Core Insights - Neuberger Berman was established in 1939 with the primary goal of delivering compelling long-term investment results for clients [1] - The firm operates with a culture focused on deep fundamental research, investment insight, and continuous innovation [1] - Neuberger Berman manages a diverse range of investment strategies including equity, fixed income, private equity, and hedge funds [1] Company Overview - The firm has a global presence with offices in 39 cities across 26 countries [1] - Neuberger Berman employs 763 investment professionals and a total of 2,850 employees [1] - The company has achieved high retention rates among senior investment staff and has been recognized in the Pensions & Investments "Best Places to Work in Money Management" survey since 2014 [1] Investment Philosophy - As a private, independent, employee-owned investment manager, Neuberger Berman is aligned with the long-term interests of clients [1] - The firm has no external parent or public shareholders, allowing it to focus solely on its core mission [1] - Employee compensation is directly linked to team and firm strategies, fostering a collaborative investment approach [1] Financial Metrics - As of June 30, 2025, Neuberger Berman manages $538 billion in assets [1]

Core Insights - The partnership between Carlyle and Red Bull Racing represents a significant evolution in the finance industry, particularly in the context of private markets and their growing influence in sports sponsorships [3][4][50] - The collaboration emphasizes performance excellence, aligning the values of both organizations in their pursuit of success [5][10][12] Group 1: Partnership Dynamics - Carlyle's involvement in Formula One marks a notable shift as it becomes the first global investment firm to partner with the sport, highlighting the increasing intersection of finance and sports [50] - The partnership is characterized by a shared obsession with performance and a data-driven approach, fostering a natural connection between the two entities [9][10] - The collaboration aims to reach a broader global audience, capitalizing on the rapid growth of Formula One and its appeal to younger demographics [14][15] Group 2: Market Trends and Growth - The private markets have become a primary source of capital for many companies, reflecting a broader trend in the financial landscape over the past 30 years [3][22] - Formula One has experienced significant growth, with 40% of its global audience being female and under 35 years old, indicating a successful outreach strategy [14][15] - The influx of institutional money into sports, including sponsorships from firms like Carlyle, is reshaping the financial dynamics within the industry [13][46] Group 3: Leadership and Cultural Shifts - The leadership transition at Carlyle coincides with a cultural evolution in how the firm engages with retail and wealth clients, emphasizing performance as a core value [16][20] - The focus on talent and performance is paramount, with leaders encouraged to create environments that foster success and innovation [24][25] - The competitive landscape necessitates constant self-analysis and adaptation to better serve clients and maintain relevance in a changing market [17][18]

Core Investment Performance - Brookfield Corporation has delivered a remarkable 27,000% return over the past 30 years, with an annualized return of 19%, significantly outperforming the S&P 500's 11% annualized return, turning a $10,000 investment into over $1.8 million [1] Transformative Growth Phase - The company is entering a transformative growth phase, focusing on three global megatrends: AI infrastructure, retirement wealth solutions, and real estate recovery, which are expected to drive significant value creation in the coming decades [2] AI Infrastructure Investment - Brookfield estimates that over $7 trillion needs to be invested globally in the next decade to build AI factories and related infrastructure, which is essential for the widespread adoption of AI technology [3] - The company plans to invest approximately $200 billion in the coming years to establish AI factories across North America and Europe, including a recent $5 billion partnership with Bloom Energy to power these facilities with fuel cells [4] - Brookfield views AI infrastructure as a multi-decade opportunity for high returns and anticipates that this sector will eventually become its largest business, contributing to robust earnings growth [5] Retirement Wealth Solutions - The aging population is creating a widening gap between retirement savings and future income needs, necessitating new wealth solutions for individuals [6] - As a leader in alternative investments with over $1 trillion in assets under management, Brookfield is well-positioned to offer solutions that address retirement income needs, including new products like tailored private equity funds and asset-based finance products [7] - The company is building a wealth solutions business and has acquired several insurance companies to enhance its scale, aiming to provide annuities that offer stable and attractive returns for retirement accounts [8] Real Estate Recovery Strategy - Real estate remains a core aspect of Brookfield's investment strategy, managing over $278 billion in real estate assets across various property types [9] - Despite higher interest rates compressing real estate values, Brookfield has invested over $60 billion into real estate over the past five years, positioning itself to capitalize on the anticipated recovery in the sector [10] Long-term Investment Outlook - Brookfield aims to deliver compound annual returns of 15% or more, a target it has consistently exceeded over the last three decades, supported by its leadership in AI infrastructure, innovative retirement solutions, and a strong real estate platform [11]

The market expects Virtus Investment Partners (VRTS) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expecte ...

Core Viewpoint - Cohen & Steers Infrastructure Fund, Inc. successfully completed a transferable rights offering, raising approximately $353 million through the issuance of about 14,993,927 shares of common stock [2][4]. Fund Offering Details - The offering commenced on September 22, 2025, and expired on October 16, 2025 [1]. - The subscription price was set at $23.56 per common share, determined by a formula based on the average sales price and net asset value [3]. - The entire proceeds from the offering will be utilized for investment in line with the Fund's objectives, with the investment adviser covering all associated expenses [2][4]. Investment Strategy - The Fund aims for total return with an emphasis on income, investing at least 80% of its managed assets in securities from infrastructure companies, including utilities, pipelines, and telecommunications [5]. - The Fund's strategy also includes corporate preferred securities and other fixed income investments [5]. Company Background - Cohen & Steers, Inc. is a global investment manager specializing in real assets and alternative income, with a focus on listed and private real estate, preferred securities, and infrastructure [6]. - The firm was founded in 1986 and has a global presence with offices in major financial centers [6].

Market Regulation - India's SEBI chief addressed manipulation and high-frequency trading (HFT) rules [1] - The discussion took place at the Bloomberg Forum for Investment Management event [1] Trading Activities - The forum distinguished between arbitrage and manipulation in trading [1]

Core Insights - Cohen & Steers, Inc. reported its results for the third quarter of 2025, with a conference call scheduled for October 17, 2025, to discuss these results [1][2]. Financial Performance - The company announced preliminary assets under management of $90.9 billion as of September 30, 2025, reflecting an increase of $542 million [5]. Company Overview - Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including various asset classes such as listed and private real estate, preferred securities, and infrastructure [3].

Core Insights - The interval and tender offer fund market has reached a significant milestone with a total of 304 funds, indicating a growing popularity and demand for these investment vehicles [2][4] - The market is expected to continue its positive trajectory with substantial opportunities for expansion in the remainder of 2025 and into 2026 [2][4] Market Overview - The non-listed closed-end fund market has a combined net asset value of $215 billion and total managed assets of $252 billion as of September 30, 2025 [4] - Interval funds account for 58% of total managed assets, amounting to $145.9 billion, while tender offer funds represent 42% with $105.7 billion [4] Fund Launch Activity - In Q3 2025, 20 new funds were launched, with 70% being interval funds, reflecting strong investor preference for this type of fund [5][6] - The interval fund market is dominated by alternative investment firms, holding a 69% market share [6] Regulatory Environment - The number of funds in the SEC registration process decreased from 51 to 41 in Q3 2025, attributed to a high number of fund launches and a slowdown in new registrations [7] - The recent government shutdown may further delay the SEC registration process for new funds [7] Market Dynamics - The market share of the top 20 funds has decreased to 58% in Q3 2025 from 59% in Q2 2025, indicating a diversification in the market [8] - Interval and tender offer funds experienced positive net flows totaling over $13 billion in Q2 2025, with 63% of funds reporting positive net flows [9] Investor Accessibility - 55% of interval and tender offer funds do not impose suitability restrictions at the fund level, enhancing accessibility for investors [10] - Following a change in SEC staff position, 16 funds have removed accredited investor requirements, suggesting a trend towards greater accessibility [10][11] Future Expectations - The expectation is for more funds to reduce suitability requirements in the next six months, with alternative funds without restrictions gathering significant assets [12]

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Core Insights - Franklin Resources, Inc. (BEN) is a global investment management firm with a market cap of $11.9 billion, operating in over 150 countries and offering a variety of investment solutions [1] Earnings Expectations - The company is set to announce its fiscal Q4 2025 earnings on November 7, with analysts predicting adjusted earnings of $0.56 per share, a decrease of 5.1% from $0.59 in the same quarter last year [2] - For fiscal 2025, adjusted EPS is expected to be $2.12, down 11.3% from $2.39 in fiscal 2024, but anticipated to grow 18.4% year-over-year to $2.51 in fiscal 2026 [3] Stock Performance - Over the past 52 weeks, shares of Franklin Resources have increased by 12.5%, which is lower than the S&P 500 Index's gain of 14.7% and the Financial Select Sector SPDR Fund's return of 13.5% [4] - On October 10, shares fell by 4.1% after an analyst reiterated a "Sell" rating with a price target of $23, leading to a cautious consensus view among analysts, with an overall "Hold" rating [5]