The proportion of large-cap active mutual funds outperforming their benchmark so far this year is the highest since 2007 as equity market gains broaden beyond big tech, according to Goldman Sachs Group Inc. strategists. Among these funds, 57% are exceeding their benchmarks year-to-date, the team including Ryan Hammond wrote in a note. That’s far above the average of 37% since 2007 with Hammond putting the reason partly down to weak returns from mega-cap tech stocks. Most Read from Bloomberg “Investors ...

回望2025年，全球经济分化加剧，美联储降息周期启幕，地缘政局扰动持续，关税事件推动市场波动加 大，全球投资者纷纷重新审视资产组合的风险敞口，资本市场经历了复杂多变的考验。香港作为连接中 国与世界的枢纽，凭借"一国两制"制度优势、独特的区位优势、中央政府及祖国内地的大力支持，逆势 突围、亮点纷呈，吸引全球资金流入，持续巩固并提升其国际金融中心地位。 2025年以来，香港资本市场屡创佳绩、硕果累累。这一年，港股IPO规模强势重返全球第一，全年集资 总额达2858亿港元，其中，中资企业IPO数量占比超90%，119家上市企业中，新经济公司占比超三分之 二，市场打新赚钱效应凸显，持续刷新记录的正面数据彰显了市场的活力与吸引力。 这一年，香港现货市场日均成交额同比增长89.5%，达到2498亿港元。衍生产品、ETP成交均创历史新 高，其中ETP市场超越日韩跃居全球第三，恒生科技指数ETF规模持续攀升。 这一年，南向资金年内净买入港股金额接近1.41万亿港元，刷新历史纪录，为市场注入充沛流动性。根 据广发证券1月末发布的报告，2024年9月以来，南向资金在港股市场的成交额占比显著提升至20%-30% 区间，较2024年 ...

Core Viewpoint - Franklin Templeton and Binance have launched a new institutional off-exchange collateral program that allows institutions to use tokenized money market fund shares as collateral for trading on Binance, enhancing security and capital efficiency in digital markets [2][3]. Group 1: Program Details - The program enables institutional traders to utilize regulated, yield-bearing money market fund assets in digital markets without needing to deposit those assets on an exchange [3][5]. - Tokenized money market fund shares issued through Franklin Templeton's Benji Technology Platform can now be used as off-exchange collateral, with the actual assets held securely in regulated custody [3][4]. - Ceffu, Binance's institutional custody partner, supports the custody and settlement infrastructure for this program [4][11]. Group 2: Institutional Benefits - The initiative addresses a significant challenge for institutional traders by allowing them to earn yield while maintaining control over their assets, thus reducing counterparty risk [3][5]. - The program is designed to meet the increasing demand for stable, yield-bearing collateral that can operate 24/7, enhancing the trading experience for institutional investors [7]. Group 3: Strategic Collaboration - The collaboration between Franklin Templeton and Binance aims to bridge traditional finance and digital assets, showcasing how blockchain technology can improve market efficiency [4][6]. - This program is part of a broader effort to expand both companies' networks of off-exchange program partners, following their strategic collaboration announcement in September 2025 [5].

Core Insights - Amundi has received regulatory approval to appoint Vincent Mortier as a Non-Executive Director on the Board of ICG, effective 31 March 2026 [3] - Following this appointment, Amundi will consolidate its stake in ICG using the equity method starting from the same date [3] - Amundi currently holds a 4.64% stake in ICG and plans to increase its economic interest to 9.9% through the issuance of non-voting shares by ICG [4] Company Overview - Amundi is the leading European asset manager and ranks among the top 10 global players, managing nearly €2.4 trillion in assets [5] - The company offers a comprehensive range of savings and investment solutions to 200 million clients, including retail, institutional, and corporate clients [5] - Amundi operates six international investment hubs and employs 5,600 staff across 34 countries, emphasizing responsible investment [6]

Core Viewpoint - The report highlights significant concerns in equity markets due to the disruptive potential of artificial intelligence (AI), leading to a sell-off across various sectors, reminiscent of the Dot-com Bust 2.0 [3][4]. Sector Impact - **Insurance and Financial Services**: Stock prices for insurance companies fell after the introduction of an AI app by OpenAI that could provide homeowners insurance quotes. Similarly, AI capable of advising on tax strategies negatively impacted asset managers and brokerage firms [5]. - **Software Sector**: The release of Anthropic's Claude AI, which can perform legal research and specialized financial tasks, caused a decline in software stocks, affecting companies like PayPal, Salesforce, and Thomson Reuters [6]. - **Tech Stocks**: Amazon experienced its eighth consecutive losing day following a significant increase in its capital budget for AI data centers, while Apple's market value decreased by 5% [7]. - **Commercial Real Estate**: Stocks in commercial real estate plummeted as investors moved away from high-fee, labor-intensive business models perceived as vulnerable to AI disruption. Major firms like CBRE and Cushman & Wakefield saw stock price drops of 12.8% and 14%, respectively [11][12]. Market Sentiment - Investors are exhibiting panic and confusion regarding AI's potential impacts, leading to a flight to safer stocks in consumer staples and energy sectors [8]. - Analysts noted that the sell-off in financial services and real estate was an "AI scare trade," with fears of job losses and business model disruptions driving excessive selling [15][16]. Global Impact - **India's Tech Sector**: The Indian technology sector faced its worst weekly performance since April 2025, with the Nifty IT index dropping 8.2% and erasing approximately $50 billion in value [18][20]. - Concerns are growing that AI could disrupt India's $283 billion information technology services industry, potentially leading to missed growth targets for IT companies [20]. Analyst Perspectives - Some analysts argue that the reaction to AI threats is overly simplistic, emphasizing that IT companies will remain relevant, albeit with a leaner workforce [22]. - The long-term outlook suggests that companies slow to adopt AI may face severe challenges, as AI agents could replace human-led processes [17].

Binance-affiliated investment firm YZi Labs (formerly Binance Labs) publicly accused asset manager 10X Capital on Wednesday of failing to comply with US securities disclosure requirements. The dispute comes amid broader governance changes at CEA Industries. In an official blog post, the firm alleged that 10X Capital failed to comply with SEC rules requiring disclosure of ownership stakes once a certain threshold is reached. YZi Labs Accuses 10X Capital of Reporting Violations The dispute centers on CEA I ...

Group 1 - Institutional investors are moving away from private equity due to underperformance, with notable pension funds like Oregon and Washington lowering their target allocations [1] - Robinhood is launching a closed-end fund, the Robinhood Venture Fund, aimed at retail investors, allowing them access to private equity investments [1] - The fund will list on the NYSE under the ticker "RVI" with a buy-in price of $25 per share, targeting investments in companies like Oura Health and Databricks [1] Group 2 - A study by Ludovic Phalippou indicates that private equity funds have returned similarly to broad market stock indexes since 2006, with significant performance fees impacting net returns [1] - The Robinhood Venture Fund will not charge a performance fee but will have a 3.125% sales load and a 2% annual fee, which could compress returns for investors [1] - For investors to break even, the portfolio would need to outperform by approximately 13%, given the typical 10% discount to net asset value (NAV) for closed-end funds [1]

Core Viewpoint - XAI Octagon Floating Rate & Alternative Income Trust plans to host a Quarterly Webinar on March 4, 2026, focusing on its investment strategies and performance [1] Group 1: Webinar Details - The webinar will be moderated by Kevin Davis, Managing Director at XA Investments, featuring Kimberly Flynn, President at XAI, and Lauren Law, Senior Portfolio Manager at Octagon Credit Investors [1] - Participants can join via web or telephone, with specific dial-in numbers provided for different locations [2] - A replay of the webinar will be available in the Knowledge Bank section of the XAI Investments website [2] Group 2: Trust Overview - The Trust's common shares are traded on the New York Stock Exchange under the symbol "XFLT" [3] - The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle, primarily through investments in private credit markets [3] - Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments [3] Group 3: Company Background - XA Investments LLC, founded in 2016, serves as the investment adviser for multiple closed-end funds, including the XAI Octagon Floating Rate & Alternative Income Trust [4] - XAI provides investment advisory services, fund structuring, and consulting services focused on registered closed-end funds [4] - XMS Capital Partners, established in 2006, is a global financial services firm providing M&A, corporate advisory, and asset management services [5] Group 4: Sub-Adviser Information - Octagon Credit Investors, serving as the Trust's investment sub-adviser, manages a $33.2 billion portfolio focused on below-investment grade corporate credit [6] - The firm specializes in leveraged loans, high yield bonds, and structured credit investments, employing fundamental credit analysis and active portfolio management [6] - Octagon's investment philosophy emphasizes dynamic internal communication to manage portfolio risk and aims to generate attractive risk-adjusted returns [6]

Core Viewpoint - Sprott Inc. has declared a fourth quarter 2025 dividend of US$0.40 per common share, payable on March 17, 2026, to shareholders of record as of March 2, 2026 [1] Group 1: Dividend Details - The dividend will be paid in Canadian dollars to registered shareholders residing in Canada and beneficial holders whose intermediaries are participants in CDS, based on the spot price exchange rate on the payment date [2] - Registered shareholders outside Canada, including those in the United States, will receive their dividend in U.S. dollars, with an option for beneficial holders through CDS to elect for U.S. dollar payments [2] - The dividend is designated as an eligible dividend for Canadian income tax purposes [3] Group 2: Company Overview - Sprott is a global asset manager specializing in precious metals and critical materials investments, distinguishing itself through in-depth knowledge and relationships [4] - The company offers various investment strategies, including Exchange Listed Products, Managed Equities, and Private Strategies, and has offices in Toronto, New York, Connecticut, and California [4] - Sprott's common shares are listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol SII [4]

OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has commented that the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating of "aaa†(Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) remain unchanged following TIAA's announcement that Nuveen, a TIAA Company, has entered into a cash acquisition of Schroders plc (Schroders). Schroders is a leading provider in active asset management, advisory and wealth management services with $1.1 trillion in as. ...