Financial Data and Key Metrics Changes - Non-GAAP operating earnings were $352 million or $1.1 per share, down 23% year over year on a per share basis [5][20] - Adjusted for notable items, non-GAAP operating EPS was $1.41, down 8% compared to the prior year, primarily due to elevated individual life mortality claims [5][20] - Total assets under management and administration rose 8% year over year to $1.1 trillion, indicating strong future earnings growth potential [22] Business Line Data and Key Metrics Changes - Retirement businesses produced $1.9 billion of net inflows in the second quarter, driven by strong rider sales and $250 million of BlackRock LifePath paycheck net inflows [6] - Wealth Management had $2 billion of advisory net inflows, with a trailing twelve-month organic growth rate of 12% [6] - Asset management reported net outflows of $6.7 billion, but returned to net inflow in June, with AUM up 20% year over year to $77 billion [7][15] Market Data and Key Metrics Changes - The company experienced a strong recovery in markets, which is expected to support future growth in spread and fee-based earnings [6] - The trailing twelve-month organic growth rate in Wealth Management was 12%, indicating robust market demand [15] Company Strategy and Development Direction - The company is focused on organic growth across retirement, asset management, and wealth management businesses, leveraging an integrated business model [4][33] - The individual life reinsurance transaction with RGA is expected to reduce earnings volatility and enhance returns on capital [10][29] - The company aims to grow annual cash generation to $2 billion by 2027 and maintain a payout ratio of 60% to 70% [11][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets for 2027, with expectations for EPS growth to accelerate in 2025 due to recovering markets and reduced mortality exposure [33] - The company anticipates a strong second half of the year, driven by record AUM levels and higher investment portfolio yields [28][33] Other Important Information - The company returned $318 million to shareholders in the second quarter, representing a 74% payout ratio, above the target range [8][31] - The company plans to execute at least $500 million of incremental share repurchases and repay some debt before year-end [9][32] Q&A Session Summary Question: How should we think about the growth in earnings beyond the third quarter baseline? - Management indicated that the baseline for third quarter earnings is $220 million to $225 million, with expectations for growth supported by equity market rebounds [36][38] Question: Is there sensitivity to the outlook if the Fed starts cutting rates? - Management clarified that profitability is more influenced by ten-year treasury rates and corporate spreads rather than short-term rates [45] Question: How do the economics of products sold through Wealth Management compare to third-party sales? - Management noted that products sold through Wealth Management have better persistency and higher margins due to closer client relationships [46] Question: What is the plan for capital management post extraordinary dividends? - Management plans to use excess capital for share buybacks and debt reduction, with a disciplined approach to any potential acquisitions [50][55] Question: How long is the RILA roll-off dynamic expected to continue? - Management expects the older business to run off over the next few quarters, with a focus on maintaining growth momentum [72][74] Question: What benefits does the Bermuda entity provide? - The Bermuda entity allows for better management of cash flows and reduces volatility related to hedging, enhancing consistency in cash flow [75][79]

Financial Data and Key Metrics Changes - The company reported record FRE of $323 million, an 18% increase year over year, with a FRE margin of 48% for the first half [7][22] - Total AUM reached a record $465 billion, with first half inflows totaling $28 billion and $51 billion over the last twelve months, reflecting a 12% organic growth rate [23][24] - Management fees for the quarter were $590 million, a 7% increase year to date, while capital market fees were $48 million in the second quarter, more than double from last year [22][23] Business Line Data and Key Metrics Changes - Carlyle Alpinvest experienced a record quarter with fee revenues up more than 50% and FRE nearly doubling over the past year [17] - Global Credit delivered strong performance with FRE of $111 million, a 37% year over year increase, and asset-backed finance AUM up 40% year over year [25][26] - The U.S. Buyout funds appreciated approximately 20% over the past twelve months, while the tenth vintage U.S. Real Estate fund closed at $9 billion, nearly 15% larger than its predecessor [13][27] Market Data and Key Metrics Changes - The macro environment showed improved sentiment, with equity markets near record highs and increased M&A activity due to reduced uncertainty from tariff negotiations and tax policy [9][10] - The company deployed $26 billion in 2025, up almost 50% year over year, indicating strong demand for private capital [10][11] Company Strategy and Development Direction - The company is focused on expanding its wealth management capabilities, with a partnership with UBS to provide private equity secondary solutions for their international wealth clients [20][110] - The strategic emphasis is on leveraging brand recognition and diversification of the platform to enhance growth in wealth management and private equity [111][112] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting full year FRE growth of approximately 10%, up from a prior outlook of 6% [30] - The leadership transition is seen as a natural evolution to enhance operational scale and agility in executing the company's strategy [21][88] Other Important Information - The company returned nearly $15 billion to investors over the last twelve months, which is three times the industry average [11][29] - The firm is actively pursuing opportunities in the capital markets, generating over $230 million in fees over the last twelve months, with expectations for further growth as M&A and IPO activities increase [20][21] Q&A Session Summary Question: Drivers of FRE growth and future guidance - Management indicated that the revised outlook reflects strong momentum across the platform, with organic growth at Alpinvest being exceptional [41][42] Question: Retail commentary and fundraising potential - Management highlighted the systematic strategy for engaging wealth clients and the expected positive impact of the upcoming CPAP launch [52][56] Question: Outlook for the credit business - The company sees significant growth potential in the credit business, particularly in private credit and asset-based finance, driven by increasing demand for capital [66][67] Question: Near-term outlook for Alpenvest and Solutions business - Management noted that the business has evolved to generate consistent growth, with CAPM being a significant driver [73][76] Question: Capital markets fees growth and strategy - The company expects capital markets fees to continue growing, driven by organic opportunities and the scale of the platform [101][106] Question: Wealth products and future vision - Management emphasized the importance of brand recognition and diversification in driving success in wealth management [110][112]

Fiduciary Management, Inc. ("FMI"), founded in 1980, is an independent money management firm based in Milwaukee, Wisconsin. FMI's equity investing strategies apply a value discipline, with a focused approach firmly rooted in fundamental research. As of 3/31/2024, FMI has approximately $16.1 billion in AUA ($15.8 Billion AUM). Note: This account is not managed or monitored by Fiduciary Management and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use F ...

"The strategy behind the ETF is a familiar one to investors in the disciplined value suite of products. John Hancock Disciplined Value Select ETF follows the same philosophy and process that we've applied in the mutual fund space for decades," said portfolio manager David Cohen. "The key difference with this launch— beyond the investment vehicle—is the 'select' aspect. While John Hancock Disciplined Value Fund will typically hold 70 to 100 securities, John Hancock Disciplined Value Select ETF is a more conc ...

中信证券（600030）(06030)发布华夏基金2025年半年度业绩快报，截至2025年6月30日，华夏基金总资 产205.25亿元，总负债66.91亿元;2025年上半年实现营业收入42.58亿元，净利润11.23亿元，综合收益总 额11.06亿元。截至2025年6月30日，华夏基金母公司管理资产规模为28512.37亿元。 ...

Core Insights - Brookfield Asset Management reported strong financial results for Q2 2025, with fee-related earnings increasing by 16% year-over-year and distributable earnings up by 12% [2][3][10] - The company has announced over $55 billion in asset sales to date in 2025, reflecting robust demand in sectors where it holds leadership positions [3][20] - Significant fundraising activities were highlighted, with $22 billion raised in the quarter and $97 billion over the last twelve months, indicating strong capital inflows [2][11] Financial Performance - Fee-related earnings (FRE) for Q2 2025 reached $676 million, or $0.42 per share, compared to $583 million, or $0.36 per share, in Q2 2024 [4][10] - Distributable earnings (DE) for the quarter were $613 million, or $0.38 per share, up from $548 million, or $0.34 per share, in the prior year [6][10] - Net income attributable to Brookfield Asset Management was $620 million for the quarter, a 25% increase from $495 million in Q2 2024 [6][24] Asset Management and Fundraising - Fee-bearing capital increased by 10% to $563 billion over the last twelve months, driven by strong capital raising and market recovery [8][9] - The company raised $22 billion in Q2 2025, with nearly 70% coming from complementary strategies [11] - Notable fundraising included $1.5 billion in renewable power, $1.7 billion in infrastructure, $1.3 billion in private equity, and $1.8 billion in real estate [13] Asset Sales and Investments - Brookfield has sold $12 billion in real estate assets, $9.5 billion in infrastructure assets, and $5.8 billion in renewable power assets in 2025 [20] - Recent transactions included significant sales such as Aveo Group for $2.4 billion and a U.S. hydropower portfolio for $5.8 billion [20] - The company also announced a partnership with Google for a hydroelectric capacity project and an investment in Sweden for digital infrastructure [12][21] Dividends and Shareholder Returns - The board declared a quarterly dividend of $0.4375 per share, payable on September 29, 2025 [7] - The increase in net income and earnings per share reflects the company's commitment to delivering value to shareholders [6][10]

中信证券(06030)发布华夏基金2025年半年度业绩快报，截至2025年6月30日，华夏基金总资产205.25亿 元，总负债66.91亿元;2025年上半年实现营业收入42.58亿元，净利润11.23亿元，综合收益总额11.06亿 元。截至2025年6月30日，华夏基金母公司管理资产规模为28512.37亿元。 ...

数据说明： 产品统计范围为理财公司发行的投资周期在3月以内（含）的公募纯固收产品，且近6月每个完整的自然月月末均为正收益。产品统计截止日期为2025年7月 31日，统计区间为近6月。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 一、整体表现 南财理财通数据显示，截至7月31日，理财公司投资周期3月以内（含）的人民币公募纯固收类理财产品近半年平均净值增长率为1.03%，平均最大回撤为 0.06%。相比6月19日，该口径收益数据回落0.04个百分点。 其中，49.1%的上述口径纯固收产品近半年实现月月正收益，占比低于五成。正收益产品中，有163只产品（产品各份额分开统计）近6月净值增长率超2%， 信银理财、兴银理财分别占52只、43只。 二、亮点产品分析 华夏理财三只产品包揽本期榜单前三，分别是最短持有7天、日开、最短持有30天的纯债产品。 从榜首"固定收益纯债最短持有7天W款A"成立以来（2025年1月24日）净值表现来看，该产品在2月底至3月初有一段较为明显的净值跳涨，此后净值平稳上 行。 | | 固定收益纯债最短信 有7天W款A | 华夏理财 | 3.77% | ...

数据说明： 产品统计范围为理财公司发行的公募现金类产品，统计截止日期为2025年7月31日，统计区间为近3个月。 南财理财通数据显示，截至7月31日，公募现金管理类产品近3个月的七日年化收益率均值为1.443%，已跌破1.5%。 从具体产品收益分布来看，在所有人民币公募现金类产品（各份额分开统计）中，近3个月七日年化收益率均值超过2%的有97 只，占比仅为1.7%；收益处于1.5%至2%区间的产品数量为1625只，占比29.2%；值得关注的是，5只产品近3个月平均七日年化 收益率低于1%。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 二、亮点产品分析 | ਪਹਿ ਦੁਆ | 产品名称 | 管理人 | 起购金额 (元) | 区间内七日 年化收益率 均值 | | --- | --- | --- | --- | --- | | (1) | 启源货币3号G | 苏银理财 | 0.01 | 2.962% | | | | 销售机构：苏银直销 | | | | | 启源现金6号N | 苏银理财 | 0.01 | 2.865% | | | | 销售机构：平安银行/苏银直销 | | | ...

Recent company strategy has emphasized diversifying its earnings sources, growing its extensive distribution network, and managing risk through both hedging and reinsurance. Key success factors include increasing assets under administration, attracting net inflows across wealth and retirement products, and protecting the balance sheet with strong capital levels. Regulatory compliance and risk management remain ongoing priorities as product complexity and market dynamics evolve. Quarter in Review: Milestones ...