Core Points - The Northern Lights Fund Trust IV has authorized the orderly liquidation of the Focus Equity ETF due to sustained underperformance and inability to attract sufficient investment assets [1] - The last day of trading for the Fund's shares will be November 17, 2025, which will also be the last day for accepting creation units from authorized participants [2] - The Fund is expected to cease operations and liquidate its assets by November 24, 2025, with shareholders receiving cash at the net asset value of their shares on that date [3][4] Fund Operations - Shareholders can sell their holdings before the Closing Date, but there may be limited market availability for the Fund's shares during the liquidation process [2][3] - The Fund will increase its cash holdings prior to the liquidation date, which may affect its ability to track its investment objective as defined in the Prospectus [3] - The liquidation cash distribution will be treated as payment for shares, and it may be a taxable event for shareholders [4] Company Background - Sterling Capital Management LLC, founded in 1970, is the investment adviser for the Fund and provides various investment advisory services [5][6] - The Fund is distributed by Northern Lights Distributors, LLC, which is not affiliated with Sterling Capital Management [6]

Group 1: Tesla - Tesla shares fell after reporting mixed earnings for Q3, despite record vehicle deliveries [7][28] - Profits were impacted by tariffs and lower emissions credit revenue, but CEO Elon Musk emphasized the expansion of the robo taxi initiative and progress on the Optimus robot [8][28] - Analysts remain optimistic about Tesla's long-term potential in robotics and autonomous technology, with Morgan Stanley maintaining an outperform rating and a $410 price target [28] Group 2: AT&T - AT&T reported a profit in Q3, but adjusted earnings and revenues fell short of expectations due to a competitive pricing environment [37][40] - The company added over 400,000 high-quality post-paid subscribers, attributing this growth to promotional campaigns [40] - AT&T is launching a new campaign to address competitive pricing claims, particularly targeting T-Mobile's advertising practices [41][45] Group 3: Market Overview - The Dow is up about 54 points, with the S&P 500 and Nasdaq also showing gains, driven by earnings-related news [3][4] - Crude oil futures spiked following new sanctions on Russian oil companies, benefiting energy stocks [3][4] - The overall market is experiencing a rally, although Tesla's decline is holding back some gains in the Nasdaq [6][103] Group 4: Blackstone - Blackstone reported a 48% increase in distributable earnings, with $54 billion in inflows for the quarter, marking the fourth consecutive quarter above $50 billion [112][114] - The company is optimistic about future earnings due to a cyclical upturn in deal activity and strong performance in digital and energy infrastructure investments [114][115] - Analysts noted potential disappointment in management fees, which may have affected stock performance despite strong earnings [117]

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 management [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 - Cathie Wood's Ark Invest has increased its investment in Robinhood Markets, acquiring $21.3 million worth of shares across two ETFs, indicating a strong belief in the digital asset ecosystem [2][3][4] Investment Strategy - The Ark Innovation ETF (ARKK) purchased 131,049 shares, while the Ark Next Generation Internet ETF (ARKW) added 36,440 shares, making Robinhood nearly 19% of both funds' total holdings [3][4] - Ark Invest is focusing on companies that bridge traditional finance and blockchain technology, reflecting a strategic shift towards firms enabling crypto adoption [8][9] Company Developments - Robinhood has evolved from a retail trading app to a significant player in the fintech and crypto space, recently acquiring WonderFi for $180 million and Bitstamp for $200 million to enhance its global presence [5][6] - The company is developing a Layer-2 blockchain on Arbitrum and has introduced BNB trading, attracting institutional interest due to its comprehensive ecosystem [7][8] Market Context - The global crypto market capitalization is approximately $3.76 trillion, with a slight increase of 0.4% over 24 hours, indicating a stable market environment [10] - Major cryptocurrencies like Bitcoin and Ethereum are showing positive movements, with Bitcoin trading near $108,897 and Ethereum at $3,838 [13]

Core Insights - The article discusses the potential interest in senior securities issued by CLO equity CEFs, highlighting their minimum coverage ratio as a positive feature [1]. Group 1 - The investment group European Small Cap Ideas focuses on high-quality small-cap investment opportunities in Europe, aiming for capital gains and dividend income [1]. - The group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1]. - An active chat room is available for discussions on the latest developments of the portfolio holdings [1].

Group 1 - Blackstone (BX) reported third quarter earnings of $1.52 per share, exceeding analyst expectations of $1.23, marking a 29 cent increase [1] - The company's quarterly revenue reached $3.3 billion, indicating strong performance [1] - Despite beating earnings and revenue expectations, Blackstone's stock dropped nearly 3% at market open [1] Group 2 - The stock market is currently anticipating a rate cut from the Federal Reserve, with Fed chief Powell's comments being closely watched [2] - Nvidia's stock fell due to reports of a ban in China, impacting market sentiment [2] - The Dow Jones Index has rallied above 46,000, with Blackstone and Tesla hitting new buy points [4]

Core Insights - StepStone Group has opened a new office in Riyadh, Saudi Arabia, reinforcing its commitment to clients in the region [1][2] - The new office aims to deepen relationships with investors and expand access to private market opportunities, supporting Saudi Arabia's Vision 2030 [2][3] - StepStone's presence in Riyadh is its first physical location in the Middle East, reflecting a focus on long-term partnerships and local market opportunities [3][4] Company Overview - As of June 30, 2025, StepStone Group manages approximately $723 billion in total capital, including $199 billion in assets under management [5] - The firm provides customized investment solutions and advisory services to a diverse client base, including pension funds, sovereign wealth funds, and high-net-worth individuals [5] - StepStone operates 31 offices across 19 countries, indicating a strong global presence [4]

Core Viewpoint - Concerns regarding potential changes to pension tax rules in the upcoming Budget are creating significant uncertainty in the pensions industry and impacting the property market [1][2][6]. Pensions Industry - FTSE executives have expressed that uncertainty surrounding Rachel Reeves's Budget is detrimental to the pensions sector, with fears that tax-free lump sums for pensioners may be reduced [1][2]. - Michael Summersgill, CEO of AJ Bell, highlighted that speculation over pension taxation is causing instability for customers and advisers, which is detrimental to market confidence [2][6]. - A significant withdrawal of £70.8 billion from pension pots occurred in 2024, indicating a rush by savers to access funds before last year's Budget, with similar trends observed currently [3]. Property Market - Guy Gittins, CEO of Foxtons, attributed a sharp decline in home sales in London to the uncertainty surrounding the Budget [2][6]. - Foxtons has warned of a steep slowdown in house sales, further emphasizing the negative impact of Budget uncertainty on the property market [6]. Investment Management - Increased anxiety among savers is leading to a surge in demand for professional advice from investment managers, as indicated by Rae Maile from Panmure Liberum [5]. - AJ Bell reported administering over £100 billion in assets, with over 100,000 new customers joining its investment services in the past year, reflecting a growing need for guidance amid uncertainty [5]. Fund Management - Schroders announced a 5% increase in assets under management, reaching nearly £817 billion, while St James's Place reported net inflows of nearly £2 billion, bringing its total to a record £212 billion [4].

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 investing [1] - The firm provides educational information but does not offer tax advice, highlighting the complexity and variability of federal and state tax laws [1] - Opinions expressed by Invesco's authors are based on current market conditions and may change without notice, indicating a dynamic investment environment [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - Invesco Advisers, Inc. and other affiliated investment advisers provide investment advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, including Invesco Distributors, Inc. [1]

Core Insights - AllianceBernstein reported strong financial and operational results for Q3 2025, with a focus on strategic objectives and partnerships [2][3] - The firm experienced net inflows of $1.7 billion, excluding $4.0 billion outflows related to a reinsurance transaction, driven by organic growth in tax-exempt and private alternative strategies [2][3] - The adjusted net income per unit increased by 12% to $0.86, while cash distribution per unit also rose by 11.7% to $0.86 [2][26] Financial Performance - Q3 2025 net revenues reached $1.137 billion, a 4.8% increase from Q3 2024, primarily due to higher investment advisory base fees [13][14] - Operating income for Q3 2025 was $283 million, down 22% from the previous year, with an operating margin of 24.3%, a decrease of 890 basis points [17] - Adjusted operating income increased by 15% to $302 million, with an adjusted operating margin of 34.2%, up 290 basis points from the prior year [25] Assets Under Management (AUM) - Total AUM as of September 30, 2025, was $860.1 billion, up $31.0 billion or 4% from June 30, 2025, and up $54.2 billion or 7% from September 30, 2024 [6][7] - The firm’s private markets AUM approached $80 billion, with a target of $90 to $100 billion by 2027 [2][3] Net Flows and Client Segments - Total net outflows for Q3 2025 were $2.3 billion, an improvement from $6.7 billion in Q2 2025 [8] - Retail channel net outflows decreased to $1.7 billion from $4.8 billion in the previous quarter, while institutional channel outflows were $1.8 billion [10][9] - The private wealth channel saw net inflows of $1.2 billion, marking its strongest organic growth in 10 quarters [3] Market Context - Global equity and fixed income markets showed positive performance in Q3 2025, with the S&P 500 Total Return at 8.1% [4][5] - The firm’s performance reflects a broader market recovery and improved demand dynamics in retail and institutional segments [3][4]