| F | | | 加权年 化妆斋 | 同不可以 来年化 | 月本7791 来最大 | 同体之上 来年化 | | --- | --- | --- | --- | --- | --- | --- | | 를 | 产品名称 | 管理人 | MI | 收益率 | 回憶 | 波动率 | | | 膏 7:45182天持 有期19号理财产品 民生理财 7.44% | | | 7.15% | 0.00% | 0.80% | | | A | | | | | | | | 目完收益细信导演 持有180天到财产 | 华夏理财 4.82% | | 5.52% | 0.12% | 1.15% | | | HERA | | | | | | | | 為添利陆密55号(6 个月最短時有期) | | | 4.69% | 0.23% | 0.88% | | | 品用用 2 3 - 0 - | 兴银理财 4.76% | | | | | | | 品A | | | | | | | 4 | 安語家圖收稳利六 个月符有期50号理 | 信银理财 4.18% | | 4.21% | 0.03% | 0.57% | | | 财产品 DES | | | | | ...

Jeffrey Epstein coordinated the creation of a legal vehicle in 2014 that allowed billionaire financiers Ronald Lauder and Leon Black to share ownership of a $25 million painting, a deal that sheds new light on the extent of the convicted sex offender’s connections to wealth and power.Black’s association with Epstein has been publicly known for years. And the trove of emails released by the Department of Justice last week reveals Epstein’s association with Lauder, an heir to the Estée Lauder cosmetics empire ...

Market Overview - The S&P 500 is down 1% and the NASDAQ 100 is down more than 1% during a rough trading session, indicating a deteriorating market sentiment [1][2] - Bitcoin has experienced a significant decline, dropping about 10% to around $65,000, erasing gains from previous weeks [2][4] Tech Sector Insights - The percentage of NASDAQ 100 stocks below the 100-day moving average has surpassed 50% for the first time since late November, indicating negative momentum in the tech sector [3] - Alphabet reported a 20% surge in revenue last quarter, but this has not alleviated skepticism among tech investors, raising concerns about Amazon's upcoming earnings [6][9] Investment Trends - There is a strong bid into Treasuries, with 10-year Treasury yields decreasing by six to seven basis points, reflecting a flight to safety amid market volatility [2][4] - The current market environment is characterized by a rotation rather than a wholesale selloff, with investors taking profits and becoming more cautious [21][78] Company-Specific Developments - Amazon's earnings report is highly anticipated, with expectations that it will reflect broader trends in the tech sector [9][26] - XPO shares have reached a record high, driven by strong performance in the retail and industrial sectors, indicating a potential recovery in these areas [59][60] Capital Expenditure Outlook - Alphabet has earmarked $182 billion for capital expenditures by 2026, suggesting a focus on long-term growth despite current market challenges [7] - The overall sentiment in the market is shifting towards questioning the return on investments, particularly in the tech sector [8] Consumer Behavior and Market Dynamics - The furniture retail sector, represented by Bob's Discount Furniture, is seeing a successful IPO, raising $331 million, indicating strong consumer demand despite economic uncertainties [27][29] - Tapestry, the parent company of Coach, reported record sales and earnings, highlighting effective brand strategies targeting younger consumers [66][72]

BlackRock Bitcoin ETF BlackRock’s flagship spot bitcoin fund, IBIT, has smashed another record in terms of single-day volumes, with some $10 billion worth of value traded, according to Bloomberg ETF analyst Eric Balchunas.  “$IBIT just crushed its daily volume record with $10b worth of shares traded as its price fell 13%, second-worst daily price drop since it launched. Brutal,” Balchunas wrote in a Friday X post, citing Bloomberg data.  The BlackRock iShares Bitcoin Trust’s previous volume record of about ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $123 million or $1.55 per share for Q3 2026, primarily due to the change in fair value of the buy-in of StepStone Private Wealth profits and interests [4] - Fee-related earnings were $89 million, up 20% year-over-year, with a FRE margin of 37% [5][17] - Adjusted net income for the quarter was $80 million or $0.65 per share, an increase from $53 million or $0.44 per share in the same quarter last year [5][20] Business Line Data and Key Metrics Changes - The company generated gross AUM additions of over $8 billion in the quarter and over $34 billion for the calendar year, marking its best 12-month fundraising period ever [7][13] - In private wealth, the platform grew to $15 billion with over $2.2 billion in new subscriptions for the quarter [8][15] - The Evergreen Funds saw nearly $1 billion in subscriptions across various offerings, indicating strong demand [8] Market Data and Key Metrics Changes - Approximately two-thirds of the inflows came from outside North America, with strong fundraising in Asia and Europe [13][60] - The company reported a retention rate on managed accounts of over 90%, with reups growing by nearly 30% [14] Company Strategy and Development Direction - The company is focused on a diversified approach to private markets investing, emphasizing portfolio construction and risk management [24][25] - There is a strong emphasis on artificial intelligence, with the company backing category-defining companies across the AI ecosystem [10][11] - The company plans to continue expanding its international footprint and fund families, with no new product launches expected in the next 12 months [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory, citing an improving capital market environment that may yield stronger realizations [6] - The company anticipates continued growth in private wealth subscriptions and a solid foundation for private market solutions [12][11] - Management acknowledged the risks and opportunities presented by AI disruption, emphasizing a diversified investment strategy [11][53] Other Important Information - The company plans to pay out a supplemental dividend at the end of the fiscal year, subject to board approval [20] - The net accrued carry finished the quarter at $875 million, up 4% from the previous quarter [21] Q&A Session Summary Question: Exposure to software companies and Spring fund performance - Management highlighted the diversified approach to private markets investing, noting that not all software companies are equal and emphasizing the importance of portfolio construction [24][25] Question: Growth in private wealth business and scaling existing products - Management indicated that they are in the early stages of building syndicates for new funds and expect to see growth in distribution over the coming year [32] Question: Managing inflows for the Spring fund - Management stated that they have not faced issues with inflows and continue to see strong opportunities in the venture and growth sectors [36] Question: Expectations for new fund vintages - Management tempered expectations for modest growth in fund sizes, emphasizing the importance of matching fundraising to the size of the opportunity [38] Question: Breakdown of performance attribution for Spring - Management clarified that the majority of performance is driven by direct secondaries rather than discounts, highlighting the proactive approach to sourcing investments [44][46] Question: Insights on AI disruption risk - Management discussed the importance of diligence in assessing AI risks and opportunities, focusing on how GPs manage their portfolios and select new investments [53][55] Question: Sourcing subscriptions and regional demand - Management noted that Asia and Europe have been significant drivers of demand, with infrastructure and private credit strategies performing well in these regions [60]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $123 million or $1.55 per share for Q3 2026, primarily due to the change in fair value of StepStone Private Wealth profits interests [4] - Fee-related earnings were $89 million, up 20% year-over-year, with a FRE margin of 37% [5][17] - Adjusted net income for the quarter was $80 million or $0.65 per share, an increase from $53 million or $0.44 per share in the same quarter last year [5][20] Business Line Data and Key Metrics Changes - Core fee-related earnings, excluding retroactive fees, were $88 million, reflecting a 35% increase compared to the prior year [5] - The company generated gross AUM additions of over $8 billion in the quarter and over $34 billion for the calendar year, marking its best fundraising period [7][13] - In private wealth, the platform grew to $15 billion with over $2.2 billion in new subscriptions for the quarter [8][15] Market Data and Key Metrics Changes - Approximately two-thirds of the inflows were from outside North America, with strong fundraising in Asia and Europe [13][60] - The company reported a retention rate on managed accounts of over 90%, with reups growing by nearly 30% [14] Company Strategy and Development Direction - The company is focused on diversifying its investment approach across various asset classes and capital structures, particularly in the context of AI evolution [10][11] - The firm is currently in the market with several funds, including private equity co-investment and secondaries funds, expecting to activate fee-earning capital in the coming year [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory, citing an improving capital market environment that may yield stronger realizations [6] - The company anticipates continued growth in private wealth subscriptions and is optimistic about the upcoming fundraising efforts [8][9] Other Important Information - The company plans to pay out a supplemental dividend at the end of the fiscal year, subject to board approval based on performance-related revenues [20] - The net accrued carry finished the quarter at $875 million, indicating a mature investment portfolio ready for harvesting [21] Q&A Session Summary Question: Exposure to software companies across the portfolio - Management highlighted the diversified approach to private markets investing, emphasizing that not all software companies are equal and that they focus on portfolio construction and diversification to manage risks [24][25] Question: Growth in private wealth business and scaling existing products - Management noted that they are in early stages of building syndicates for new funds and expect to see growth in distribution over the coming year, with no new product announcements planned [31] Question: Managing inflows for Spring fund - Management stated that they have not faced issues with inflows and continue to see strong opportunities for deployment across various avenues [35] Question: Expectations for next vintages of funds - Management tempered expectations for modest growth in fund sizes, emphasizing the importance of matching fundraising to the size of the opportunity [37] Question: Performance attribution for Spring fund - Management explained that the performance was driven more by direct secondaries rather than discounts, highlighting the proactive approach in identifying value drivers [44][46]

Blue Owl Capital's (NYSE:OWL) co-CEO Marc Lipschultz stated that the firm doesn't see any "red flags" in relation to software AI disruption.  • Blue Owl Capital stock is trading near recent lows. Where are OWL shares going?"Tech lending has worked, continues to work and to get very direct, no, we don't have any red flags. In fact, we don't have yellow flags. We have largely green flags. The tech portfolio continues to be the most pristine amongst all of our subsectors," Lipschultz said during a fourth quart ...

Core Viewpoint - The 60/40 portfolio strategy, traditionally consisting of 60% stocks and 40% bonds, is being reconsidered, with suggestions to potentially shift towards a higher bond allocation due to favorable bond yields and concerns over stock valuations [1][2]. Group 1: Market Context - The 10-year Treasury yield is currently at 4.2%, providing a real yield for bond investors for the first time in nearly a decade [1]. - Following the 2008 Global Financial Crisis, Treasury yields remained low, further declining during the COVID-19 pandemic, but have risen significantly due to aggressive Federal Reserve rate hikes in response to soaring inflation [3]. - The S&P 500 has increased approximately 90% since the bull market began in October 2022, driven by substantial investments in artificial intelligence [4]. Group 2: Investment Outlook - There are concerns that U.S. stocks have been overvalued, leading to expectations that returns on stocks and bonds may be comparable over the next decade, with mid-single-digit stock returns predicted by Vanguard [5]. - Recent market performance has shown a decline in stocks, with the S&P 500 and Nasdaq down about 2.5% and 4.5% respectively over a three-day period, while bond prices have remained stable and surged on a particular day [6]. - Vanguard is advising clients to consider allocating more than 50% of their portfolios to bonds, citing elevated stock valuations and potential risks associated with AI investments [8].

Core Viewpoint - AllianceBernstein Holding L.P. demonstrated strong financial performance in its latest earnings report, surpassing revenue and earnings estimates while managing a significant amount of assets despite facing net outflows [1][2][6] Financial Performance - The company reported an earnings per share (EPS) of $0.96, exceeding the estimated $0.92 [1][6] - Revenue was approximately $957.3 million, slightly above the forecast of $956.1 million [2][6] - The GAAP diluted net income was $0.90 per unit, with an adjusted diluted net income of $0.96 per unit [2] Assets Under Management - AllianceBernstein closed the year with a record $867 billion in assets under management [3][6] Net Outflows - The company faced $9.4 billion in net outflows, primarily due to $22.5 billion in net redemptions [4][6] Growth Areas - Despite the outflows, the company achieved targeted organic growth in areas such as ultra-high-net-worth, insurance, separately managed accounts (SMAs), active ETFs, and private markets [4] Financial Metrics - The company has a price-to-earnings (P/E) ratio of approximately 14.80, a price-to-sales ratio of about 12.84, and an enterprise value to sales ratio of 12.84 [5] - The enterprise value to operating cash flow ratio is around 12.73, and the earnings yield is approximately 6.76% [5]

Today's presenters STEPSTONE GROUP 2 Scott Hart CEO Jason Ment President & Co-COO Mike McCabe Head of Strategy David Park CFO GAAP consolidated statements of loss StepStone Group Earnings Presentation THIRD QUARTER FISCAL YEAR 2026 February 5, 2026 1 GAAP net loss was $162.4 million for the quarter and $749.9 million year-to-date. GAAP net loss attributable to StepStone Group Inc. was $123.5 million (or $1.55 per share) for the quarter and $528.0 million (or $6.72 per share) year-to-date. | ($ in thousands, ...