Core Viewpoint - BlackRock Canada announced the November 2025 cash distributions for various iShares ETFs, with specific payment dates for unitholders of record [1] Distribution Details - The cash distribution amounts per unit for selected iShares ETFs are provided, with notable distributions including: - iShares S&P/TSX 60 Index ETF (XIU): $0.300 - iShares Canadian Real Return Bond Index ETF (XRB): $0.290 - iShares Flexible Monthly Income ETF (XFLI): $0.182 [2][3] Estimated Cash Distributions - The estimated cash distribution for the iShares Premium Money Market ETF (CMR) is $0.075, with final amounts to be confirmed on or about November 18, 2025 [4] Reinvested Distributions - The reinvested distribution for the iShares Canadian Real Return Bond Index ETF (XRB) is reported as $0.19302, which will be reinvested in additional units of the fund [6] Company Overview - BlackRock is a leading provider of financial technology and investment management, with approximately $5.2 trillion in assets under management as of September 30, 2025, and a global lineup of around 1,700 ETFs [8]

Core Insights - The Russell 1000 Value Index represents large-cap value stocks and is unmanaged, meaning it cannot be directly invested in [2] Group 1: Investment Characteristics - The index is a benchmark for evaluating the performance of large-cap value stocks, which are typically characterized by lower price-to-earnings ratios and higher dividend yields compared to growth stocks [2] - The performance of securities that pay high dividends can be volatile, as they may underperform during market shifts [3][5] - The investment techniques and risk analysis employed by portfolio managers may not yield the expected results, particularly in a value investing context [5] Group 2: Market Dynamics - Stock markets can experience significant short-term volatility, which may lead to unexpected negative effects across different market segments [4] - The behavior of U.S. stock markets may diverge from foreign stock markets, indicating potential risks in international investments [4] Group 3: Performance Metrics - Various performance metrics such as Alpha, Beta, Sharpe Ratio, and Maximum Drawdown are used to assess risk-adjusted performance and volatility of the fund [8][9] - The Weighted Average Market Cap provides insight into the average size of companies held within the portfolio, which can influence overall performance [9]

Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4][14] - Net income for the first half reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [13][14] - ROE for the first half was annualized at 12.7%, up from 8.8% in the previous fiscal year [20][14] - The four-year ROE forecast was increased to 10.3%, up by 1.3% compared to the previous year [16][14] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [18][14] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [18][14] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to the sale of Greenko Energy and other assets [19][14] Market Data and Key Metrics Changes - Total group AUM reached JPY 88 trillion, moving closer to the medium-term target of JPY 100 trillion [10][16] - The company reported a significant increase in financial income from leases and loans in Asia and Australia [18][14] Company Strategy and Development Direction - The company aims to achieve a long-term vision of 15% ROE and JPY 1 trillion in net profit by March 2035 [3][4] - A new PE fund was established in collaboration with the Qatar Investment Authority, targeting investments in Japanese companies [5][4] - The Osaka Integrated Resort project is set to open around fall 2030, with construction costs revised upwards due to inflation [8][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving midterm business plans and long-term vision through disciplined portfolio management and capital recycling [11][4] - The company is closely monitoring the impact of rising interest rates and inflation on its operations and asset management [52][14] Other Important Information - The share buyback program was expanded from JPY 100 billion to JPY 150 billion, with JPY 78 billion already repurchased [15][14] - The company is transitioning to an asset-light portfolio to enhance corporate value and improve capital efficiency [10][14] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, aiming to leverage third-party funds for larger projects without significantly bloating the balance sheet [40][42][44] Question: ROE target and initiatives to achieve it - Management acknowledged the need for initiatives to achieve the 11% ROE target, emphasizing the importance of monitoring interest rates and capital management [49][52] Question: Outlook for next year's profit forecast - Management indicated that while the current year has seen significant one-off gains, they expect to maintain a steady profit growth trajectory moving forward [56][60][75] Question: Capital recycling forecast and segment profit balance - Management clarified that the capital gain forecast for the year is on track, with expectations for solid performance in the real estate market and private equity portfolio [64][66] Question: Concerns about potential impairments and next year's business plan - Management reassured that while there may be fluctuations in profit, they do not foresee significant impairments and are optimistic about next year's performance [70][72][75]

Core Viewpoint - Investcorp Credit Management BDC, Inc. is scheduled to release its financial results for the third quarter ended September 30, 2025, on November 12, 2025, after market close [1] Financial Results Announcement - The earnings conference call will take place on November 13, 2025, at 11:00 am Eastern Time, allowing participants to review financial results and engage in a Q&A session [2] - Interested parties can join the call by dialing the provided numbers and using the specified passcode [2] Company Overview - Investcorp Credit Management BDC, Inc. is an externally-managed, closed-end, non-diversified management investment company regulated as a business development company under the Investment Company Act of 1940 [3] - The company's primary investment objective is to maximize total return for stockholders through current income and capital appreciation by investing in debt and equity of privately held middle-market companies [3] - The company targets middle-market companies with annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least $15 million [3]

Core Insights - Dream Unlimited Corp. reported solid financial results for the third quarter of 2025, with expectations for a strong fourth quarter driven by lot and acre sales [2][3] - The company has made significant progress in its development projects, particularly with the launch of Coopertown, a 1,200-acre community in Northwest Regina [2][3] - The asset management division continues to grow, with $28 billion in assets under management (AUM) as of September 30, 2025, and positive base fee growth year over year [3][12] Financial Performance - Revenue for the third quarter of 2025 was CAD 114.6 million, compared to CAD 95.7 million in the same period of 2024, representing a year-over-year increase of 19.7% [6] - Net margin for the third quarter was CAD 27.2 million, or 23.7% of revenue, up from CAD 14.9 million (15.6% margin) in the prior year [6][8] - Loss before income taxes for the third quarter was CAD 16.9 million, a nominal change from the comparative period [8] Asset Management Division - The asset management division generated revenue of CAD 14.5 million and a net margin of CAD 11.0 million in the third quarter, compared to CAD 13.8 million and CAD 6.6 million in the prior period [8] - Dream Residential REIT announced an acquisition agreement at USD 10.80 per unit, representing an 18% premium to the closing price prior to the announcement, expected to generate over CAD 35 million in gross proceeds for Dream [3][8] Development Projects - The company has commenced site servicing for the first phase of Coopertown, with 150 lots pre-sold to date, excluding those allocated to the home division [2][3] - The development market in Toronto remains challenging, but the company is advancing key projects such as 49 Ontario and Quayside [2][3] Occupancy and Leasing - As of September 30, 2025, occupancy across completed apartment buildings was 82.3%, an increase from 80.3% in the previous quarter [4] - The company is seeing increased leasing activity across its completed apartments and those managed on behalf of clients [4] Liquidity and Debt Management - As of September 30, 2025, the company had available liquidity of CAD 327.7 million and CAD 221.0 million of contractual debt maturities expected over the next 12 months [8] - The company is in advanced discussions with lenders regarding debt maturities and aims to increase liquidity over time [8]

Officials are discussing an executive order to limit influential proxy advisers including ISS and index-fund giants such as BlackRock. ...

Core Insights - Artisan Partners Asset Management Inc. reported preliminary assets under management (AUM) of $182.6 billion as of October 31, 2025 [1][2] Summary by Category Total Assets Under Management - Total AUM is $182.6 billion, with Artisan Funds and Artisan Global Funds contributing $88.5 billion and separate accounts and other AUM accounting for $94.1 billion [1] AUM by Strategy - The AUM is distributed across various strategies, including: - Global Opportunities: $19,747 million - Global Discovery: $1,882 million - U.S. Mid-Cap Growth: $11,149 million - U.S. Small-Cap Growth: $2,988 million - International Value: $52,454 million - Global Value: $34,498 million - High Income: $13,038 million - Developing World: $4,950 million - Other strategies also contribute to the total AUM [2][3] Investment Approach - Artisan Partners operates as a global multi-asset investment platform, offering a range of high value-added investment strategies across multiple asset classes [4]

Core Insights - Invesco Ltd. reported preliminary month-end assets under management (AUM) of $2,166.6 billion, reflecting a 2.0% increase from the previous month [1] - The firm experienced net long-term inflows of $8.0 billion during the month, with non-management fee earning net inflows of $6.6 billion and money market net inflows of $11.1 billion [1] - AUM was positively influenced by favorable market returns, which contributed an increase of $38 billion, while foreign exchange effects decreased AUM by $6.2 billion [1] - The completion of the sale of Invesco's majority interest in their India asset management business resulted in a decrease of AUM by $15.6 billion [1] - The preliminary average total AUM for the quarter ending October 31 was $2,156.0 billion, with an average active AUM of $1,128.6 billion [1] AUM Breakdown - As of October 31, 2025, total AUM was $2,166.6 billion, with specific categories as follows: - ETFs & Index Strategies: $621.4 billion - Fundamental Fixed Income: $309.4 billion - Fundamental Equities: $301.5 billion - Private Markets: $129.9 billion - China: $125.2 billion - Multi-Asset/Other: $68.1 billion - Global Liquidity: $200.3 billion - QQQ: $410.8 billion [2] - AUM figures for September 30, 2025, were $2,124.8 billion, indicating a month-over-month increase [2] - The AUM for August 31, 2025, was $2,063.6 billion, showing a consistent upward trend [2] Company Overview - Invesco Ltd. is a leading global asset management firm with over 8,300 employees serving clients in more than 120 countries [3] - The firm manages approximately $2.1 trillion in assets as of September 30, 2025, offering a comprehensive range of active, passive, and alternative investment capabilities [3]

Core Insights - Market uncertainty is increasing, leading investors to seek stability in bond portfolios, particularly for those nearing retirement [1] - Active bond strategies may provide better income options compared to passive strategies, as they can adapt to market changes and issues more effectively [1] - The American Century Multisector Income ETF (MUSI) is highlighted as a potential active bond ETF for income generation, with a fee of 37 basis points [2] Performance Metrics - MUSI has achieved a year-to-date return of 7.5%, outperforming its ETF Database Category average [3] - The ETF offered a yield to maturity of 6.5% and a 12-month distribution rate of 5.9% as of October 31st [3]

Core Insights - State Street Corporation (STT) has signed a strategic cooperation agreement with Albilad Capital to enhance securities services in Saudi Arabia, marking a significant commitment to the Kingdom's financial sector [1][11] - The partnership aligns with Saudi Arabia's Vision 2030, aiming to create a diversified economy supported by modern financial infrastructure [2][11] - The collaboration is expected to improve operational efficiency and market competitiveness while accelerating the development of Saudi Arabia's capital markets [2][11] Company Strategy and Operations - State Street has been operating in Saudi Arabia for over 25 years and established local operations in 2020, currently managing $127 billion in assets under custody and/or administration and $60 billion in assets under management in the region [4][11] - The agreement is viewed as the first step in a long-term strategic relationship, with plans to introduce additional investment services and leverage both firms' ETF capabilities to attract foreign direct investment [5][11] - The CEO of State Street emphasized the firm's intent to expand its presence and provide world-class securities services in one of the fastest-growing markets globally [6][11] Financial Performance - Over the past four years (2020-2024), State Street's revenues have experienced a compound annual growth rate of 2.7%, with a continued upward trend in the first nine months of 2025 [12] - State Street's shares have increased by 24.7% in the past six months, outperforming the industry's growth of 13.2% [15]