Core Viewpoint - Virtus Investment Partners, Inc. is actively expanding its presence in the private credit market through the acquisition of Keystone National Group, which is expected to enhance its asset management capabilities and provide innovative investment strategies to clients [3][4]. Group 1: Company Developments - Piper Sandler analyst Crispin Love has lowered the price target for Virtus to $218 from $225 while maintaining an Overweight rating, indicating a positive outlook on the company's credit fundamentals [2]. - Virtus has reached a definitive agreement to acquire a majority stake in Keystone National Group for $200 million at closing, with potential additional payments of up to $170 million based on future revenue targets [4]. - The acquisition is expected to close in the first quarter of 2026, with RBC Capital Markets and Goodwin Procter LLP advising Virtus on the transaction [5]. Group 2: Market Context - Deal activity in the asset management sector is increasing, with a focus on private credit amid concerns over rising defaults; however, these fears are viewed as overblown due to solid loan-to-value ratios of 30%-40% [3]. - The acquisition of Keystone allows Virtus to offer innovative asset-centric private credit strategies, catering to clients seeking alternative income sources and diversification beyond direct lending [4].

集团 21世纪经济报道 公司长智纳固收类公 品业绩榜单 ( 投资間期1-2年 榜单数据说明： 本期榜单统计对象为理财公司发行的成立满1年的公募纯固收产品，投资周期为1-2年（含）期限，同系列同投资周期产品保留 一只，加权年化收益率计算方式为"5%近1月年化收益率+10%近3月年化收益率+15%近6月年化收益率+30%近1年年化收益率 +40%成立以来年化收益率"，排名依据为加权年化收益率，数据计算截止时间为2025年12月30日。 榜单排名由理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 一、整体表现 南财理财通数据显示，截至2025年12月30日，理财公司共计存续1393只（含不同份额）1-2年（含）期限且成立满1年的公募纯 固收产品。在有完整年化收益率披露的888只产品中，加权年化收益率均值为2.71%，11只产品的加权年化收益率超过4%，2只 产品的加权年化收益率不及1%。 本期榜单共有7家理财公司上榜，光大理财、徽银理财和兴银理财分别上榜2只产品，信银理财、华夏理财、南银理财以及招银 理财各上榜1只产品。 | IF 특 | 产品名称 | 管理人 | 加权年 化妆品 | 月本 ...

Capital Markets 2026 Outlook Summary Industry Overview - The report focuses on the Capital Markets industry, specifically analyzing the performance and outlook for various segments including Alternative Asset Managers, Traditional Asset Managers, Brokers, Trust Banks, and Exchanges [2][8]. Key Themes and Insights Theme 1: Capital Markets Recovery - A significant recovery in Capital Markets is anticipated, particularly in M&A and Equity Capital Markets, with global announced M&A volumes increasing over 40% year-on-year in 2025 [28]. - IPO activity has also seen a meaningful re-acceleration, although both M&A and IPO volumes remain below cyclical averages, indicating potential for further growth [28][39]. - Companies such as CG, BX, TPG, and KKR are highlighted for their substantial earnings exposure to Capital Markets-sensitive revenues, estimated at 30%-40% of total revenues [29]. Theme 2: Interest Rates and Asset Growth - The Federal Reserve's funds rate is projected to decline to 3% by the end of 2026, with a steepening yield curve expected [6]. - Wealth Brokers and Trust Banks are anticipated to experience cash revenue and net interest income (NII) growth in 2026, driven by increased balances and lower asset sensitivity compared to previous cycles [6][15]. - Specific firms like RJF and SCHW are expected to outperform consensus estimates, with RJF projected to grow by 2% in 2026 and 7% in 2027 [6]. Theme 3: Alternative Managers' Growth - Alternative Asset Managers are expected to see management fee growth accelerate to a 16% compound annual growth rate (CAGR) in 2026-2027, up from 11% in 2023-2025 [6][11]. - Growth is anticipated to broaden beyond Credit, with Private Equity and Real Estate showing signs of recovery, alongside continued strength in Infrastructure and AI sectors [6]. Theme 4: Traditional Managers' Outlook - Traditional Asset Managers are expected to see long-term organic growth accelerate to over 1% in 2026, with firms like AMG and BLK leading in organic base fee growth [7]. - Growth drivers include increased flows into Fixed Income, Active ETFs, and leveraging distribution capabilities for Private Markets strategies [7]. Theme 5: Exchange Volume Challenges - Exchanges are facing tough year-on-year volume comparisons, particularly in 2026, following record volumes in 2025 [7]. - However, sectors such as Energy and Equities are expected to deliver meaningful volume growth, supported by retail investor participation and recovery in IPO markets [7][14]. Additional Insights - The report indicates a positive outlook for Trust Banks, with firms like BK and STT expected to benefit from accelerating deposit growth and favorable NII outlooks [15]. - The report emphasizes the importance of expense management and capital returns in driving EPS growth across various segments [15][12]. - Despite a challenging environment, select areas within the Capital Markets are expected to see structural growth, particularly in newer product areas like event contracts and prediction markets [16]. Conclusion - The Capital Markets industry is poised for a recovery driven by improving financial conditions, increased M&A and IPO activity, and growth in alternative and traditional asset management sectors. The outlook remains broadly constructive, with specific firms identified as key beneficiaries of these trends [2][8].

Core Viewpoint - Ares Management Corporation is set to report its earnings for the fourth quarter and full year ending December 31, 2025 on February 5, 2026, prior to the opening of the New York Stock Exchange [1] Earnings Report - The earnings report will cover the fourth quarter and the full year results for 2025 [1] - A webcast/conference call will be held on the same day at 11:00 a.m. [1]

Core Viewpoint - AT&T plans to relocate its corporate headquarters from Dallas to Plano, Texas, aiming to create a modern campus designed for collaborative work [1][2][5][6]. Group 1: Headquarters Relocation - The new headquarters will be located on 54 acres of land near the Legacy West food and shopping district in Plano, previously occupied by Electronic Data Systems [1]. - The relocation will involve moving most of the 6,000 employees from the current high-rise Dallas headquarters to a broader, low-rise campus in Plano [5]. - AT&T aims to begin occupying the new headquarters by the second half of 2028 [6]. Group 2: Industry Trends - The move aligns with a trend of major companies relocating their headquarters to the suburbs of Dallas, with notable examples including Toyota and Fisher Investments [9]. - Other financial firms, such as Goldman Sachs, are also expanding their presence in Texas, indicating a shift away from traditional Wall Street hubs [6][9].

Company Performance - Apollo Global Management, Inc. (APO) has experienced a disappointing performance over the past year, with a loss of approximately 9% in value [1] - Despite a surge in public markets, there are growing concerns regarding valuations in debt-heavy private markets, particularly in private credit [1] Market Context - The current market environment reflects a contrast between the performance of public markets and the challenges faced in private markets, indicating potential risks for investors in private credit sectors [1]

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Wade W. Slome, CFA, CFP® is President and Founder of Sidoxia Capital Management, LLC and published author of How I Managed $20,000,000,000.00 by Age 32. In addition, Mr. Slome has been a media go-to resource as seen on CNBC and ABC News. He has also been quoted in the Wall Street Journal, USA Today, New York Times, Dow Jones, Investor's Business Daily, Bloomberg, Smart Money, among other media publications. Online, he is lead editor of the investment blog, InvestingCaffeine.com and a contributing writer to ...

Core Viewpoint - The company is selling 45 shares of BlackRock, reducing its ownership to 65 shares and decreasing its portfolio weighting from approximately 3.10% to 1.90% [1] Summary by Relevant Sections Stock Performance - BlackRock's stock has shown a positive trend at the beginning of the new year, with a 5% increase over the past two sessions, following a disappointing 2025 where shares gained only about 6% [1] Portfolio Management - The sale of BlackRock shares is part of a strategy to capitalize on recent stock strength and to rebuild cash reserves to over 7% of the portfolio [1] - Recent purchases include stocks from Nike, Procter & Gamble, and Alphabet, with the BlackRock sale intended to offset these acquisitions and provide flexibility for future investments in Alphabet [1] Financial Gains - The sale will result in a realized gain of approximately 9% on shares that were purchased in late 2024 [1]

Summary of Key Points from Conference Call Records Industry and Company Overview - The records discuss trends and opportunities in the financial markets, technology innovation, and commodity investments, particularly focusing on China and the global economic landscape in 2026. Core Insights and Arguments 1. Low-Interest Rate Environment - The low-interest rate environment is expected to persist in 2026, with both the US and China likely to continue lowering interest rates, prompting adjustments in debt and asset strategies for businesses and individuals [3][4][18] - This environment will lead to a shift in asset allocation from physical to financial assets, benefiting the asset management industry and driving growth in stock and bond markets [4] 2. Technology Innovation and Industrial Upgrade - China's technology innovation and industrial upgrade are projected to accelerate in 2026, supported by a new type of national system and high-quality development strategies, leading to breakthroughs in various fields [5][12] 3. Asset Value Reassessment - A trend of asset value reassessment in China is expected to strengthen in 2026, driven by the appreciation of the RMB, technological advancements, and a shift from low-cost advantages to high-tech and high-green content [6] 4. Gold Re-monetization - The trend of gold re-monetization is anticipated due to declining trust in fiat currencies, particularly the US dollar, driven by excessive dollar issuance and high US debt levels, leading central banks to increase gold reserves [7][8] 5. Silver Investment Outlook - Silver, possessing both industrial and precious metal attributes, is expected to have a positive investment outlook due to rising demand in sectors like electricity and electronics, alongside supply shortages that may drive prices up [9] 6. Investment Opportunities in Power and Energy - The power and energy sectors are poised for significant investment opportunities, with emerging industries such as electricity, grid, and energy storage expected to grow, supported by China's advanced power infrastructure [10] 7. New Technologies and Manufacturing - The integration of new technologies, such as AI and semiconductor innovations, is expected to create substantial commercial opportunities, enhancing the development of related industries [11] 8. Consumer Market Developments - Changes in population structure and rising disposable income are projected to create new opportunities in China's consumer market, particularly in service-oriented sectors [13] 9. International Expansion of Chinese Enterprises - With China's GDP per capita reaching approximately $14,000, Chinese enterprises are entering a phase of deeper international expansion, despite geopolitical challenges [14] 10. Capital Market Drivers - Key drivers for the capital market include capital inflows, technological innovation, regulatory reforms, and consumption upgrades, with US interest rate cuts facilitating capital movement to Asia-Pacific regions [15][18] 11. Hong Kong's Financial Center Status - Hong Kong's status as an international financial center is strengthening, with a return to the third position in the global financial center index and becoming a leading IPO market [16] 12. Impact of Asia-Pacific Economy on China - The Asia-Pacific region, contributing significantly to global GDP growth, is crucial for China's economic development, enhancing trade and investment opportunities [17] 13. Asset Allocation Recommendations - For 2026, a slow bull market in equities is anticipated, with a focus on technology, high-end manufacturing, and pharmaceuticals, while government bonds may present good allocation opportunities [19] Other Important Insights - The geopolitical landscape is undergoing significant changes, with the US adjusting its strategic posture, which may intensify competition among nations in strategic resources and technology [2] - The ongoing trends in the global economy and financial markets are expected to create diverse investment opportunities and risks for investors [19]