Core Viewpoint - Blackstone (BX) has experienced a pullback in recent months due to concerns over private credit and a worse-than-expected Q3 performance, which presents a potential buying opportunity for investors [1] Group 1: Company Performance - Blackstone's valuation is typically high, and it is suggested that it may still be trading at a high valuation despite recent declines [1] - The company has faced challenges in Q3, which were worse than anticipated, contributing to its recent stock performance [1] Group 2: Investment Strategy - The focus is on thematic investing, crisis investing, and systematic options trading, including premium selling and long-vol positions [1] - The investment strategy also encompasses discretionary global macro approaches, indicating a diverse investment methodology [1] - Experience in private M&A and trading of publicly-traded equities and equity-based derivatives is highlighted, suggesting a robust background in investment analysis [1]

Core Insights - Social Security is not intended to be the sole source of retirement income, but rather part of a three-pronged approach including pensions and personal savings [1] - A significant portion of Americans, nearly three in four, expect to rely on Social Security for retirement, but the average monthly benefit of $2,008.31 is insufficient for maintaining their lifestyle [2] - Access to defined contribution (DC) plans can significantly enhance retirement readiness, with a potential increase of 19 percentage points if all workers had access [3] Group 1: Retirement Readiness - Only four in ten Americans are on track to maintain their lifestyle in retirement, with younger generations benefiting more from an improving retirement system compared to older generations [5] - Almost two-thirds (63%) of American workers had access to a DC plan in 2023, but only 45% participated in these plans [6] - Younger generations are more likely to benefit from longer savings windows and may work until age 67 to maximize their Social Security benefits [7] Group 2: Strategies for Older Generations - Many older Americans are expected to work beyond the traditional retirement age, with 49% of middle-class Americans planning to do so [10] - Older generations face challenges due to the transition from defined benefit (DB) to DC plans, which has left many unprepared for retirement [10] - Tapping into home equity is suggested as a potential solution for older Americans to generate additional cash for retirement, although this strategy is not widely adopted due to emotional attachments to homes [11][12] Group 3: Financial Planning Recommendations - Other strategies to strengthen retirement savings include building an emergency fund, utilizing employer-sponsored benefit plans, diversifying investments, and considering long-term care insurance or health savings accounts [14] - Consulting a financial advisor is recommended for developing a long-term retirement plan, applicable to all generations [15]

Group 1 - Voya Financial, Inc. will announce its fourth-quarter and full-year 2025 financial results on February 3, 2026, after market close [1] - A conference call to review the financial results will take place on February 4, 2026, from 10 a.m. to 11 a.m. ET, accessible via live webcast [1] - The announcement, investor supplement, and analyst presentation will be available on the company's investor website upon the release of the press release [2] Group 2 - Voya Financial is a leading company in retirement, employee benefits, and investment management, serving approximately 15.7 million clients [3] - The company has been certified as a "Great Place to Work" by the Great Place to Work® Institute, emphasizing its commitment to customer centricity, integrity, accountability, agility, and inclusivity [3] - Voya Financial aims to enhance financial confidence and improve the financial future for its clients through its services and solutions [3]

Core Viewpoint - Invesco closed-end funds have declared dividends for various funds, with specific details on dividend amounts and changes from prior distributions. Dividend Declaration - The ex-date and record date for the dividends is set for January 15, 2026, with the payable date on January 30, 2026 [2] - The dividends per share for selected funds include: - Invesco Advantage Municipal Income Trust II (VKI): $0.0559 - Invesco Bond Fund (VBF): $0.0700, a decrease of $0.0015 or 2% from prior distribution - Invesco California Value Municipal Income Trust (VCV): $0.0646 - Invesco High Income Trust II (VLT): $0.0940 - Invesco Municipal Income Opportunities Trust (OIA): $0.0291 - Invesco Municipal Opportunity Trust (VMO): $0.0625 - Invesco Municipal Trust (VKQ): $0.0628 - Invesco Pennsylvania Value Municipal Income Trust (VPV): $0.0667 - Invesco Quality Municipal Income Trust (IQI): $0.0631 - Invesco Senior Income Trust (VVR): $0.0380 - Invesco Trust for Investment Grade Municipals (VGM): $0.0646 - Invesco Trust for Investment Grade New York Municipals (VTN): $0.0685 - Invesco Value Municipal Income Trust (IIM): $0.0771 [2] Tax Reporting - Form 1099-DIV will report distributions for federal income tax purposes, and each fund's annual report will include information regarding the tax character of distributions for the fiscal year [3] - The final determination of the source and tax characteristics of all distributions in 2026 will be made after the end of the year [4] Shareholder Communication - Each fund will provide shareholders with a Section 19 Notice disclosing the sources of its dividend payment when a distribution includes anything other than net investment income [4] - This notice is for informational purposes only and can be found on the fund's website [4] Company Overview - Invesco Ltd. is a global independent investment management firm managing $2.1 trillion in assets as of September 30, 2025, with a presence in over 20 countries [6]

Market Overview - The U.S. markets ended the final trading week of 2025 on a mixed note, with optimism over AI growth offset by caution regarding Federal Reserve policy signals [1] - Despite thin year-end liquidity, late pullbacks in all three major benchmark indexes kept the broader bull trend intact as market participants positioned for 2026 [1] Macroeconomic Indicators - Initial jobless claims fell unexpectedly by 16,000 to a seasonally adjusted 199,000 for the week ended Dec. 27, the lowest since the end of November, signaling continued labor market strength [2] - Pending home sales unexpectedly rose 3.3% in November, marking the largest seasonal rise since 2023 [2] Federal Reserve Policy - The Fed has successfully kept inflation stable and near its 2% target, with a current overnight borrowing rate in the range of 3.50-3.75% [3] - The pace of further easing may slow, even though markets are expecting two additional quarter-point cuts in 2026 [3] Dividend-Paying Stocks - Investors looking to diversify their portfolios can consider dividend-paying stocks, which indicate a healthy business model and can counter market upheavals [4] - Stocks that have raised dividends recently tend to outperform non-dividend-paying entities in a highly volatile market [4] Company Highlights The Ensign Group - The Ensign Group provides health care services in the post-acute care continuum and has a Zacks Rank 2 (Buy) [5] - On Dec. 19, ENSG declared a dividend of 7 cents a share, with a dividend yield of 0.1% [5] - Over the past five years, ENSG has increased its dividend five times, with a payout ratio of 4% of earnings [6] Invesco Mortgage Capital - Invesco Mortgage Capital is a real estate investment trust with a Zacks Rank 1 (Strong Buy) [7] - On Dec. 18, IVR declared a dividend of 36 cents a share, reflecting a dividend yield of 17.3% [7] - IVR has increased its dividend four times in the past five years, with a payout ratio of 58% of earnings [8] ABM Industries - ABM Industries is a provider of integrated facility solutions with a Zacks Rank 3 (Hold) [9] - On Dec. 17, ABM announced a dividend of 29 cents a share, yielding 2.5% [9] - Over the past five years, ABM has increased its dividend six times, with a payout ratio of 31% of earnings [11] Franklin Resources - Franklin Resources is a global investment management company with a Zacks Rank 3 [12] - On Dec. 17, BEN declared a dividend of 33 cents a share, yielding 5.5% [12] - Over the past five years, BEN has increased its dividend five times, with a payout ratio of 58% of earnings [13] Norwood Financial - Norwood Financial is a bank holding company with a Zacks Rank 3 [14] - On Dec. 16, NWFL announced a dividend of 32 cents a share, yielding 4.4% [14] - Over the past five years, NWFL has increased its dividend six times, with a payout ratio of 47% of earnings [14]

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 specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, indicating a dynamic approach to investment management [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, highlighting the firm's extensive distribution network [1]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to stay informed [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]

Core Viewpoint - Neuberger High Yield Strategies Fund Inc. has declared a distribution of $0.0905 per share, payable on January 30, 2026, with a record date of January 15, 2026, and an ex-date of January 15, 2026 [1] Distribution Policy - The Fund plans to maintain regular monthly distributions of $0.0905 per share, subject to market conditions, unless a different amount is determined [2] - The ability to sustain the current distribution rate depends on factors such as income stability from investments, leverage costs, and other fees and expenses [2] Distribution Composition - Future distributions may include net investment income, net realized capital gains, and return of capital to maintain a stable distribution amount [3] - A notice will be provided for any distribution not solely consisting of net investment income, detailing estimated portions of the distribution [3] Company Overview - Neuberger Berman is an independent investment manager founded in 1939, managing $558 billion across various asset classes for global institutions and individuals [4] - The firm emphasizes active management, fundamental research, and engaged ownership, and has been recognized as a top workplace in the money management sector [4]

Core Viewpoint - Wilmington Capital Management Inc. announced changes to its Board of Directors as part of a transition plan aimed at supporting long-term growth [1][2][3] Board Changes - Messrs. Joseph Killi, Christopher Killi, and Marc Sardachuk have stepped down from their roles as Directors and Officers of the Corporation, with gratitude expressed for their significant contributions during their tenure [2] - New appointments to the Board include Messrs. Irfhan Rawji, Francis Cooke, and Matt Rachiele, who bring diverse experience to support the Corporation's growth strategy [3] Company Overview - Wilmington is a Canadian investment company focused on seeking investment opportunities in alternative asset classes for long-term capital appreciation rather than current income returns [4] - The Corporation invests its own capital alongside partners and co-investors in hard assets and private equity funds, managing these assets through operating entities [4]

Key Points Despite the market being near all-time highs, investors shouldn't delay starting to invest. Growth and tech stocks have helped lead the market for much of the past decade. The Invesco QQQ Trust is one of the best ETFs to invest in AI and other growth trends. 10 stocks we like better than Invesco QQQ Trust › While the market is trading near all-time highs, that is no reason to delay starting to invest. In fact, waiting for a pullback can be one of the biggest traps that investors can f ...