Group 1 - Virtus Investment Partners, Inc. (VRTS) reported preliminary assets under management (AUM) of $163.7 billion for April 2025, reflecting a 2.2% decrease from March 31, 2025, primarily due to net outflows in various fund categories [1] - The company's open-end fund balance decreased by 1.6% to $52.7 billion, while closed-end fund balance slightly declined to $10.2 billion [2] - Institutional accounts balance fell 2.1% to $55.5 billion, and retail separate accounts decreased by 3.4% to $45.3 billion [2] Group 2 - The integrated multi-boutique business model of the company is expected to support its performance in a growing industry, but the decline in AUM raises concerns about future profitability [3] - Elevated operating expenses are anticipated to negatively impact the company's bottom line in the near term [3] - Over the past six months, shares of Virtus Investment have decreased by 26.8%, compared to a 9.4% decline in the industry [4] Group 3 - The company currently holds a Zacks Rank of 4 (Sell) [5] - In comparison, Franklin Resources, Inc. reported a preliminary AUM of $1.53 trillion, showing a marginal decrease due to long-term net outflows [6] - T. Rowe Price Group, Inc. announced a preliminary AUM of $1.56 trillion, reflecting a slight decrease, with equity products totaling $767 billion and fixed income growing by 1% to $198 billion [8]

Lazard, Inc. (LAZ) reported a preliminary asset under management (AUM) balance of $231.4 billion as of April 30, 2025, reflecting an increase of 1.8% from March 31, 2025, level.The AUM was impacted favorably by foreign exchange appreciation of $5.1 billion, offset by market depreciation of $0.9 billion and net outflows of $0.2 billion.LAZ’s April AUM BreakdownIn April, Lazard’s equity assets increased 1.3% from the prior month’s level to $176.3 billion.Fixed-income assets increased 5.3% sequentially to $46. ...

Ownership Trends - As of March 2025, Foreign Institutional Investors (FIIs) owned 18.1% of BSE 500 stocks, down from a peak of 22% in 2014, while Domestic Institutional Investors (DIIs) owned 17.2%, the highest in 18 years[7][11] - In Q1 2025, DIIs increased their ownership in large-caps to 18.2% from 17.8%, mid-caps to 15.2% from 14.9%, and small-caps to 14.1% from 13.4%[8][16] Sector Exposure - FIIs increased exposure to Financials while reducing it in Consumer Staples, Consumer Discretionary, Healthcare, and Technology[3] - Retail investors increased their ownership in small-caps to 13.6% from 13.4% but reduced it in large-caps to 7.7% from 7.8%[10] Crowding and Alpha Opportunities - Stocks with significant increases in institutional ownership have underperformed the market by -3.5% to -3.8% per annum since 2006, indicating crowding behavior[4][35] - Under-owned stocks have historically generated alpha of 1.2% to 3.6% per annum since 2006, suggesting potential investment opportunities[4][42] Industry Rotation Strategy - A strategy of going long on the three least crowded and short on the three most crowded industries has yielded 5% annualized returns since 2009, with a notable increase to 29% post-COVID[52][56] - In Q1 2025, the crowded industry cohort was down -12.2%, while the market was down -4.6%, highlighting the risks associated with crowded sectors[4][52] Current Market Insights - The least crowded industries currently include Media, Steel, and Energy, while the most crowded are concentrated in Financials, particularly Banking and Asset Management[4][54] - The retail investor class remains the largest in small-caps, owning 13.6% compared to mutual funds at 11.2% and FIIs at 11.4%[10]

Core Insights - LHV Group reported strong financial performance in April, with significant growth in both loan and deposit portfolios, alongside a net profit of EUR 10.8 million [1][2] Financial Performance - The consolidated loan portfolio of LHV Group increased by EUR 77 million, while total deposits rose by EUR 727 million in April [1] - The net profit for LHV Group was EUR 10.8 million, with contributions from subsidiaries: AS LHV Pank (EUR 10.1 million), LHV Bank Ltd (EUR 83 thousand), AS LHV Kindlustus (EUR 319 thousand), and AS LHV Varahaldus (EUR 68 thousand) [2] - The return on equity attributable to shareholders was 19.1% [2] Customer Growth and Deposits - LHV Pank gained 2,800 new customers in April, with a loan portfolio growth of EUR 53 million and deposits increasing by EUR 574 million [3] - The increase in deposits included EUR 41 million from retail customers and EUR 212 million from corporate customers, with an additional EUR 120 million from platform deposits [3] Ratings and Recognition - Moody's Ratings upgraded LHV Pank's covered bond programme and ratings to the highest Aaa level [4] - LHV was recognized as one of the leading employers in the financial sector for the fifth consecutive year, ranking second in the overall assessment [4] UK Operations - LHV Bank in the UK saw rapid growth, with a loan portfolio increase of EUR 24 million and platform deposits rising by EUR 130 million [5] - The bank's profit was affected by increased marketing expenses for an upcoming retail banking campaign [5] Insurance and Investment Management - LHV Kindlustus signed new insurance contracts worth EUR 3.7 million, with claims paid totaling EUR 2.1 million [6] - The pension funds managed by LHV maintained their value despite market tensions, with larger funds showing year-to-date returns of 3.4% and 4.1% [7] Capital and Credit Ratings - LHV Group issued EUR 50 million in Tier 1 capital to support growth and repurchase previous AT1 bonds [8] - The long-term issuer rating for LHV Group remains Baa3 with a positive outlook [8] Company Overview - LHV Group is the largest domestic financial group in Estonia, with key subsidiaries including LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited [9] - As of the end of April, LHV served 468,000 banking clients, managed pension funds for 113,000 active clients, and provided insurance for 176,000 clients [9]

Core Insights - The total scale of funds managed by securities firms and their asset management subsidiaries reached approximately 1.18 trillion yuan as of the end of Q1 2025, representing a year-on-year growth of about 13.2% [2][10] - The average return rate for over 600 funds managed by these firms in Q1 2025 was 1.35%, with notable performers including Dongfanghong Medical Upgrade A, Guotai Junan CSI Hong Kong Technology Index A, and招商资管北证50成份指数A [7][9] - Seven funds reported floating profits exceeding 100 million yuan in Q1 2025, with CITIC Securities Excellent Growth Two-Year Holding A and Dongfanghong Medical Upgrade A each exceeding 200 million yuan in profit [10][12] Fund Performance - In Q1 2025, eight new funds were established, totaling approximately 5.505 billion yuan in scale [2] - The QDII equity funds performed exceptionally well, achieving an average return rate of 18.72%, while QDII mixed and balanced mixed funds followed closely [7] - Twelve funds achieved returns exceeding 10% in Q1 2025, with three funds surpassing 20% [8][9] Fund Flows - Huatai Zijin Monetary Growth Fund saw a net subscription of 5.86 billion units in Q1 2025, while several other funds also experienced significant net subscriptions [6] - Conversely, 21 funds, including Caitong Asset Management Xin Guanjia and Dongfanghong Monetary Fund, faced net redemptions exceeding 1 billion units [6] Notable Funds - Dongfanghong Medical Upgrade A, an ordinary equity fund, reported a net value growth of 22.83%, outperforming its benchmark by 19.49 percentage points [9] - Huatai Zijin Monetary Growth C was the best-performing fund among those with over 100 million yuan in scale, achieving a return of 0.4% in Q1 2025 [9] - Zhongyin Securities Huijia Regular Open Fund experienced a net value decline of 0.45%, resulting in a floating loss exceeding 197 million yuan [12]

Financial Data and Key Metrics Changes - Venture Compass generated fee-related earnings of R65.7 million or R1.04 per share and adjusted distributable earnings of R62.3 million or $0.98 per share for Q1 2025, with adjusted distributable earnings up 26% year over year [4][45] - Fee-related revenues totaled R112.5 million, representing a 117% increase year over year and 6% growth quarter over quarter [38] - FRE margin ended the quarter at 28.4%, with expectations for a margin in the low 30s for 2025 [42][84] Business Line Data and Key Metrics Changes - The credit segment was a highlight, with successful fundraising including over R600 million raised for PEPCO II and close to R200 million for MAF III [7][21] - The agribusiness credit strategy is expected to benefit from favorable trends in global trade flows and tariffs [21] - The equities segment is seeing compelling opportunities, with Latin American equities trading at attractive valuations [16] Market Data and Key Metrics Changes - The Brazilian real appreciated approximately 7% against the U.S. dollar, negatively impacting reported AUM, which decreased 7% quarter over quarter [36][37] - Foreign investors returned as net buyers of BRL3.8 billion in Q1 2025, compared to a net sell-off of BRL6 billion in Q4 2024, indicating a potential reversal in market sentiment [25] Company Strategy and Development Direction - The company is focused on integrating its platforms to create operational synergies and accelerate value creation [5][6] - There is a strong emphasis on credit strategies, with plans to scale initiatives across various geographies [7][9] - The company aims to leverage technology, particularly AI, to enhance operational efficiency and decision-making [33][34] Management's Comments on Operating Environment and Future Outlook - Management views the current macroeconomic environment as an opportunity rather than a challenge, particularly in the credit segment [9][10] - The geopolitical backdrop is seen as favorable for attracting capital to Latin America, with increasing interest from global investors [12][82] - The company remains optimistic about its growth prospects, supported by a strong pipeline of products across all segments [18][84] Other Important Information - The company hosted annual global investment conferences across multiple Latin American countries, drawing over 1,300 LPs [13] - The successful launch of large-scale events under the Vinci Compass brand is expected to deepen the company's presence in the region [13] Q&A Session Summary Question: What is the expected growth range for fee-related costs over the next four years? - Management expects fee-related costs to remain disciplined, with inflation being the primary factor affecting costs, and anticipates mid double-digit revenue growth to leverage costs effectively [49][50] Question: What was the impact of the Brazilian real appreciation on FRE? - The impact was not significant, with a positive effect of approximately $2 million on distributable earnings, and a minimal effect on FRE due to the currency's influence on AUM [51] Question: What are the drivers behind the decline in the IP and S segment? - The decline was attributed to net outflows in liquid TPD, primarily due to market volatility, rather than specific asset concentration [58][66] Question: Is there a trend of capital return in TPD alternatives? - Management clarified that capital returns do not impact future revenue significantly, as they charge placement fees on fundraises, and noted a positive trend in April with net inflows in TPD liquids [69][70] Question: What is the outlook for interest in Latin America from global investors? - There is a growing real interest from global investors in Latin America, particularly in equities, infrastructure, and credit, with ongoing discussions for commitments [81][82] Question: What is the expected FRE margin for the rest of the year? - Management maintains a target of low 30s for the FRE margin, with expectations for recovery in corporate advisory revenues and a stronger second half of the year [84][86]

PHILADELPHIA, May 12, 2025 /PRNewswire/ -- The Board of Directors of FS Credit Opportunities Corp. (the Fund) (NYSE: FSCO) announced the monthly distribution for May 2025. The distribution of $0.0645 per share will be paid on May 30, 2025. Further information on the distribution is summarized in the charts below.The current annualized distribution rate equates to an annualized distribution yield1 of 10.7% and 11.1%, respectively, based on the Fund's net asset value (NAV) and market price as of April 30, 202 ...

First Quarter 2025 Earnings Presentation May 12, 2025 1 Disclaimer This presentation contains forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on ...

Core Insights - The article discusses the author's commitment to Franklin Resources Inc. (BEN) despite a recent loss of approximately 3.7% in stock value, indicating a belief in the company's potential for recovery and growth [1] Group 1: Investment Strategy - The author employs a quantitative investment approach that combines fundamental analysis with momentum research, aiming to identify stocks with a significant disconnect between market perception and actual potential [1] - A proprietary software tool has been developed to track levels of optimism and pessimism in stock prices, which aids in making informed investment decisions [1] Group 2: Market Outlook - The focus is on investing in companies that are likely to surprise the market positively in the coming months, suggesting a strategy centered on identifying undervalued opportunities [1]

Core Viewpoint - The rise in U.S. Treasury yields is concerning, indicating ongoing investor worries about U.S. debt and fiscal policy [1] Group 1: Market Reactions - U.S. stock markets, bond markets, and the dollar have faced a triple sell-off over several weeks due to tariff uncertainties [1] - Positive news regarding U.S. tariff agreements has boosted the stock market and the dollar, but has not positively impacted U.S. Treasury bonds [1] Group 2: Economic Implications - While tariff talks are expected to have a positive impact on economic growth, persistently high yield levels suggest that the fiscal trajectory in the U.S. remains troubling [1] - Ongoing budget negotiations in the U.S. Congress will be critical for the bond market [1]