Core Insights - The year 2025 presented a mixed experience for Indian mutual fund investors, with returns varying significantly across different fund categories, ranging from –20% to 178% [1] - Equity performance was notably divergent, with large-cap funds showing resilience while small-cap strategies faced challenges due to increased volatility [1] - Thematic funds reflected sector-specific cycles rather than overall market trends, while debt funds experienced diminishing returns as the year progressed [1] Equity Funds - The Nifty 500 index saw a sharp correction after peaking in September 2024, followed by a V-shaped recovery, with the Nifty 100 Total Return Index gaining about 10% YTD by December 23, 2025 [4] - Large-cap funds led returns with 7.5%, while mid-cap and small-cap funds lagged at 2.4% and –4.1% respectively, contrasting sharply with 2024's performance [6] - Systematic Investment Plans (SIPs) showed strong performance, with large-cap funds achieving an XIRR of 13.4% [7] Sector and Thematic Funds - Transportation and Banks & Financial Services sectors led returns at 18% and 16% respectively, while defensive sectors like Technology and Pharma underperformed [10] - Large-cap funds managed corrections better during market troughs, with declines of less than 9% compared to larger drops in flexi-cap and small-cap funds [12] Debt Funds - The RBI cut the repo rate by 125 bps to 5.25%, supported by low inflation, allowing for a favorable environment for debt funds [21] - G-Sec yields softened initially but later increased due to supply pressures, with long-duration funds posting modest YTD returns of 2.9% to 5.3% by December 23, 2025 [22] - The overall debt fund universe recorded a notable AUM increase of 23%, reaching ₹19.4 lakh crore by November 2025 [25] Gold and Silver ETFs - Gold and silver ETFs were standout performers, with silver surging 178% and gold returning 78% YTD [26] - Trading volumes for silver ETFs significantly outpaced gold ETFs, with total traded value for silver ETFs reaching ₹1.3 lakh crore, a 560% increase from the previous year [29] Hybrid Funds - Multi-asset allocation funds emerged as top performers with an average return of about 16.4%, benefiting from diversified exposure [31] - Aggressive hybrid funds delivered modest returns of around 5.7%, with significant performance dispersion among schemes [33] - Investor flows favored multi-asset allocation funds, which attracted the highest inflows at ₹39,631 crore [35] International Funds - International funds showed a wide range of returns from 9% to 178%, with US equity funds being the backbone of allocations [36] - The DSP World Gold Mining Overseas Equity Omni FoF achieved an extraordinary 178% return, driven by a rally in gold prices [39] - Regulatory constraints on overseas investments by Indian mutual funds limit incremental flows, impacting subscription opportunities [42][43]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased shares of the Wildermuth Fund during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1][3]. Group 1: Class Action Details - Investors who purchased Class A, Class C, and Class I shares of the Wildermuth Fund between November 1, 2020, and June 29, 2023, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by December 29, 2025 [3]. Group 2: Legal Representation - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting its own success in recovering hundreds of millions for investors [4]. - The firm has been recognized for its leadership in securities class action settlements, achieving significant recoveries, including over $438 million in 2019 alone [4]. Group 3: Allegations Against Wildermuth Fund - The lawsuit alleges that during the Class Period, the defendants violated federal securities laws by miscalculating the fair value of the fund's investments, failing to disclose questionable portfolio companies, and inflating the fund's net asset value, which resulted in excessive advisory fees [5].

Group 1 - The report "Inclusive Finance: Breaking the Deadlock and New Situations" highlights the latest policy achievements in inclusive finance and the transition from "broad coverage" to "precision" in financial services, focusing on the needs of vulnerable groups [1] - As of Q3 2025, the balance of consumer loans excluding personal housing loans reached 21.29 trillion yuan, a year-on-year increase of 4.2%, with an addition of 306.2 billion yuan in the first three quarters [3] - The balance of inclusive small and micro enterprise loans surpassed 30 trillion yuan by March 2024 and reached 36.5 trillion yuan by Q3 2025, showing a cumulative growth rate of 241.3% over six years [3] Group 2 - The insurance sector has achieved 100% coverage of insurance services in towns, with an average of one insurance outlet per town, addressing diverse protection needs through inclusive insurance [3] - The public fund industry reached a historical high of 36.74 trillion yuan by the end of September 2025, benefiting from the ongoing development of inclusive finance [3] - The challenges faced by inclusive finance include product homogenization, pricing competition, and overlapping customer bases, particularly affecting banks and insurance companies [4] Group 3 - The consumer finance sector is experiencing intense competition, leading to issues such as "multiple borrowing" and "excessive credit" due to some institutions lowering loan rates and relaxing risk control standards [5]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Summary of the Conference Call on China's Mutual Fund Industry Industry Overview - The mutual fund industry in China is expected to experience a recovery, with fee income projected to return to double-digit growth starting in 2027, driven by a more rational fee structure and the ongoing need for households to accumulate financial wealth [1][3][89]. Key Points Industry Fee Structure - The mutual fund industry's fee structure has improved following a painful transition period, with a significant reduction in volume-based revenue from over 70% in 2021 to 35% in 2024. This shift is attributed to reforms aimed at better aligning the interests of wealth managers, fund managers, and investors [2][10]. - The total industry revenue shrank by 28% from 2021 to 2024, reaching Rmb282 billion in 2024, down from nearly Rmb400 billion in 2021. However, a 3% growth in the fee pool is anticipated for 2025 [2][11]. Growth Potential - Household financial assets in China are projected to grow at a compound annual growth rate (CAGR) of 7.6% through 2030, indicating ample long-term growth potential for the mutual fund industry. This growth is driven by the need for Chinese households to accumulate financial wealth, as their per capita household financial assets are significantly lower than those in the US [3][13][92]. - The mutual fund industry is expected to stabilize in 2025 and 2026 before returning to 10% growth in 2027 and 2028, with AUM growth projected at 10-11% during this period [3][15]. Wealth Managers and Fund Managers - Wealth managers are expected to play a crucial role in asset allocation advice, particularly due to the absence of a large-scale corporate pension system in China. Their share of fees is anticipated to stabilize following fee rate cuts, with a long-term transition to a fee-based advisory model seen as beneficial [4][16][17]. - Fund managers are expected to shift strategies, with active equity funds regaining market share as risk appetite increases. The allocation to Hong Kong stocks is also expected to rise [4][20]. Regulatory Environment - The Chinese regulatory environment is undergoing significant changes, with a comprehensive fee reform initiated by the CSRC aimed at lowering costs for investors and aligning interests among market participants. This includes capping management fees and trading commissions [72][73][74]. - The final phase of fee cuts is expected to take place in 2026, which may impact the overall fee pool but is anticipated to be manageable due to the reduced reliance on transaction volume-based fees by wealth managers [79][88]. Market Dynamics - The mutual fund industry has seen a shift towards fixed income and passive investments, with active equity funds facing challenges. However, there is still potential for active managers to generate alpha, which could drive demand for active funds as market conditions improve [69][100]. - The proportion of equities in household financial assets has decreased but is expected to rebound, which will enhance fee opportunities for asset managers and wealth managers alike [99][100]. Additional Insights - The mutual fund industry is characterized by a large retail investor base, with nearly 800 million retail investors participating. This accessibility is a key advantage for mutual funds in capturing market share [18]. - The transition to a more client-centric approach among wealth managers is crucial for improving service quality and aligning interests with investors [4][17]. This summary encapsulates the critical insights and projections regarding the mutual fund industry in China, highlighting the ongoing transformations and future growth potential.

Distribution Announcement - Royce Global Trust, Inc. has declared an annual distribution of $0.19 per share on its Common Stock, payable on December 24, 2025, to stockholders of record at the close of business on December 11, 2025 [1] - The distribution can be received in additional shares of Common Stock or in cash, depending on stockholder election [1] Estimated Sources of Distribution - The estimated allocation for the distribution includes $0.1336 per share from net investment income (70%), $0.0564 per share from long-term gains (30%), and no amounts from short-term gains or return of capital [2] - The amounts and sources of distributions are estimates and may change based on the Fund's investment experience and tax regulations [2] Company Overview - Royce Global Trust, Inc. is a closed-end diversified management investment company listed on the New York Stock Exchange, focusing on investments in U.S. and non-U.S. common stocks, generally with market caps up to $10 billion [3] - The Fund employs a disciplined value approach to invest in global equities, with an average weekly trading volume of approximately 65,001 shares as of October 31, 2025 [3][4]

Distribution Announcement - Royce Micro-Cap Trust, Inc. has declared a fourth quarter distribution of $0.24 per share on its Common Stock, payable on December 24, 2025, to stockholders of record as of December 11, 2025 [1] - The distribution can be received in additional shares of Common Stock or in cash, depending on stockholder election [1] Distribution Policy - The Fund has a Distribution Policy of paying quarterly distributions at an annual rate of 7% based on the rolling average of the prior four calendar quarter-end net asset values (NAVs) [2] - The fourth quarter distribution will be the greater of 1.75% of the rolling average or the minimum distribution required by IRS regulations [2] Estimated Sources of Distribution - For the fourth quarter distribution of $0.24 per share, the estimated allocations as of November 30, 2025, include: - Net Investment Income: $0.0018 (1%) - Net Realized Short-Term Gains: $0.0171 (7%) - Net Realized Long-Term Gains: $0.2211 (92%) - Return of Capital: $0.00 (0%) [3] - Year-to-date for 2025, the total distribution per share is $0.79, with allocations as follows: - Net Investment Income: $0.0060 (1%) - Net Realized Short-Term Gains: $0.0563 (7%) - Net Realized Long-Term Gains: $0.7277 (92%) - Return of Capital: $0.00 (0%) [3] Fund Performance - The average annual total return in relation to NAV for the five-year period ending November 30, 2025, is 10.21% [4] - The annualized current distribution rate as of November 30, 2025, is 8.09% [4] - The cumulative total return from December 31, 2024, to November 30, 2025, is 14.63% [4] Fund Overview - Royce Micro-Cap Trust, Inc. is a closed-end diversified management investment company listed on the New York Stock Exchange [8] - The Fund aims for long-term capital growth by investing at least 80% of its net assets in equity securities of micro-cap companies, defined as those with a market capitalization not greater than that of the largest company in the Russell Microcap® Index [8]

Core Viewpoint - Neuberger Berman Real Estate Securities Income Fund Inc. has declared a distribution of $0.0312 per share, payable on December 31, 2025, with a record and ex-date of December 15, 2025 [1]. Group 1: Distribution Details - The Fund anticipates making regular monthly distributions of $0.0312 per share, subject to market conditions [2]. - Future distributions may consist of net investment income, net realized capital gains, and return of capital, with compliance to Section 19 of the Investment Company Act of 1940 [3]. Group 2: Company Overview - Neuberger Berman is an employee-owned, independent investment manager founded in 1939, managing $558 billion across various asset classes for global institutions and individuals [4]. - The firm has over 2,900 employees in 26 countries and has been recognized as the 1 Best Place to Work in Money Management by Pensions & Investments for eleven consecutive years [4].

Core Viewpoint - The current market environment is characterized by a transition into a new cycle, driven by recent Federal Reserve rate cuts and a shift in market leadership towards emerging markets and real assets, suggesting a need for portfolio evolution away from large-cap tech stocks [1][2]. ETF Market Trends - The ETF industry has experienced record inflows, with $1.2 trillion in inflows this year, while mutual funds have seen $1 trillion in outflows, indicating a significant shift in investor preference towards ETFs [1][2]. - Over 900 new ETFs have been launched this year, reflecting ongoing innovation and growth within the ETF space [1]. Investment Strategies - Investors are advised to diversify their portfolios by including asset classes and sectors that benefit from higher inflation, such as gold, which is up 54% year-to-date, and emerging markets, which are also up 27% [1][2]. - Leveraged ETFs are gaining popularity, but caution is advised due to their complexity and the high costs associated with accessing leverage, which can lead to underperformance compared to benchmarks [1][2]. Market Performance Insights - The S&P 500 has been outperformed by sectors such as industrials and banks, which have seen gains of 16% and 19% respectively, compared to the S&P's 12% increase [1]. - The weakening dollar has been identified as a catalyst for non-U.S. markets outperforming the U.S., with historical trends showing that a weaker dollar typically benefits gold and emerging markets [2]. Future Outlook - The ETF industry is expected to continue its growth trajectory, with predictions of more crypto-related ETF launches and innovations in share class structures that could further drive flows from mutual funds to ETFs [9][12]. - The complexity of the ETF market is increasing, necessitating more due diligence from investors as new products are introduced [11].

| NAV | 11.89 | | | | --- | --- | --- | --- | | MKT | 10.55 | | | | | AVERAGE ANNUAL TOTAL RETURN AS OF 10/31/25 | NAV (%) | MKT (%) | | One-Month* | | 1.02 | 1.54 | | Year to Date* | | 14.92 | 14.83 | | One-Year | | 21.67 | 22.79 | | Three-Year | | 16.07 | 15.30 | | Five-Year | | 14.30 | 15.71 | Accessibility StatementSkip Navigation NEW YORK, Nov. 24, 2025 /PRNewswire/ -- CLOSING PRICES AS OF 10/31/25 10-Year 11.90 12.45 *Not Annualized Important Performance and Expense Information All performance informa ...