Core Viewpoint - Fidelity's bond ETF lineup, while smaller than some competitors, offers strategic options for investors looking to capitalize on the improved bond market environment heading into 2026 [1][3]. Group 1: Bond Market Environment - The fixed income market has seen a resurgence, with yields of 4% or greater available across various points on the yield curve, and inflation is now contained, allowing for a more favorable investment climate [2]. - The bond market is recovering from a challenging period, including a poor performance in 2022, and is now positioned to be a more integral part of traditional asset allocation strategies [1][2]. Group 2: Fidelity's Bond ETFs - Fidelity currently offers 13 bond ETFs, providing a range of options for investors to navigate the current economic landscape [3]. - The Fidelity Total Bond ETF (FBND) provides broad exposure to the total bond market, including both investment-grade and junk bonds, with minimal exposure to non-investment-grade and non-U.S. bonds [5][6]. - The Fidelity Enhanced Yield ETF (FDHY) focuses on the junk bond sector, employing a factor-based approach to select bonds with optimal value and quality characteristics, which may benefit from a healthy U.S. economy and stable credit spreads [10][11]. - The Fidelity Tactical Bond ETF (FTBD) combines features of both FBND and FDHY, covering all areas of the fixed-income market while allowing for tactical rotation based on valuation and quality assessments [12][13]. Group 3: Future Outlook - The bond market in 2026 is expected to be influenced by various economic factors, including growth, inflation, and labor market conditions, making a strategic approach to fixed income essential [7]. - Active management in bond funds is anticipated to yield better results as central banks approach the end of their rate-cutting cycles, shifting the focus from yield capture to security selection [14].

The ‘post consensus’ age has arrived, according to Mercer.In its latest annual thematic outlook, the global Marsh McLennan multi-manager and asset consultant says the investment world now operates in “a landscape in which the norms that guided portfolio construction, risk management, and strategic allocation for decades are being reconsidered, reexamined, and in many cases overturned”.Amid the chaos, the Mercer report has ordered the investment themes for the years ahead into three categories of ‘regime cha ...

Core Viewpoint - Quantitative investment has gained significant traction in 2023 due to breakthroughs in AI technologies and favorable market conditions, with quantitative long strategies showing strong performance in the A-share market [2]. Group 1: Quantitative Long Strategy Performance - As of November 2025, there are 715 quantitative long products with a total scale of approximately 609.92 billion, achieving an average return of 39.07% over the past year, outperforming other secondary strategies [2][3]. - The average returns for various secondary strategies are as follows: - Quantitative Long: 39.07% - Subjective Long: 35.20% - Other Derivative Strategies: 29.36% - Macro Strategies: 27.06% - Composite Strategies: 26.48% - Quantitative CTA: 18.55% - FOF: 17.88% - Stock Long-Short: 15.59% [3]. Group 2: Top Performers in Quantitative Long Strategies - Among the top-performing private equity firms with over 100 billion in assets, the average return for their quantitative long products is 43.46%, with 29 firms having at least three qualifying products [5]. - The top three firms in this category are: - Lingjun Investment - Pingfang Investment - Ningbo Huansheng Quantitative [5][8]. Group 3: Performance by Asset Size - For firms with 20-100 billion in assets, the average return is 41.79%, with the top three being: - Luxiu Investment - Yunqi Quantitative - Guangzhou Shouzheng Yongqi [9][10]. - In the 5-20 billion category, the average return is 35.88%, with the top three being: - Longyin Huxiao - Zhongmin Huijin - Yangshi Asset [12][13]. - For firms with 0-5 billion in assets, the average return is 33.26%, with the top three being: - Hangzhou Saipasi - Guangzhou Tianzheng Han - Hongtong Investment [15][16].

Core Viewpoint - Dividend stocks provide a combination of growth and income, making them an attractive investment option for building wealth [1] Group 1: Importance of Dividends - Dividends have significantly contributed to stock market returns, accounting for 95% of the S&P 500's cumulative total return since 1960 through compounding and reinvestment [2] - Companies that consistently increase their dividends have outperformed non-dividend-paying stocks, delivering annual returns of 10.2% compared to 4.3% [3] Group 2: Realty Income (O) - Realty Income is a REIT that owns over 15,000 commercial properties under long-term, triple-net leases, resulting in stable and predictable cash flows [6] - The company pays monthly dividends, offering an annual yield of 5.6%, with a history of increasing its monthly dividend 133 times over the past three decades [8][9] Group 3: BlackRock (BLK) - BlackRock is the world's largest asset manager with over $13.5 trillion in assets under management, benefiting from the growing trend of passive investing through its low-cost ETFs [11] - The company has raised its dividend payout for 16 consecutive years, providing a yield of around 1.8% and annual returns of over 14.8% over the past decade [14] Group 4: Ares Capital Corporation (ARCC) - Ares Capital offers a high dividend yield of over 9% due to its structure as a business development corporation, which requires it to distribute 90% of taxable income to shareholders [15] - The company has over 20 years of experience lending to middle-market companies, delivering solid performance even during economic downturns [19]

Vanguard’s global head of quantitative equity, John Ameriks, said bitcoin (BTC) still resembles a speculative collectible more than an asset meant to build long-term wealth, comparing it to a “digital Labubu,” the plush toy that has become a popular collectible. Ameriks’ words came during Bloomberg’s ETFs in Depth conference in New York on Thursday, where he said bitcoin lacks the income, compounding, and cash-flow traits Vanguard seeks when it evaluates long-term investments. His dismissive stance come ...

Group 1: Company Actions - Goldman Sachs Asset Management is acquiring Innovator Capital Management for $2 billion, focusing on defined outcome exchange-traded funds (ETFs) [1] - The acquisition is expected to close in the first half of next year, indicating a strategic move to enhance their product offerings in the ETF market [1] Group 2: Industry Insights - Defined outcome ETFs, also known as buffer ETFs, are gaining traction as they provide downside protection and income for investors, addressing specific market needs [2] - Bryon Lake, co-head of the Third-Party Wealth team at Goldman Sachs, emphasizes the growth potential of defined outcome ETFs, describing them as a fast and attractive space [2] - Kathmere Capital Management, managing $3.4 billion in assets, highlights the role of defined outcome ETFs in client portfolios to reduce downside risk, indicating a growing demand for these products [3] - The appeal of defined outcome ETFs lies in their ability to offer stock market exposure with built-in safety nets, making them suitable for risk-managed equity solutions [4]

Brazil’s largest privately-owned asset manager, Itáu Asset Management, has recommended investors allocate 1% to 3% of their portfolios to bitcoin (BTC). In a year-end note, Renato Eid, head of beta strategies and responsible investment for Itaú Asset Management, argued that bitcoin’s lack of correlation with traditional local assets makes it a useful diversification tool. The note echoes the bitcoin allocations recommended by other major asset managers. Earlier this month, Bank of America greenlit wealt ...

Core Insights - The global carbon market is transitioning to an implementation phase following the COP meeting in Brazil, with over 30 countries developing Article 6 strategies under the Paris Agreement [1] - Carbon Markets 2.0 is characterized by high integrity standards, essential for achieving emission reduction goals, presenting significant opportunities for financial institutions [2] - The engagement of financial entities like banks and asset managers is crucial for evolving carbon markets with discipline and transparency, while also creating new business opportunities [3] Market Opportunities - Carbon markets are seen as an untapped opportunity for rapid climate action, allowing industries to address emissions with limited current solutions and generating debt-free climate finance for developing economies [4] - Despite recent slowdowns, the volume of carbon credit retirements in the first half of 2025 was the highest on record, driven by increasing corporate climate commitments [5] - Businesses are seeking stability, consistency, and transparency in the carbon market, which are essential for restoring investor confidence and enabling market interoperability [6] Market Growth Projections - MSCI projects the global carbon credit market could expand from $1.4 billion in 2024 to as much as $35 billion by 2030, and between $40 billion and $250 billion by 2050, contingent on institutions having the necessary capital and infrastructure [7]

Vanguard Group now allows clients to trade spot Bitcoin exchange-traded funds, but the $12 trillion asset manager’s skepticism toward crypto remains firmly intact. According to Bloomberg, John Ameriks, Vanguard’s global head of quantitative equity, compared Bitcoin to a viral plush toy collectible rather than a productive asset at Bloomberg’s ETFs in Depth conference on Thursday, saying it lacks the income, compounding, and cash flow that the firm seeks in long-term investments. “It’s difficult for me t ...

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]