Nov 4, 2025 4:30 AM Eastern Standard Time Melford Carter, Former GCM Grosvenor Principal and Denali Co-Founder, Joins Star Mountain Capital as Senior Advisor Share Melford Carter, Star Mountain Capital Senior Advisor. NEW YORK--(BUSINESS WIRE)--Star Mountain Capital, LLC ("Star Mountain"), a specialized private investment firm focused on delivering systematic alpha and low market-correlated and tax-advantaged returns from the inefficient lower middle-market, is pleased to announce that Melford Carter has jo ...

State Street is in talks to acquire a stake in an Indian mutual fund as it seeks to tap into the nation’s $900 million asset management industry https://t.co/H3OPjPEKtj ...

Group 1 - In October, five funds under GF Fund experienced declines exceeding 10%, including the Hong Kong Innovative Medicine ETF and two classes of the GF CSI Hong Kong Innovative Medicine ETF (QDII) [1][2] - The GF CSI Hong Kong Innovative Medicine ETF (QDII) fell by 11.61% in October, with its top ten holdings including companies like Innovent Biologics and BeiGene [1][2] - The GF Hong Kong Stock Connect Growth Selected Stocks C and A classes dropped by 10.42% and 10.40% respectively, with cumulative returns of -29.52% and -30.99% since their inception in September 2020 [1][2] Group 2 - The top ten holdings of the GF Hong Kong Stock Connect Growth Selected Stocks include Alibaba, Tencent, and Xiaomi, reflecting a focus on major technology and biotech firms [2][3] - Liu Jie has managed the first three funds mentioned, while Li Yaozhu has been managing the GF Hong Kong Stock Connect Growth Selected Stocks since its establishment [1][3] - The cumulative net values for the A and C classes of the GF Hong Kong Stock Connect Growth Selected Stocks are 0.7048 yuan and 0.6901 yuan respectively [1][3]

Core Viewpoint - The first "Building a First-Class Investment Institution: High-Quality Development Forum for Public Funds" will be held in Hefei on November 7, co-hosted by Caixin and Ping An Bank, focusing on the high-quality development of the public fund industry [1][4]. Group 1: Forum Overview - The forum will gather over a hundred public fund participants, including leaders from the Shenzhen Stock Exchange and the Anhui Securities Regulatory Bureau, to share experiences and insights from both large and small institutions [4]. - The event will feature a closed-door exchange among public fund executives, focusing on development directions, assessment criteria, and key business areas [6][7]. - The establishment of the Evergreen Think Tank will be announced, aiming to provide strategic support and decision-making references for industry development [5]. Group 2: Key Discussion Topics - The closed-door session will address critical issues such as strategic positioning, governance structure optimization, and the balance between shareholder demands and long-term sustainability [6][7]. - The assessment mechanisms will be a focal point, discussing how performance evaluation systems can adapt to new product offerings and incorporate qualitative metrics [7]. - The shift from merely selling products to building customer trust will be emphasized, with executives sharing practical experiences on service-oriented business models [7]. Group 3: Main Forum Highlights - The main forum will include deep dialogues among leading public fund executives, focusing on the industry's role in supporting the real economy [10]. - Four key speeches will address critical areas such as research and investment system restructuring, differentiated development, product innovation, and ecological cooperation [11]. - Two roundtable discussions will explore the implications of recent reforms and the transition from scale competition to value creation in the public fund industry [12][13]. Group 4: Significance of the Event - The forum symbolizes a pivotal moment for the public fund industry, which is undergoing profound changes amid a shift towards high-quality development [10][14]. - The establishment of the Evergreen Think Tank reflects the industry's commitment to integrating asset management with wealth management, enhancing its role in serving the real economy and managing residents' wealth [14].

Core Insights - Belpointe Asset Management LLC has acquired over 1 million shares of the iShares iBonds Dec 2025 Term Treasury ETF, valued at approximately $23.44 million, indicating a strategic investment in U.S. Treasury bonds [1][2]. Company Overview - The iShares iBonds Dec 2025 Term Treasury ETF has net assets of $1.8 billion and a share price of $23.37, with a yield of 4.13% [4]. - The ETF primarily holds U.S. Treasury bonds, with at least 90% of its assets in these securities, providing exposure to short-duration government debt [5][6]. Investment Strategy - The fund's defined maturity structure offers transparency and predictability, appealing to investors seeking specific maturity horizons and regular income distributions [5]. - Increasing exposure to short-term treasury bonds is viewed as a defensive strategy, as these bonds provide a relatively low-risk way to generate fixed income [7]. Portfolio Composition - Following the recent purchase, the iShares iBonds Dec 2025 Term Treasury ETF now represents 1.09% of Belpointe's 13F assets under management, positioned outside its top five holdings [3]. - Belpointe has reduced its position in State Street's SPDR Bloomberg 1-3 Month T-Bill ETF by approximately $22 million, aligning with its investment in the IBTF shares [9]. Additional Information - Belpointe Asset Management has been recognized as one of Forbes' top RIA Firms for 2024, managing a highly diversified portfolio that includes U.S. equities, international investments, fixed-income securities, and real estate investment trusts [10].

Group 1 - The core viewpoint of the article is that the new pension financial regulations and trust management rules aim to transform the asset management industry by promoting long-term investments and reducing reliance on non-standard assets [1][2][4] - The pension financial regulations introduced by the National Financial Regulatory Administration focus on expanding nationwide trials, linking fundraising scale to net capital, and enhancing account services to activate pension funds in the market [1][2] - The trust management regulations aim to reduce the scale of traditional non-standard business and promote investment in standardized assets, requiring trust companies to rebuild their personal customer service networks and enhance their portfolio investment capabilities [3][4] Group 2 - The new regulations compel financial management companies to shift from product sales to constructing a comprehensive pension ecosystem, enhancing their service capabilities to remain competitive [2][4] - Both regulations encourage asset management institutions to transition from "channel business and homogeneous competition" to "active management and differentiated services," with a focus on long-term asset allocation and full-cycle advisory services [4] - Institutions that possess active management capabilities, effective risk management, and a comprehensive service ecosystem are expected to become market leaders [4]

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the macroeconomic environment and monetary policy, particularly focusing on the Federal Reserve (Fed), European Central Bank (ECB), Bank of Canada (BoC), Bank of Japan (BoJ), and Bank of England (BoE) [1][2][3]. Core Insights and Arguments 1. **Market Sentiment Shift**: Over the past two months, markets have transitioned from a 'central bank put' to a more reflationary outlook following the FOMC meeting, with expectations of monetary policy adjustments influencing market dynamics [1][2]. 2. **Fed Rate Cuts**: There is a high probability (1 to 4 cuts) assigned by markets for additional Fed cuts over the next 12 months, with a notable increase in this probability since September [2][19]. 3. **ECB and Other Central Banks**: The ECB is expected to maintain its current policy stance, while the BoC has already cut rates by 25 basis points. The BoJ is anticipated to raise rates in January, and the BoE is expected to cut rates by 25 basis points soon [3][4]. 4. **Asset Performance**: Many asset classes have benefited from the dovish repricing of monetary policy, particularly developed and emerging market fixed income, credit excess returns, and small-cap equities [4][5]. 5. **Volatility and Risk Management**: A modest pro-risk stance is maintained in asset allocation, with a focus on using cross-asset volatility resets to add hedges as year-end approaches [5][8]. Additional Important Insights 1. **Bond Yield Expectations**: The base case anticipates only modest increases in bond yields, with the US yields expected to consolidate at the lower end of the year-to-date range until visibility improves post-government shutdown [8]. 2. **UK Budget Impact**: The upcoming UK budget is expected to lower 10-year Gilt yields, with forecasts adjusted to 4.0% for year-end 2026 [3][20]. 3. **Global Economic Indicators**: Key indicators have turned weaker recently, influencing expectations for monetary policy adjustments across various central banks [3][4]. This summary encapsulates the essential points discussed in the conference call, highlighting the shifts in market sentiment, central bank policies, and asset performance trends.

Core Insights - The article presents a league table for the U.S. ETF market, highlighting the distinction between ETF brands and issuers [1] Group 1: ETF Market Overview - The league table reflects daily flows on October 31, 2025, providing insights into the performance of various ETFs [1] - The brand of an ETF refers to its public name, such as "iShares," while the issuer is the legal entity behind it, like "BlackRock" [1] - Many issuers license their ETF infrastructure to third parties, which is why the data is presented in both brand and issuer formats [1]

Core Viewpoint - Guggenheim Investments has announced the distribution schedule for certain closed-end funds, detailing the amounts and payment dates for investors [1][2]. Distribution Schedule - The record date and ex-dividend date for the distributions is set for November 14, 2025, with the payable date on November 28, 2025 [2]. - The following closed-end funds have declared their distributions: - Advent Convertible and Income Fund (AVK): $0.1172 per share, paid monthly [2]. - Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (GBAB): $0.12573 per share, paid monthly [2]. - Guggenheim Strategic Opportunities Fund (GOF): $0.1821 per share, paid monthly [2]. - Guggenheim Active Allocation Fund (GUG): $0.11875 per share, paid monthly [2]. Fund Characteristics - A portion of the distributions is estimated to be a return of capital rather than income, with the final determination of the character of distributions to be made at year-end [2][3]. - Guggenheim Investments manages over $357 billion in assets, focusing on fixed income, equity, and alternative strategies [4][7]. - The firm serves a diverse client base, including insurance companies, pension funds, sovereign wealth funds, and high-net-worth investors [5].

Core Insights - New Mountain Finance Corporation reported a net investment income of $0.32 per share for Q3 2025, maintaining its dividend distribution at the same rate for Q4 2025 [1][4][20] Financial Performance - Net investment income for Q3 2025 was $33.9 million, down from $34.5 million in Q3 2024 [3][4] - Net adjusted investment income per weighted average share decreased to $0.32 from $0.34 year-over-year [3] - The annualized dividend yield increased to 13.2% from 11.9% in the previous year [3] Portfolio and Asset Quality - The investment portfolio's fair value as of September 30, 2025, was $2,957.1 million, a decrease from $3,014.2 million as of June 30, 2025 [3][4] - The net asset value (NAV) per share was $12.06, down from $12.21 [3][4] - Approximately 95% of the portfolio is rated green, indicating strong credit performance [4][5] Investment Strategy and Activity - The company originated $127.3 million in investments during the quarter, offset by $177.1 million in repayments [5] - The company has increased its senior-oriented asset mix to 80% from 75% year-over-year [4] - A new stock repurchase plan has been established, allowing for the repurchase of up to $100 million worth of common shares [4] Debt and Liquidity - As of September 30, 2025, total statutory debt outstanding was $1,588.9 million, with a statutory debt-to-equity ratio of 1.26x [10] - The company had cash and cash equivalents of $63.7 million and $1,018.0 million of available capacity on its credit facilities [10] Industry Focus - New Mountain Finance Corporation primarily targets middle-market businesses that exhibit defensive growth characteristics, such as acyclicality and strong free cash flow [6][21] - The company emphasizes investments in high-quality growth leaders within well-researched industries [22]