Core Insights - Apollo Global Management, Inc. (APO) and its subsidiary Athene Holding Ltd. reported preliminary estimates of alternative net investment income for Q4 2025, which is a key metric for assessing the performance of the Retirement Services segment [1][7] Group 1: Preliminary Net Investment Income - The estimated alternative net investment income for Q4 2025 is approximately $325 million (pre-tax), indicating a 10% annualized return on alternative net investments [2][7] - Athene's pooled investment vehicle, which holds the majority of alternative assets, is projected to deliver a 10% annualized return for Q4 2025, while other alternative investments are expected to yield nearly 7% [3][7] Group 2: Growth Expectations - The alternative investment income for Q4 2025 is expected to surpass the $269 million reported in Q4 2024, with steady growth anticipated due to global economic expansion, technological advancements, and rising demand for capital raising [4][7] Group 3: Stock Performance - APO's shares have increased by 20% over the past three months, significantly outperforming the industry average growth of 3.5% [5][7]

In terms of sheer size, DWS may not compete with the Vanguards and BlackRocks in the ETF space when it comes to garnering the most market share. However, it does something to discern itself from the m... ...

分组1 - Private wealth has driven alternative investments past $1 trillion, attributed to the availability of institutional-grade products for individual investors, including non-traded REITs and interval funds [1] - Venezuelan government and PDVSA bonds surged by up to 8.5 cents on the dollar, approximately 20%, with expectations of further gains following potential political changes [2] - JPMorgan has formed a special advisory group to offer clients various capabilities without initial charges, including investor relations and technology procurement [3] - Top funds have shown volatility, ranking in the top quartile of their categories about half the time over a decade, indicating that long-term winners often experience short-term fluctuations [4] - Asset management partnerships are expanding, with some firms forming multiple partnerships to offer alternative strategies from various competitors [5] 分组2 - U.S. ETFs saw record inflows of $1.49 trillion in 2025, surpassing the previous year's record of $1.12 trillion, marking the second consecutive year of inflows exceeding $1 trillion [6] - New provisions from Secure 2.0 will limit catch-up contributions to Roth 401(k)s for higher earners starting in 2026, affecting those earning over $145,000 [7] - Private equity management fees have reached a new low of 1.61% of assets, significantly below the traditional 2% fee [8] - Blackstone's BREIT is offering a 1% bonus share incentive for investors subscribing between January and April 2026 [9] - The trend of alternative investing is gaining momentum due to a concentrated equity bull market and the financial planning community's push for sophisticated investment strategies [10] 分组3 - XA Investments is launching a credit interval fund index (INTVL-C) that tracks alternative credit funds with a majority allocation to credit strategies [11]

Core Insights - U.S. spot Bitcoin ETFs experienced a significant capital rotation with a net inflow of approximately $697 million on January 5, 2026, marking the largest single-day inflow since October 7, 2025, indicating a resurgence of institutional interest after a stagnant final quarter [1][5]. Group 1: Bitcoin ETF Performance - Bitcoin's price surged past $93,000, reaching a high of $94,745, coinciding with the increased demand for Bitcoin ETFs, reversing a trend of muted flows and net withdrawals from late December [2]. - BlackRock's IBIT led the inflows, attracting $372 million, which accounted for more than half of the total inflow for the day, while Fidelity's FBTC followed with $191 million [3]. Group 2: Broader Market Sentiment - Spot Ethereum ETFs also saw a significant rebound, adding over $168 million in net new assets on the same day, indicating a broader risk-on sentiment across the digital asset class at the start of the year [4]. - The inflow on January 5 is seen as a clear indication of institutional re-risking and portfolio rebalancing, as asset managers shift capital after a period of tax-loss harvesting and de-risking at the end of 2025 [5][6].

Core Insights - Tweedy, Browne has launched the Insider + Value ETF (COPY), which uniquely combines tracking insider purchases with the timing of those purchases, focusing on stocks trading at significant discounts compared to historical valuations [1] - The investment strategy emphasizes stocks believed to be trading below intrinsic value, utilizing a proprietary model that analyzes over 30 investment characteristics, including price/earnings and price to book value ratios [2] - The ETF has shown strong performance, returning 30% in 2025, outperforming the MSCI World Index and the S&P 500 [3] Company Overview - Tweedy, Browne Co., based in Stamford, Connecticut, manages approximately $7 billion through various investment vehicles, including mutual funds and ETFs, employing value strategies [5] - The firm was founded in 1920 and has historical ties to value-investing pioneer Benjamin Graham [4] Investment Strategy - The ETF focuses on stocks where corporate insiders are actively buying shares and companies that are repurchasing shares at attractive prices, based on Tweedy, Browne's valuation analysis [1] - The strategy is diversified across roughly 180 stocks, with a significant portion of the portfolio invested in non-U.S. companies, reflecting a bias toward undervaluation [3][8] - The fund's performance is benchmarked against the MSCI World Index, and it has outperformed many of its peers in the first year [16] Performance Metrics - COPY's return of 30% in 2025 compares favorably to the iShares MSCI World ETF, which returned 21.3%, and other actively managed ETFs [18] - The fund's expense ratio is 0.80%, which is competitive compared to other funds in the same category [18] Share Buyback Focus - The investment team emphasizes net buybacks that effectively lower the share count, avoiding dilution from stock issuance or executive compensation [6] - The fund has identified companies that have been buying back shares at high trailing price/earnings ratios, indicating potential overvaluation in those buybacks [12] Top Holdings - As of the latest report, the top holdings in the COPY portfolio include DPM Metals Inc., BAWAG Group AG, and Erste Group Bank AG, with weights ranging from 1.96% to 1.10% [20]

(Exact name of registrant as specified in its charter) As filed with the U.S. Securities and Exchange Commission on January 6, 2026 Registration No. 333-290789 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Keystone Global Financial Group Cayman Islands 6199 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial (I.R.S. Employer Identification No.) ...

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Blue Owl Capital Inc. due to allegations of violations of federal securities laws, particularly concerning misleading statements and undisclosed liquidity issues [2][4]. Group 1: Legal Investigation and Class Action - The firm is encouraging investors who suffered losses in Blue Owl to contact them, especially those who purchased securities between February 6, 2025, and November 16, 2025 [1][2]. - A federal securities class action has been filed against Blue Owl, with a deadline of February 2, 2026, for investors to seek the role of lead plaintiff [2][7]. Group 2: Allegations Against Blue Owl - The complaint alleges that Blue Owl and its executives made false or misleading statements regarding the company's asset base and liquidity issues, which were not disclosed to investors [4]. - Specific allegations include that Blue Owl was facing significant pressure from Business Development Company (BDC) redemptions and was likely to limit or halt redemptions of certain BDCs [4]. Group 3: Impact on Investors - On November 16, 2025, it was reported that Blue Owl blocked redemptions in one of its private credit funds due to a merger, potentially leading to large losses for investors [5]. - Following the news of the merger, Blue Owl's stock price fell by $0.85, or 5.8%, closing at $13.77 per share on November 17, 2025, indicating a negative impact on investor value [6].

Core Insights - Franklin Templeton identifies significant investment opportunities in private equity, private credit, real estate, and infrastructure for the year 2026 [1] Group 1: Investment Opportunities - The company emphasizes the potential of private equity as a robust investment avenue, highlighting its resilience and growth prospects [1] - Private credit is noted for its increasing relevance, particularly in a rising interest rate environment, which may enhance returns for investors [1] - Real estate is recognized for its ability to provide stable income and potential appreciation, making it an attractive option for long-term investors [1] - Infrastructure investments are seen as critical due to their essential nature and potential for steady cash flows, especially in the context of global economic recovery [1]

Core Viewpoint - Morgan Stanley has filed for Bitcoin and Solana exchange-traded funds (ETFs), marking its entry into the cryptocurrency fund market two years after the rise of crypto-focused ETFs in the US [1][2]. Group 1: Company Actions - The firm submitted paperwork for a Bitcoin Trust and a Solana Trust, with the Solana product including a portion allocated for staking to earn rewards [2]. - Morgan Stanley Investment Management Inc. will sponsor the trusts as indicated in the filings [2]. - The bank has shown increased interest in the crypto sector, partnering with a cryptocurrency infrastructure provider to enable E*Trade clients to trade popular tokens starting in 2026 [6]. Group 2: Industry Context - Traditional financial institutions like Goldman Sachs, JPMorgan, and Citigroup are expanding their digital asset operations, with over $150 billion currently invested in approximately 130 US funds, primarily in Bitcoin products [3]. - The emergence of new asset classes in the ETF space is significant, as noted by industry experts, highlighting the growing acceptance of cryptocurrencies by large institutions [4]. - Currently, there are more than 10 Bitcoin-focused funds trading in the US, with various funds based on Solana, the sixth-largest digital currency by market value [4]. Group 3: Market Position - Morgan Stanley does not rank among the top 10 ETF issuers and has fewer assets in the ETF space compared to newer entrants like Neos Investments [5]. - The bank's existing funds primarily focus on fixed income and equities, indicating a shift in strategy towards digital assets [5].

Core Viewpoint - Retirees face a challenge in balancing the need for current income with the desire for future growth, and the WisdomTree U.S. Total Dividend Fund (DTD) aims to address this by using a dividend-dollar weighting strategy to create a portfolio that balances income and quality [1][4]. Group 1: Fund Performance and Strategy - DTD has achieved a 10-year return of 204% while maintaining a nearly 2% yield and a monthly distribution schedule, indicating its effectiveness in delivering competitive total returns alongside regular income [2][3]. - The fund's dividend-weighting methodology focuses on companies that pay substantial dividends without pursuing the highest yields, which can indicate financial distress [2][5]. - Over the past five years, DTD's return of 84.8% closely matches the S&P 500's return of 85.1%, while providing approximately double the yield [6]. Group 2: Holdings and Sector Allocation - The fund allocates 20.6% of its holdings to the Financial sector and limits Information Technology to 17.4%, which helps avoid concentration in high-risk areas [5][6]. - Top holdings include Microsoft, JPMorgan Chase, and NVIDIA, which have consistently raised dividends while also delivering price appreciation [5]. Group 3: Distribution and Income Considerations - DTD's distributions grew by 10.5% from 2024 to 2025, with the fund distributing $1.69 per share in 2025, up from $1.53 in 2024, demonstrating a commitment to dividend growth [3][5]. - Monthly distributions can vary significantly, ranging from $0.06 to $0.27 in 2025, which may require retirees to adapt their budgeting strategies [7]. - The fund's yield of nearly 2% may not meet the expectations of retirees seeking higher current income, as some high-dividend ETFs offer yields between 4% to 6% [7].