Core Insights - David A. Johnson is the founder and principal of Endurance Capital Management, specializing in various investment vehicles including stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] Group 1 - David A. Johnson has over 30 years of experience in investing and holds a Master of Science (MS) Degree in Finance with a concentration in Investment Analysis from Boston University [1] - He also possesses a Certificate in Financial Planning and an MBA from Fordham University [1]

Corporate Culture Transformation - Japanese corporate culture has transformed, shifting from employee-centric to shareholder-responsive [1] - Janus Henderson Investors notes this shift in Japanese equities [1]

Texas Municipal Retirement System plans to commit as much as $15 billion over the next five years to a program that will allow it to invest directly in private markets transactions alongside its external fund managers https://t.co/zbHJA4TfMl ...

Investment management firm Downing has released a survey that UK financial advisers and wealth managers are reporting an increase in client enquiries about Inheritance Tax (IHT) planning ahead of the forthcoming Budget. The data reveals that 92% of professionals in the sector have noticed the trend, with 12% reporting a substantial rise in such enquiries. The government's IHT revenue has soared to a record £8.25bn ($11.08bn) during the last financial year. Looking ahead, the Office for Budget Responsibi ...

Core Points - Vinci Compass held its Investor Day 2025, welcoming both in-person and online attendees [1][2] - The event featured a strategic overview by CEO Alessandro Horta and a discussion on the recent acquisition of Verde Asset Management [2][3] Company Overview - The agenda included three blocks of presentations, starting with a strategic overview [3] - The acquisition of Verde Asset Management was announced just after market close prior to the event [3]

Core Viewpoint - The market anticipates BlackRock (BLK) will report a year-over-year increase in earnings driven by higher revenues in its upcoming earnings report for the quarter ended September 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - BlackRock is expected to post quarterly earnings of $11.73 per share, reflecting a year-over-year increase of +2.4%, while revenues are projected to reach $6.27 billion, up 20.7% from the previous year [3]. - The consensus EPS estimate has been revised 0.63% higher in the last 30 days, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for BlackRock is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.01%, suggesting a bearish outlook from analysts [12]. - Despite the negative Earnings ESP, BlackRock holds a Zacks Rank of 2, complicating predictions of an earnings beat [12]. Historical Performance - In the last reported quarter, BlackRock exceeded the expected earnings of $10.71 per share by delivering $12.05, resulting in a surprise of +12.51% [13]. - Over the past four quarters, BlackRock has consistently beaten consensus EPS estimates [14]. Conclusion - While BlackRock may not be a strong candidate for an earnings beat, investors should consider other factors influencing stock performance ahead of the earnings release [17].

Core Insights - Principal Financial Group, Inc. (PFG) has a market capitalization of $18.8 billion and is a prominent global investment management company focusing on retirement, asset management, and insurance products and services [1] - The company is expected to report an adjusted EPS of $2.17 for fiscal Q3 2025, representing a 23.3% increase from $1.76 in the same quarter last year [2] - For fiscal 2025, analysts project an adjusted EPS of $8.28, indicating an 18.8% growth from $6.97 in fiscal 2024 [3] Stock Performance - Over the past 52 weeks, PFG shares have decreased by 3.6%, underperforming the S&P 500 Index, which gained 17.2%, and the Financial Select Sector SPDR Fund, which increased by 19.2% [4] - Following the release of better-than-expected Q2 2025 adjusted EPS of $2.16, the stock experienced a slight decline due to missing revenue estimates and a significant drop in Retirement and Income Solution revenues by 21.7% [5] Analyst Ratings - The consensus among analysts regarding PFG stock is cautious, with an overall "Hold" rating; out of 15 analysts, four recommend "Strong Buy," eight suggest "Hold," one indicates "Moderate Sell," and two have a "Strong Sell" rating [6] - The average analyst price target for Principal Financial is $86.23, suggesting a potential upside of 2.4% from current levels [6]

Core Viewpoint - SiriusPoint (SPNT) has agreed to sell its 49% equity stake in Arcadian Risk Capital to Lee Equity Partners for a total consideration of $139 million, which includes a pre-close dividend [1] Group 1: Transaction Details - The sale will result in a pre-tax gain of $25 million to $30 million for SiriusPoint, in addition to a previously recognized gain of $96 million in Q2 2024 [1] - Arcadian Risk Capital generated $17.6 million in EBITDA [1] - The transaction is expected to close before the end of Q1 2026, pending regulatory approvals and customary closing conditions [1] Group 2: Capacity Agreement - SiriusPoint has renewed and extended its capacity agreement with Arcadian until the end of 2031 [1]

Group 1 - Takaichi's victory as Japan's next prime minister raises investor speculation about potential stimulus policies similar to those of Shinzo Abe, which could boost stocks but weaken the yen [1][3] - Takaichi advocates for increased government spending and tax cuts to address rising living costs, while criticizing the Bank of Japan's interest rate hikes [2][3] - The initial market reaction to Takaichi's win saw Japanese shares reach record highs, with the Nikkei index soaring nearly 5% in two trading sessions [3][4] Group 2 - Comparisons are drawn between Takaichi's leadership and Abe's tenure, which saw significant fiscal stimulus and corporate governance reforms that led to a doubling of the Nikkei index [4][5] - Current economic conditions differ from Abe's time, with Japan facing inflation now compared to deflation a decade ago, and the yen has depreciated significantly since Abe's departure [6] - As of Tuesday, the yen traded at 150.67, with expectations of a Bank of Japan rate hike diminishing, leaving the currency vulnerable amid ongoing tariff negotiations with the U.S. [7]

Company Overview - MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that qualifies as a business development company (BDC) under the Investment Company Act of 1940 [3] - The company is externally managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., which is a high-growth global alternative asset manager [3] - The investment objective of the company is to generate current income and, to a lesser extent, long-term capital appreciation [3] Investment Strategy - The company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, defined as those with less than $75 million in EBITDA [3] - Additionally, the company may invest in other types of securities, including first lien unitranche, second lien senior secured, unsecured, subordinated, mezzanine loans, and equities in both private and public middle-market companies [3] Upcoming Events - The company will report results for the quarter ended September 30, 2025, after the closing of the Nasdaq Global Select Market on Thursday, November 6, 2025 [1] - A conference call will be hosted on Friday, November 7, 2025, at 8:30 a.m. Eastern Time, with participation details provided for interested parties [2]