Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $27.1 million, an increase from $24.3 million in Q3 and $25.6 million in Q4 2024, driven by investor interest in ETFs and private energy secondaries funds [15] - Fiscal 2025 total revenues reached $97.8 million, compared to $94.7 million in 2024, attributed to higher average assets under management [15] - Q4 income was $1.9 million, or $0.21 per share, down from $3.7 million, or $0.41 per share in Q3, and $2.1 million, or $0.24 per share in Q4 2024 [16] - Economic earnings for Q4 were $3.3 million, or $0.36 per share, compared to $3.4 million, or $0.39 per share in Q4 2024 [17] - Assets under management totaled $17.4 billion, with $16.5 billion in AUM and $0.9 billion in assets under advisement [17] Business Line Data and Key Metrics Changes - The ETF franchise exceeded $200 million, with the latest ETF, Enhanced Income Opportunity, contributing to this growth [4] - Managed Investment Solutions secured its first institutional client, reflecting strong sales growth of $2.5 billion for the year, up 20% from $2.1 billion [4] - Institutional channel gross sales grew by 36% year-over-year, while intermediary distribution achieved 32% growth, marking the strongest annual performance in several years [8][9] Market Data and Key Metrics Changes - The S&P 500 rose less than 3% in Q4 but ended the year up 18%, indicating a mixed market environment [5] - The U.S. economy recorded modest growth despite low consumer confidence, with the Federal Reserve cutting short-term rates by 75 basis points [5] - The firm experienced net outflows of $1 billion in AUM, offset by $1 billion in market appreciation [18] Company Strategy and Development Direction - The company is focused on high-quality businesses with strong fundamentals, positioning itself well for future market uncertainties [7] - A disciplined, multiyear evolution of the wealth division aims to enhance client experience and scalability, targeting ultra-high-net-worth families [12] - The launch of new strategies and ETFs, such as the Enhanced Income Opportunity ETF, reflects the company's commitment to innovation and meeting diverse client needs [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the disappointing outflows in Q4, primarily from the Large Cap Value product, which struggled in a narrow market environment [21] - The company remains optimistic about its pipeline, with new clients and significant funding expected in the near future [22] - Management emphasized the importance of high-quality companies and the potential for attractive shareholder returns in the current market [8] Other Important Information - The Board of Directors approved a regular cash dividend of $0.15 per common share, payable on April 1, 2026 [18] - The firm maintains a solid financial position with cash and liquid investments totaling $44.1 million and a debt-free balance sheet [18] Q&A Session Summary Question: What are the reasons behind the outflows in Q4? - Management noted that over 80% of the outflows were from the Large Cap Value product, which has struggled against a low-quality market environment [21] Question: What is the outlook for new client acquisitions? - Management highlighted a new client bringing in $200 million and a defined contribution plan expected to fund $450 million, indicating a strong pipeline [22]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $27.1 million, an increase from $24.3 million in Q3 2025 and $25.6 million in Q4 2024, driven by investor interest in ETFs and private energy secondaries funds [15] - Fiscal 2025 total revenues reached $97.8 million, compared to $94.7 million in 2024, attributed to higher average assets under management [15] - Q4 2025 income was $1.9 million, or $0.21 per share, down from $3.7 million, or $0.41 per share in Q3 2025, and $2.1 million, or $0.24 per share in Q4 2024 [16] Business Line Data and Key Metrics Changes - The ETF franchise exceeded $200 million in assets, with the latest ETF, Enhanced Income Opportunity, contributing to this growth [4] - Managed Investment Solutions team secured its first institutional client, indicating growth in this business line [4] - The institutional channel achieved gross sales growth of 36% year-over-year, reflecting strong performance in Mid-Cap and Small-Cap Value strategies [7] Market Data and Key Metrics Changes - Firm-wide assets under management totaled $17.4 billion, with institutional assets at $8.3 billion, wealth management assets at $4.3 billion, and mutual fund assets at $3.9 billion [17] - The company experienced net outflows of $1 billion in assets under management, offset by $1 billion in market appreciation [18] - The company reported a solid financial position with cash and liquid investments totaling $44.1 million and a debt-free balance sheet [18] Company Strategy and Development Direction - The company is focused on high-quality businesses with strong fundamentals, positioning itself well for future market uncertainties [6] - A disciplined, multiyear evolution of the wealth division is underway, aimed at enhancing client experience and scalability [11] - The launch of new strategies, including the Westwood Enhanced Income Opportunity ETF, is part of the company's strategy to expand its product offerings [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged disappointing outflows in Q4, primarily from the Large Cap Value product, which has struggled in a narrow market environment [22] - The company remains optimistic about its pipeline, with new clients and significant funding expected in the near future [22] - Management expressed confidence in the strategic positioning and value proposition of the company moving forward [13] Other Important Information - The board approved a regular cash dividend of $0.15 per common share, payable on April 1, 2026 [18] - The company closed its second oversubscribed private equity fund with over $300 million in commitments, indicating strong capital-raising capabilities [12] Q&A Session Summary Question: What are the reasons for the outflows in Q4? - Management noted that over 80% of the outflows were from the Large Cap Value product, which has struggled against a low-quality market environment [22] Question: What is the outlook for new client acquisitions? - Management highlighted a new client bringing in $200 million and a defined contribution plan expected to fund $450 million, indicating a strong pipeline [22] Question: How is the company positioned for future growth? - Management expressed bullishness on the ETFs launched in recent years and the overall growth strategy, emphasizing the importance of high-quality investment solutions [24]

Core Insights - BlackRock Canada and the Families & Allies at BlackRock Network celebrated Family Day by closing the market at the Toronto Stock Exchange, emphasizing the importance of financial inclusion and education [1][2]. Company Overview - BlackRock is a leading global asset manager that provides investment, advisory, and risk management solutions, aiming to enhance financial well-being for individuals [3]. - The company operates over 100 offices in more than 38 locations worldwide, allowing it to leverage global insights while maintaining local relationships [4].

Westwood Holdings Group westwoodgroup.com 1 INTEGRITY | RELIABILITY | RESULTS Westwood Overview Investor Relations Presentation 2 I N T E G R I T Y | R E L I A B I L I T Y | R E S U L T S Westwood | Investing for the Future Firm Overview Westwood Holdings Group is a boutique asset management firm that offers a diverse array of actively-managed and outcome-oriented investment strategies along with white-glove trust and wealth services to institutional, intermediary and private wealth clients. Based in Texas, ...

Core Insights - Lawrence Fuller has 30 years of experience managing portfolios for individual investors and founded Fuller Asset Management to achieve independence [1] - Fuller Asset Management manages the Focused Growth portfolio on Dub, a copy-trading platform approved by US securities regulators [1] - The Portfolio Architect group, led by Fuller, focuses on an all-weather investment strategy aimed at consistent risk-adjusted market returns [1] Company Overview - Fuller Asset Management (FAM) is a state-registered investment adviser [3] - The firm provides educational information and does not make offers for specific securities or investment strategies [3] - FAM emphasizes that past performance should not be relied upon without understanding market conditions and investment constraints [3] Investment Strategy - The Portfolio Architect offers portfolio construction guidance, an "All-Weather" model portfolio, and a dividend and options income portfolio [1] - Additional features include daily briefs on current events, a week-ahead newsletter, technical and fundamental reports, trade alerts, and 24/7 chat support [1]

Core Insights - Westwood Holdings Group, Inc. reported significant growth in its ETF platform, surpassing $200 million in assets under management (AUM) and successfully closing its second flagship energy secondaries fund with over $300 million in commitments [1][2] - The Managed Investment Solutions team secured its first institutional client, highlighting the company's commitment to delivering innovative investment solutions [1] - Revenues increased due to strong investor interest in ETFs and private energy secondaries funds, with a notable rise in average AUM [1][3] Financial Performance - For the fourth quarter of 2025, the company reported income of $1.9 million, a decrease from $3.7 million in the third quarter, primarily due to higher performance-related incentive compensation [3][4] - Diluted earnings per share (EPS) for the fourth quarter were $0.21, down from $0.41 in the previous quarter [3][4] - Total revenues for the fourth quarter reached $27.1 million, an increase from $24.3 million in the third quarter and $25.6 million a year ago [7] Yearly Overview - For the fiscal year 2025, net income was $7.1 million, significantly up from $2.2 million in 2024, driven by higher revenues and unrealized appreciation on strategic private investments [5][16] - The diluted EPS for the year was $0.79, compared to $0.26 in 2024 [5][16] - Economic earnings for 2025 were reported at $14.3 million, with an economic EPS of $1.61, compared to $6.9 million and $0.82 in 2024, respectively [5][16] Assets and Equity - As of December 31, 2025, firmwide AUM and assets under advisement totaled $17.4 billion, with $16.5 billion in AUM and $0.9 billion in AUA [2] - The company held $44.1 million in cash and liquid investments, an increase of $4.5 million from the previous quarter [7] - Stockholders' equity totaled $125.6 million as of December 31, 2025, with no debt reported [7][17] Dividends - The company declared a cash dividend of $0.15 per common share, payable on April 1, 2026, to stockholders of record on March 3, 2026 [7]

Core Insights - Rithm Capital Corp. (NYSE:RITM) is recognized as one of the best stocks for real estate investing for beginners [1] - UBS and Piper Sandler have recently adjusted their price targets for Rithm, with UBS lowering it to $15 and maintaining a Buy rating, while Piper Sandler reduced it to $15 from $15.50 but kept an Overweight rating, citing solid operating results [2] - The company reported fourth-quarter revenue of $1.29 billion, exceeding the consensus estimate of $1.24 billion, and highlighted a 19% return on equity for the full year [3] Financial Performance - Rithm Capital's management described 2025 as a year of strategic progress, emphasizing acquisitions that expanded its alternative asset management platform to over $100 billion in investable assets [3] - The company noted "durable momentum" in the fourth quarter, with closed transactions and an expanded client franchise contributing to solid earnings [4] Business Structure - Rithm Capital operates as an asset manager with exposure to real estate, credit, and financial services, structured across various segments including Origination and Servicing, Investment Portfolio, Residential Transitional Lending, and Asset Management [5]

Management emphasized capital return plans for 2026, citing both financial strength and proceeds tied to the Rockefeller transaction. O’Sullivan said IGM launched a normal course issuer bid (NCIB) in December for up to 5% of shares outstanding and has been “quite active,” with the intention to repurchase the full 5% over the remainder of the year.Keith Potter, executive vice president and CFO, said adjusted EPS of CAD 1.27 in Q4 was up 21% year-over-year. He also noted 2025 expense growth of 4.2% was in lin ...

The changes are set to take effect April 1.Global X Investments Canada Inc. is permanently reducing the annual management fees for one of its ETFs, the asset manager has announced.The management fee for the Global X Active Canadian Municipal Bond ETF (TSX: HMP) has been reduced to 0.25% from 0.29%. The fund invests primarily in a portfolio of Canadian municipal bonds denominated in Canadian dollars.New target cash flow units launchedBMO Asset Management Inc. has added a new series of units to some of its ET ...

Core Insights - Despite concerns about foreign investors selling U.S. assets, stock inflows remain robust, although foreign purchases of U.S. Treasuries have significantly decreased, leading to the emergence of the "hedge America" trade narrative [1][2]. Group 1: Market Reactions - Danish pension fund Akademiker Pension's $100 million sale of U.S. Treasuries was characterized as routine business due to deficit concerns rather than a political stance, indicating a shift towards hedging rather than outright selling [2]. - The U.S. dollar index (DXY) has decreased to 96.83 from a high of 108, reflecting a broader trend of dollar depreciation [3]. Group 2: Asset Performance - The S&P 500 is near all-time highs at $6,877, while silver prices have more than doubled from last year, currently above $77, showcasing strong performance in equities and commodities despite dollar weakness [4]. - Foreign investments in U.S. equities reached $689 billion through November 2025, significantly up from $197 billion the previous year, indicating a strong appetite for U.S. stocks [7]. Group 3: Market Sentiment and Predictions - Polymarket traders show varied expectations for Federal Reserve rate cuts, with 27% odds for either two or three cuts in 2026, and a declining market perception of a U.S. recession now at 24% [5]. - Rate cuts typically lead to a weaker dollar as investors seek better yields abroad, while increased liquidity tends to boost stocks and commodities [6]. Group 4: Crypto Market Dynamics - The anticipated correlation between cryptocurrency and gold during dollar depreciation has not materialized, with Bitcoin experiencing a 50% drop from its October highs, suggesting a potential decline in the 'digital gold' narrative [8].