Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to stay informed [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]

Core Insights - XA Investments LLC has appointed Lauren Michalak as managing director and head of product development and strategy, focusing on proprietary closed-end funds and interval fund consulting clients [1][2] Group 1: Company Overview - XA Investments LLC is a Chicago-based alternative investment management and consulting firm founded in 2016 by XMS Capital Partners [6] - The firm serves as the investment adviser for two listed closed-end funds and one interval closed-end fund, including the XAI Octagon Floating Rate & Alternative Income Trust, the XAI Madison Equity Premium Income Fund, and the Octagon XAI CLO Income Fund [6] - XA Investments provides investment fund structuring and consulting services, focusing on registered closed-end funds to meet institutional client needs [6] Group 2: Leadership and Experience - Lauren Michalak has two decades of experience in product innovation, strategy, and enterprise execution, having raised over $15 billion in new capital [2][3] - Prior to joining XA Investments, Michalak spent 20 years at Nuveen, where she led product development and strategic initiatives, including managing over $100 billion in assets under management for the Responsible Investing business line [3] - Michalak holds an MBA from The University of Chicago Booth School of Business and a BA in economics and mathematics from Loyola University Chicago, graduating with highest honors [5] Group 3: Strategic Vision - Michalak expressed enthusiasm for XA Investments' partnership model, which focuses on custom product designs and collaboration with clients to create differentiated evergreen fund solutions for private wealth [4]

Core Insights - Brookfield Corporation has delivered a 19% annualized return over the last 30 years, significantly outperforming the S&P 500's 11% annualized return during the same period [1] - The company is currently trading at a substantial discount to its estimated value, making it an attractive investment opportunity [2][7] Growth Prospects - Brookfield has three core businesses: alternative asset management, wealth solutions, and operating businesses, which include infrastructure, renewable power, private equity, and real estate [4] - The company anticipates transformative growth driven by several catalysts, including AI infrastructure investment, aging populations requiring new wealth products, and a global real estate recovery [4] - Brookfield estimates that over $7 trillion will be needed in the next decade for AI infrastructure, and it is launching funds to capitalize on this trend [5] - The company expects 25% annualized earnings-per-share growth over the next five years, an increase from the previous five-year growth rate of 22% [6] Valuation - Brookfield estimates its current share value at approximately $68, reflecting a 22% increase from the 2024 estimate of $56 [7] - The shares are currently trading around $40, representing a 20% decline from their 52-week high and a more than 40% discount to the company's estimated value [7] - The firm projects its value could reach $140 per share by 2030, indicating a potential return of over 250% from the current share price [8]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to stay informed [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]

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 information 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 Viewpoint - Partners Value Investments L.P. reported a net income of $69 million for the year ended December 31, 2025, a decrease from $74 million in the previous year, primarily due to foreign currency translation losses, despite higher investment income and valuation gains [2]. Financial Performance - The Partnership's net income for 2025 was $69 million, with $59 million attributable to Equity Limited Partners and $10 million to Preferred Limited Partners [2]. - Investment income increased to $133.27 million in 2025 from $113.68 million in 2024, driven by higher dividends and other investment income [4]. - Operating expenses decreased to $4.47 million in 2025 from $6.55 million in 2024, while financing costs remained relatively stable [4]. Market Position - As of December 31, 2025, the market prices for Brookfield Corporation and Brookfield Asset Management Ltd. shares were $45.89 and $52.39, respectively, but had declined to $39.91 and $43.69 by March 25, 2026 [3]. Assets and Liabilities - Total assets increased to $11.33 billion in 2025 from $9.64 billion in 2024, with significant investments in Brookfield Corporation and Brookfield Asset Management Ltd. [8]. - Cash and cash equivalents rose to $376.54 million in 2025 from $156.98 million in 2024, indicating improved liquidity [8]. Equity and NAV - Fully diluted NAV at the end of 2025 was $9.59 billion, up from $7.92 billion at the end of 2024, with a per unit value increase from $10.44 to $12.23 [6][10]. - The Partnership's equity for Equity Limited Partners increased to $9.77 billion in 2025 from $8.26 billion in 2024 [8]. Investment Portfolio - The Partnership holds approximately 181 million Class A Limited Voting Shares of Brookfield Corporation and 31 million Class A Limited Voting Shares of Brookfield Asset Management Ltd., representing about 8% and 2% interests, respectively [7].

Core Viewpoint - Partners Value Investments Inc. reported a net loss of $1.4 billion for the year ended December 31, 2025, a significant reduction from a net loss of $3.8 billion in the previous year, primarily due to lower remeasurement losses on financial instruments [2]. Financial Performance - The Company recorded a net loss of $1.4 billion for 2025, down from $3.8 billion in 2024, attributed to reduced remeasurement losses on retractable common shares and warrants [2]. - Adjusted Earnings for 2025 were $66 million, a decrease from $122 million in 2024, influenced by unfavorable foreign currency movements and higher preferred share dividends [3]. - Investment income for 2025 totaled $145.2 million, compared to $127.0 million in 2024, with dividends increasing from $108.4 million to $117.5 million [5]. Investment Portfolio - As of December 31, 2025, the Company held 181 million Class A Limited Voting Shares of Brookfield Corporation and approximately 26 million Class A Limited Voting Shares of Brookfield Asset Management Ltd., representing approximately 8% and 2% interests, respectively [7][8]. - The market value of Brookfield Corporation shares was $45.89 and Brookfield Asset Management shares were $52.39 as of December 31, 2025, with subsequent declines noted by March 25, 2026 [4]. Assets and Liabilities - Total assets as of December 31, 2025, were $11.5 billion, an increase from $10.0 billion in 2024, with significant investments in Brookfield Corporation and Brookfield Asset Management [8]. - Liabilities increased to $10.5 billion in 2025 from $8.8 billion in 2024, with a notable rise in preferred shares and retractable common shares [8].

Key Information - The discloser is Man Group PLC, which has interests in relevant securities representing 1% or more [1] - The disclosure relates to a consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited [1] - The position was held as of March 24, 2026 [1] - The discloser is also making disclosures regarding Picton Property Income Limited [1] Positions of the Discloser - Man Group PLC holds 26,300,047 shares of LondonMetric Property, representing 1.12% of the relevant securities [3] - The discloser has cash-settled derivatives amounting to 3,455,498 shares (0.14%) and short positions of 10,629,798 shares (0.45%) [3] - The total interests in LondonMetric Property amount to 29,755,545 shares (1.26%) with short positions of 10,629,798 shares (0.45%) [3] Dealings by the Discloser - The discloser has increased short positions in LondonMetric Property through cash-settled derivative transactions, specifically equity swaps, with the following details: - 8,889 shares at £1.8266 - 7,689 shares at £1.8313 - 6,488 shares at £1.8324 - 5,423 shares at £1.8302 [8] Other Information - There are no indemnity or other dealing arrangements related to the relevant securities [13] - There are no agreements or arrangements regarding voting rights or future acquisition/disposal of relevant securities [14] - No Supplemental Form 8 (Open Positions) is attached [15]

Core Viewpoint - BlackRock, Inc. (BLK) is expected to report strong earnings growth, with analysts projecting a profit increase for the upcoming fiscal first-quarter earnings announcement for 2026 [1][2]. Earnings Expectations - Analysts anticipate BLK will report earnings of $12.36 per share for Q1 2026, reflecting a 9.4% increase from $11.30 per share in the same quarter last year [2]. - For the full fiscal year 2026, EPS is expected to reach $53.64, an 11.5% increase from $48.09 in fiscal 2025, with further growth projected to $61.73 in fiscal 2027, representing a 15.1% year-over-year increase [3]. Earnings History - BLK has consistently exceeded Wall Street's EPS estimates in its last four quarterly reports, with reported EPS of $11.30, $12.05, $11.55, and $13.16 for the quarters ending in March, June, September, and December 2025, respectively [4]. - The company has shown positive surprises in earnings, with the most recent quarter (Q4 2025) reporting an adjusted EPS of $13.16, surpassing expectations of $12.39 [5]. Stock Performance - Over the past 52 weeks, BLK stock has underperformed the S&P 500 Index, which gained 13.7%, with BLK shares only increasing by 1.3%. However, it outperformed the State Street Financial Select Sector SPDR ETF, which saw a 1.7% loss during the same period [4]. Analyst Ratings - The consensus among analysts is moderately bullish, with a "Moderate Buy" rating overall. Out of 18 analysts, 12 recommend a "Strong Buy," 2 suggest a "Moderate Buy," 3 give a "Hold," and 1 recommends a "Moderate Sell" [6]. - The average analyst price target for BLK is $1,315.94, indicating a potential upside of 34.8% from current levels [6].

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging users to sign up for updates [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]