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].

Company Overview - T. Rowe Price Group, Inc. has a market cap of $20.3 billion and operates as a global investment manager serving various clients including individuals, institutions, and retirement plans [1] Stock Performance - Over the past 52 weeks, TROW shares have decreased by 12.6%, while the S&P 500 Index has returned 12.5% [2] - Year-to-date, TROW shares are down 8.5%, contrasting with a marginal gain in the S&P 500 [2] Recent Financial Results - On February 4, T. Rowe Price Group's shares fell by 5.5% following Q4 2025 results, which included weaker-than-expected adjusted EPS of $2.44 and revenue of $1.93 billion [4] - The company experienced net client outflows of $25.5 billion, with $23.2 billion attributed to equity outflows [4] - Adjusted operating expenses rose to $1.25 billion from $1.13 billion in Q3 [4] Earnings Forecast - For the fiscal year ending December 2026, analysts project T. Rowe Price Group's adjusted EPS to grow by 3.8% year-over-year to $10.09 [5] - The company's earnings surprise history is mixed, with three beats and one miss in the last four quarters [5] Analyst Ratings and Price Targets - Among 14 analysts covering T. Rowe Price Group, the consensus rating is a "Moderate Sell," consisting of nine "Hold" ratings, one "Moderate Sell," and four "Strong Sells" [5] - Morgan Stanley has cut its price target on T. Rowe Price Group to $115 while maintaining an "Equal Weight" rating, with a mean price target of $100.33 indicating a nearly 7% premium to current price levels [6] - The highest price target of $115 suggests a potential upside of 22.6% [6]

Q4 net earnings were $322.4 million, up 26.6% year over year in the quarter. Earnings per share hit $1.36.Record annual adjusted net earnings were $1.09 billion, or $4.61 per share, up about 16% year over year. Annual net earnings were $1.1 billion or $4.64 per share, up about 18%.Assets under management and advisement reached $310.1 billion in Q4 — up nearly 15% year over year. IG Wealth Management had assets under advisement of nearly $159 billion, a roughly 13% year-over-year increase and record quarter- ...

Economic Growth and Consumer Spending - The US economy's growth is highly concentrated, primarily among high-income consumers who are utilizing their wealth from a strong stock market [2][3] - Business investment is similarly concentrated, particularly in AI infrastructure, indicating a narrow focus in economic expansion [3] Inflation and Market Risks - There are concerns about inflation, with core CPI showing significant changes that may not reflect a broad problem but indicate underlying issues [5] - The market may be overly optimistic about inflation trends, as demand from AI buildout coincides with ongoing supply constraints [5][6] Tariffs and Globalization - Tariffs are impacting economic growth and may pose risks to consumer-facing companies, which have managed to mitigate some costs but anticipate future challenges [6][7] - The concentration of growth raises concerns about the sustainability of market confidence, as it relies on a limited consumer base and specific business investments [8][9] Retail Sector Insights - Retailers have managed inventory well, but inflation has skewed the perception of growth, with unit sales only increasing modestly while prices have risen significantly [10] - Companies like Pinterest have reported weaknesses attributed to tariff impacts, affecting their advertising budgets and overall performance [9]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated revenues of $1.6 billion, up 5% year-over-year, with adjusted EBITDA of $245 million, reflecting a 6% increase [10][11] - Full-year internal revenue growth was solid at 5%, with commercial real estate segment net revenue up 7% [10][11] - Investment management ended the year with over $108 billion in assets under management, flat relative to September 30 [6][14] Business Line Data and Key Metrics Changes - Capital Markets revenues increased by 13%, driven by strong activity in the U.S., while leasing revenues rose by 3% [11][12] - Outsourcing solutions grew by 8%, with valuation practices contributing significantly [11] - Engineering segment net revenue was up 8%, supported by recent acquisitions, with a strong revenue backlog providing visibility for future growth [12][16] Market Data and Key Metrics Changes - The U.S. market showed strong performance, particularly in Capital Markets and leasing activities, while EMEA and Asia Pacific experienced modest growth [11][35] - The company expects low teens top-line growth in commercial real estate for 2026, with Capital Markets projected to grow in the high teens [16][63] Company Strategy and Development Direction - The company is focused on expanding its diversified platform and pursuing further acquisitions, with the recent acquisition of Ayesa Engineering expected to enhance growth opportunities [4][5] - AI is viewed as a productivity and growth enabler, helping to automate routine tasks and improve efficiency across all segments [8][9] - The company aims to maintain a strong partnership model, emphasizing inside ownership to align leaders with clients and shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with strong momentum and a healthy pipeline, expecting solid internal growth and contributions from recent acquisitions [7][16] - The company anticipates mid-teens growth across key operating metrics, driven by favorable trends in infrastructure and urbanization [16][63] Other Important Information - The company plans to maintain leverage at around 2x, with the recent acquisition expected to add approximately 0.7 turns of leverage on a pro forma basis [15][70] - Fundraising targets for 2026 are set between $6 billion and $9 billion, with several funds currently in the market [13][66] Q&A Session Summary Question: Organic growth in engineering - Management noted strong demand for services, with opportunities to increase pricing and a growing workforce to meet demand [19][20] Question: Capital allocation and share buybacks - Management indicated a preference for careful capital management, with no immediate plans for stock buybacks due to ongoing acquisitions [28] Question: Macro perspective on Capital Markets - Management does not expect rate cuts to impact their outlook, citing pent-up demand for transactions as a key driver for growth [35][36] Question: AI's impact on business - Management sees AI as a margin enhancer rather than a disruptor, emphasizing its role in improving efficiency and decision-making [72] Question: Ayesa acquisition and growth expectations - Management expects high single-digit organic growth for Ayesa, leveraging its expertise in high-demand markets [80][81] Question: Fund performance and fundraising - Fund performance has been strong, with the flagship fund exceeding benchmarks, aiding in fundraising efforts [67][68]

Group 1 - The January consumer price index (CPI) report shows a month-over-month inflation increase of 0.2%, which is lower than the expected 0.3% gain, while the core CPI increased by 0.3% [1][3][57] - Year-over-year inflation rates are reported at 2.4% for the headline CPI and 2.5% for the core CPI, indicating a slight acceleration in core inflation [2][50] - The report reflects potential distortions due to data collection issues from the government shutdown in previous months, which may affect the comparability of the data [3][26] Group 2 - The market reaction to the CPI report has been muted, with stocks showing little change, indicating that investors are digesting the data amid a volatile market backdrop, particularly in the tech sector [4][59] - There is heightened sensitivity in the market regarding AI-related disruptions, affecting various sectors, including technology and logistics, leading to significant sell-offs in stocks perceived to be at risk [5][90][91] - The CPI data suggests a mixed economic environment, with some sectors experiencing price increases while others, like energy and used cars, see declines, reflecting a complex inflation landscape [11][51][52] Group 3 - Analysts note that January often sees price resets, which can lead to temporary inflation spikes, but the current data does not appear to reflect such resets significantly [7][10] - The report indicates a drag from lower energy prices, which has curbed the headline inflation figure, while certain sectors like transportation services have shown notable price increases [11][12] - The overall economic outlook remains cautious, with expectations that inflation will gradually decrease, allowing for potential Federal Reserve rate cuts later in the year [16][20][30] Group 4 - The CPI report highlights specific categories with significant price movements, such as personal care and food away from home seeing increases, while gasoline and dairy products experienced declines [51][52] - The discussion around tariffs and their impact on inflation continues, with potential policy changes from the White House that could alleviate some inflationary pressures [23][38] - The market is currently characterized by a cautious approach, with investors closely monitoring economic indicators and their implications for future Federal Reserve actions [60][64]

Core Viewpoint - Franklin Resources, Inc. (NYSE:BEN) is recognized as one of the 13 cheapest Dividend Aristocrats to invest in, indicating its potential value in the dividend-paying stock segment [1]. Group 1: Analyst Recommendations - On February 2, TD Cowen's Bill Katz raised the price target for Franklin Resources from $30 to $36 while maintaining a Hold rating, reflecting increased optimism about the stock's outlook following the review of the company's Q4 results [2]. Group 2: New Initiatives - On February 11, Franklin Resources announced a partnership with Binance to launch an institutional off-exchange collateral program aimed at enhancing security and capital efficiency in digital markets [3]. - The program allows eligible institutional clients to use tokenized money market fund shares as collateral for trading on Binance, addressing concerns related to custody and counterparty risks traditionally associated with moving assets onto exchanges [4]. Group 3: Benefits of the New Program - The structure of the program enables institutions to earn yield on regulated, income-generating money market fund assets while engaging in digital trading, thereby reducing counterparty exposure and avoiding trade-offs related to custody, liquidity, and regulatory safeguards [5]. Group 4: Company Overview - Franklin Resources operates globally under the Franklin Templeton name, managing over $1.7 trillion in assets across various investment strategies, serving clients in more than 150 countries as of January 31, 2026 [6].

Core Insights - Lawrence Fuller has 30 years of experience managing portfolios for individual investors and founded Fuller Asset Management to achieve independence [1] - Fuller manages the Focused Growth portfolio on Dub, a copy-trading platform approved by US securities regulators, allowing retail investors to automatically copy chosen managers' trades [1] - The Portfolio Architect group led by Fuller focuses on economic and market outlooks, offering an all-weather investment strategy aimed at consistent risk-adjusted returns [1] Company Overview - Fuller Asset Management (FAM) is a state-registered investment adviser led by Lawrence Fuller [3] - FAM provides educational information and does not make offers for specific securities or investment strategies [3] - The firm emphasizes that past performance is not indicative of future results and advises consultation with licensed financial professionals [3] Platform Features - The Dub platform allows for portfolio construction guidance, access to an "All-Weather" model portfolio, and a dividend and options income portfolio [1] - Additional features include daily briefs summarizing current events, a week-ahead newsletter, technical and fundamental reports, trade alerts, and 24/7 chat support [1]