Core Insights - Ameriprise Financial Services (AMP) reported quarterly earnings of $9.50 per share, exceeding the Zacks Consensus Estimate of $9.12 per share, and up from $8.39 per share a year ago, representing an earnings surprise of 4.17% [1] - The company posted revenues of $4.31 billion for the quarter ended March 2025, which was below the Zacks Consensus Estimate by 1.68%, but an increase from $4.1 billion year-over-year [2] - Ameriprise shares have declined approximately 11.4% year-to-date, compared to a decline of 8.6% for the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $9.11, with expected revenues of $4.37 billion, and for the current fiscal year, the consensus EPS estimate is $37.12 on revenues of $17.65 billion [7] - The trend of estimate revisions for Ameriprise has been unfavorable, leading to a Zacks Rank of 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Financial - Investment Management industry, to which Ameriprise belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Ameriprise's stock performance [5]

分组1 - SEI Investments reported quarterly earnings of $1.17 per share, exceeding the Zacks Consensus Estimate of $1.12 per share, and up from $0.99 per share a year ago, representing an earnings surprise of 4.46% [1] - The company posted revenues of $551.34 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.86%, and an increase from $511.58 million year-over-year [2] - SEI has surpassed consensus EPS estimates three times over the last four quarters, indicating a positive trend in earnings performance [2] 分组2 - The stock has underperformed the market, losing about 12.8% since the beginning of the year compared to the S&P 500's decline of 10.1% [3] - The current consensus EPS estimate for the coming quarter is $1.11 on revenues of $544.58 million, and for the current fiscal year, it is $4.57 on $2.2 billion in revenues [7] - The Zacks Industry Rank for Financial - Investment Management is currently in the bottom 9% of over 250 Zacks industries, suggesting a challenging environment for the sector [8]

Company Overview - Westwood Holdings Group, Inc. is a focused investment management boutique and wealth management firm, founded in 1983 [3] - The company offers a broad array of investment solutions to institutional investors, private wealth clients, and financial intermediaries [3] - Westwood specializes in distinct investment capabilities including U.S. Value Equity, Multi-Asset, Energy & Real Assets, Income Alternatives, Tactical Absolute Return, and Managed Investment Solutions [3] - The firm operates through separate accounts, the Westwood Funds® family of mutual funds, exchange-traded funds (ETFs), and other pooled vehicles [3] - Westwood is publicly traded on the New York Stock Exchange under the symbol "WHG" and has significant employee ownership [3] Upcoming Earnings Release - Westwood Holdings Group, Inc. will release its first quarter 2025 earnings after the close of the New York Stock Exchange on April 30, 2025 [1] - Following the earnings release, the company will host a live audio webcast and conference call at 4:30 PM Eastern Time [1][2] - Registration is required to join the conference call and view the webcast, with unique identifiers provided upon registration [2]

Core Insights - SS&C Technologies has been selected by Aquilius Investment Partners as a fund administrator, highlighting SS&C's expanding presence in the Asia-Pacific private markets [1][2] - Aquilius aims to enhance liquidity in Asia's private capital markets and has a strong partnership approach, leveraging local knowledge and execution capabilities [2] - The partnership will enable SS&C to provide comprehensive services including administration, compliance, and treasury management to Aquilius [3] Company Overview - Aquilius, established in 2021, specializes in secondaries solutions in the Asia-Pacific region and has over US$1.4 billion in assets under management from institutional clients [4] - SS&C Technologies, founded in 1986, is a global provider of services and software for financial services and healthcare industries, serving over 22,000 organizations worldwide [5]

Core Viewpoint - SEI Investments (SEIC) is expected to report quarterly earnings of $1.12 per share, a 13.1% increase year-over-year, with revenues projected at $547.69 million, reflecting a 7.1% year-over-year growth [1]. Earnings Estimates - The consensus EPS estimate has been revised down by 6.9% in the past 30 days, indicating a reassessment by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and stock price performance [3]. Revenue Projections - Analysts estimate 'Revenue- Investment Advisors' at $133.40 million, a year-over-year increase of 8.7% [5]. - The consensus for 'Revenue- Investment Managers' is $188.36 million, suggesting a 9.1% year-over-year change [5]. - 'Revenue- Private Banks' is expected to reach $140.19 million, indicating a 7.7% increase from the previous year [5]. - 'Revenue- Investments in New Business' is projected at $15.70 million, reflecting a 9.9% year-over-year growth [6]. Assets Under Management - 'Assets under management - Investments in New Business' is expected to be $2.99 billion, up from $2.49 billion in the same quarter last year [6]. - 'Assets under management - Investment Advisors' is forecasted at $78.75 billion, compared to $79.44 billion in the same quarter last year [7]. - 'Assets under management - Private Banks' is estimated at $28.26 billion, slightly up from $28.02 billion year-over-year [7]. - 'Assets under management - Institutional Investors' is projected at $75.06 billion, down from $78.15 billion in the same quarter last year [8]. - 'Assets under management - LSV - Equity and Fixed Income programs' is expected to be $85.52 billion, compared to $93.62 billion year-over-year [8]. - 'Assets under management - Investment Managers' is likely to reach $197.38 billion, up from $161.86 billion in the same quarter last year [9]. Client Assets Under Administration - 'Client assets under administration - Investment Managers' is estimated at 1,025,964, compared to 959,904 in the same quarter last year [9]. - 'Client assets under administration - Private Banks' is projected to reach 8,350, up from 8,024 year-over-year [10]. Market Performance - SEI shares have decreased by 5.5% in the past month, slightly better than the Zacks S&P 500 composite's decline of 5.6% [11].

Core Viewpoint - The launch of the ALPS Electrification Infrastructure ETF (Nasdaq: ELFY) by SS&C ALPS Advisors in partnership with Ladenburg Thalmann Index reflects a significant commitment to electrification infrastructure investment in the U.S., which is seen as a durable investment theme in the current market [1][2]. Company Overview - SS&C ALPS Advisors is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc., and specializes in providing investment products for advisors and institutions, managing over $28.62 billion as of March 31, 2025 [15]. - Ladenburg Thalmann Index, LLC focuses on thematic index-based concepts and has created the Ladenburg Thalmann Electrification Infrastructure Index (LTELFYX) to track companies benefiting from electrification [16]. Fund Details - The ALPS Electrification Infrastructure ETF aims to provide exposure to publicly listed mid- and large-cap companies involved in electrification, including electricity generation, transmission, distribution, and smart grid technologies [3][7]. - The fund employs a passive management approach, seeking to track the performance of its underlying index before fees and expenses [11][12]. - The fund is designed to be an equal-weighted, sector-diverse investment vehicle, allowing investors to participate in the growth of electrification in the U.S. [4]. Market Context - There is a multi-decade commitment from both government and industry in the U.S. towards electrification infrastructure, indicating a long-term growth opportunity in this sector [2]. - The electrification trend is characterized as a seismic shift in electricity demand growth, suggesting significant potential for companies involved in this space [4].

Core Viewpoint - StepStone Group Inc. has expanded access to its private market evergreen funds through a partnership with Bergos AG, a Swiss private bank managing CHF7.3 billion in assets, enhancing investor access to institutional-quality private market investments globally [1][3]. Company Overview - StepStone Group Inc. is a global private markets investment firm with approximately $698 billion in total capital, including $179 billion in assets under management as of December 31, 2024 [3]. - The firm provides customized investment solutions and advisory services to a diverse client base, including large pension funds, sovereign wealth funds, and high-net-worth individuals [3]. Fund Details - The following StepStone funds are now available through Bergos AG: - **SPRING Lux**: A venture and growth strategy fund with $341.7 million in assets under management (AUM) and a total net return of 59.92% since its inception in November 2022 [5]. - **STRUCTURE Lux**: A private infrastructure fund with $79.9 million in AUM and a total net return of 24.91% since its inception in September 2023 [5]. - **SCRED Lux**: A private credit fund with $43.6 million in AUM, focusing on various credit-related strategies since its inception in June 2024 [5]. - **SCRED Europe**: A newly launched private credit fund with over €250 million in seed capital, targeting senior secured direct lending in Europe [5]. Partnership Significance - The partnership with Bergos AG aligns with StepStone's mission to provide broader access to private market investments, reflecting shared values between the two institutions [1].

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金（Managed Positions）在当地期货市场的各种部署，继而反 映现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚 过去的周二（如果过去一周原本工作日是假日的话数据出炉会延期）。 概要 上周美股出现股灾，金价（像之前担心那样）在流动性紧张的时候被获利。纵使这周美股或会暂 时回稳，但任何回稳/回升都可能是做空的机会。特别是在市场预期5月有近一半机率减息的期望 下，联储局如果维持偏鹰的立场会再触发大跌市——如果联储局不想办法"维持体面"，市场就会 帮联储"维持体面"。 市场原本是估计联储6月减息，但随着上周的美股暴跌，市场认为5月减息的几率增加至近半，就 连减息幅度也有所增加；最乐观的情况（目前机率尚低），已经有资金猜美国今年减息从多达8次 增加至10次。 预期减息的风险是在于联储——要是美国4、5月份的通胀居高不下 ，便是笔者早在疫情时便预测 联储总有一天要在保经济/就业和保美元二者之能选择一者，而我担心联储选择的会是后者。 即使 联储 ...

T. Rowe Price (TROW) closed the most recent trading day at $80.27, moving -1.7% from the previous trading session. This change lagged the S&P 500's 1.57% loss on the day. Elsewhere, the Dow saw a downswing of 0.84%, while the tech-heavy Nasdaq depreciated by 2.15%.The financial services firm's stock has dropped by 17.32% in the past month, falling short of the Finance sector's loss of 10.12% and the S&P 500's loss of 12.16%.The investment community will be paying close attention to the earnings performance ...

Company Overview - Virtus Investment Partners (VRTS) is headquartered in Hartford and operates in the Finance sector, experiencing a price change of -31.55% since the beginning of the year [3] - The company currently pays a dividend of $2.25 per share, resulting in a dividend yield of 5.96%, which is significantly higher than the Financial - Investment Management industry's yield of 3.36% and the S&P 500's yield of 1.76% [3] Dividend Performance - The current annualized dividend of Virtus Investment Partners is $9, reflecting a 13.2% increase from the previous year [4] - Over the past five years, the company has increased its dividend five times on a year-over-year basis, achieving an average annual increase of 29.31% [4] - The current payout ratio is 34%, indicating that the company paid out 34% of its trailing 12-month earnings per share as dividends [4] Earnings Expectations - The Zacks Consensus Estimate for earnings in fiscal year 2025 is $27.87 per share, with an expected increase of 5.85% from the previous year [5] Investment Appeal - VRTS is considered an attractive dividend play and a compelling investment opportunity, currently holding a Zacks Rank of 2 (Buy) [7]