Blackstone Inc. (BX) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on July 24, might help the stock move higher if these key numbers are better than expectati ...

Financial Data and Key Metrics Changes - The profit for the year decreased to CHF 7.9 million from CHF 10.7 million, attributed to a decline in dividend income and option income [7] - The management expense ratio improved slightly to 0.54% from 0.56%, indicating good value for an investment vehicle in this sector [8] - The ordinary dividend was maintained at €0.65, with a portfolio return of 11.4%, underperforming the benchmark return of 15.2% [9][11] Business Line Data and Key Metrics Changes - The portfolio's performance was driven by significant contributors such as Temple and Webster, which increased by 127%, and other companies like Hub24 and Life360 [25] - The underperformance was partly due to the absence of strong representation in high-performing sectors like gold [14] - The company sold down positions in high-performing stocks to manage volatility and maintain dividend capacity [27] Market Data and Key Metrics Changes - The company noted a strong recovery in the market after a significant drop earlier in the year, with a return to near peak levels by June [61] - Approximately 35% of revenue from the top 20 stocks comes from offshore sources, indicating a balanced exposure to global markets [72] Company Strategy and Development Direction - The company aims to provide long-term investment returns through holdings and attractive fully franked dividends, focusing on small and mid-sized companies [5][6] - A one-for-seven rights issue was executed to raise capital, allowing for portfolio rebalancing and lower management expense ratios [16][21] - The company plans to take a patient approach to deploying capital, focusing on long-term value rather than short-term market fluctuations [63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term investment approach despite short-term volatility, emphasizing the importance of patience in capital deployment [63] - The company remains cautious about the current market environment, noting that high growth companies are well-rated, which may limit capital deployment opportunities [69][70] Other Important Information - The company has a history of paying out more in dividends than it receives from share purchase plans, indicating strong shareholder demand for investment opportunities [17] - The capital raising was well-received, with a take-up rate of 119%, leading to a fair outcome for shareholders [21][23] Q&A Session Summary Question: Where is the Australian market developing in a bull market? - The company noted that earnings and valuations drive share prices, but current economic growth is not strong enough to support significant re-ratings in valuations [67][68] Question: What percentage of portfolio revenue comes from global sources? - Approximately 35% of revenue from the top 20 stocks comes from offshore, with a mix of domestic and international businesses [72][73] Question: Why does the company still hold IDP? - The company believes IDP remains the market leader in its space despite current pressures, and it is important to weather the downturn [76][78] Question: What is the view on Macquarie Technology Group's development approval? - There are concerns about development approvals due to local council issues, but the company has faith in management's long-term decisions [80][82] Question: Why was Sigma Healthcare exited from the portfolio? - The exit was due to a rapid increase in value post-merger, making it difficult to justify maintaining a position given its size and valuation [84] Question: Thoughts on Gentrack's transition? - Gentrack has evolved into a robust business, but it may need time to consolidate its growth after a rapid increase in size [90] Question: Will IPD Group pursue further acquisitions? - The company expects IPD Group to continue acquiring businesses, but these will likely be smaller and not thesis-changing [93]

Financial Performance & Portfolio Activity - Mirrabooka successfully raised $85.1 million through an Entitlement Offer and Top Up Facility, with a total take up of approximately 119%[17] - New shares were offered at $3.06 and are entitled to a final dividend of 6.5 cents per share[17] - The company has a significant cash holding of 11% of the portfolio value[25] Key Contributors & Detractors - Top contributors to FY25 performance included Temple & Webster (+127%), Hub 24 (+93%), and Life360 (+97%)[18] - Key detractors from FY25 performance included IDP Education (-75%), OFX (-67%), and Reece (-42%)[19] Portfolio Composition - The top 20 holdings comprise a significant portion of the portfolio, with the largest holding at 5.6%[23] - The company maintains an investment flexibility through tax effective portfolio repositioning[16] Strategic Outlook - The company will maintain a focus on patience and discipline in its investment approach[25] - Market volatility is expected to create buying opportunities for mid and small cap investors[26]

Core Insights - Federated Hermes is well-positioned to maintain its earnings-beat streak in upcoming reports, particularly due to its strong historical performance in earnings surprises [1] - The company has an average surprise of 14.61% over the past two quarters, indicating a consistent ability to exceed earnings estimates [1][4] Earnings Performance - In the last reported quarter, Federated Hermes achieved earnings of $1.1 per share, surpassing the Zacks Consensus Estimate of $0.91 per share by 20.88% [2] - For the previous quarter, the company reported earnings of $1.04 per share against an expectation of $0.96 per share, resulting in an 8.33% surprise [2] Earnings Estimates - Recent estimates for Federated Hermes have been trending upward, with a positive Earnings ESP of +0.68%, suggesting analysts are optimistic about the company's earnings prospects [4][7] - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) indicates a strong likelihood of another earnings beat [7] Predictive Metrics - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [5] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [6]

Core Viewpoint - KKR & Co. suggests that investors may be underestimating the potential for further increases in stocks and other risk assets, while also advising to hedge against risks such as a weakening dollar, rising bond yields, and increased market volatility [1] Group 1 - Analysts indicate that easing financial conditions, global central bank monetary easing, productivity improvements, and insufficient net issuance create a favorable environment for risk investments [1]

Group 1 - Oxford Lane Capital Corp. will hold a conference call to discuss its first fiscal quarter earnings on July 23, 2025, at 9:00 AM ET [1] - The toll-free dial-in number for the conference call is 1-833-470-1428, with an access code of 074149 [1] - A recorded replay of the call will be available for 30 days after the call, accessible at 1-866-813-9403 with a replay passcode of 721381 [1] Group 2 - Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company [2] - The company primarily invests in debt and equity tranches of collateralized loan obligation (CLO) vehicles [2] - CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans for CLO formation [2]

Core Viewpoint - Neuberger Berman Municipal Fund Inc. has declared a distribution of $0.05417 per share, payable on August 15, 2025, with a record and ex-date of July 31, 2025, aiming to provide income exempt from federal income tax [1]. Group 1: Distribution Details - The distribution may consist of net investment income, realized capital gains, and return of capital, with potential implications for the net asset value (NAV) per share and investors' cost basis [2]. - A notice will be provided for any distribution that does not consist solely of net investment income, detailing the estimated portions of the distribution [2]. Group 2: Company Overview - Neuberger Berman is an employee-owned, independent investment manager founded in 1939, managing $538 billion across various asset classes for global institutions and individuals [3]. - The firm emphasizes active management, fundamental research, and engaged ownership, and has been recognized as one of the best places to work in money management for eleven consecutive years [3].

The market expects Invesco (IVZ) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 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 earnings report, which is expected to be released on July 22, might help the stock move higher if these key numbers are better than exp ...

Group 1 - Futu Holdings Limited (FUTU) has seen a 7.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Pan American Silver Corp. (PAAS) has experienced a 9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - RAPT Therapeutics, Inc. (RAPT) has seen a significant increase of 72.1% in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Hamilton Insurance Group, Ltd. (HG) has experienced an 18.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Invesco Ltd. (IVZ) has seen a 7.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Core Viewpoint - Invesco (IVZ) is currently viewed as a better value opportunity compared to Franklin Resources (BEN) based on various financial metrics and Zacks Rank evaluations [1][3][7] Valuation Metrics - Invesco has a forward P/E ratio of 9.70, while Franklin Resources has a forward P/E of 12.07, indicating that IVZ is potentially undervalued [5] - The PEG ratio for Invesco is 1.55, compared to Franklin Resources' PEG ratio of 1.98, suggesting that IVZ may offer better value relative to its expected earnings growth [5] - Invesco's P/B ratio stands at 0.69, while Franklin Resources has a P/B ratio of 0.99, further supporting the notion that IVZ is undervalued [6] Zacks Rank and Earnings Outlook - Invesco holds a Zacks Rank of 2 (Buy), indicating a stronger improvement in its earnings outlook compared to Franklin Resources, which has a Zacks Rank of 3 (Hold) [3][7] - The improving earnings outlook for Invesco is a significant factor in its favorable position within the Zacks Rank model [7]