Core Viewpoint - New York City's outgoing Comptroller Brad Lander is urging the city's top pension funds to sever ties with BlackRock due to allegations that the firm is not adequately addressing climate change concerns [1][3]. Group 1: Allegations Against BlackRock - Lander accused BlackRock of scaling back its climate engagement, which he claims puts investments at unnecessary risk [3]. - He criticized the firm for allegedly succumbing to pressure from the White House and Republicans, leading to a reversal on green investments [1][11]. - BlackRock's recent withdrawal from the United Nations-backed Net Zero Asset Managers Initiative is highlighted as a significant shift in its climate commitments [13]. Group 2: Pension Funds and Investment Management - Lander has specifically called on the New York City Employees' Retirement System, Teachers' Retirement System, and Board of Education Retirement System to consider moving their investments to firms with a stronger commitment to combating climate change [3][8]. - BlackRock manages approximately $42.3 billion in retirement funds for city workers, indicating its significant role in the city's pension system [8]. - The total assets under management by BlackRock globally reached a record $13.46 trillion as of September 30, 2023, reflecting its substantial market presence [10]. Group 3: Political Context - Lander's comments come as he prepares to leave office, with socialist Mayor-elect Zohran Mamdani set to influence the city's pension system starting January 1 [8][14]. - The political landscape is shifting, with Mamdani's administration expected to pursue an aggressive agenda that may impact investment strategies [14].

Core Insights - Generating a powerful stream of regular income is a key goal for investors, often achieved through dividend-paying stocks or dividend-paying ETFs [1] Group 1: Dividend-Paying ETFs - The JPMorgan Equity Premium Income ETF (JEPI) combines investments in high-quality large-cap stocks with income derived from selling options, offering a yield of 8.37% [2][3] - JEPI holds $41.32 billion in net assets and includes top positions in Nvidia, Alphabet, and Microsoft, indicating its popularity [3][6] - The SPDR S&P Dividend ETF (SDY) tracks the S&P High Yield Dividend Aristocrats Index, which includes members of the S&P Composite 1500 Index that have consistently increased dividends for at least 20 consecutive years [7] Group 2: Fund Management and Strategy - JEPI employs a proprietary research process to build a diversified, low-volatility equity portfolio, focusing on finding over and undervalued stocks with strong risk/return profiles [3] - The expense ratio for JEPI is 0.35%, reflecting its active management approach, which aims to outperform a given index rather than simply mimic it [4] - The Global X SuperDividend ETF (SDIV) delivers a higher yield of 9.72% through investments in 100 global high-dividend stocks [6]

Core Viewpoint - The article emphasizes the importance of value investing and highlights AllianceBernstein (AB) as a strong value stock based on its financial metrics and Zacks Rank [1][2][6]. Company Analysis - AllianceBernstein (AB) currently holds a Zacks Rank of 2 (Buy) and has a Value grade of A, indicating strong potential as a value investment [4]. - The stock has a Forward P/E ratio of 10.89, which is significantly lower than the industry average of 13.57, suggesting that AB may be undervalued [4]. - Over the past 52 weeks, AB's Forward P/E has fluctuated between 9.17 and 12.79, with a median of 10.71, indicating relative stability in its valuation metrics [4]. - AB has a Price-to-Book (P/B) ratio of 2.18, which is also lower than the industry average of 3.08, further supporting the notion of undervaluation [5]. - The P/B ratio for AB has ranged from 1.83 to 2.39 over the past year, with a median of 2.09, reflecting consistent valuation levels [5]. - Overall, the financial metrics suggest that AllianceBernstein is likely undervalued and presents a strong investment opportunity for value investors [6].

Group 1: Investment Opportunities and Risks - Investors traditionally target emerging markets for higher growth opportunities, with China being a significant focus, but risks remain due to secrecy, human rights issues, and less transparency in capital markets [1] - The relationship between the U.S. and China has become more complicated under President Trump, with ongoing tensions over tariffs and rare earth minerals [1] Group 2: Vanguard's Emerging Markets ETF - Vanguard has launched the Vanguard Emerging Markets ex-China ETF (VEXC) to provide exposure to major emerging markets like Brazil, India, and Taiwan while avoiding the volatility associated with Chinese companies [2][3] - The ETF aims to mirror the FTSE Emerging ex China Index, comprising over 1,000 companies, and has nearly reached $50 million in assets since its launch in September, returning about 4% [5] - The FTSE Emerging ex China Index has advanced more than 26% for the year, indicating strong performance in emerging markets excluding China [6]

Core Insights - The article discusses the shift in investment strategy from cash to bonds, suggesting that bonds may offer better returns in the current rate-cutting environment [1][4] - Historical data indicates that during previous rate-cutting cycles, fixed income securities have outperformed cash, supporting the case for bonds [3][4] Bond Market Dynamics - In 2022, the Federal Reserve's aggressive rate hikes led to increased yields, prompting investors to flock to money market funds, which created opportunities for purchasing bonds at attractive prices [2] - As bonds approach maturity, their prices tend to rise, and with the Fed cutting rates, fixed income securities are expected to provide price appreciation alongside coupon payments, potentially exceeding declining money market yields [3][4] Active Management in ETFs - Active management is deemed essential in the current market due to the complexities of the bond market and the potential downward pressure on yields during a rate-cutting cycle [5][6] - Thornburg offers actively managed funds, such as the Thornburg Core Plus Bond ETF (TPLS) and the Thornburg Multi Sector Bond ETF (TMB), which aim to maximize income opportunities through high-quality bond portfolios and diverse fixed income assets [7][8]

Core Insights - Patria Investments Limited has agreed to acquire 51% of Solis Investimentos, a Brazilian investment manager specializing in CLOs, adding approximately US$ 3.5 billion in Assets Under Management (AUM) [1][2] - The acquisition will increase Patria's total Credit Fee-Earning AUM by over 40% to more than US$ 11.7 billion, solidifying its position as a leading Credit platform in Latin America [2] - The partnership aims to enhance Solis's growth by leveraging its credit origination and analysis capabilities with Patria's platform, expanding access to local and global capital [3][6] Company Overview - Solis Investimentos, founded in 2015, is a market leader in the CLO segment in Brazil, known for its strong market relationships and access to capital [3] - Solis serves a diversified investor base, including asset managers, bank treasuries, family offices, and wealth management clients, managing over 120 funds and serving more than 30,000 investors [4][7] - The funds managed by Solis have experienced a compound annual growth rate (CAGR) of approximately 45% since 2021, surpassing the market's average of 35% [7] Strategic Implications - The acquisition is expected to be accretive in the first year, enhancing Patria's origination capabilities in a rapidly growing market for non-bank, asset-backed instruments like CLOs [6][8] - The integration of Solis's expertise with Patria's sector intelligence and capital access is anticipated to strengthen both platforms and improve service to clients [6][7] - The leadership team at Solis will remain intact post-acquisition, ensuring continuity and the preservation of the company's operational DNA [5][7]

Core Insights - The fixed income market is experiencing shifts due to recent interest rate cuts by the Federal Reserve, creating new opportunities for advisors and investors [1][2] - Experts anticipate a slowdown in U.S. growth, which historically benefits the bond market [2] - Advisors and investors need to refine their fixed income portfolios to capitalize on valuable opportunities, particularly in the high yield sector, which has shown strong performance recently [3] High Yield Bonds - The BNY Mellon High Yield ETF (BKHY) is positioned as a compelling option for investors seeking high yield exposure [4] - BKHY employs a proprietary credit model to construct a portfolio with a risk profile similar to the Bloomberg US Corporate High Yield Total Return Index, focusing on high-value opportunities while minimizing exposure to lower-quality bonds [5] - The fund's active management allows it to adapt to changing market conditions, which is advantageous in the high yield sector [6] Portfolio Strategy - BKHY's portfolio primarily consists of short- to medium-duration assets, which can benefit from ongoing rate cuts while being less vulnerable to long-term economic concerns [7] - As of November 24, 2025, BKHY has achieved a subsidized 30-day SEC yield of 6.98%, indicating strong performance in the current market environment [7]

Core Insights - Lawrence Fuller has 30 years of experience managing portfolios, starting at Merrill Lynch and founding Fuller Asset Management for 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 returns [1] Company Overview - Fuller Asset Management (FAM) is a state-registered investment adviser [3] - The firm emphasizes educational content and does not solicit specific securities or investment strategies [3] - FAM believes its marketing does not contain misleading statements regarding its services or client experiences [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]

Covered call exchange-traded funds (ETFs) are not new. But the obsessive buying behavior and “can’t miss” attitude investors have developed around them is. These ETFs have a simple premise.They buy a basket of stocks, either based on an index or active management. That gives them equity-like returns but also equity-like risk. And, since major stock indexes typically produce dividend yields of under 2% these days, a generation of investors seeking retirement income and or other cash flow have flocked to th ...

Core Viewpoint - The New York City Comptroller has expressed significant concerns regarding BlackRock's approach to engaging with public companies, particularly in relation to climate risk and decarbonization strategies [1][4]. Group 1: Asset Managers' Performance - BlackRock is the largest asset manager for New York City's pension funds, managing $42.3 billion across three pension plans [2]. - The Comptroller reported that 46 out of 49 public market managers are aligned with the city's decarbonization expectations, while BlackRock, Fidelity, and PanAgora are not [2]. - Lander indicated that the three asset managers failed to adequately address climate risk, which is essential for the long-term value of the pension funds [2][3]. Group 2: Recommendations for Change - Lander recommended that the city's pension funds terminate their relationships with BlackRock, Fidelity, and PanAgora due to their failure to meet climate expectations [4][7]. - The Comptroller suggested issuing a search notice for new managers to handle BlackRock's U.S. public equity index mandates to better align with climate expectations [5]. - Fidelity's restrictive engagement approach and PanAgora's limited focus on emissions disclosures were cited as reasons for their recommended termination [8]. Group 3: BlackRock's Response - BlackRock responded to the Comptroller's recommendations by stating that the accusations of abdicating financial duty are politically motivated and undermine retirement security [6]. - The firm mentioned that it has begun allowing clients to opt into its Climate and Decarbonization Stewardship strategy, although it will not proactively engage with U.S. companies [5].