Summary of Lazard Asset Management Conference Call Company Overview - **Company**: Lazard Asset Management - **AUM**: Approximately $265 billion [1] Key Points and Arguments Leadership Transition - **New CEO**: Chris Hogbin appointed as CEO of Lazard Asset Management in December [1] - **Experience**: Chris brings 30 years of global investment leadership, previously serving as global head of investments at AllianceBernstein [1] Strategic Vision - **Lazard 2030**: The vision set by group CEO Peter Orszag is a key attraction for Chris Hogbin [3] - **Strengths**: Lazard has strong investment and distribution capabilities, but there are areas for improvement [3][4] Priorities for Growth 1. **Delivering Investment Performance**: - Two-thirds of AUM is outperforming its stated benchmark, but there is room for improvement [7] - Appointment of a Chief Investment Officer, Eric Van Nostrand, to oversee portfolio managers and enhance performance [8][9] 2. **Growing the Business**: - Transition year with $8.5 billion of net inflows, excluding a significant client termination [11] - January saw nearly $3 billion in net inflows, indicating positive momentum [11] 3. **Capitalizing on Growth**: - Focus on improving margins without adding costs [12] - Need for operating leverage as the business grows [12] Strategic Business Mix - **Protect and Grow**: Focus on systematic equities, global listed infrastructure, and emerging markets [13] - **Invest and Enhance**: Investment in the investment team and new product development, including a move from 0 to $1 billion in active ETFs [14] - **White Space Opportunities**: - Expansion in public markets, private markets, and wealth management [15][16] M&A Considerations - Organic growth is preferred, but selective M&A may be necessary for expansion [17][20] - Focus on partnerships rather than large acquisitions in private markets [20] Institutional Investor Sentiment - Increasing skepticism among asset owners regarding U.S. market valuations, leading to diversification into international markets [25] - Two-thirds of managed assets are non-dollar denominated, indicating strong international exposure [26] Active ETF Business - Growth from 0 to 7 active ETFs with $1 billion AUM, indicating strong demand for successful strategies [35][36] - Future plans include expanding into Europe and innovating new ETFs [37] Margin Improvement - Current margins are below industry average, with no structural limitations to improvement [42][44] - Focus on growing existing products and rationalizing underperforming strategies [45][46] Distribution and Sales Strategy - Impressive distribution team performance with record gross sales of $55 billion [55] - Need for increased front-line personnel to enhance intermediary relationships [55][57] Wealth Management Opportunities - Wealth business in France is profitable and has growth potential; U.S. wealth business offers unique high-net-worth services [71][72] AI Integration - AI will be leveraged in investment processes, client experience, and operational efficiency [75][76] - Aim to automate routine tasks to allow analysts more time for strategic thinking [76] Closing Remarks - Confidence in Lazard's strengths and long-term growth vectors, contributing to the Lazard 2030 ambitions [78]

Core Insights - Vanguard's fixed income group has evolved significantly under Sarah Devero's leadership, focusing on active management and ETFs to enhance investment success for clients [5][10][15] - The firm has launched 23 new products in the past year, with a notable increase in assets under management from $1.9 trillion to $2.8 trillion [14][15] - Vanguard emphasizes a low-cost structure, with 98% of active funds priced in the lowest decile of their category, and 85% of bond funds outperforming peers over a 10-year period [16] Leadership and Team Evolution - Sarah Devero joined Vanguard in 2019, attracted by the firm's reputation and mission to provide investors with the best chance of investment success [6][7] - The team has been strengthened by both internal expertise and external talent, fostering a collaborative culture that enhances performance [12][20] Active Management Strategy - Vanguard's approach to active fixed income management focuses on consistency and reliability, utilizing a team-based strategy rather than individual star managers [19][22] - The firm employs a rigorous active process that includes top-down and bottom-up analysis, with a strong emphasis on risk management [24][28] ETF Market Trends - The ETF market has seen rapid growth, with fixed income ETFs representing a significant opportunity for Vanguard, which has a long history in both active management and ETFs [35][39] - Active ETFs are emerging as a key growth area, with over 75% of fixed income ETFs launched in 2025 being active [37] Technology and Innovation - Vanguard is investing heavily in technology to enhance portfolio management, focusing on big data, AI, and automation to improve decision-making and execution [63][64] - The firm has developed tools that streamline trading processes and enhance the efficiency of portfolio managers [68][69] Market Performance and Outlook - The bond market performed well in 2025, driven by elevated yields and strong corporate fundamentals, with bonds providing stability during equity market volatility [72][74] - The outlook for fixed income in 2026 is positive, with expectations of continued income generation and a focus on managing risks related to the labor market and inflation [92][93] Credit Market Dynamics - Public credit fundamentals remain strong, but tight spreads necessitate diligence in extracting value, particularly in high-yield sectors [108][112] - The evolution of private credit has created new opportunities, although it comes with risks related to liquidity and transparency [54][110]

Core Viewpoint - Rising fears about artificial intelligence (AI) are negatively impacting shares of companies perceived to be at risk, leading to significant sell-offs across various sectors, particularly in software and wealth management [1][2][3]. Group 1: Market Reactions - The latest selloff was triggered by a tax-strategy tool from Altruist Corp, causing shares of Charles Schwab Corp., Raymond James Financial Inc., and LPL Financial Holdings Inc. to drop by 9% or more over two days [2]. - This decline represents the deepest slide for some stocks since the trade-war meltdown in April, reflecting a sell-first, ask-questions-later mentality among investors [3]. - The software industry has been particularly affected, with new AI tools from companies like Anthropic PBC leading to a rout in stocks across various sectors, including financial services and legal services [8]. Group 2: Investor Sentiment - Investors are shifting from identifying potential winners in the AI space to avoiding companies that may be displaced by AI advancements [6]. - The narrative has changed from believing in AI and searching for use cases to recognizing the disruptive potential of newly discovered applications [7]. - Concerns about AI's impact have spread beyond the software industry, affecting US insurance brokers and wealth-management stocks due to new applications that leverage AI technology [9].

Summary of Pershing Square Holdings Investor Meeting (February 11, 2026) Company Overview - **Company**: Pershing Square Holdings (OTCPK:PSHZ.F) - **Key Speaker**: Ryan Israel, Chief Investment Officer - **Chairman**: Rupert Morley Core Industry Insights - **Market Context**: The current market environment is seen as fascinating for public market investors, with significant updates across the portfolio and broader business strategies being discussed [1][3]. Key Financial Performance - **2025 Performance**: - Net Asset Value (NAV) grew by **20.9%** - Total shareholder return was **33.9%** - Compound growth in NAV and share price over 8 years is **23%** [9][10]. - **Share Buybacks**: In 2025, **6.6 million shares** were repurchased for approximately **$370 million**, totaling **$1.8 billion** in buybacks since inception [12]. - **Dividends**: The company has paid out **$666 million** in dividends, with an **86%** increase since the dividend policy was amended in 2022 [11][12]. Strategic Updates - **Howard Hughes Holdings**: - Acquired **$900 million** worth of shares, increasing ownership to **46.9%** [8][9]. - Committed to purchasing up to **$1 billion** in preferred securities to facilitate the acquisition of Vantage, an insurance company [9][22]. - The transformation aims to turn Howard Hughes into a diversified holding company akin to Berkshire Hathaway [17][20]. Investment Strategy - **Investment Focus**: The strategy emphasizes acquiring high-quality, durable growth companies, with a focus on long-term value creation [17][20]. - **Recent Investments**: - New investments in **Hertz**, **Amazon**, and **Meta** were disclosed, with a focus on companies with strong growth potential [43][46]. - Exited positions in **Chipotle**, **Canadian Pacific**, and **Nike** due to underperformance [44][41]. Market Analysis - **S&P 500 Performance**: The S&P 500 has seen a **112%** increase over the last six years, with earnings growth being the primary driver [53][56]. - **Top Companies**: The top 10 companies in the S&P 500 are expected to grow earnings at **25%**, significantly influencing overall market growth [58][59]. - **Valuation Insights**: Current market multiples are seen as potentially undervalued given the expected earnings growth, suggesting optimism for future performance [59][60]. Organizational Updates - **Team Expansion**: New hires include Jordan Aguiar-Lucander, Jill Chapman, and Lucas Richards, enhancing the investment and legal teams [49][50]. - **Investment Philosophy**: The firm maintains a concentrated investment strategy, focusing on a select number of high-quality businesses while keeping a library of potential investment opportunities [52][60]. Conclusion - **Future Outlook**: The firm is optimistic about navigating the current market environment, leveraging its investment strategy and organizational strengths to capitalize on emerging opportunities [45][51].

Core Insights - T. Rowe Price's annual 401(k) benchmarking report highlights that participants utilizing financial advice, education, or tools have an average account balance that is twice as high as non-users and save at a rate 29% higher than those who do not engage with these resources [1][1][1] Group 1: Participant Behavior - Only 13.8% of participants currently utilize financial advice, education, or tools available through their workplace retirement site [1] - Participants in their 50s and 60s tend to increase their savings rates by an average of 1.4 percentage points annually, surpassing typical automatic increase defaults [1][1] - Less than 2% of participants with below-average retirement savings make catch-up contributions, while 15% of those with above-average savings do [1] Group 2: Plan Design and Features - Plans with automatic enrollment see 99% of participants either maintain or increase their default savings rate, indicating the long-term benefits of effective plan design [1] - Plans that offer emergency expense withdrawals have a participation rate of 76%, compared to 67% in plans without such features [1] - Seventy-eight percent of plans have adopted at least one optional SECURE 2.0 provision, with higher catch-up limits and self-certified hardships being among the most popular [1] Group 3: Roth Contributions - Plans that include a Roth employer contribution experience 30% higher Roth participation rates, 29% higher Roth balances, and 6% higher Roth savings rates compared to those without a Roth match [1] - Younger participants are particularly inclined to utilize Roth options [1] Group 4: Company Overview - T. Rowe Price manages $1.80 trillion in client assets as of January 31, 2026, with approximately two-thirds of these assets being retirement-related [1] - The firm has over 85 years of experience in investment excellence and retirement leadership, focusing on client interests and integrity [1]

Core Insights - BlackRock has entered the decentralized finance (DeFi) space by making its tokenized U.S. Treasury fund, BUIDL, tradable on Uniswap, marking a significant step for the asset manager [1][2] - BUIDL is the largest tokenized U.S. Treasury fund with nearly $2.2 billion in total value locked, fully backed by U.S. Treasury bills and cash, providing on-chain yield [2] - BlackRock has made a strategic investment in Uniswap and purchased an undisclosed amount of UNI, Uniswap's governance token, which saw a 25% increase following the announcement [1][2] Company and Industry Developments - BlackRock partnered with Uniswap Labs and Securitize to facilitate the regulatory and compliance aspects of tokenizing real-world assets, with BUIDL shares available through UniswapX [3] - The collaboration aims to enhance the interoperability of tokenized USD yield funds with stablecoins, as stated by BlackRock's global head of digital assets [4] - Uniswap, as the largest decentralized exchange on Ethereum, allows users to trade assets directly from their wallets, and the integration of BUIDL expands its offerings to include tokenized government bonds [5]

Group 1 - Franklin Resources, Inc. (NYSE:BEN) is recognized among the Dividend Champions, Contenders, and Challengers List, highlighting its status as a high-yielding stock [1] - Morgan Stanley raised its price target for Franklin Resources to $22 from $21 while maintaining an Underweight rating, citing a 14% reduction in Q4 adjusted EPS estimates due to increased operating costs [2] - The firm has a more optimistic long-term outlook, increasing its 2026 adjusted EPS forecast by 6.3% and its 2027 estimate by 0.7%, driven by expectations of stronger fee income and improved non-operating investment returns [2] Group 2 - As of January 31, 2026, Franklin reported preliminary assets under management (AUM) of $1.71 trillion, an increase from $1.68 trillion at the end of December, attributed to favorable market conditions and approximately $1.5 billion in long-term net inflows [3] - Western Asset Management's preliminary AUM was $216 billion at the end of January, slightly down from $217 billion the previous month, with market gains offset by long-term outflows [4] - Franklin Resources operates globally under the Franklin Templeton name, providing investment strategies across various asset classes to clients in over 150 countries [4]

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha with over 1,000 followers [1] - He has authored a book titled "Real Estate Investment Trusts (REITs): A Fundamental Analysis (2026 Edition)" available on Amazon [1] - Anthony has a background in business and information systems, having worked at Charles Schwab in the IT department [1] - He operates his own boutique equities research firm, Albert Anthony & Company, remotely [1] - The author has participated in numerous business and innovation conferences and has hosted a program for Online Live TV Croatia [1] - He holds a B.A. in Political Science and various certifications including Microsoft Fundamentals and Risk Management specialization from CFI [1] - Anthony is also active on YouTube discussing REITs and is an investor in REIT stocks [1] Company and Industry Summary - Albert Anthony & Company is a Texas-registered business focused on equities research [1] - The firm provides general market commentary and research based on publicly available data [1] - The author does not engage with non-publicly traded companies, small cap stocks, or startup CEOs [1]

Summary of Apollo Global Management Conference Call Company Overview - Apollo Global Management (NYSE: APO) was founded in 1990, initially focusing on private equity, and has evolved into a diversified global alternative asset manager with over $900 billion in assets under management, making it one of the five largest alternative managers globally [4][4][4]. Industry Insights - The current macroeconomic environment is characterized by a resilient economy, potential interest rate cuts by the Federal Reserve, and an anticipated acceleration in IPO and M&A activities [4][4]. - Despite a robust market, there are concerns about tight spreads, heightened geopolitical risks, and muted private equity realizations [5][5]. - The private credit market is viewed as a significant growth area, with a broader definition encompassing various forms of financing beyond traditional direct lending [11][11][13]. Key Themes and Strategic Priorities - Apollo's leadership emphasizes the importance of origination in maintaining growth momentum, focusing on sectors such as the global industrial renaissance and public-private convergence [20][20][21]. - The firm has invested billions in origination platforms to enhance its capital solutions across investment-grade and non-investment-grade markets [19][19][19]. - The private credit asset class is estimated to be around $40 trillion, indicating a vast opportunity beyond direct lending [13][13]. Private Credit Market - The private credit market has evolved significantly, with a focus on non-investment grade financing, which has grown from zero to approximately $2 trillion [12][12]. - Apollo's strategy includes educating investors about the broader opportunities within private credit, which encompasses commercial real estate debt, residential real estate debt, and asset-backed securities [13][13][16]. AI Infrastructure Financing - The market for AI infrastructure financing is projected to require $5-7 trillion over the next five years, with Apollo focusing on providing capital in a structurally advantageous manner [31][31][33]. - The firm aims to avoid speculative investments and instead seeks opportunities where it can add bespoke value [32][32]. Retirement Services and Athene - Athene, Apollo's retirement services business, is positioned as a market leader in fixed annuities, benefiting from a strong balance sheet and low operational costs [43][43]. - The competitive landscape is becoming more crowded, but Apollo believes it can maintain its market share through its diverse capital-raising channels [44][44][46]. - The firm is exploring growth opportunities in international markets, particularly in Japan, Korea, Taiwan, and Australia, as well as expanding its presence in the UK [51][51][52]. Future Outlook - Apollo is optimistic about its growth trajectory, particularly in private credit and retirement services, and is focused on maintaining quality and excellence in its operations [26][26][29]. - The firm anticipates a successful fundraising for Fund XI, aiming to replicate the success of previous funds with a target of $22 billion to $25 billion [40][42]. Conclusion - Apollo Global Management is navigating a complex macroeconomic landscape while focusing on strategic growth areas such as private credit and retirement services. The firm is committed to maintaining its competitive edge through innovation in capital solutions and expanding its global footprint [4][4][19][43].

Victory Capital Conference Call Summary Company Overview - **Company**: Victory Capital (NasdaqGS: VCTR) - **Assets Under Management**: Over $300 billion as of the end of 2025 [3] - **Business Model**: Operates a multi-independent investment boutique model, combining boutique advantages with centralized resources [3] Industry Consolidation - **Consolidation Trend**: The investment industry is undergoing significant consolidation, with larger firms acquiring smaller ones for scale and distribution [4][5] - **Victory's Role**: Victory Capital has completed 8 acquisitions since its management buyout in 2013 and aims to be a consolidator in the industry [4] - **Growth Objective**: Aiming for $1 trillion in assets under management, which is three times its current level, to remain competitive [5] Financial Performance - **Earnings Growth**: Victory has achieved a 21% cumulative annual growth rate in earnings since going public in 2018, the best in its sector [6] - **Net Flows**: Despite strong earnings, net flows have been negative recently, with active mutual funds experiencing $800 billion in net outflows [6] - **Distribution Investments**: The acquisition of Pioneer has allowed Victory to double its distribution efforts and expand internationally, managing money for clients in 60 countries [6][7] Growth Drivers - **International Distribution**: The international channel is seen as a significant growth opportunity, with a 15-year distribution agreement with Amundi, a $2.7 trillion manager [25][29] - **ETF Growth**: Victory's ETF platform, VictoryShares, is expected to continue growing, with an average fee of 34 basis points and a focus on active solutions [11][12] - **Investment Performance**: Strong investment performance across various asset classes is driving growth, with a focus on independent investment processes [34][35] M&A Strategy - **M&A Approach**: Victory's M&A strategy focuses on acquiring businesses that enhance its platform, expand distribution, and provide size and scale [15][16] - **Pioneer Acquisition**: The acquisition of Pioneer has provided significant synergies, including $110 million in net expense synergies and close to 20% accretion [16][17] - **Alternatives Market**: Victory is cautious about entering the alternatives market, viewing it as richly valued but acknowledges the need for retail investors to access private markets [18][19] Product Development - **SMA Initiatives**: Victory is looking to grow its retail SMA offerings, which are currently net flow positive but not at desired levels [48] - **ETF Share Classes**: There is potential for many mutual funds to have ETF share classes, which could positively impact flows, although not all funds will transition [51][52] Conclusion - **Future Outlook**: Victory Capital is positioned for growth through international expansion, ETF development, and strategic acquisitions, while maintaining a strong focus on investment performance and client experience [20][34]