Group 1 - Virtus Investment Partners has launched the Virtus Silvant Growth Opportunities ETF (VGRO), expanding its actively managed ETF offerings to 26 [1][2] - VGRO employs bottom-up fundamental research to identify companies with strong growth potential, focusing on both secular and cyclical growth stocks [2][3] - The introduction of VGRO aligns with Virtus' strategy to provide a diverse ETF lineup that aims to enhance investor outcomes compared to passive strategies [3] Group 2 - Silvant Capital Management, the manager of VGRO, emphasizes that growth can occur in any sector and at various stages of a company's lifecycle [3] - Virtus ETF Solutions is a multi-manager ETF sponsor that offers both actively managed and index-based investment capabilities across multiple asset classes [4] - Virtus Investment Partners is a partnership of boutique investment managers dedicated to the long-term success of both individual and institutional investors, providing a range of investment products and services [5]

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Huber Capital Management, LLC today announced that the Huber Select Large Cap Value Fund, Institutional Class, (HULEX), has acquired the assets of the Coho Relative Value Fund (COHOX). "We're excited to welcome the Coho Relative Value Fund shareholders to our family and look forward to seeking to help them pursue their long-term investment goals within our established platform,†said Joe Huber, CEO of Huber Capital Management. "This acquisition reflects our. ...

Core Viewpoint - The recent executive orders and regulatory changes under the Trump administration are expected to facilitate the inclusion of private assets, including alternatives like private equity and cryptocurrency, in 401(k) retirement plans, which could significantly alter the retirement investment landscape [6][3]. Regulatory Changes - SEC Chair Paul Atkins emphasized the need for reasonable access to retail alternatives, while SEC Commissioner Mark Uyeda called for litigation reform to protect plan sponsors offering alternatives in 401(k) plans [1]. - The Labor Department rescinded a previous order that discouraged the use of cryptocurrency in 401(k)s, indicating a shift towards a more crypto-friendly regulatory environment [2]. Market Trends - Private asset allocations have been prominent in defined-benefit plans but face challenges in defined contribution plans due to ERISA protections and litigation risks [4]. - The private market asset management sector is experiencing a slowdown in institutional investors' appetite for alternatives, yet there is a strong push to access the approximately $13 trillion in 401(k) assets [4]. Industry Perspectives - Industry leaders, such as Cheryl Nash from InvestCloud, believe that private markets will increasingly become part of retirement plans, indicating a growing interest in alternatives among advisors and plan participants [5][11]. - Rick Pederson from Bow River Capital anticipates that private assets could become mainstream in 401(k) plans by 2027 or 2028, contingent on further legislative changes to mitigate litigation risks [7][8]. Product Development - Major asset management firms are actively developing products for 401(k) plans that include private market exposure, such as State Street Global Advisors' target-date funds and Goldman Sachs' Collective Trust – Private Credit Fund [9]. - Advisors are showing a preference for private equity as an alternative investment, with 43% indicating they are likely to recommend it, followed by private credit and private real estate [12]. Regulatory Concerns - There are concerns regarding the potential risks associated with expanding alternatives to retail investors, with critics arguing that it could expose ordinary savers to complex financial products [14][15]. - The SEC's approach to democratizing access to alternatives is expected to be gradual rather than a sweeping overhaul, with a focus on incremental changes [17][18].

We successfully completed the second closing of our long-term private credit fund in Peru, PEPCO II, raising more than BRL600 million from Peruvian pension funds, insurance companies, and other institutional LPs. Fundraising has also been active across our opportunistic credit fund, SPS4, and our agribusiness credit fund, MAV III, both raising commitments this quarter and marking each fund's first closing. This achievement underscores both the scalability of our platform and our ability to deliver different ...

Core Insights - The company has established a strong position in the Latin American alternative asset market, similar to trends seen in the U.S. and Europe, with a focus on brand recognition and platform attractiveness [1] - Distributable earnings for the quarter reached R$57 million, reflecting a 12% year-over-year increase on a per share basis, indicating robust growth [1][36] - The company anticipates a strong finish to the year with several fund closings and continued fundraising success despite varying interest rate environments [2] Fundraising and AUM Growth - The company reported R$70 billion in assets under management (AUM), an 8% year-over-year growth, driven by capital raising efforts in private market funds [3] - Fee-related earnings for the quarter were R$53.8 million, or R$1.02 per share, with adjusted distributable earnings at R$57.1 million, or R$1.08 per share [4][36] - The integration with Compass has created a leading pan-regional alternative asset manager, enhancing the company's product offerings and distribution capabilities [5][6] Strategic Developments - The acquisition of Lacan, a timberland investment management organization, is expected to enhance the company's forestry strategy and contribute positively to AUM and segment results [9][10][12] - The company has successfully secured commitments from international investors, including a significant milestone with a Mexican LP for VCP IV, showcasing the effectiveness of the integrated platform [8][24] - The company is launching new investment strategies in collaboration with top asset managers, including a new retirement strategy with BlackRock, further expanding its offerings [18][19] Market Conditions and Performance - The Brazilian economy is showing strong growth post-pandemic, while the stock market remains stable, presenting an attractive entry point for medium-to-long term investors [14][15] - The company is experiencing outflows in its IP&S segment, primarily due to high interest rates, but expects to see a moderation in negative impacts moving forward [16][62] - The company anticipates continued growth in fee-related earnings driven by new commitments in private markets and a strong advisory service pipeline [31][36]

Gold (GC=F) and silver (SI=F) have been two of the biggest winners in financial markets this year as momentum in the precious metals trade pushed prices to all-time highs with just a handful of days left in 2025. Gold's year-to-date rally topped 70% on Monday, and on Tuesday the price of an ounce of gold briefly broke above $4,500. That set another record during a year that has seen the yellow metal hit 50 all-time highs. The price of silver has had an even stronger 2025, more than doubling since Januar ...

Core Insights - Volta Finance reported a net return of -0.6% for November 2025, bringing the year-to-date performance to +2.3% [4] - The performance of Volta Finance lagged behind US High Yield bonds, which returned +7.8%, and Euro High Yield bonds, which achieved +4.8% during the same period [4] Performance and Market Conditions - Financial markets experienced increased unpredictability, with concerns over the valuation of technology stocks, particularly those related to artificial intelligence (AI) [5] - Economic data showed mixed signals, with strength in the US economy but weakness outside the technology sector, alongside a softening job market [6] - The US central bank maintained steady interest rates, but weakening consumer confidence and retail sales led to expectations of potential rate cuts [6] Loan Market Activity - The Morningstar LSTA Leveraged Loan Indices recorded returns of +0.32% in the US and +0.58% in Europe [7] - CLO tranches saw stabilization in spreads for senior tranches, while Mezzanine tranches experienced spread widening, particularly in Europe [7] Investment Activity - Volta Finance actively invested approximately €5.5 million in new investments during November, focusing on new issues that offered better value [8] - The fund's cash position decreased to 13% of its assets, generating about €26 million in cash flow, which represents approximately 20% of November's NAV on an annualized basis [8] Performance Breakdown - Volta's CLO Equity tranches returned -1.5%, while CLO Debt tranches achieved a return of +0.8% [9] - As of the end of November 2025, Volta's NAV was €263.6 million, equating to €7.21 per share [10]

Core Viewpoint - Blackstone Inc. (BX) is showing potential for investment as it has reached a significant support level and surpassed the 200-day moving average, indicating a long-term bullish trend [1]. Technical Analysis - The 200-day simple moving average is a key indicator used by traders and analysts to identify market trends over the long term, serving as a support or resistance level [2]. - BX shares have increased by 10.2% over the past four weeks, suggesting positive momentum [2]. Earnings Estimates - There have been no downward revisions in earnings estimates for BX in the past two months, while five estimates have been revised upward, indicating positive sentiment [3]. - The consensus earnings estimate for BX has also increased, reinforcing the bullish outlook for the company [3].

Upgrades - CFRA upgraded Pool Corp. (POOL) to Buy from Hold with a price target of $304 [2] - Piper Sandler upgraded SEI Investments (SEIC) to Overweight from Neutral with a price target of $102, increased from $93, citing SEI as a "clear beneficiary" of the expanding alternatives landscape [2] - TD Cowen upgraded Ametek (AME) to Buy from Hold with a price target of $230, up from $180, noting that backlog remains near highs and is expected to grow [3] Downgrades - TD Cowen downgraded Janus Henderson (JHG) to Hold from Buy with a price target of $49 after the company agreed to be acquired for $7.4 billion or $49.00 per share [4] - Piper Sandler downgraded Clearwater Analytics (CWAN) to Neutral from Overweight with a price target of $24.55, down from $27, following its agreement to be acquired for $24.55 per share in cash [4] - BMO Capital downgraded Brown & Brown (BRO) to Market Perform from Outperform with a price target of $88, down from $90, due to lower consensus organic growth estimates for 2026 [5] - Evercore ISI downgraded Coty (COTY) to In Line from Outperform with a price target of $7, citing a lack of visibility on timing and catalysts for potential value unlock [6] Initiations - Oppenheimer initiated coverage of Spruce Biosciences (SPRB) with an Outperform rating and a price target of $283, supported by FDA confirmation of compelling clinical biomarker data [7] - LifeSci Capital initiated coverage of Sionna Therapeutics (SION) with an Outperform rating and a price target of $60, highlighting multiple quality shots on goal with its therapies [7] - Oppenheimer initiated coverage of Aardvark Therapeutics (AARD) with an Outperform rating and a price target of $35, noting the company's differentiated obesity franchise [7] - JonesResearch initiated coverage of Septerna (SEPN) with a Buy rating and a price target of $43, forecasting $2.5 billion in unadjusted U.S. peak sales in 2035 [7] - Loop Capital initiated coverage of Malibu Boats (MBUU) with a Buy rating and a price target of $34, indicating the marine industry is in the late stages of inventory rationalization [7]

Regulatory Developments - The U.S. administration is prioritizing broadening access to private markets for defined contribution plan participants in 2026, with regulatory bodies like the SEC and Department of Labor expected to be active [1] Economic Outlook - iCapital forecasts U.S. economic growth to be around 2% in 2026, driven by AI investment, wealth effects, and supportive monetary and fiscal policies, while highlighting potential 'blind spots' such as inflation and tariffs [2] Market Trends - The secondaries market is experiencing significant growth, with total deal volume reaching $160 billion by September 2023 and projected to exceed $200 billion by year-end, with some estimates suggesting up to $230 billion by 2025 [3] Alternative Investments - Pimco has established itself as a notable player in the alternative investment space, ranking among the top 10 institutional alts brands despite managing approximately $200 billion in alternative strategies [4] Private Credit Industry - Business Development Companies (BDCs) have seen their managed cash increase over threefold since 2020 to about $450 billion, but several BDCs are currently facing challenges [5] Fund Performance - Bluerock's Total Income + Real Estate Fund faced a rocky start, trading at over a 40% discount to its net asset value shortly after listing, raising concerns about liquidity and valuation risks in private asset-focused products [6] Commercial Real Estate - The U.S. commercial real estate market is witnessing a two-tier recovery, with high-value properties in major markets experiencing consistent price increases, while smaller assets in secondary markets are declining in value [11]