Financial Performance & Growth - Sparebanken Norge's Q2 2025 presentation highlights strong financial performance and growth following a legal merger on May 2, 2025 [2, 4] - The group's cost-to-income ratio for Q2 2025 is 29%, positioning it favorably compared to peers [8, 9] - The company reported a pro forma Return on Equity (ROE) of 18% for Q2 2025 [16] - Net interest income increased, reaching NOK 2711 million in Q2 2025 [42, 43] - Underlying cost growth is approximately 2.3%, with a pro forma cost-to-income ratio of 29% (27.4% adjusted for merger costs) [49] Lending & Deposits - The company has a gross loans portfolio of NOK 463 billion [11, 12] - Retail customer lending grew by 3.7% year-to-date, while corporate customer lending grew by 5.1% year-to-date [6] - Retail customer deposits show year-on-year growth of 11.2% [36] - Mortgage loan delinquencies (90 days) remain below 0.1% [59] Subsidiaries & Associated Companies - Eiendomsmegler Norge achieved a year-to-date pre-tax profit of NOK 49 million [75] - Borea Asset Management has Assets under Management (AUM) of NOK 18.7 billion [77] - Frende Holding's annualized ROE was 23.6% in the first half of 2025 [83] Capital Adequacy & Synergies - The Common Equity Tier 1 (CET1) ratio is 18.4% [17, 69, 70] - Realized capital synergies of approximately NOK 2 billion in Q2 2025 due to the implementation of CRR3/Basel IV [123] - Cost synergies are estimated to be greater than NOK 425 million [111, 112, 119] Future Targets & Strategy - The company aims for a Return on Equity (ROE) greater than 13% and a CET1 capital ratio greater than 16% by 2026-2028 [112, 129] - Bulder is targeting NOK 83 billion in lending [111] - Borea Asset Management is targeting > NOK 34 billion in AUM by the end of 2028 [195]

Core Viewpoint - The article discusses the current distribution of market capitalization among major indices in the A-share market, highlighting a significant decline in the proportion of the CSI 300 index compared to other indices, particularly in the context of recent market volatility and liquidity issues [2][3][5]. Market Capitalization Distribution - As of August 8, the CSI 300 index accounts for only 45.75% of the total A-share market capitalization, a notable decrease from previous levels [3][5]. - The distribution of free float market capitalization among major indices is as follows: CSI 300 at 19.82 trillion, CSI 500 at 7.22 trillion, CSI 1000 at 6.77 trillion, CSI 2000 at 5.94 trillion, and the remaining micro-cap stocks at 3.57 trillion [5]. Historical Context and Volatility - The article references significant drops in the CSI 2000 index, including a 12.83% decline in a single day in April and a cumulative drop of 35.86% over 54 trading days from late 2023 to early 2024 [10][11]. - The author suggests that a rapid decline in micro-cap stocks relative to the CSI 300 could occur again, drawing parallels to past market behaviors [13][14]. Investment Strategy and Risk Management - The article emphasizes the importance of maintaining a balanced portfolio that includes both dividend stocks and micro-cap stocks, suggesting that investors should be prepared for potential downturns in micro-cap stocks [19][20]. - It highlights two specific micro-cap funds, the Guotai Junan CSI 1000 Index Fund and the Nuon Multi-Strategy Fund, showcasing their performance and the potential for significant returns following market corrections [22][25]. - The article advocates for a strategic approach to investing in micro-cap stocks, suggesting that while volatility and drawdowns are expected, they can lead to substantial long-term gains if managed correctly [27][29].

Financial Performance - In July, LHV Group earned a consolidated net profit of EUR 10.5 million, with AS LHV Pank contributing EUR 10.4 million [2] - The return on equity attributable to shareholders was 17.0% in July [2] - The financial plan for LHV Group exceeded expectations by EUR 2.4 million in net income and net profit [7] Business Growth - The consolidated loan portfolio increased by EUR 33 million month-on-month, reaching EUR 5.03 billion [1] - Deposit volume increased by EUR 260 million, reaching EUR 7.62 billion [1] - The number of customers of LHV Pank increased by 2,800, reaching a total of 476,000 [3] - LHV Bank's loan portfolio reached EUR 586 million, with deposits totaling EUR 1.05 billion [4] Subsidiary Performance - LHV Kindlustus signed new insurance contracts worth EUR 3.5 million, with approximately 284,000 insurance contracts in force [5] - LHV Varahaldus showed strong performance with larger funds L and XL increasing by 0.9% and 1.0% respectively [6] - The net profit of LHV Varahaldus is outperforming the financial plan due to good fund performance [6] Market Position - LHV Pank was named the best bank in Estonia by Euromoney for its strong economic results and rapid customer base growth [3] - LHV Group is the largest domestic financial group and capital provider in Estonia, employing over 1,100 people [8]

Core Insights - The public fund industry is experiencing an unprecedented "talent migration" in 2025, with 231 fund managers leaving their positions, marking a five-year high [2] - The departure trend is characterized by a significant increase in well-known fund managers and a prevailing shift from public to private funds [2][5] Group 1: Talent Migration - A total of 231 fund managers have left 108 public fund institutions this year, surpassing the 210 departures in the same period of 2024 and reaching the highest level since 2018 [2] - Notable fund managers such as Zhai Xiangdong, Bao Wuke, and Zhou Haidong have transitioned from public to private fund sectors [2] - Eight companies, including Yongying Fund and Shenwan Hongyuan Fund, reported more than five departures each [2] Group 2: Industry Changes - The transformation of the public fund industry ecosystem is a core driver of talent outflow, influenced by regulatory changes aimed at reducing reliance on star managers [2] - The reform of the public fund compensation system is accelerating, with new regulations linking fund manager pay to long-term performance and prohibiting short-term incentives [2] Group 3: Private Fund Dynamics - Private funds offer a more flexible incentive mechanism, with an average commission rate of 15%-20%, compared to the 3%-5% management fee split in public funds [3] - Among the 863 private fund managers with public backgrounds, only 36 work for firms managing over 10 billion, indicating a pyramid-like distribution and challenges for star managers in the private sector [3] - The market environment is changing, with a 3.2% average return for private funds this year, compared to 4.8% for public equity mixed funds [3] Group 4: Differentiated Strategies - Some former public fund managers are exploring differentiated paths, such as forming teams to create private funds focused on "fixed income plus" strategies, leveraging their previous collaborative research experience [4] Group 5: Industry Evolution - The talent migration is reshaping the competitive landscape of China's asset management industry, with public funds moving towards a more robust research and investment system [5] - The entry of star fund managers into private funds brings brand effects but also management risks [5] - The industry is moving towards a more rational development cycle, emphasizing the stability of research systems and the sustainability of investment strategies over the allure of star managers [5]

周二（8月12日）亚市早盘，澳元兑美元上涨，目前交投于0.65附近，截止北京时间11:43分，澳元/美元 报价0.6524，上涨0.18%，上一交易日澳元/美元收盘报0.6512。T.RowePrice动态全球债券策略联席基金 经理ScottSolomon指出，尽管澳洲联储今日几乎确定将降息，但经济学家更关注其如何构建前瞻指引。 日线图的技术分析显示市场情绪看涨，澳元兑美元14日相对强弱指数（RSI）位于50上方。此外，该货 币对仍处于9日指数移动平均线（EMA）上方，表明短期动能正在增强。上行方面，澳元兑美元可能会 试探0.6600这一心理关口附近区域，随后是7月24日创下的九个月高点0.6625。 他回顾称，澳洲联储在7月意外按兵不动的决定曾引发市场震动——尤其值得注意的是，该行5月曾公开 讨论过50个基点的激进降息选项，随后的暂停操作更显突兀。Solomon强调："若澳洲联储试图传递'每 次会议皆有可能行动'的信号，市场自会调整预期。但关键在于保持政策连贯性，避免制造混乱。" ...

Summary of Forge Global Holdings (FRGE) FY Conference Call - August 11, 2025 Company Overview - **Company**: Forge Global Holdings (FRGE) - **Industry**: Private market trading and information services - **Core Services**: Marketplace for private companies, providing trading, data, custody, and related services to investors, companies, and shareholders [1][2] Key Points and Arguments Company Evolution and Value Proposition - Forge is transitioning from a transaction-focused platform to foundational infrastructure for private markets, with a newly launched next-generation platform [5][6] - The platform integrates with various participants, including high net worth individuals, institutions, and family offices, aiming for global reach [5][6] - Strategic partnerships with Yahoo, ICE, and Fortune enhance transparency and access to private market data [6][7] Market Performance and Outlook - Forge's trading volume increased by 110% year-over-year in the first half of the year, reflecting a recovery in the IPO market [10][11] - The company remains cautiously optimistic about a full-scale market recovery, driven by high-performing sectors like AI and fintech [11][12][13] Fund Launch and Product Development - Forge plans to launch its first registered fund, the Acquidity Megacorn Fund, aimed at non-accredited investors, enhancing access to private market investments [7][14][15] - The Megacorn Fund will feature a diversified index of top private companies, with future plans for additional rules-based products targeting various sectors [15][16][17] Competitive Landscape - The current market for private market index funds is limited, with Forge positioned uniquely against incumbents like ARC and traditional private equity firms [19][20] - Forge is exploring partnerships with major asset managers to enhance distribution of its products [21] Data Strategy and Revenue Generation - Forge views data as a strategic driver for success, with a phased approach to adoption and monetization [22][23] - The company anticipates material revenue from data as it moves into a revenue-sharing model with partners [24][25] Partnerships and Collaborations - A new partnership with Silicon Valley Bank focuses on providing secondary liquidity solutions, enhancing Forge's competitive advantage [29][30] - The partnership is exclusive and aims to integrate Forge's services within the bank's offerings [31][32] Regulatory Environment - Recent regulatory changes, including expanded definitions of accredited investors and allowing 401(k) investments in private markets, present opportunities for Forge [39][40][41] - Forge has been actively engaging with legislators to support policies that enhance access to private market investments [44][45] Financial Performance and Future Goals - Forge aims to achieve positive adjusted EBITDA by 2026, driven by operational scalability and efficiency gains from the new marketplace [49][51] - The company is confident in reaching breakeven, supported by strong volume growth and strategic investments [51][52] International Expansion - Forge is looking to expand its operations internationally, with a focus on Europe, Asia, and the Middle East, aiming for breakeven in its European operations by the end of 2025 [56][57] Investor Perception - The company emphasizes its technology-driven approach and recurring revenue model, which should influence investor perceptions and valuation multiples [58][59] Additional Important Insights - The market for tokenization of securities is evolving, with Forge positioned to partner with credible platforms for tokenization [35][36][37] - Forge's technology-first approach is expected to change how investors view the company and its scalability potential [58][59]

Core Insights - Artisan Partners Asset Management Inc. reported preliminary assets under management (AUM) of $175.0 billion as of July 31, 2025 [1] - Artisan Funds and Artisan Global Funds contributed $85.3 billion to the total AUM, while separate accounts and other AUM accounted for $89.7 billion [1] AUM by Strategy - The Growth Team's AUM includes: - Global Opportunities: $20,253 million - U.S. Mid-Cap Growth: $10,917 million - U.S. Small-Cap Growth: $2,858 million - The Global Equity Team's AUM includes: - Non-U.S. Growth: $14,787 million - The U.S. Value Team's AUM includes: - Value Equity: $5,058 million - U.S. Mid-Cap Value: $2,404 million - The International Value Group's AUM includes: - International Value: $50,036 million - The Global Value Team's AUM includes: - Global Value: $32,636 million - The Credit Team's AUM includes: - High Income: $12,468 million - The Developing World Team's AUM includes: - Developing World: $4,737 million - The Antero Peak Group's AUM includes: - Antero Peak: $2,288 million - The International Small-Mid Team's AUM includes: - Non-U.S. Small-Mid Growth: $5,264 million - The EMsights Capital Group's AUM includes: - Emerging Markets Local Opportunities: $1,641 million [2] Additional Information - AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $121.8 million for which Artisan Partners provides investment models to managed account sponsors [3] - Artisan Partners is a global investment management firm offering a range of investment strategies since 1994, focusing on attracting experienced investment professionals [4]

Group 1 - Invesco Ltd. reported preliminary month-end assets under management (AUM) of $2,024.5 billion, reflecting a 1.2% increase compared to the previous month-end [1][2] - The firm experienced net long-term inflows of $5.8 billion during the month, while non-management fee earning net outflows were $0.4 billion [1] - Money market net inflows amounted to $4.0 billion, and AUM was positively impacted by favorable market returns, which contributed an increase of $22 billion [1] - Foreign exchange (FX) fluctuations decreased AUM by $8.5 billion [1] - Preliminary average total AUM for the quarter through July 31 was $2,029.0 billion, with preliminary average active AUM at $1,095.9 billion [1] Group 2 - As of July 31, 2025, the total AUM was $2,024.5 billion, with specific allocations including $559.0 billion in ETFs & Index Strategies, $298.5 billion in Fixed Income, and $287.0 billion in Equities [2] - The AUM figures for previous months were $2,001.4 billion in June 2025, $1,942.7 billion in May 2025, and $1,840.0 billion in April 2025, indicating a consistent upward trend [2]

RT BRICS News (@BRICSinfo)JUST IN: 🇳🇴🇮🇱 Norway's $2 trillion sovereign wealth fund terminates Israel asset management contracts. https://t.co/3MUZ5YYzuP ...

Core Insights - BlackRock Inc. (BLK) achieved a record $12.53 trillion in assets under management (AUM) for Q2 2025, marking a 17.7% year-over-year growth, driven by higher inflows in equity and fixed income instruments [1][8] - Digital assets saw a significant increase of 329.3% during the quarter, highlighting BlackRock's strategic focus on the cryptocurrency sector [2] - The company has been expanding its AUM through product diversification and acquisitions, with a five-year compound annual growth rate (CAGR) of 9.2% from 2019 to 2024 [2] AUM Growth and Inflows - BlackRock's AUM growth was supported by inflows of $152 billion in the first half of 2025, continuing a multi-year upward trend [2][8] - The company became the first asset manager to surpass the $12 trillion mark in AUM [1][8] Acquisitions and Expansion - In July 2025, BlackRock agreed to acquire ElmTree Funds and completed the buyout of HPS Investment Partners to enhance its private market offerings [3] - The acquisition of Preqin for $3.2 billion in March 2025 further strengthened its private markets capabilities [3] - Previous acquisitions, including Global Infrastructure Partners in October 2024, have bolstered BlackRock's infrastructure offerings [3] ETF and Active Equity Focus - BlackRock is enhancing its iShares unit, which offers over 1,400 ETFs globally, and has received approval for spot Bitcoin and ether ETFs [4] - The company is also increasing its focus on the active equity business to support AUM growth [4] Peer Comparison - Competitors like SEI Investments and Invesco are also focusing on AUM growth, with SEI's AUM at $517.5 billion (up 10% year-over-year) and Invesco's AUM at $2 trillion (up 16.6%) as of June 30, 2025 [5][6] Price Performance and Valuation - BlackRock's shares have increased by 15.5% over the past six months, outperforming the industry growth of 2.4% [7] - The company trades at a forward price-to-earnings ratio of 22.44X, which is above the industry average [9] Earnings Estimates - The Zacks Consensus Estimate indicates an 8.6% year-over-year rise in BlackRock's 2025 earnings and a 9.6% growth for 2026, with upward revisions for both years [10]