STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a negative startGIFT Nifty on the NSE IX traded lower by 40 points, or 0.15 per cent, at 26,186.50, signaling that Dalal Street was headed for a negative start on Thursday.Tech View: In the near term, the trend is likely to remain sluggish, with the range placed between 26000 and 26300. Any decisive fall below 26000 may trigger further weakness. On the other hand, a decisive move above 26300 would require for a directional upmove in the Nifty.India ...

Core Viewpoint - President Trump aims to prohibit large institutional investors from purchasing single-family homes to alleviate housing affordability issues for ordinary families, which has sparked significant market and public attention [1]. Group 1: Impact on Institutional Investors - Major institutional investors' stock prices have dropped significantly, with Blackstone Inc. (BX) representing the "institutional home buying" sector [3]. - The proposed policy directly impacts BX's core investment model by restricting asset acquisition, damaging exit expectations, and necessitating a reevaluation of valuation models [4]. - The policy could disrupt BX's long-term cash flow from single-family rentals (SFR) and challenge the logic of real estate allocation [5][6]. Group 2: Market Reactions and Concerns - Homebuilders like Toll Brothers (TOL) and KB Home (KBH) also experienced stock declines due to market fears of increased demand uncertainty if institutional investors are restricted [7][8]. - The market is concerned that the logic behind rising home prices may be interrupted, leading to a preemptive pricing adjustment in the stock market [9]. Group 3: Long-term Implications - The policy could be a short-term negative but may not be detrimental in the long run, as builders profit from turnover rates rather than continuous price increases [10]. - If the policy is enacted, it may lead to a decrease in competition for ordinary buyers, improving housing affordability and potentially increasing transaction volumes [11][12]. - The reduction of cash buyers could shift the market dynamics towards owner-occupiers and mortgage-dependent buyers, benefiting companies like Rocket Companies (RKT) by enhancing mortgage penetration rates [12][14]. Group 4: Benefits for Rocket Companies (RKT) - The policy is expected to improve housing affordability, leading to a recovery in home buying demand and an increase in mortgage loan volumes, which are crucial for RKT's revenue [12][13]. - As cash buyers decrease, the market will likely see a rise in transactions led by self-occupiers, enhancing the overall mortgage market and benefiting RKT in the long term [12][14].

The S&P 500 has ended ‍lower, pulled down by declines in JPMorgan, Blackstone and other financials, while Nvidia and Alphabet lifted the Nasdaq as investors shifted towards AI-related stocks. ...

Core Viewpoint - TPG has received an upgrade from Wolfe Research to "Outperform" with a price target increase, reflecting confidence in its strategic initiatives and market position [1][5]. Group 1: Strategic Developments - TPG's partnership with Jackson Financial aims to expand its credit platform and enhance its insurance-focused asset management business, emphasizing diversification and scaling [2][5]. - The investment management agreement with Jackson Financial targets a minimum of $12 billion in assets under management, with potential growth to $20 billion, combining Jackson's expertise in annuity products with TPG's private credit platform [3][5]. Group 2: Financial Performance - TPG anticipates reporting approximately $20 billion in credit capital raised for 2025, marking a 60% increase from 2024 [3][5]. - TPG's current stock price is $67.60, reflecting a decrease of 2.96% from the previous day, with a market capitalization of approximately $25.91 billion [4].

Core Viewpoint - Franklin Resources, Inc. is set to release its first quarter operating results on January 30, 2026, at approximately 8:30 a.m. Eastern Time [1] Group 1 - A written commentary on the results will be available on the company's investor relations website at the same time [1] - Key executives, including CEO Jenny Johnson, Co-President and Chief Commercial Officer Daniel Gamba, and Co-President, CFO, and COO Matthew Nicholls, will lead a live discussion following the results announcement [1]

Core Viewpoint - Japan's government bond market is facing significant challenges due to the largest net increase in supply in over a decade, with an 8% rise in net supply expected to reach approximately ¥65 trillion ($415 billion) in the upcoming fiscal year [1]. Group 1: Market Conditions - The deterioration in supply-demand conditions may necessitate the government to adjust bond issuance quarterly [3]. - The benchmark 10-year bond yield has risen to 2.13%, the highest level since 1999, with expectations that it could reach a fair value of around 2.2–2.3% [7]. Group 2: Central Bank Actions - A major factor contributing to the increase in net supply is the Bank of Japan's (BOJ) decision to reduce monthly gross purchases by over a quarter to approximately ¥2.1 trillion [5]. - The BOJ's holdings are projected to decrease by ¥46.5 trillion in the next fiscal year, compared to ¥41.1 trillion in the current period [5]. Group 3: Investor Behavior - Banks and pension funds have been the primary buyers since the BOJ began loosening its control on bond yields, with net purchases exceeding ¥30 trillion since April 2023 [6]. - However, concerns are rising that these purchases may not be sufficient to absorb the increasing net supply [6]. Group 4: Performance Comparison - Japanese bonds experienced a loss of over 6% last year, marking the worst performance among more than 40 sovereign markets, while U.S. Treasuries gained 6.3% and German securities fell by 1.6% [4].

Core Insights - The increasing demand for private market exposure among individual investors has prompted Granite Harbor Advisors to launch its own asset management division, Granite Harbor Capital, which will manage private funds [2][3] Group 1: Fund Launch and Structure - Granite Harbor Capital has launched Mariner Fund I, a closed-end fund focusing on private equity operating companies and commercial real estate, with an initial target of $50 million [2][4] - The fund will primarily invest in the Midwest, targeting sectors such as multifamily and industrial real estate, manufacturing, infrastructure support, and logistics [4] - The minimum investment requirement for Mariner Fund I is set at $250,000, and it aims for mid-teen internal rate of return (IRR) over a three- to five-year period, with a total fund life of 10 years [4] Group 2: Client Engagement and Marketing Strategy - Granite Harbor's existing clients will benefit from integrated private market allocations within their broader wealth management strategies, enhancing due diligence and cash flow management [6] - The firm has already secured nearly $3 million in commitments within the first day of the fund's launch and anticipates reaching its $50 million target quickly [6] - Marketing efforts for Mariner Fund I include direct outreach, targeted digital communications, educational webinars, and small in-person events in key markets like Houston and Milwaukee [6]

Core Insights - The Akre Focus ETF targets high-quality U.S. companies with strong reinvestment strategies and disciplined portfolio oversight [1][5] - JBR Co Financial Management initiated a new position in the Akre Focus ETF, acquiring 108,793 shares valued at approximately $7.13 million [2][3] Investment Position - The new position represents 2.98% of JBR Co's 13F reportable assets under management (AUM) as of December 31 [3] - As of the latest pricing, AKRE shares are valued at $66.00 [3][4] ETF Overview - The Akre Focus ETF has a market capitalization of $9.97 billion and operates within the financial services sector, specifically in asset management [4] - The ETF emphasizes a concentrated portfolio focusing on business quality, management integrity, and capital reinvestment strength [5][9] Investment Strategy - The fund's strategy involves identifying U.S. companies with sustainable competitive advantages and attractive growth prospects, while also allowing for investments in select foreign securities and alternative equity instruments [5][9] - The Akre Focus ETF recently transitioned from a mutual fund to an ETF format, bringing approximately $10 billion in assets, aimed at improving tax efficiency and transparency [9][10] Market Trends - The initiation of a position in the Akre Focus ETF indicates a growing comfort among investors with actively managed ETFs that differ from traditional index-based products [6][10] - The ETF serves as a quality anchor in investment portfolios, suggesting a broader trend of utilizing ETF formats for high-conviction strategies previously held in mutual funds [10]

Core Viewpoint - Emerging market bonds are becoming increasingly attractive for yield-seeking investors in 2026, particularly through the iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB), which offers a 5.5% dividend yield [2][3]. Group 1: Performance and Yield - The EMB fund delivered a 13% return in 2025 but has seen minimal movement in early 2026, with only a 0.07% increase year-to-date [2][3]. - The fund holds 658 emerging market bonds and has a total asset value of $15.7 billion, with a low expense ratio of 0.39% [7]. Group 2: Political and Economic Factors - The recent surge in Venezuelan defaulted bonds, which rose to 43 cents on the dollar following President Nicolás Maduro's removal, highlights how quickly political risk can change and unlock value for investors [3][8]. - The Federal Reserve's interest rate decisions are crucial for EMB's performance, with expectations for rate cuts that could enhance the attractiveness of EMB's yield compared to U.S. Treasury yields [4][5]. Group 3: Market Dynamics - Historically, emerging market bonds tend to rally when the Federal Reserve adopts a dovish stance, and the current outlook suggests potential rate cuts from the current 3.50% to 3.75% range [4][5]. - As U.S. Treasury yields decline, the 5.5% yield from EMB becomes more appealing, potentially leading to increased inflows from investors moving away from lower-yielding developed market bonds [5][6].

Core Insights - Northern Trust Asset Management (NTAM) has partnered with Envestnet to provide institutional-quality, tax-managed direct indexing solutions for ultra-high-net-worth (UHNW) clients [1][9] Group 1: Partnership Details - The collaboration allows financial advisors to access NTAM's direct indexing solution through the Envestnet platform, offering a diversified range of equity investment strategies [2][7] - The solution enables customization of portfolios by blending indices, applying quantitative factor tilts, and including client-specific exclusions to align with individual preferences [2][4] Group 2: Strategic Rationale - This partnership aligns with Northern Trust's strategy to enhance access to personalized, tax-efficient investment solutions for UHNW clients, who increasingly demand portfolio customization and active tax management [3][5] - Direct indexing is gaining traction in the wealth management industry, allowing for more precise portfolio tailoring compared to traditional mutual funds or ETFs [4] Group 3: Market Impact - The partnership is expected to expand Northern Trust's distribution of direct indexing capabilities, driving incremental asset growth without significant infrastructure investment [4][7] - Direct indexing typically carries higher fees and greater client retention compared to traditional passive products, which can improve revenue and margin durability for Northern Trust [4] Group 4: Industry Trends - The growing adoption of direct indexing and customized model portfolios is attracting attention from other financial firms, such as BlackRock and State Street, indicating a broader industry trend towards sophisticated, tax-smart solutions [5][6]