Core Viewpoint - JPMorgan launched the Global Select Equity ETF (NASDAQ:JGLO) in September 2023 to actively select the best equity ideas globally [1] Group 1 - The ETF aims to provide investors with a diversified portfolio of high-quality global equities [1] - The launch reflects JPMorgan's strategy to enhance its investment offerings in the equity market [1]

Core Insights - The JPMorgan Active Bond ETF (JBND) has attracted $5.4 billion since its launch in October 2023, primarily due to its ability to outperform in volatile markets [2][8] - The fund faces challenges as corporate bond spreads have compressed to their tightest levels in two decades, which may impact future performance [3][8] Fund Performance and Strategy - JBND has a portfolio turnover rate of 89%, indicating aggressive repositioning by managers in response to compressed spreads [4][8] - The fund is expected to generate around 5% returns from investment-grade bond coupons this year, emphasizing the importance of active sector selection [4] Yield and Income Generation - JBND offers a yield of 4.4% generated from bond coupons, distinguishing itself from other income ETFs that rely on options strategies [6][8] - The fund allocates approximately 30% to securitized products, such as agency mortgage-backed securities and asset-backed securities, to enhance yield while maintaining investment-grade quality [7][8] Market Risks - Rising Treasury yields pose a significant risk for JBND holders, with projections indicating that 10-year yields could reach 4.35% [5] - The fund's six-year duration means it is sensitive to interest rate movements, which will be crucial for determining the effectiveness of its active management strategy [5]

Core Insights - The JPMorgan Active Bond ETF (JBND) has successfully attracted $5.4 billion in investments since its launch in October 2023, indicating strong market interest and confidence in its performance during volatile market conditions [1] Group 1: Performance and Management - The ETF charges a premium for its active management strategy, which has proven effective in delivering outperformance during periods of market volatility [1]

Core Insights - The S&P 500 reached a record high, continuing a bull market that began after the Covid lows in March 2020, indicating strong market resilience and investor confidence [4]. Group 1: Market Performance - The S&P 500 has extended its gains, reflecting a robust bull market despite some fluctuations [4]. - The SPDR S&P 500 Trust (SPY) ETF is highlighted as a potential investment opportunity due to the index's performance [4]. Group 2: Investment Opportunities - Analysts are optimistic about 11 S&P 500 stocks for 2026, suggesting a favorable outlook for specific equities [9]. - There is a mention of a stock yielding 12% that has already increased by 10% this year, indicating strong performance among select stocks [7].

Core Insights - The active ETF market experienced a split in strategy in 2025, with discretionary equity funds gaining 3.3% market share while systematic equity funds lost 1.1% [1] - Discretionary equity saw significant organic asset growth of 68.8%, contributing to the overall active ETF market reaching $476 billion across 953 launches in 2025 [3] Discretionary Equity Performance - The T. Rowe Price Capital Appreciation Equity ETF (TCAF) attracted $2.59 billion in one-year flows and achieved a 14.3% return, underscoring the appeal of discretionary equity [2] - TCAF focuses on high-quality U.S. large-cap companies with above-average growth potential and has a competitive expense ratio of 0.31%, managing $6.34 billion since its launch in June 2023 [2] Discretionary Fixed Income Performance - Discretionary fixed income led all categories with $136.9 billion in trailing 12-month flows through December 31 [4] - The T. Rowe Price QM U.S. Bond ETF (TAGG) captured $1.42 billion of those flows while delivering a 7.57% return and managing $1.54 billion in assets, with an expense ratio of only 0.08% [4] New ETF Launches - In response to the decline in systematic equity's market share, T. Rowe Price launched two active ETFs in early December that blend discretionary research with systematic implementation [5] - The T. Rowe Price Active Core U.S. Equity ETF (TACU) and the T. Rowe Price Active Core International Equity ETF (TACN) are waiving fees through January 30, 2027, resulting in net expense ratios of zero during this period [5] Investment Strategy - TACU holds 550–650 U.S. large-cap stocks with a 0.14% expense ratio, while TACN holds 400–500 international stocks with a 0.20% expense ratio after the fee waivers expire [6] - Both new equity ETFs aim to maintain low index tracking error while utilizing a blend of fundamental and quantitative research, targeting cost-conscious investors [7]

Core Insights - BlackRock (BLK) is expected to report quarterly earnings of $12.41 per share, a 4% increase year-over-year, with revenues projected at $6.75 billion, reflecting an 18.8% year-over-year growth [1] Earnings Projections - The consensus EPS estimate has been revised upward by 1.6% over the past 30 days, indicating analysts have reassessed their projections [2] - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates - Analysts predict 'Revenue- Technology services revenue' to be $528.86 million, a year-over-year increase of 23.6% [5] - 'Revenue- Investment advisory, administration fees and securities lending revenue- Equity subtotal' is estimated to reach $2.28 billion, reflecting a 6.5% increase from the previous year [5] - The total investment advisory, administration fees, and securities lending revenue is forecasted at $5.30 billion, indicating a 19.9% year-over-year growth [6] - 'Revenue- Distribution fees' is expected to be $371.59 million, a 15.4% increase year-over-year [6] Net Inflows - The consensus for 'Net inflows' is projected at $232.59 billion, down from $281.42 billion year-over-year [7] - 'Net inflows - Product Type - Cash management' is expected to be $38.38 billion, compared to $80.75 billion from the previous year [7] - 'Net inflows - Client Type - ETFs' is estimated at $124.04 billion, down from $142.64 billion year-over-year [9] - 'Net inflows - Product Type - Long-term' is projected to reach $168.83 billion, compared to $200.67 billion from the previous year [10] Assets Under Management - 'Assets under management - Cash management' is estimated at $1,059.97 billion, up from $920.66 billion year-over-year [8] - Total Assets Under Management is projected to be $13,989.59 billion, compared to $11,551.25 billion in the same quarter of the previous year [8] - 'Assets under management - Long-term' is expected to be $12,949.98 billion, up from $10,630.59 billion year-over-year [9] - 'Assets under management - ETFs' is projected to reach $5,355.98 billion, compared to $4,230.38 billion from the previous year [10] Stock Performance - BlackRock shares have changed by -0.4% in the past month, contrasting with a +1.9% move of the Zacks S&P 500 composite [11] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to mirror overall market performance in the near future [11]

Group 1 - The Federal Reserve is expected to have a stronger bias toward monetary easing in 2026, which may lead to a divergence from other global central banks [3][4] - The Bank of Canada may follow a similar easing direction as the Fed, albeit reluctantly and incompletely [4] - The Bank of Japan is likely to firm its policy rate amid a complicated transition process [4] Group 2 - BNY Investments has released a 2026 outlook, indicating potential shifts in central bank policies [2] - The BNY Enhanced Dividend and Income ETF (BEDY) aims to blend capital appreciation and income through its investment strategy [5] - As of December 31, 2025, BEDY's net asset value (NAV) has increased by 18.24% year-to-date, demonstrating the effectiveness of its equity exposure approach [6]

Core Insights - Michael Gray has extensive experience in capital markets and fixed income asset management, having founded Gray Capital Management LLC and previously served as Head of Taxable Fixed Income at Fidelity Investments [1] Group 1 - Michael Gray holds an MBA in Finance from Wharton and a BA in Economics from Union College, indicating a strong educational background in finance and economics [1]

Core Viewpoint - Neuberger Berman focuses on delivering compelling long-term investment results for clients, driven by a culture of fundamental research and innovation [1] Company Overview - Founded in 1939, Neuberger Berman operates in 39 cities across 26 countries, managing a diverse range of investment strategies including equity, fixed income, private equity, and hedge funds [1] - The firm has a total of 2,850 employees, including 763 investment professionals, emphasizing a commitment to client outcomes and investment excellence [1] Employee and Culture - Neuberger Berman has achieved high retention rates among senior investment staff and has been recognized in the Pensions & Investments "Best Places to Work in Money Management" survey as either first or second since 2014 [1] - As a private, independent, employee-owned investment manager, the firm aligns its structure with the long-term interests of clients, with no external parent or public shareholders [1] Financials - As of June 30, 2025, Neuberger Berman manages $538 billion in assets [1]

Automotive Sector - Mercedes-Benz Group (MBG) reported a significant 11% year-over-year decline in Q4 Group Sales, totaling 558,400 vehicles, with notable drops in key markets: sales in China decreased by 22% and in the U.S. by 19% [3][9] - Volkswagen Group (VWAGY) plans to introduce over 20 fully electric, plug-in hybrid, and range-extended models in the Chinese market by 2026, aiming to enhance its position as a New Energy Vehicle (NEV) player [4][9] Geopolitical Context - NATO Secretary General Mark Rutte reaffirmed the alliance's commitment to Ukraine's membership and emphasized the Arctic region as a critical priority for collective security among allies [5][9] Political Developments - Democratic Representative Mary Peltola announced her intention to run for a Senate seat in Alaska, marking the beginning of a closely watched political campaign [6][9]