Core Insights - Municipal bonds are providing elevated returns in 2025, with yields around 6% to 7%, which are historically high, making them attractive for high-net-worth clients [1] - The securitized sector, including agency and non-agency mortgage-backed securities, is considered an attractive investment area due to tight spreads with US Treasuries [2] - Advisors are focusing on fixed income investments, emphasizing quality and tailoring guidance to client-specific needs [3] Municipal Bonds - High-net-worth clients are encouraged to extend maturities in municipal bonds due to their competitive yields [1] - The market's performance will depend on supply and demand dynamics, with expectations of improved conditions compared to the previous year [1] Securitized Sector - Both agency and non-agency mortgage-backed securities are viewed as good investment options, but require extra due diligence due to the lack of government guarantees [2] Fixed Income Strategy - A general theme among advisors is to prioritize quality in fixed income investments, with a focus on not stretching for income [3] - The bond market is expected to steepen, indicating potential volatility in long-term bonds [6][7] Inflation and Interest Rates - The correlation between fixed income and equities has turned negative, which is beneficial for diversified portfolios [4] - The Federal Reserve may ease monetary policy, but interest rates are not expected to return to pre-COVID levels [4] High Yield and Private Credit - There is a slight increase in allocation to high yield bonds, with over 50% rated double B or higher, indicating improved credit quality [8] - Diversification remains crucial, and while high-yield bonds are not being avoided, there is caution against chasing yields [9] - Private credit is seen as valuable, with a focus on high quality and strong management, despite market growth and potential risks [9][10] Investment Outlook - The expectation is for rates to continue to fall due to slowing inflation, with a normalization of the yield curve [5] - Companies are cautious about long-term US Treasuries amid potential market volatility and inflation risks [6]

Core Viewpoint - Stellus Capital Investment Corporation has declared a monthly dividend of $0.1133 for January, February, and March 2026, totaling $0.34 per share for the first quarter, reflecting a reduction due to the lower interest rate environment [1]. Dividend Summary - The monthly dividend of $0.1133 will be paid to shareholders of record in February, March, and April 2026 [1][2]. - The total dividend for the first quarter of 2026 amounts to $0.34 per share [1][2]. Company Overview - Stellus Capital Investment Corporation is an externally-managed, closed-end, non-diversified investment management company regulated as a business development company under the Investment Company Act of 1940 [3]. - The company's investment objective is to maximize total return to stockholders through current income and capital appreciation by investing primarily in private middle-market companies with EBITDA between $5.0 million and $50.0 million [3]. - Investment strategies include first lien, second lien, unitranche, and mezzanine debt financing, along with corresponding equity investments [3].

Core Viewpoint - Artisan Partners Asset Management (APAM) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a solid history of exceeding expectations [1]. Earnings Performance - Artisan Partners has a strong track record of surpassing earnings estimates, with an average surprise of 3.19% over the last two quarters [2]. - In the most recent quarter, the company reported earnings of $1.02 per share, exceeding the expected $0.97 per share by 5.15%. In the previous quarter, it reported $0.83 per share against an estimate of $0.82 per share, resulting in a surprise of 1.22% [3]. Earnings Estimates and Predictions - Recent earnings estimates for Artisan Partners have been revised upward, indicating positive sentiment among analysts. The Zacks Earnings ESP for the company is currently positive, suggesting a strong likelihood of an earnings beat [5][8]. - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have historically produced positive surprises nearly 70% of the time, indicating a high probability of exceeding consensus estimates [6]. Earnings ESP Metric - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions. This metric is crucial for predicting earnings performance [7]. - Artisan Partners currently has an Earnings ESP of +0.90%, indicating that analysts are optimistic about its near-term earnings potential [8].

Performance Comparison - Gold prices appreciated 65% during 2025 while bitcoin declined 6% [1] - Bitcoin has increased 360% since the end of the US equity bear market in October 2022, while gold prices rose 166% during the same period [1] Supply Dynamics - Global gold supply increases at an annualized rate of approximately 1.8%, incentivizing miners to boost production [2] - Bitcoin operates under a mathematically fixed supply schedule, with its supply currently increasing at an annualized rate of roughly 0.82% for the next two years, decelerating to 0.41% upon the next block subsidy halving event [3] Valuation Metrics - The ratio of gold market capitalization to M2 money supply recently surpassed peaks observed during the inflation of the 1980s, with only comparable levels occurring during the Great Depression in the early 1930s [4] Correlation Analysis - The correlation between bitcoin and gold returns is 0.14 from 2020 through early 2026, which is lower than the 0.27 correlation observed between the S&P 500 and bonds [5]

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 content 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 strategies [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 Insights - BlackRock Inc. is making a significant strategic investment in private markets, aiming to raise $400 billion in gross private-market assets by 2030, focusing on retirement accounts, insurance portfolios, and digital finance [1][2] Group 1: Private Market Strategy - The company reported $40 billion in net inflows for private markets in the last year, primarily driven by private credit and infrastructure investments [2] - BlackRock plans to integrate private-market investments into mainstream retirement accounts, with the launch of a LifePath target date fund that includes private markets expected later this year [3] - Technology and data play a crucial role in this strategy, highlighted by the $3.5 billion acquisition of Preqin, a private markets data company [3] Group 2: Indexing and Tokenization - BlackRock is working on creating investable indices for private markets, aiming to launch these in the coming years [4] - The company is exploring the role of tokenization in private markets, allowing investors to hold tokenized money-market funds alongside other assets, which could enhance the liquidity and distribution of illiquid assets [4] Group 3: Financial Performance - BlackRock's shares increased by 5.93% following the announcement of fourth-quarter results, with revenue reaching $7.01 billion, a 23% increase year-over-year, surpassing expectations [5] - The total assets under management rose to $14 trillion, up from $11 trillion the previous year, with $698 billion in net inflows for the full year [6]

Core Insights - LDIC Inc. has announced a series of senior executive appointments aimed at fostering growth, enhancing client service, and ensuring long-term performance excellence as it celebrates its 27th anniversary and a second consecutive year of record-high assets under management [1] Leadership Changes - Genevieve Roch-Decter has been appointed as Chief Executive Officer, effective immediately, bringing nearly a decade of experience with LDIC and a strong track record in investment management and risk oversight [2] - Michael B. Decter will continue as Chief Investment Officer and Chairman of the Board, allowing him to focus exclusively on portfolio management [3] - Rahim Khakiani has expanded his role as Chief Compliance Officer in addition to being Chief Financial Officer, reflecting his strong track record in enhancing financial controls and compliance culture [4] - Nese Sokmen has joined as Head of Client Relations, bringing over 10 years of experience in supporting high-net-worth families, which will strengthen LDIC's client service capabilities [5] Strategic Focus - The new leadership structure is designed to enhance investment discipline, deepen client relationships, and accelerate long-term growth for both the Firm and its clients [6] Company Overview - LDIC is registered as a Portfolio Manager in most Canadian provinces and manages investment portfolios for mid- to high-net-worth individuals, corporations, and foundations, emphasizing a disciplined, performance-oriented investment approach [7]

Distribution Announcement - Neuberger Municipal Fund Inc. has declared a distribution of $0.05417 per share of common stock, payable on February 17, 2026, with a record date of January 30, 2026, and an ex-date of January 30, 2026 [1] - The Fund aims to provide income that is exempt from regular federal income tax, although distributions may be subject to federal alternative minimum tax for some stockholders [1] Distribution Composition - Future distributions may consist of net investment income, realized capital gains, and return of capital [2] - If the Fund distributes more than its net investment income in any yearly period, such distributions may include realized gains and/or a return of capital, which could lead to a decline in NAV per share and a reduction in an investor's cost basis [2] - A notice will be provided for any distribution that does not consist solely of net investment income, detailing the estimated portions of the distribution [2] Company Overview - Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939, with 2,922 employees across 27 countries [3] - The firm manages $563 billion in various asset classes, including equities, fixed income, private equity, real estate, and hedge fund portfolios for global institutions, advisors, and individuals [3] - Neuberger Berman's investment philosophy emphasizes active management, fundamental research, and engaged ownership, and has been recognized as the 1 Best Place to Work in Money Management by Pensions & Investments [3]

Core Insights - BlackRock has raised $12.5 billion in its partnership with Microsoft focused on artificial intelligence, moving closer to their $30 billion funding goal [1][2] - The partnership aims to mobilize up to $100 billion in investment potential, including debt financing for infrastructure projects [3] - The collaboration also includes Nvidia, xAi, and the UAE-affiliated MGX investment group [2] Investment and Partnership Details - The partnership was established in 2024 to fund data centers supporting the AI boom [2] - BlackRock CEO Larry Fink noted that the initiative continues to attract significant capital [3] - A $40 billion deal was made to acquire Aligned Data Centers, marking the largest data center acquisition in history [4] AI Infrastructure Trends - New research indicates that AI may not require massive data centers for scaling, as many operational AI systems can function without centralized facilities [5] - The study from EPFL highlights a mismatch between AI infrastructure and real-world enterprise use cases, suggesting a shift towards smaller models and localized data [6] - Nvidia's findings suggest that small language models can perform 70% to 80% of enterprise tasks, indicating a cost-effective approach to operationalizing AI [6]

Core Viewpoint - A class action lawsuit has been filed against Blue Owl Capital Inc. and certain officers for alleged violations of federal securities laws during the Class Period from February 6, 2025, to November 16, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit seeks to recover damages for investors who purchased Blue Owl securities during the specified Class Period [2]. - The Complaint alleges that Defendants made materially false and misleading statements and failed to disclose adverse facts about the Company's business and operations [3]. - Specific allegations include undisclosed pressure on the asset base from BDC redemptions, undisclosed liquidity issues, and the likelihood of limiting or halting redemptions of certain BDCs [3]. Group 2: Next Steps for Investors - Investors wishing to join the lawsuit must request to be appointed as lead plaintiff by February 2, 2026, although sharing in any recovery does not require serving as lead plaintiff [4]. - A copy of the Complaint can be reviewed on the law firm's website [4]. Group 3: Legal Representation - Bronstein, Gewirtz & Grossman, LLC operates on a contingency fee basis, meaning they will only seek reimbursement for expenses and fees if successful [5]. - The firm has a strong track record, having recovered hundreds of millions of dollars for investors in securities fraud class actions [6].