Core Insights - Ondo Finance has partnered with Franklin Templeton to tokenize the asset manager's exchange-traded funds (ETFs) [1] - This initiative represents the first instance of tokenized Franklin Templeton-managed ETFs being available on-chain [2] - Franklin Templeton will continue to manage the ETFs, while Ondo Finance will handle the tokenization infrastructure and digital distribution [2] Group 1: Tokenization and Market Position - The tokenized ETFs will be accessible through Ondo Global Markets, which is noted as the world's largest tokenized securities platform, boasting over $700 million in total value locked [2] - Ondo Finance has a significant presence in the tokenization space, with its total value of tokenized offerings, including U.S. treasuries, stablecoins, and stocks, exceeding $2.6 billion [3] Group 2: Previous Ventures and Market Activity - Franklin Templeton has prior experience in tokenization, having launched tokenized U.S. dollar money market funds in collaboration with Ripple for accredited investors of DBS Group Holdings [3] - As of the latest data, Ondo's cryptocurrency, ONDO, is trading at $0.2605, reflecting a 1.27% increase in the last 24 hours, although it has seen a year-to-date decline of 27% [4]

Core Insights - GAM is fully focused on growth, innovation, and customer-oriented investment excellence under the leadership of Group CEO Albert Saporta [2][4] - The company has strengthened its investment platform through new strategic partnerships and leadership teams [2][4] Financial Highlights - GAM reported an IFRS net loss after taxes of CHF 74.2 million for the fiscal year 2025, compared to CHF 77.2 million in 2024 [5] - The managed assets decreased to CHF 12.5 billion from CHF 16.3 billion as of December 31, 2024, due to net outflows of CHF 3.7 billion and asset sales of CHF 0.5 billion [33] - 61% of managed assets outperformed their three-year benchmark, and 54% outperformed their five-year benchmark [26][28] Strategic Partnerships - GAM established a co-investment partnership with Swiss Re in the area of Insurance-Linked Securities, enhancing its position in catastrophe bonds [5][13] - A strategic partnership with Gramercy for Emerging Market Debt was initiated, integrating specialized fixed-income strategies into GAM's platform [5][14] - GAM partnered with PEO Partners for AI-driven private equity replication, launching a UCITS fund with daily liquidity in February 2026 [5][16] Leadership Changes - Albert Saporta was appointed as Group CEO, returning to an investor-led leadership model [21] - Tim Rainsford was appointed as Group Chief Distribution and Product Officer, and Gerhard Lohmann as Group Chief Financial Officer, strengthening GAM's leadership team [21] Operational Efficiency - GAM completed its operational simplification program, resulting in a leaner and more scalable platform [22] - The company migrated all investment activities to the cloud-based SimCorp investment platform and outsourced management company activities [22] Client Engagement - GAM focused on enhancing client engagement, hiring experienced senior client-facing professionals across various regions [19] - The company conducted over 200 client events globally, emphasizing its commitment to client proximity and thought leadership [20] Investment Performance - GAM achieved strong investment performance, with 92% of Alternatives assets outperforming their three-year benchmark [27] - The company received multiple awards for its investment performance, including recognition for its GAM Sustainable Climate Bond Fund [31]

Core Insights - GAM is focused on growth, innovation, and client-centric investment excellence under the leadership of Group CEO Albert Saporta [2][4] - The company has strengthened its investment platform through new strategic partnerships and leadership changes [4][9] Financial Highlights - GAM reported an IFRS net loss after tax of CHF 74.2 million for FY 2025, an improvement from CHF 77.2 million in FY 2024 [5] - The underlying loss before tax was CHF 60.2 million, down from CHF 67.7 million in FY 2024, primarily due to cost reductions [6] - Assets under management (AuM) decreased to CHF 12.5 billion from CHF 16.3 billion as of December 31, 2024, driven by net outflows of CHF 3.7 billion [30] Strategic Developments - GAM established a co-investment partnership with Swiss Re for Insurance-Linked Securities, enhancing its position in catastrophe bonds [5][11] - A strategic partnership with Gramercy for Emerging Market Debt was formed, integrating specialist fixed income strategies into GAM's platform [5][11] - The company launched a UCITS fund for AI-driven private equity replication in February 2026 through a partnership with PEO Partners [5][12] Leadership Changes - Albert Saporta was appointed as Group CEO, with Tim Rainsford as Chief Distribution and Product Officer, and Gerhard Lohmann as Chief Financial Officer [5][16] - These leadership changes aim to strengthen GAM's financial foundations and support future growth [16] Investment Performance - 61% of AuM outperformed their three-year benchmark, while 54% outperformed their five-year benchmark as of December 31, 2025 [21] - The performance in the Alternatives category showed significant improvement, with 92% outperforming the three-year benchmark [22] Client Engagement - GAM focused on enhancing client engagement, hiring senior client-facing individuals across various regions and establishing new branches in France and Milan [14][15] - The company conducted over 200 client events globally, emphasizing its commitment to client proximity and thought leadership [15] Operational Efficiency - GAM completed its operational simplification program, resulting in a leaner and more scalable platform [17][18] - The migration of investment teams to a cloud-based platform and outsourcing of fund management activities were key components of this transformation [17] Business Areas - GAM operates in three core business areas: GAM Alternatives, GAM Specialist Active, and GAM Wealth Management, each leveraging the company's global platform [19][20] - These areas are designed to drive sustainable growth and profitability through differentiated investment strategies [19]

Group 1 - Blue Owl Capital Inc. (NYSE:OWL) is identified as one of the 15 large cap stocks under $30 with significant upside potential [1] - The firm triggered the collapse of Century Capital Partners by uncovering financial reporting irregularities and requesting repayment, following the dismissal of a director over financial discrepancies [1][3] - Citizens reduced its price target on Blue Owl from $26 to $23 but maintained an Outperform rating, indicating a potential upside of 153% despite the revision [3] Group 2 - Building a downside valuation framework for Blue Owl is essential as investors remain reactive in a weak private capital market, with EPS expected to increase by over 5% in 2026 to approximately 90 cents [4] - Blue Owl is an alternative asset manager providing capital solutions to mid-market companies, focusing on credit, real assets, and GP strategic capital, including private financing and direct lending [5]

Core Viewpoint - Market volatility, particularly due to geopolitical tensions, poses challenges for investors, especially those nearing retirement. Defensive stocks are highlighted as a means to protect retirement portfolios during economic turbulence [1][2][3]. Defensive Stocks Overview - Defensive stocks are essential for retirement portfolios as they provide steady earnings and reliable dividends, helping to mitigate the impact of market downturns [4][19]. - The focus of defensive investing is on preserving capital and generating consistent income rather than seeking rapid growth [19]. Company-Specific Insights Keppel Ltd (SGX: BN4) - Keppel has transitioned from a reliance on oil to becoming a global asset manager, focusing on steady income from infrastructure and fund management. In FY2025, net profit from continuing operations increased by 39% YoY to S$1.1 billion, with recurring income rising 21% to S$941 million [6][7]. - The total distribution for FY2025 was boosted to approximately S$0.47 per share, a 38% increase from FY2024, providing a yield of 2.7% based on the current share price of S$12.45 [7]. Singapore Technologies Engineering Ltd (SGX: S63) - ST Engineering is recognized as a defensive blue chip with a strong position in defense, aerospace, and smart city solutions. The company reported strong operating cash flow of S$1.7 billion and cash reserves of S$576 million, alongside a robust order book of S$33.2 billion as of December 31, 2025 [8][9]. - The share price has increased by about 65% over the past year, reflecting its defensive appeal amid geopolitical volatility [11]. Parkway Life REIT (SGX: C2PU) - Parkway Life REIT holds 74 properties valued at S$2.57 billion, including hospitals and healthcare facilities. In FY2025, gross revenue increased by 7.6% YoY to S$156.3 million, with net property income rising 8.0% to S$147.5 million [12][13]. - The distribution per unit (DPU) increased by 2.5% to S$0.1529, and the current unit price of S$3.99 offers a distribution yield of about 3.8% [13]. NetLink NBN Trust (SGX: CJLU) - NetLink provides essential fibre broadband infrastructure, serving over 1.5 million residential connections. In the first nine months of FY2026, revenue rose by 1.6% YoY to S$313.0 million, with EBITDA slightly declining by 0.6% to S$215.5 million [15][16]. - The semi-annual DPU has steadily increased from S$0.0244 in FY2019 to S$0.0271 in 1HFY2026, reflecting its stable income stream [16][17]. Conclusion - Defensive stocks like Keppel, ST Engineering, Parkway Life REIT, and NetLink NBN Trust are positioned to provide stability and income during market volatility, making them suitable for retirement portfolios [4][19].

Core Viewpoint - Key iron ore and liquefied natural gas (LNG) ports in Western Australia are closed due to Tropical Cyclone Narelle, which is expected to intensify to category 4, impacting operations in the resource-rich Pilbara region [1][2]. Group 1: Port Operations - Operations at the ports of Ashburton, Cape Preston West, Dampier, and Varanus Island have been shut down due to strong gales and storm-force winds caused by the cyclone [2]. - The Port of Ashburton is utilized by Chevron for exports from its Wheatstone LNG plant and by Mineral Resources for iron ore exports [3]. - Rio Tinto is a major user of the Dampier port for iron ore and industrial salt exports, while Santos operates the Varanus Island port [3]. Group 2: Impact on Iron Ore Exports - Port Hedland, the world's largest export point for iron ore, remains operational despite the cyclone's impact on other ports [3].

Core Viewpoint - Partners Value Split Corp. reported financial results for the year ended December 31, 2025, showing an increase in income available for distribution but a decrease in net comprehensive income compared to the previous year [1][2]. Financial Performance - Income available for distribution for 2025 was $94 million, up from $85 million in 2024, primarily due to an increase in the dividend rate by Brookfield Corporation and Brookfield Asset Management Ltd [2]. - Net comprehensive income for 2025 was $1.3 billion, a decrease from $2.6 billion in 2024, mainly due to lower unrealized mark-to-market gains on shares of Brookfield Corporation and Brookfield Asset Management [2][4]. Share Prices - As of December 31, 2025, the market prices for Brookfield Corporation (BN) and Brookfield Asset Management Ltd. (BAM) shares were $45.89 and $52.39, respectively. By March 25, 2026, these prices had decreased to $39.91 and $43.69 [3]. Income Breakdown - For the year ended December 31, 2025, the Company reported dividend income of $93.2 million and other investment income of $1.5 million, totaling $94.7 million in income [4]. - Management fees were $17, and administrative expenses were $372, leading to total expenses of $389 [4]. Distributions - Distributions paid on senior preferred shares and debentures amounted to $34.3 million, with $60.0 million available for distribution to junior preferred and capital shares [4]. Investment Holdings - As of December 31, 2025, the Company owned 179 million Class A Limited Voting shares of Brookfield Corporation and 25 million Class A Limited Voting shares of Brookfield Asset Management, generating cash flow through dividend payments [4][5]. Company Overview - Brookfield Corporation is a global investment firm with a focus on long-term wealth building, operating in alternative asset management, wealth solutions, and various sectors including renewable power and real estate [6]. - Brookfield Asset Management Ltd. manages over $1 trillion in assets across multiple sectors, emphasizing long-term investments in real assets and essential service businesses [7].

Group 1: Central Bank Operations - The central bank conducted a 7-day reverse repo operation of 78.5 billion yuan at a fixed rate of 1.40% on March 25, resulting in a net injection of 58 billion yuan after accounting for 20.5 billion yuan in reverse repos maturing that day [3][5] - The central bank also initiated a 500 billion yuan MLF operation, marking the 13th consecutive month of increased MLF issuance, in response to the 450 billion yuan MLF maturing [14] Group 2: Market Liquidity - The interbank market remains stable with the D R001 weighted average interest rate slightly declining to around 1.32%, while overnight rates on the X-repo system are stable at 1.30% [5] - The latest overnight financing rate in the U.S. is reported at 3.62% [5] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.5325% [8] Group 4: Bond Yield Rates - The yield rates for various government bonds show slight declines, with the 1-year yield at 1.2500%, and the 10-year yield at 1.8200%, reflecting a downward trend in fixed-income asset yields [11] Group 5: Investment Products - There has been a notable increase in failed issuance cases of bank wealth management products, with at least 35 products failing to meet the minimum fundraising scale since the beginning of 2026, significantly higher than in previous years [15] Group 6: Global Macro Developments - There are signs of easing tensions in the Middle East, with the U.S. government proposing a ceasefire plan to Iran through Pakistan, which includes 15 conditions related to nuclear programs and regional issues [17] Group 7: Bond Market Events - Several companies have reported significant negative events, including Huaneng International announcing a 2.128 billion yuan impairment provision for 2025, and Zhengrong Real Estate facing a major lawsuit involving 358 million yuan [19][20]

Core Viewpoint - Franklin Templeton is launching new tokenized ETFs that will trade 24/7 within cryptocurrency wallets, enhancing accessibility for investors [1][2]. Group 1: Product Offering - The new tokenized ETFs will cover U.S. equities, fixed income, and gold, with an initial focus on investors in Europe, Asia-Pacific, the Middle East, and Latin America [3]. - The firm has introduced a Franklin Crypto Index ETF, which is primarily composed of Bitcoin, accounting for three-quarters of its assets [4]. Group 2: Technological Advancements - The launch of tokenized stocks and blockchain infrastructure allows for real-time trading at any hour, with major exchanges like NYSE and Nasdaq moving towards tokenized securities [5]. - Franklin Templeton's Benji Technology Platform, launched in 2021, was the first U.S.-registered money market fund on a blockchain, currently managing $557 million in assets [3]. Group 3: Market Context - The global market for tokenized real-world assets surpassed $22 billion in 2025, indicating significant growth in this sector [5]. - Franklin Templeton's stock (BEN) has increased by 19% over the past year, currently trading at $23.89 per share [5].

Group 1 - The core message emphasizes that while money market funds provide strong yields, investors may be missing out on higher potential returns by keeping excess cash in these funds [1][2] - T. Rowe Price's analysis suggests that a systematic 60/40 investment strategy, investing $12,000 annually for either five or thirty years, would outperform a strategy that relies solely on cash [2][3] - The strategy of dollar cost averaging is recommended as it helps investors maintain their savings during market volatility and allows for profit during market recoveries [3] Group 2 - Active ETFs, such as the T. Rowe Price Active Core U.S. Equity ETF (TACU), are highlighted as effective tools for enhancing returns on cash investments, with a current fee of zero basis points until January 30, 2027, and a competitive fee of 0.14% thereafter [4] - The ease of launching and innovating active ETFs since the 2019 ETF rule has contributed to their growth and adoption in investment portfolios [3][4]