Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212)855-7744 | kartik.jayachandran@gs.com Goldman Sachs & Co. LLC Christophe Sung +1(212)902-3841 | christophe.sung@gs.com Goldman Sachs & Co. LLC 5 February 2026 | 8:47AM EST Portfolio Strategy Research Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other importa ...

值得一提的是，此次调整，是上海国际集团将旗下原上海国有资产经营有限公司（下称"上海国资公 司"）持有的地方AMC业务，整体划转至专营主体的关键落地。业内人士认为，此举既是对存量AMC牌 照的价值唤醒，更是顺应监管"聚焦主业、风险隔离、规范运作"核心要求的战略性布局。 唤醒"沉睡"牌照 此次上海地方AMC业务主体调整，历经监管批复、工商变更等关键环节。 据上海国际集团官方披露，2026年1月23日，上海国际集团关于内部AMC业务资质主体调整的申请已获 得国家金融监督管理总局办公厅同意；1月29日，该调整方案正式获得上海市地方金融监管局批复。 在完成全部监管审批流程后，2月3日，上海申信资产如期完成工商变更登记。 本报（chinatimes.net.cn）记者卢梦雪 北京报道 地方AMC再添专业处置主体。 国家企业信用信息公示系统信息显示，上海国际集团申信资产管理有限公司（下称"上海申信资产"）于 近日完成工商变更登记，正式新增"金融企业不良资产批量收购处置业务"核心许可，标志着这家上海国 际集团全资子公司，正式获批地方AMC业务资质并实现持牌独立运营。 不过记者注意到，截至目前，国家企业信用信息公示系统显示，5 ...

Core Insights - The firm reported a 13% increase in adjusted fourth-quarter earnings [1] - The company raised a record $228 billion in new capital for the year [1] Financial Performance - Adjusted fourth-quarter earnings increased by 13% [1] - The total new capital raised for the year reached $228 billion, setting a record [1]

Core Insights - Apollo Global Management, LLC's fourth-quarter 2025 adjusted net income (ANI) per share was $2.47, exceeding the Zacks Consensus Estimate of $2.03 and up from $2.22 in the previous year [1][9] - The company's shares rose nearly 2.6% in early trading following the release of these results [1][9] Financial Performance - The increase in revenues was primarily driven by a rise in assets under management (AUM), with total revenues reaching $1.2 billion, a 30.3% year-over-year increase, surpassing the Zacks Consensus Estimate by 4.4% [4][9] - For the full year 2025, revenues totaled $4.5 billion, up 22.3% year over year, also beating the Zacks Consensus Estimate of $4.4 billion [4] - Total expenses rose 25.3% year over year to $218 million in the reported quarter [4] Assets Under Management - Fee-earnings AUM increased by 24.6% year over year to $709 billion, driven by strong management fee growth and record capital solutions fees [5] - As of December 31, 2025, total AUM was $938 billion, reflecting a 24.9% year-over-year increase, supported by $145 billion in inflows from Asset Management and $83 billion from Retirement Services [6] Capital and Liquidity - As of December 31, 2025, Apollo Global had cash and cash equivalents of $3.3 billion and total debt of $5.5 billion, indicating a relatively weak capital and liquidity position [7] Capital Distribution - The company announced a quarterly cash distribution of 51 cents per share, scheduled for payment on February 27, 2026, to shareholders of record as of February 19 [8] Strategic Developments - The acquisition of Bridge Investment Group Holdings Inc. is expected to enhance Apollo Global's real estate expertise and strengthen its wealth management business, contributing positively to its financials [10]

Core Insights - The Carlyle Group Inc. (CG) reported a 5.9% increase in shares during Friday's trading session, with fourth-quarter 2025 post-tax distributable earnings per share of $1.01, matching the Zacks Consensus Estimate and improving from 92 cents per share in the previous year [1][8] Financial Performance - Net income attributable to Carlyle was $358.1 million, up from $210.9 million in the year-ago quarter, while for 2025, post-tax distributable earnings per share were $4.02, slightly missing the Zacks Consensus Estimate of $4.03 but increasing from $3.66 in 2024 [2] - Fourth-quarter segmental revenues reached $1.09 billion, a 15.1% increase from the previous year, matching the Zacks Consensus Estimate [3][8] - Total segment fee revenues rose 2.3% year over year to $669.9 million, driven by increased fund management fees and fee-related performance revenues, while realized performance revenues surged 46.8% to $360.8 million [4] Expenses and AUM - Total segmental expenses increased by 16.1% year over year to $655.4 million, presenting a challenge to overall profitability [4][8] - As of December 31, 2025, total assets under management (AUM) were $476.9 billion, reflecting an 8.1% increase from the prior year, with fee-earning AUM rising 10.6% to $336.8 billion [5] Capital Distribution - In the reported quarter, Carlyle repurchased or withheld 3.8 million shares for $204 million, with $0.2 billion worth of shares remaining under authorization [6] - The company declared a quarterly dividend of 35 cents per share, scheduled for payment on February 20, 2026 [6] Strategic Outlook - The increase in total AUM and efforts to expand investment platforms are expected to support long-term revenue growth for Carlyle, although rising expenses and a competitive financial environment pose challenges [7]

KKR 2026 Conference Call Summary Company Overview - KKR (NYSE: KKR) is one of the world's largest asset managers, overseeing approximately $744 billion in assets under management (AUM) as of year-end 2025. The company has a diversified platform that includes private equity, credit, infrastructure, real assets, and insurance [3][5]. Macro Economic Outlook - The macroeconomic environment is described as nuanced, influenced by factors such as rates, inflation, geopolitics, fiscal deficits, and public policy. KKR anticipates increased transaction activity in 2026, with a better deal flow compared to 2025 [5][6]. - The company is optimistic about early signs of market recovery despite recent volatility [6]. Financial Performance and Market Position - KKR's management fees increased by 35%, fee-related earnings rose over 50%, and adjusted net income grew in the mid-40s percentage range over the past two years. Capital raising in the last 12 months was up 90% compared to the previous year [7][8]. - The market is perceived to undervalue KKR's diversified business model, which includes significant contributions from private equity, real assets, and credit strategies [9][10]. Strategic Acquisition - KKR announced the acquisition of Arctos, which is expected to enhance its position in the sports asset class and the secondary market. The acquisition aligns with KKR's M&A strategy focused on large addressable markets [12][13]. - The deal is anticipated to create a business worth over $100 billion, leveraging KKR's global reach and capital access [13]. Fundraising Environment - KKR raised approximately $130 billion in 2025, up 90% from two years prior. The company aims to exceed its target of raising $300 billion between 2024 and 2026 [18][19]. - The institutional market is showing signs of recovery, with significant capital raised in both private equity and infrastructure products [19][20]. Adjusted Net Income Target - KKR has set a target of over $7 per share of Adjusted Net Income (ANI) for 2026, supported by growth in management fees, capital markets business, and operating leverage [26][27]. - The company has $18.6 billion in embedded gains and expects to generate over $900 million in monetization-related revenue [30][31]. Insurance Business Strategy - KKR's insurance business, Global Atlantic, is expected to generate around $1 billion in operating income in 2026. The strategy involves elongating liabilities and scaling third-party capital to enhance returns [34][37]. - The company is focused on migrating its portfolio into alternative investments, which is anticipated to yield cash income starting in 2027 and 2028 [35][36]. Wealth Management Platform - KKR emphasizes client experience as the primary KPI, with a focus on delivering exceptional investment performance. The company has introduced a two-year soft lock on its private equity vehicles to enhance durability [40][45]. - The wealth management channel is seen as an area for robust growth, with significant potential for capital raising as individual investors increase their allocation to alternatives [41][42]. Credit Market Insights - KKR manages approximately $135 billion in private credit, with a focus on asset-based finance and direct lending. The company remains optimistic about credit fundamentals despite market noise [55][56]. - The asset-based finance market is expected to grow significantly, with KKR positioned to capitalize on opportunities in this space [58][59]. Infrastructure and Real Estate Growth - KKR's infrastructure business has grown to about $100 billion in AUM, driven by global demand for infrastructure spending. The company is well-positioned to capture market share as client allocations to infrastructure increase [62][63]. - Real estate values are believed to have bottomed out, but capital raising remains challenging. KKR is preparing to take advantage of market recovery when it occurs [66][67]. Capital Markets Business - KKR's capital markets business is expected to grow, with opportunities arising from global expansion and partnerships, particularly with its insurance business. The company believes it has not yet reached its full potential in this area [68][69]. Conclusion - KKR is navigating a complex macroeconomic environment while positioning itself for growth through strategic acquisitions, diversified business models, and a focus on client experience. The company is optimistic about achieving its financial targets and capitalizing on market opportunities in the coming years [72][73].

Group 1 - Dividends are increasing for leading companies in the asset management and insurance markets, with analysts predicting significant upside for these firms [3] - Blackstone, the world's largest alternative asset manager with $1.275 trillion in assets under management, has seen a -23% total return over the past 52 weeks due to concerns in the private credit market [4] - Despite recent performance challenges, analysts have a consensus price target of approximately $175 for Blackstone, indicating a potential upside of 35% [5] Group 2 - Blackstone announced a quarterly dividend of $1.49, reflecting a 15% increase from the previous dividend and a 3% increase year-over-year, with a strong yield of 3.7% over the last 12 months [5] - Charles Schwab has experienced a total return of about 27% over the past 52 weeks, with revenues rising by 22% in 2025 and an addition of approximately 2.5 million client accounts [6] - Schwab's Managed Investing inflows increased by 36%, showcasing strong momentum in its business and a commitment to rewarding shareholders with a 19% dividend increase [6]

The T. Rowe Price Blue Chip Growth ETF ( TCHP ) is an actively managed ETF that invests in a concentrated portfolio of mostly large-cap American stocks with the hope of capital appreciation. T. Rowe Price is pitching that they haveWith over three years of finance and consulting experience, Nikola is laser focused on finding value in North American public equities and ETF's. His professional experience includes corporate credit risk analysis, consulting for government entities, and venture capital analysis i ...

Apollo Global Management Inc. (APO) reported $1.24 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 30.3%. EPS of $2.47 for the same period compares to $2.22 a year ago.The reported revenue represents a surprise of +4.35% over the Zacks Consensus Estimate of $1.19 billion. With the consensus EPS estimate being $2.03, the EPS surprise was +21.74%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they co ...

Core Insights - The Vanguard Dividend Appreciation ETF (VIG) and the Schwab U.S. Dividend Equity ETF (SCHD) differ significantly in dividend yield, sector exposure, and portfolio concentration, with SCHD providing a higher payout and greater focus on energy and consumer defensive sectors [1][4]. Cost and Size - VIG has an expense ratio of 0.04% and assets under management (AUM) of $120.1 billion, while SCHD has a slightly higher expense ratio of 0.06% and AUM of $81.8 billion [3]. - The one-year return for VIG is 12.0%, compared to SCHD's 11.7%, and VIG has a dividend yield of 1.6%, whereas SCHD offers a yield of 3.4% [3][4]. Performance and Risk Comparison - Over the past five years, VIG experienced a maximum drawdown of -20.39%, while SCHD had a lower maximum drawdown of -16.86% [5]. - An investment of $1,000 would have grown to $1,597 in VIG and $1,409 in SCHD over the same period [5]. Portfolio Composition - SCHD tracks 101 dividend-oriented U.S. stocks, with significant sector exposure to energy (20%), consumer staples (18%), and healthcare (16%), focusing on quality and sustainability of payouts [6]. - VIG holds 338 stocks, with a heavier emphasis on technology (27%), financial services (22%), and healthcare (17%), featuring top positions in Broadcom, Microsoft, and Apple [7]. Investor Considerations - Both ETFs are strong options from reputable asset management firms, but they cater to different investor needs; SCHD is more concentrated and yield-focused, while VIG offers broader diversification with a tech tilt [8].