Core Viewpoint - The PFRDA has approved a framework allowing banks to independently establish pension funds for managing National Pension System (NPS) assets, aimed at enhancing competition and protecting subscriber interests [2][4]. Group 1: Framework for Banks - Banks will be able to sponsor pension funds, subject to a clearly defined eligibility criteria based on net worth, market capitalization, and prudential soundness in line with RBI norms [2][4]. - The initiative is designed to ensure that only well-capitalized and systemically robust banks can sponsor pension funds, with detailed guidelines to be issued for both new and existing funds [2][4]. Group 2: NPS Trust Board Appointments - The PFRDA has appointed three new trustees to the NPS Trust Board, including Dinesh Kumar Khara as chairperson, along with Swati Anil Kulkarni and Dr. Arvind Gupta [3][4]. Group 3: Investment Management Fee Structure - The Investment Management Fee (IMF) structure for pension funds will be revised starting April 1, 2026, introducing differentiated rates for government and non-government sector subscribers [3][4]. - For government sector employees under specific options, the IMF will remain unchanged, while for non-government sector subscribers, it will range from 0.12% for assets under management (AUM) up to ₹25,000 crore, tapering to 0.04% for AUM above ₹1.5 trillion [3][4].

Core Viewpoint - U.S. financial markets are experiencing a pause for the New Year's Day holiday, with trading set to resume on January 2nd, 2026. Despite a recent pullback, 2025 was a strong year for major stock indexes, which posted significant gains. Market Performance - On December 31st, 2025, major U.S. stock indexes closed lower, continuing a four-session losing streak. The Dow Jones Industrial Average fell 0.6% to 48,063.29, the S&P 500 declined 0.7% to 6,845.50, and the Nasdaq Composite dropped 0.8% to 23,241.99. Trading volume was light as many institutional investors had closed their books for the year [2][3]. - Sector performance was predominantly negative, with technology stocks being a major drag. The Energy Select Sector SPDR rose 0.8%, while the Information Technology Select Sector SPDR, Financials Select Sector SPDR, and Industrials Select Sector SPDR all declined by 0.3% [4]. Notable Stock Movements - Ares Management Corporation saw a share decline of 3.4%. Micron Technology and Western Digital experienced drops of 2.5% and 2.2%, respectively. Corcept Therapeutics shares plunged significantly after the FDA did not approve its treatment. Conversely, Nike shares rose 4.1% following the CEO's purchase of approximately $1 million in company stock [5]. Year-End Market Drivers - The strong performance in 2025 was largely driven by optimism surrounding artificial intelligence, with companies like Micron Technology, Palantir, Advanced Micro Devices, Alphabet, and Nvidia being significant contributors. The S&P 500 finished 2025 up approximately 16.4%, the Nasdaq Composite surged around 20.4%, and the Dow Jones Industrial Average added roughly 13% [6]. Upcoming Economic Data - Key economic data releases are scheduled for early January, including Initial Claims data and Construction PDF on January 2nd, ISM Manufacturing index on January 5th, and various employment reports on January 7th. Important inflation indicators like the Consumer Price Index and Producer Price Index will be released on January 13th and 14th, respectively [8]. Federal Reserve Meeting - The U.S. Federal Reserve's Federal Open Market Committee meeting is set for January 28th, where market participants will seek guidance on monetary policy for 2026, particularly regarding inflation and potential interest rate adjustments [9]. Upcoming Earnings Releases - The earnings season for Q4 2025 will begin to gain momentum later in January, with notable companies like BHP Group, JPMorgan Chase, and Bank of America expected to report. These earnings will provide critical insights into corporate performance and outlooks for the new year [10].

Core Viewpoint - The complaint against Blue Owl alleges violations of federal securities laws due to misleading statements and undisclosed liquidity issues, particularly related to BDC redemptions and the impact of a merger on investor redemptions [2][3][4]. Group 1: Allegations and Issues - Blue Owl is accused of experiencing significant pressure on its asset base from BDC redemptions, leading to undisclosed liquidity issues [2]. - The company is likely to limit or halt redemptions of certain BDCs, which contradicts previous positive statements made by the defendants regarding the company's business and prospects [2]. - A report indicates that Blue Owl has blocked redemptions in one of its private credit funds due to a merger, potentially resulting in large losses for investors [3]. Group 2: Financial Impact - Following the announcement of the merger, investors in Blue Owl Capital Corporation II will lose the ability to redeem cash at the fund's Net Asset Value (NAV), with shares trading approximately 20% below NAV [4]. - On November 17, 2025, Blue Owl's stock price fell by $0.85, or 5.8%, closing at $13.77 per share, indicating a negative market reaction and potential injury to investors [4].

Core Viewpoint - The recent drop in silver prices presents a favorable entry point for investment, despite a significant increase in prices throughout 2025 [1][11]. Price Movement - Silver prices surged from approximately $30 to an all-time high of $80 in 2025, but experienced a sell-off with a decline of up to 10% on December 29 [1][2]. - The iShares Silver Trust (SLV) saw a rise of 162% during the year but fell by about 8.5% on the same day [2]. Market Dynamics - The sudden drop in silver prices is attributed to concerns of a speculative bubble and profit-taking by traders [3]. - The current price of SLV is $64.42, with a day's range of $63.53 to $66.88 and a 52-week range of $26.57 to $71.22 [3]. Demand Factors - Silver's industrial applications are significant, particularly in AI data centers, electric vehicles, solar cells, batteries, and medical equipment [4][5]. - The demand for silver is expected to rise due to the ongoing expansion of AI infrastructure and electric vehicle production [5][8]. Supply Factors - There is a supply crunch for silver, with the U.S. Department of the Interior designating it as a critical mineral due to its importance in AI and other technologies [7]. - The global electricity consumption for data centers is projected to increase significantly, indicating a growing demand for silver [8]. Economic Environment - The Federal Reserve's easing monetary policy is favorable for silver prices, as it boosts industrial activity and weakens the dollar [9]. - The accessibility of silver compared to gold makes it a more attractive investment for retail investors during precious metal rallies [10]. Investment Outlook - The expectation of continued interest rate cuts by the Federal Reserve, along with the ongoing growth in AI and renewable energy sectors, positions silver as a strong investment opportunity for 2026 [11].

Core Viewpoint - John Hancock Diversified Income Fund has declared a quarterly distribution of $0.2500 per share, payable to shareholders as of December 11, 2025, under its managed distribution plan [1][6]. Distribution Details - The distribution amount for December 2025 is set at $0.2500 per common share, with no action required from shareholders [2]. - The estimated sources of the current distribution include: - Net Investment Income: $0.1253 (50%) - Net Realized Short-Term Capital Gains: $0.1247 (50%) - Net Realized Long-Term Capital Gains: $0.0000 (0%) - Return of Capital or Other Capital Source: $0.0000 (0%) [3]. Cumulative Distribution Information - Cumulative distributions for the fiscal year to date are as follows: - Total: $1.0022 per common share - Breakdown: - Net Investment Income: $0.6344 (63%) - Net Realized Short-Term Capital Gains: $0.1671 (17%) - Net Realized Long-Term Capital Gains: $0.1191 (12%) - Return of Capital or Other Capital Source: $0.0816 (8%) [3]. Fund Performance Metrics - The average annual total return (in relation to NAV) for the past five years is 9.28% [3]. - The annualized current distribution rate expressed as a percentage of NAV as of November 28, 2025, is 8.14% [3]. - The cumulative total return (in relation to NAV) for the fiscal year through November 28, 2025, is 13.16% [3]. - The cumulative fiscal year-to-date distribution rate expressed as a percentage of NAV as of November 28, 2025, is 8.16% [3]. Managed Distribution Plan - The Fund operates under a managed distribution plan, which allows for fixed quarterly distributions of $0.2500 per share, continuing until further notice [6].

Core Viewpoint - The Gross Law Firm is notifying shareholders of Blue Owl Capital Inc. regarding a class action lawsuit due to alleged misleading statements and undisclosed liquidity issues during a specified class period [1][3]. Group 1: Allegations - The complaint alleges that Blue Owl was under significant pressure on its asset base from redemptions by business development companies [3]. - It is claimed that the company faced undisclosed liquidity issues as a result of these pressures [3]. - The lawsuit suggests that Blue Owl may limit or halt redemptions of certain business development companies due to these liquidity concerns [3]. - Defendants' positive statements about the company's business and prospects are alleged to be materially misleading and lack a reasonable basis [3]. Group 2: Class Action Details - The class period for the lawsuit is defined as February 6, 2025, to November 16, 2025 [3]. - Shareholders are encouraged to register for the class action by February 2, 2026, to potentially be appointed as lead plaintiffs [4]. - There is no cost or obligation for shareholders to participate in the case, and they will receive updates through portfolio monitoring software [4]. Group 3: Law Firm Information - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Blue Owl Capital Inc. during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1] Group 1: Class Action Details - The Class Period for the Blue Owl securities is from February 6, 2025, to November 16, 2025 [1] - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1] - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by February 2, 2026 [2] Group 2: Legal Representation - Investors are encouraged to select qualified legal counsel with a successful track record in securities class actions [3] - Rosen Law Firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company [3] - The firm has been consistently ranked among the top firms for securities class action settlements and has recovered hundreds of millions for investors [3] Group 3: Case Allegations - The lawsuit alleges that Blue Owl made false or misleading statements regarding its asset base and liquidity issues due to BDC redemptions [4] - It is claimed that Blue Owl was likely to limit or halt redemptions of certain BDCs, which was not disclosed to investors [4] - The misleading statements about Blue Owl's business operations led to investor damages when the true situation was revealed [4]

Core Viewpoint - The complaint against Blue Owl alleges violations of federal securities laws due to misleading statements and undisclosed liquidity issues, particularly related to BDC redemptions and the impact of a merger on investor redemptions [2][3][4]. Group 1: Allegations and Issues - Blue Owl is accused of experiencing significant pressure on its asset base from BDC redemptions, leading to undisclosed liquidity issues [2]. - The company is likely to limit or halt redemptions of certain BDCs, which contradicts previous positive statements made by the defendants regarding the company's business and prospects [2]. - A report indicates that Blue Owl has blocked redemptions in one of its private credit funds due to a merger, potentially resulting in large losses for investors [3]. Group 2: Financial Impact - Following the announcement of the merger, investors in Blue Owl Capital Corporation II will lose the ability to redeem cash at the fund's Net Asset Value (NAV), with shares trading approximately 20% below NAV [4]. - On November 17, 2025, Blue Owl's stock price fell by $0.85, or 5.8%, closing at $13.77 per share, indicating a negative market reaction and potential injury to investors [4]. Group 3: Legal Proceedings - The lead plaintiff in the class action is the investor with the largest financial interest, who will oversee the litigation on behalf of the class [5]. - The law firm Faruqi & Faruqi encourages individuals with information regarding Blue Owl's conduct to come forward, including whistleblowers and former employees [6].

Core Insights - Investors relying on passive bond index funds may face challenges in the uncertain interest rate environment of 2026, necessitating adaptable strategies rather than fixed allocations [1] - The ALPS Smith Core Plus Bond ETF (SMTH) employs an active management approach, focusing on intermediate-duration bonds while maintaining flexibility to capitalize on longer maturities when opportunities arise [2][3] - Intermediate-dated bonds maturing in five to ten years are identified as offering a favorable risk-reward balance, providing yields comparable to cash with potential for capital appreciation if rates decline [3] Fund Performance and Strategy - SMTH has attracted significant investor interest, with net inflows of $966 million year-to-date and $81 million in the past month, bringing total assets under management to $2.4 billion, with a year-to-date return of 7.10% [5] - The fund's strategy includes nearly half of its portfolio in intermediate bonds, with the remainder allocated to longer-duration bonds for higher yields and shorter-term securities for defensive flexibility [3][4] Market Conditions - Current market conditions show that corporate credit spreads are at historically low levels, with the U.S. investment-grade bond spread just over 70 basis points above Treasuries, compared to a long-term average of 132 basis points [6] - The tight credit spreads make corporate bonds less attractive, highlighting the advantage of active management in adjusting corporate bond exposure based on current valuations, unlike passive funds that must adhere to their indexes [7]

Group 1 - J.P. Morgan Asset Management (JPMAM) announced final cash distributions for several ETFs, with payments scheduled for January 9 and January 16, 2026 [1] - The cash distributions per unit for various ETFs include: - JEPQ: $0.23362 (Monthly) - JBND: $0.09549 (Monthly) - JEPI: $0.17663 (Monthly) - JPST: $0.08534 (Monthly) - JCOR: $0.02470 (Quarterly) - JAVA: $0.06266 (Quarterly) - JGLO: $0.08874 (Annual) - JGRO: $0.00969 (Annual) [1] Group 2 - J.P. Morgan Asset Management manages assets totaling US$4 trillion as of September 30, 2025, serving a diverse clientele including institutions and high net worth individuals globally [2] - The company offers a wide range of investment management services across various asset classes, including equities, fixed income, real estate, hedge funds, private equity, and liquidity [2]