Destra Multi-Alternative Fund Announces Board Member ResignationFeb 19, 2026 4:30 PM Eastern Standard Time# Destra Multi-Alternative Fund Announces Board Member ResignationShare---BOZEMAN, Mont.-- ([BUSINESS WIRE])--The Destra Multi-Alternative Fund (the "Fund†or "DMA†), a closed-end fund traded on the New York Stock Exchange under the symbol DMA, announced today that Paul Kazarian has voluntarily stepped down from the Fund's Board of Trustees, effective February 12, 2026.The Board of Trustees thanks Mr. ...

Core Insights - Westwood Holdings Group has announced that its Westwood Enhanced Income Series™ ETFs have surpassed $250 million in assets under management (AUM), with the Westwood Salient Enhanced Midstream Income ETF (MDST) specifically reaching $200 million in AUM [1][2][3] Group 1: Company Overview - Westwood Holdings Group is a boutique asset management firm that offers a diverse range of actively and passively-managed investment strategies, focusing on client-first approaches and long-term relationships [6][7] - The firm has over 40 years of experience in providing bespoke investment strategies and exceptional client service, adapting to changing markets with innovative solutions [6][7] Group 2: Product Offerings - The Enhanced Income Series™ includes multiple ETFs aimed at providing income and capital appreciation, with a focus on energy sector investments [3] - The Westwood Enhanced Income Opportunity ETF (YLDW) and the Westwood Salient Enhanced Energy Income ETF (WEEI) are part of this series, designed to generate high distributable monthly income through dividend yields and options premiums [3]

Blue Owl Move to Curb Redemptions at Private-Credit Fund Hits Alt Manager Stocks - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Blue Owl Move to Curb Redemptions at Private-Credit Fund Hits Alt Manager StocksBy [Andrew Bary]ShareResize---R ...

Fee Reduction - Franklin Innovation Fund will reduce management and administration fees effective March 1, 2026, enhancing its competitive cost structure within its peer group [1] Proposed Investment Objective Changes - Investment objectives for Franklin Quotential Balanced Growth Portfolio, Franklin Quotential Balanced Income Portfolio, and Franklin Canadian Balanced Fund are proposed to change, pending approval at a special meeting on or about May 4, 2026 [2][3] - The changes aim to align the investment objectives of the Quotential portfolios with other Quotential strategies, allowing for greater flexibility in asset allocation [3] - The Franklin Canadian Balanced Fund will shift its investment focus primarily to Canadian equities and fixed income, rather than a portfolio of Franklin Templeton Funds, if approved [4] Special Meeting and Communication - Investors in the Funds as of March 23, 2026, will receive special meeting materials in compliance with securities laws, with details available on Franklin Templeton's website around April 2, 2026 [5] Mutual Fund and ETF Series Terminations - Franklin Templeton Canada plans to voluntarily delist the ETF series of Franklin ClearBridge International Growth Fund and Franklin Global Growth Fund from the Toronto Stock Exchange, effective May 8, 2026, with termination on May 15, 2026 [6] - No further direct subscriptions for units of FSCI or FGGE will be accepted as of February 19, 2026, and investors who do not redeem their units by May 8, 2026, will receive cash representing their share of the ETF Series assets around May 18, 2026 [7]

Core Insights - Sprott Inc. is a global asset management firm focused on precious metals and real assets, distinguishing itself from competitors through its niche in gold, silver, platinum, and palladium investments [1] Financial Performance - For Q4 2025, Sprott reported earnings per share (EPS) of $1.11, significantly surpassing the estimated EPS of $0.52, despite revenue falling short at $61.7 million compared to the expected $68.7 million [2] - The company's Assets Under Management (AUM) reached $59.6 billion by the end of 2025, marking a 21% increase from the previous quarter and an 89% rise from the end of 2024, driven by market value appreciation and $3.9 billion in net sales, particularly in the Exchange Listed Products segment [2] Market Valuation - Sprott has a price-to-earnings (P/E) ratio of approximately 48, indicating strong investor confidence in its earnings potential [3] - The price-to-sales ratio is about 16.88, and the enterprise value to sales ratio is 16.48, reflecting the market's valuation of Sprott's revenue and overall valuation compared to sales [3] Financial Health - The current ratio of 2.14 suggests robust short-term financial health, with current assets more than double current liabilities [4] - The enterprise value to operating cash flow ratio is approximately 44.98, indicating the company's valuation relative to its cash flow from operations [4] - An earnings yield of about 2.08% shows the percentage of each dollar invested that was earned by the company [4]

Core Viewpoint - Blue Owl Capital is experiencing significant stock weakness, with shares down 10% following a call where the CEO discussed changes in redemption methods and the cancellation of a planned merger [1][12]. Group 1: Redemption Changes - The company is changing its redemption method, opting to accelerate redemptions instead of resuming the previous five percent tendering of shares [1]. - Investors will receive 30% of their capital at book value within the next 45 days, which is six times the previously anticipated five percent [2]. - The CEO expressed confidence that investors will remain satisfied if the company continues to manage their capital effectively [3]. Group 2: Merger Cancellation - Blue Owl announced the cancellation of the merger between its two private credit funds, which was initially intended to combine the smaller OBDC II with the larger OBDC [4][5]. - The decision to terminate the merger was based on market reactions and the conclusion that it no longer made sense, despite the potential benefits of scale [6]. Group 3: Asset Sales - The firm announced the sale of a portfolio of OBDC II assets at book value, totaling $600 million, which represents approximately 35% of the fund's total assets [7]. - In total, $1.4 billion of assets are being sold, including $400 million from OBDC, due to significant demand from institutional investors [8]. Group 4: Portfolio Performance - The firm's portfolio has a strong focus on software, which has performed well, with borrowers in the software portfolio seeing revenue growth of 10% and EVIDAC growth of 16% in the fourth quarter [9][10]. - The company plans to take a discriminating approach towards new software loan purchases, maintaining that software is a significant sector but a relatively small percentage of the overall fund [11].

A fund that invests in the debt of middle-market companies has abandoned plans to ever let investors withdraw their money. - AFP via Getty Images A $1.6 billion fund at the center of concerns over private debt is now abandoning plans to let investors withdraw their money — sending shares of its investment manager, Blue Owl Capital, tumbling. Blue Owl Capital Corp. II, which invests in middle-market corporate debt and is halting redemptions, intends to make quarterly returns of capital distributions, the ...

Group 1: ETF Industry Overview - The global ETF industry is valued at $21 trillion, with a notable surge in oil prices impacting market dynamics [1] - ETFs are currently experiencing inflows of $8 billion per week, surpassing last year's pace of $6 billion [2][3] - The trading crowd is showing interest in international and emerging markets ETFs, while some funds like SLV and GLD are seeing outflows [3] Group 2: Performance of Specific ETFs - The IGV software ETF has seen a significant decline of 22% this year, indicating vulnerability in the software sector, particularly related to AI [4] - The JAAA ETF, launched by Janus Henderson, has absorbed $2.7 billion in assets year-to-date, reflecting strong institutional demand [10][11] - The Freedom 100 Emerging Markets ETF (FRDM) has outperformed traditional emerging market indices, with a 100% return over five years [46][49] Group 3: Market Trends and Investor Behavior - There is a shift in investor focus towards commodities, particularly energy, as geopolitical risks become more pronounced [21][23] - The trend of rising expense ratios in ETFs is noted, particularly with the increase in active ETFs, which tend to have higher fees [20] - Investors are increasingly looking for diversified exposure in their portfolios, moving away from single commodity investments [22][24]

Core Viewpoint - Heritage Global Partners and Prestige Auctions will conduct an online auction for the complete closure of the NOV Dayton Chemineer facility, featuring a range of high-quality manufacturing equipment, scheduled for March 12, 2026 [1]. Auction Details - The auction will include late-model CNC machining and fabrication systems, inspection and finishing equipment, and other assets that represent the full production workflow of the facility [1]. - Key auction items include large-capacity CNC lathes, milling machines, and various support equipment, appealing to buyers in sectors such as aerospace, energy, and general manufacturing [1]. Market Context - The auction is expected to attract significant interest from both North American and international buyers, reflecting a continued demand for high-quality used manufacturing equipment as companies look for cost-effective capacity expansion [1]. - Pre-auction offers are being accepted for select major assets, with equipment inspections scheduled for March 11, 2026 [1]. Company Background - Heritage Global Partners is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), specializing in asset advisory and auction services across various industrial sectors, conducting 150-200 auction projects annually [1]. - Prestige Auctions is recognized as a leader in the procurement and sales of used metalworking machinery and complete manufacturing facilities, providing customized asset management solutions since 1990 [1].

Market Overview - The Dow Jones Industrial Average fell 271.87 points to 49,390.79, down 0.55% as investors reacted to various factors including Walmart's earnings, rising oil prices, and escalating US–Iran tensions [1][23][24] - The S&P 500 Index dropped 25.42 points to 6,855.89, a 0.37% decline, while the Nasdaq Composite slid 76.03 points to 22,677.60, down 0.33% [23] Walmart Earnings - Walmart reported stronger-than-expected fourth-quarter results with annual revenue reaching $713.5 billion for the fiscal year ended January 31 [10][24] - E-commerce grew 24% year over year in the fourth quarter, and advertising revenue increased by 37% [10][24] - However, the company's full-year earnings guidance disappointed investors, leading to tempered enthusiasm despite market share gains among higher-income consumers [11][24] Amazon's Revenue Milestone - Amazon surpassed Walmart in total annual revenue, reporting $716.9 billion in net sales for 2025, reflecting strength in retail and cloud computing [12][24] - This shift underscores the ongoing dominance of tech-enabled platforms in global commerce [13][24] Geopolitical Tensions and Oil Prices - Geopolitical risk escalated as President Trump indicated potential military strikes against Iran, causing oil prices to surge [7][8][24] - WTI crude oil rose to $66.57, up 2.34%, while Brent crude increased to $70.72, up 2.18%, raising concerns about inflation and corporate profit expectations [7][24] Asset Management Sector - Asset manager stocks experienced significant declines following Blue Owl Capital's announcement to tighten investor liquidity after selling $1.4 billion in loan assets [14][24] - This move raised concerns about liquidity across private credit markets, contributing to the broader market decline [15][24] Software-as-a-Service (SaaS) Sector - SaaS stocks faced pressure as industry leaders warned that generative AI could replace up to 50% of enterprise software tasks, leading to declines in companies like Salesforce, Intuit, and Cadence Design Systems [2][16][24] - The Nasdaq remains sensitive to shifts in AI sentiment, with small comments triggering rotations out of high-multiple growth stocks [16][24] Shipping Sector Performance - The global shipping sector saw a significant breakout, with the SonicShares Global Shipping ETF (BOAT) reaching an all-time high due to climbing freight rates driven by capacity constraints and regulatory changes [5][24] - Companies like Pan Ocean and HMM reported gains of 8% and 5%, respectively, indicating a shift in market leadership towards physical economy sectors [5][21][24] Sector Rotation and Market Sentiment - Market strategists noted a broader rotation in market leadership, with industrials and consumer cyclicals positioned to benefit from infrastructure investment and AI-driven efficiency gains [18][21][24] - Despite energy stocks showing relative strength, broader market sentiment turned cautious amid geopolitical uncertainties and rising oil prices [18][24]