Core Viewpoint - U.S. Global Investors, Inc. will host a webcast on February 23, 2026, to discuss its second-quarter results for fiscal year 2026, with financial data to be released beforehand [1]. Group 1: Company Overview - U.S. Global Investors, Inc. has a history of over 50 years, starting as an investment club and evolving into a registered investment adviser focusing on niche markets globally [3]. - The company is headquartered in San Antonio, Texas, and provides investment management and services to U.S. Global Investors Funds and U.S. Global ETFs [3]. Group 2: Webcast Details - The webcast is scheduled for 7:30 a.m. Central time on February 23, 2026, featuring CEO Frank Holmes, CFO Lisa Callicotte, and Director of Marketing Holly Schoenfeldt [1]. - Registration for the webcast is available through a provided link [2].

Contrarian. Innovative. Aligned. 2025 Fourth Quarter Results February 19th, 2026 NYSE/TSX:SII Forward-Looking Statement Certain statements in this presentation or the accompanying oral remarks contain forward-looking information and forward-looking statements (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "b ...

Core Viewpoint - BlackRock, Inc. is a leading investment management firm with a market capitalization of $166.4 billion, serving a diverse range of clients including institutional and individual investors [1] Financial Performance - BlackRock's shares have underperformed the broader market over the past year but outperformed in 2026, with stock growth of 11.7% over the past 52 weeks and 2.1% year-to-date [2] - The company reported $7 billion in revenue for Q4 2025, exceeding Wall Street projections, with an adjusted EPS of $13.16, also surpassing estimates [6] - Analysts expect BlackRock's EPS to grow 11.5% year-over-year to $53.64 for the year ending December 2026, with a strong earnings surprise history [7] Analyst Ratings and Price Targets - Among 19 analysts covering BlackRock, the consensus rating is a "Strong Buy," with 12 "Strong Buy" ratings, three "Moderate Buys," and four "Holds" [7] - Barclays analyst Benjamin Budish maintained an "Overweight" rating for BlackRock and raised the price target from $1300 to $1350, indicating a 21.3% premium to current price levels [8] - The mean price target of $1,324.50 suggests a potential upside of 21.3%, while the Street-high target of $1,550 indicates a potential upside of 41.9% [8]

Core Viewpoint - Cohen & Steers (CNS) is a global investment management firm specializing in REITs and preferred shares, indicating a focus on real estate investment trusts and income-generating securities [1] Group 1: Company Overview - Cohen & Steers has a range of ETFs and CEFs available, showcasing its diverse investment product offerings [1] - Binary Tree Analytics (BTA) aims to provide transparency and analytics in capital markets, focusing on CEFs, ETFs, and Special Situations [1] - BTA has over 20 years of investment experience, emphasizing its established presence in the market [1] Group 2: Investment Strategy - BTA seeks to deliver high annualized returns with a low volatility profile, indicating a conservative yet potentially lucrative investment approach [1]

Core Viewpoint - Apollo Global Management's CEO Marc Rowan denies any business or personal relationship with Jeffrey Epstein, amidst ongoing scrutiny related to Epstein's past activities and correspondence with Apollo executives [1]. Company Statements - Apollo stated that neither Marc Rowan nor any other employee, except for Leon Black, had a relationship with Epstein [1]. - The company emphasized that the recent documents do not accuse Apollo or its executives of engaging in or being aware of Epstein's illicit activities [1]. - Apollo's response was prompted by teachers' unions requesting an SEC investigation into what they believe are misleading statements made by Apollo to its investors [1]. Historical Context - Leon Black, a co-founder of Apollo, left the company in early 2021 following a review of his ties to Epstein, which cleared him of wrongdoing [1]. - The review indicated that while Black attempted to introduce Epstein to his co-founders, no one else at Apollo seriously considered hiring Epstein [1]. Recent Developments - New documents reveal correspondence between Rowan's office and Epstein's office regarding at least five scheduled meetings, although it remains unverified if these meetings occurred [1]. - Apollo clarified that in certain instances, Rowan and other employees provided information to Epstein related to tax work for Black [1]. - Apollo stated that Epstein's attempts to work with the co-founders were declined consistently [1]. Broader Implications - The release of Epstein-related documents has led to increased scrutiny of Apollo's top officials, particularly in light of Epstein's past convictions and the ongoing fallout from his death [1]. - The American Federation of Teachers and the American Association of University Professors have expressed concerns regarding the implications of these documents for Apollo's leadership [1].

Core Insights - Blue Owl Capital Corporation reported $447.75 million in revenue for Q4 2025, a 13.5% year-over-year increase, with an EPS of $0.36 compared to $0.47 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $446.15 million by 0.36%, while the EPS surpassed the consensus estimate of $0.35 by 1.9% [1] Financial Performance Metrics - Investment income from non-controlled, non-affiliated investments showed a significant year-over-year increase of 18.6% in interest income, totaling $340.58 million, surpassing the average estimate of $334.04 million [4] - Other income from non-controlled, non-affiliated investments decreased by 16.3% year-over-year to $4.87 million, below the average estimate of $5.54 million [4] - Dividend income from controlled, affiliated investments increased by 55.8% year-over-year to $39.54 million, exceeding the average estimate of $38.3 million [4] - Total investment income from non-controlled, non-affiliated investments rose by 10.5% year-over-year to $396.25 million, surpassing the average estimate of $390.37 million [4] - Total investment income from controlled, affiliated investments increased by 50.3% year-over-year to $50.58 million, exceeding the average estimate of $48.63 million [4] Stock Performance - Over the past month, shares of Blue Owl Capital Corporation have returned -8%, compared to a -1.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Warren Buffett's philosophy emphasizes partnership over extraction in capitalism, highlighting a stark contrast to prevalent Wall Street practices [1] - Berkshire Hathaway's compensation structure aligns the interests of management and shareholders, ensuring that both prosper or suffer together [2] - Buffett's personal investment strategy, heavily concentrated in Berkshire stock, reinforces discipline in capital allocation decisions [3] Industry Practices - The financial industry often incentivizes activity over results, leading to misaligned interests between managers and clients [4] - Misaligned incentives can result in poor decision-making, even when initial intentions are good [4] - Berkshire Hathaway's success is attributed to its avoidance of conflicts of interest and a focus on long-term business growth rather than short-term gains [5]

Industry Overview - The Zacks Investment Management industry is under pressure from rising technology and AI-related expenses, which are expected to impact near-term profitability despite potential long-term efficiency gains [1][4] - The industry is characterized by companies managing securities and funds for clients, earning revenue through service fees or commissions [3] Key Themes Influencing the Industry - Rising Expenses: Increased technology and AI-related costs are expected to hurt profits in the near term, alongside elevated compliance costs due to regulatory requirements [4] - Demand for Passive Investing: A shift towards low-cost passive funds has compressed fees and intensified competition, leading to reduced revenue per dollar of assets and limiting earnings growth [5][6] - Mergers and Partnerships: Firms are pursuing mergers and partnerships to achieve scale, cut costs, and diversify offerings in response to competitive pressures [7][8] Performance Metrics - The Zacks Investment Management industry has underperformed the S&P 500 Index, with a collective gain of 8.4% over the past two years compared to 41.6% for the S&P 500 [13] - The industry's current Zacks Industry Rank is 137, placing it in the bottom 44% of over 250 Zacks industries, indicating a bleak earnings outlook [9][10][11] Valuation Insights - The industry has a trailing 12-month price-to-tangible book ratio (P/TB) of 4.07X, significantly lower than the S&P 500's 11.78X, indicating a discount compared to the broader market [17][19] - Compared to the broader Finance sector, the Zacks Investment Management industry is trading at a discount, with the Finance sector's P/TB at 6.06X [19] Company Highlights Ameriprise Financial (AMP) - As of December 31, 2025, Ameriprise had total assets under management of $1.7 trillion, with a CAGR of 9.2% in net revenues over the past five years [24][25] - The company has been restructuring its business and focusing on core competencies to improve market share [26] - Ameriprise shares have gained 4.2% in the past three months, with a Zacks Rank of 2 (Buy) [28] SEI Investments Company (SEIC) - SEIC administered $1.9 trillion in assets as of December 31, 2025, with a CAGR of 9.9% in total assets under management over the past five years [31][32] - The company has made strategic acquisitions to enhance its business capabilities, including the recent acquisition of Stratos for $440.8 million [35][36] - SEIC shares have gained 0.7% in the past three months, also carrying a Zacks Rank of 2 [36] Federated Hermes, Inc. (FHI) - Federated Hermes had $902.6 billion in assets under management as of December 31, 2025, with a CAGR of 7.8% over the past five years [38][39] - The company has been actively seeking alliances and acquisitions to expand its global presence [39] - FHI shares have gained 14.2% in the past three months, maintaining a Zacks Rank of 2 [42]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational information but does not offer tax advice, highlighting the complexity and variability of federal and state tax laws [1] - Invesco's opinions are based on current market conditions and may differ from those of other investment professionals within the firm [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, including Invesco Distributors, Inc. [1]

Core Insights - The price-to-book (P/B) ratio is a key metric for evaluating stock value, calculated by dividing the stock's current price by its book value per share [1][2] - The P/B ratio is gaining traction as a tool for identifying low-priced stocks with high-growth potential, alongside traditional metrics like price-to-earnings (P/E) and price-to-sales (P/S) [2][3] Understanding Book Value - Book value represents the total value remaining for shareholders if a company were to liquidate its assets after settling all liabilities [4] - It is calculated by subtracting total liabilities from total assets, often equating to common stockholders' equity [5] P/B Ratio Analysis - A P/B ratio of less than one indicates that a stock is undervalued, while a ratio greater than one suggests it may be overvalued [6][7] - The P/B ratio should be compared within industries for more accurate assessments [6] - Limitations exist for the P/B ratio, particularly for companies with significant R&D expenditures or high debt levels [9] Investment Opportunities - Five stocks identified with low P/B ratios and strong growth prospects include AES Corporation, Harmony Biosciences, Concentrix, Patria Investments Limited, and Global Payments [3][10] - AES has a projected 3-5 year EPS growth of 11.2% and a Value Score of A [10][16] - Harmony Biosciences boasts a Zacks Rank of 1 and a projected EPS growth of 27.11% [10][17] - Concentrix has a projected EPS growth of 8.76% and a Value Score of A [17] - Patria Investments Limited has a projected EPS growth of 15.76% and a Zacks Rank of 2 [18] - Global Payments has a projected EPS growth of 11.54% and a Zacks Rank of 2 [19]