP reported better-than-expected results, with total net revenue increasing by 9% year-over-year to $4.8 billion, driven by growth in management and financial advice fees, distribution fees, and premiums [5]. - The adjusted EPS for Q3 climbed 12.3% from the previous year to $9.92, surpassing analyst estimates by 3.3%. Despite these positive results, AMP's shares fell by 5.1% following the earnings release [5]. Competitive Landscape - AMP has underperformed compared to its rival, Raymond James Financial, Inc. (RJF), which saw a decline of 6.8% over the past 52 weeks and a marginal gain year-to-date [6]. - Analysts maintain a cautious outlook on AMP, with a consensus rating of "Hold" from 15 analysts and a mean price target of $534, indicating a potential 16.9% premium to its current price levels [6].

Core Insights - Lawrence Fuller has 30 years of experience managing portfolios for individual investors and founded Fuller Asset Management to achieve independence [1] - Fuller Asset Management manages the Focused Growth portfolio on Dub, a copy-trading platform approved by US securities regulators [1] - The Portfolio Architect group led by Fuller focuses on an all-weather investment strategy aimed at consistent risk-adjusted market returns [1] Company Overview - Fuller Asset Management (FAM) is a state-registered investment adviser [3] - The firm provides educational information and does not make offers for specific securities or investment strategies [3] - FAM emphasizes that past performance should not be relied upon without understanding market conditions and investment constraints [3] Investment Strategy - The Portfolio Architect offers portfolio construction guidance, an "All-Weather" model portfolio, and a dividend and options income portfolio [1] - Additional features include daily briefs on current events, a week-ahead newsletter, technical and fundamental reports, trade alerts, and 24/7 chat support [1]

Core Viewpoint - Affiliated Managers Group (AMG) has experienced significant stock performance, reaching a 52-week high, driven by strong quarterly results and a strategic pivot towards alternative investments [1][8][27]. Group 1: Stock Performance - AMG shares hit a new 52-week high of $276.24, closing at $266.16, with a year-to-date increase of 43.9%, contrasting with a 16.9% decline in the industry [1]. - The stock has consistently performed better than peers such as Janus Henderson Group plc and SEI Investments Company [1]. Group 2: Quarterly Performance - AMG reported economic earnings per share of $6.10, surpassing the Zacks Consensus Estimate of $5.83, marking a 26.6% year-over-year increase [2]. - The company anticipates net income for the fourth quarter of 2025 to be between $189 million and $223 million, with economic earnings projected between $8.10 and $9.26 per share [3]. Group 3: Strategic Initiatives - AMG has shifted focus towards private markets and liquid alternatives since 2021, resulting in strong client inflows and offsetting weaknesses in traditional asset categories [4]. - New partnerships announced this year are expected to add approximately $24 billion to AUM across private markets and liquid alternatives [4][5]. Group 4: Alternatives and AUM - As of September 30, 2025, alternatives made up nearly 44% of total AUM and contributed about 55% of AMG's earnings [6]. - The company aims to increase earnings from alternatives to over 66% in the coming years, enhancing its ability to manage market volatility [6]. Group 5: Financial Position - AMG has sufficient liquidity to support its expansion plans, bolstered by divestitures and a recent sale of its interest in Comvest Partners' private credit business for $285 million [9][10]. - As of September 30, 2025, AMG's total debt was $2.37 billion, with cash and cash equivalents of $476.1 million, and it has a $1.25 billion revolving credit facility [17]. Group 6: Revenue and Earnings Outlook - The company expects performance fees in 2025 to range between $110 million and $150 million, with revenue growth estimates of 1.9% and 8% for 2025 and 2026, respectively [14][23]. - Analysts project an 18.7% increase in earnings for 2025 and an 18.9% growth for 2026, with upward revisions in earnings estimates over the past month [23]. Group 7: Shareholder Returns - AMG prioritizes share repurchases, with plans to buy back at least $500 million worth of shares in 2025, having repurchased $350 million in the first nine months of 2025 [19][18]. - The company has a history of share repurchase authorizations, with nearly 3.4 million shares remaining available for repurchase as of September 30, 2025 [18].

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment Group 1: Company Earnings Estimates - Kennametal Inc. (KMT) has seen a 25% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Universal Health Services, Inc. (UHS) has experienced a 6.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - WisdomTree, Inc. (WT) has reported a 6.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Oceaneering International, Inc. (OII) has seen an 11.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - MediaAlpha, Inc. (MAX) has experienced a significant 700% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

For having a name that means leading actions, movements and the development of new ideas, Vanguard has been curiously behind the industry in giving its clients access to crypto ETFs. That was the case until yesterday, when the low-cost, investor-focused financial giant made a big change, allowing some of the more mainstream (meaning not memecoin) digital-asset exchange-traded funds onto its brokerage system. That followed a decision by Morgan Stanley in October to expand crypto access to all clients, rath ...