Core Viewpoint - American Century Investments Small Cap Value Fund reported a strong performance in the third quarter of 2025, with equities rising and the US Federal Reserve reducing interest rates for the first time this year [1] Group 1: Fund Performance - The investor class of the fund returned 4.69% in the third quarter, while the Russell 2000 Value Index returned 12.60% [1] - The fund focuses on investing in undervalued small-cap companies that do not accurately reflect their quality and potential earnings capability [1] Group 2: Euronet Worldwide, Inc. (NASDAQ:EEFT) - Euronet Worldwide, Inc. is highlighted as a stock in the fund's portfolio, with a one-month return of 0.99% and a 52-week loss of 26.23% [2] - As of January 2, 2026, Euronet's stock closed at $74.10 per share, with a market capitalization of $3.116 billion [2] - The fund noted that Euronet's strong financial characteristics were overshadowed by challenges such as immigration policies and the rise of stablecoins affecting its money transfer business [3] Group 3: Hedge Fund Interest - Euronet Worldwide, Inc. was held by 30 hedge fund portfolios at the end of the third quarter, a decrease from 32 in the previous quarter [4] - The fund believes that certain AI stocks present greater upside potential and less downside risk compared to Euronet [4]

Core Insights - Francesca Noli has joined TransUnion as Executive Vice President of Global Consumer Solutions, focusing on the TruEmpower™ line of solutions to enhance consumer adoption of credit education and identity protection products [1][4] Group 1: Leadership and Experience - Noli brings over 20 years of experience in product and marketing leadership across various sectors, including financial services and gaming [2] - At Capital One, Noli led initiatives that generated hundreds of millions of dollars in revenue, transforming CreditWise into a high-performing business unit [2][3] Group 2: Strategic Vision - Noli's role will involve developing market strategies that leverage digital product development, customer engagement, and data-driven decision-making to enhance TruEmpower offerings [4] - TransUnion aims to empower businesses to help consumers improve their financial health and safeguard their identities through the adoption of TruEmpower solutions [5] Group 3: Company Overview - TransUnion operates globally with over 13,000 associates in more than 30 countries, focusing on providing reliable consumer insights and innovative solutions beyond core credit services [6]

Core Viewpoint - BTQ Technologies Corp. has appointed Lionel de Saint-Exupéry to its Board of Directors, where he will serve as Chair of the Audit Committee, enhancing the company's leadership as it scales its quantum security platforms [1][5]. Group 1: Appointment and Background - Lionel de Saint-Exupéry is the Executive Chairman of Saintex Capital Management, focusing on long-term capital management across various markets, including venture capital and private equity [2]. - He previously served as Vice Chairman of KGI Financial Holdings, which has a market capitalization of approximately US$10 billion, and was CEO of its investment arm, CDIB Capital Group [2][3]. - His tenure at KGI saw total assets grow from approximately US$8 billion in 2006 to US$125 billion today, driven by initiatives in leadership development, capital reallocation, and digitization [3]. Group 2: Professional Experience - Prior to his roles at KGI and CDIB, de Saint-Exupéry was a senior banker at Lehman Brothers, involved in over US$45 billion of transactions in mergers and acquisitions, as well as equity and debt capital markets [4]. - His career began in the Global M&A practice of Booz-Allen & Hamilton, with experience across various sectors including financial services, technology, and industrials [4]. Group 3: Strategic Importance - The CEO of BTQ Technologies emphasized that de Saint-Exupéry's expertise in global capital markets and complex financial institutions will be crucial as the company expands its quantum and post-quantum security platforms [5]. - De Saint-Exupéry expressed his commitment to supporting disciplined growth and high standards of financial stewardship as BTQ continues to execute its strategy in the quantum technology space [5]. Group 4: Company Overview - BTQ Technologies Corp. is a vertically integrated quantum company focused on transitioning from classical networks to the quantum internet, backed by a broad patent portfolio [6]. - The company offers a full-stack quantum computing platform, including hardware, middleware, and post-quantum security solutions for various sectors such as finance and telecommunications [6].

Core Insights - The financial sector is currently experiencing a trend of oversold stocks, presenting potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Fiserv Inc (NASDAQ:FISV) has an RSI value of 28.8, with shares falling approximately 62% over the past six months, closing at $65.59 [6] - Paymentus Holdings Inc (NYSE:PAY) has an RSI value of 25.5, with a stock decline of around 19% in the past month, closing at $28.47 [6] - Walker & Dunlop has an RSI value of 24.8, with shares decreasing about 7% over the past month, closing at $58.72 [6] Group 2: Analyst Ratings and Price Targets - Tigress Financial analyst maintained a Buy rating for Fiserv, lowering the price target from $250 to $95 [6] - JP Morgan analyst maintained a Neutral rating for Paymentus, raising the price target from $35 to $38 [6] - Jefferies analyst initiated coverage on Walker & Dunlop with a Buy rating and a price target of $75 [6]

Core Insights - The financial sector is experiencing a trend of oversold stocks, presenting potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Fiserv Inc (NASDAQ:FISV) has an RSI of 28.8, with a stock price decline of approximately 62% over the past six months, closing at $65.59 [6] - Paymentus Holdings Inc (NYSE:PAY) has an RSI of 25.5, with a stock price drop of around 19% in the last month, closing at $28.47 [6] - Walker & Dunlop has an RSI of 24.8, with a stock price decrease of about 7% over the past month, closing at $58.72 [6] Group 2: Analyst Ratings and Price Targets - Tigress Financial analyst maintained a Buy rating for Fiserv, lowering the price target from $250 to $95 [6] - JP Morgan analyst maintained a Neutral rating for Paymentus Holdings, raising the price target from $35 to $38 [6] - Jefferies analyst initiated coverage on Walker & Dunlop with a Buy rating and set a price target of $75 [6]

Core Viewpoint - Beneficient has regained compliance with Nasdaq listing requirements, indicating a positive development for the company and its investors [1]. Company Overview - Beneficient (Nasdaq: BENF) aims to democratize the global alternative asset investment market by providing solutions for mid-to-high net worth individuals, small-to-midsized institutions, and general partners seeking exit options and value-added services [2]. Regulatory Compliance - The company’s subsidiary, Beneficient Fiduciary Financial, L.L.C., has received its charter under the Kansas Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is regulated by the Office of the State Bank Commissioner [3].

Core Insights - Retirement savers are increasing contributions to their 401(k) accounts, but many do not retain these savings until retirement [2][3] Group 1: Cash-Out Trends - A significant portion of employees withdraw their 401(k) balance in a lump sum when leaving a job, with one-third of those with Vanguard-administered plans doing so in 2023 [3][9] - Cashing out before age 59½ incurs a 10% early withdrawal penalty and requires income tax payment on the withdrawal [5][9] - Hourly workers are more likely to cash out their accounts, with 42% doing so compared to 21% of salaried workers [6] Group 2: Impact on Retirement Security - Cash-outs are seen as a threat to retirement security, as they undermine the long-term savings efforts of individuals [4] - Lower-income workers tend to cash out more frequently than higher-income workers, with hourly workers showing a higher likelihood of cashing out even at similar income levels [6] Group 3: Withdrawal Behavior - Those who choose to cash out are more inclined to withdraw their entire balance rather than a portion, possibly due to the nature of the opportunity presented [7]

Core Viewpoint - CITIC Financial Assets (02799.HK) has received approval for the appointment of Zhang Jian as Vice President, effective from December 31, 2025, until further notice from the board [1]. Group 1 - The company announced the approval from the National Financial Supervision Administration regarding Zhang Jian's qualifications [1]. - Zhang Jian's term as Vice President will commence on December 31, 2025 [1].

Company Overview - Broadridge Financial Solutions, Inc. is a New York-based financial technology and services company with a market cap of $25.7 billion, providing critical infrastructure and technology solutions to the financial services industry [1] Earnings Expectations - Analysts expect Broadridge to report a non-GAAP profit of $1.34 per share for the second quarter, which represents a 14.1% decrease from $1.56 per share reported in the same quarter last year [2] - For fiscal 2026, Broadridge is projected to deliver an adjusted EPS of $9.39, reflecting a 9.8% increase from $8.55 in fiscal 2025, and an expected 8.7% year-over-year increase to $10.21 per share in fiscal 2027 [3] Stock Performance - Broadridge's stock prices have decreased by 2.8% over the past 52 weeks, underperforming the S&P 500 Index, which gained 16.9%, and the Technology Select Sector SPDR Fund, which surged by 24.4% during the same period [4] - The company's underperformance is attributed to its defensive, lower-growth profile in a market favoring high-growth and AI-exposed stocks, despite delivering stable, recurring revenue and predictable cash flows [5] Analyst Ratings - The consensus rating for Broadridge is "Hold," with three analysts recommending "Moderate Buys" and six recommending "Holds." The mean price target of $266.43 indicates a potential upside of 20.8% from current price levels [6]

Core Viewpoint - Berkshire Hathaway's portfolio continues to reflect Warren Buffett's investment philosophy, even after he has stepped down as CEO, as he remains the largest shareholder and chairman of the board [2][3]. Group 1: Portfolio Composition - Nearly 65% of Berkshire Hathaway's portfolio is concentrated in five key stocks as of early 2026 [3]. - The largest holding is Apple, comprising 21.1% of the portfolio with 238,212,764 shares owned [5]. - American Express is the second-largest holding at 18.3% of the portfolio, with Buffett indicating it is a stock Berkshire would own indefinitely [8]. - Bank of America represents 10.2% of the portfolio, with a valuation of over $31 billion [9]. - The Coca-Cola Company is the fourth-largest holding, with 400 million shares owned, reflecting Buffett's long-term commitment to the brand [12]. - Chevron ranks fifth in the portfolio, with over 122 million shares owned, generating substantial income through its attractive dividend yield of 4.5% [14][16]. Group 2: Future Considerations - There is speculation that Greg Abel, Buffett's successor, may consider trimming the stake in Apple, although this is viewed as a potential mistake given Apple's strong customer loyalty and future product developments [7]. - It is unlikely that significant changes will occur in Berkshire's stake in American Express, as it is viewed as a "wonderful business" [9]. - The future of Bank of America under Abel's leadership remains uncertain, but no significant sales are expected due to its attractive valuation [11]. - Coca-Cola is expected to remain a long-term holding, with no anticipated sales under Abel's direction [13]. - While there may be some trimming of the Chevron position, it is expected that Berkshire will maintain a significant stake due to the income it generates [16].