One of the standout stories of the markets in 2025, the participation of the retail investor. Even bigger than we might have thought according to some new data. Christina Partz joins us with more on that.What do we know. >> Well, retail traders are just having a breakout year. That's what we know.They're pouring money into markets at nearly double the 5-year average. That's 53% above last year's level. And this according to JP Morgan.So, what it's working, what are they doing. Well, JP Morgan says the winni ...

Core Viewpoint - The Board of Trustees of abrdn National Municipal Income Fund has approved the reorganization of VFL into MFS Municipal Income Trust, aiming to create a larger, more efficient fund with a targeted annual distribution rate of 6% of the Surviving Fund's net asset value [1][2]. Group 1: Reorganization Details - The reorganization will change the Surviving Fund's name from "MFS Municipal Income Trust" to "Aberdeen Municipal Income Fund" [1]. - Shareholders of VFL will have the opportunity to vote on the proposal at a special meeting scheduled for March 11, 2026, with the reorganization expected to close in the second quarter of 2026 if approved [2]. Group 2: Fund Management and Assets - Aberdeen Investments is one of the largest asset management firms globally, managing approximately $515 billion in assets as of September 30, 2025, including 15 U.S. closed-end funds totaling $26.1 billion [5]. - MFS had approximately $655.2 billion in assets under management as of November 30, 2025 [6]. Group 3: Governance and Advisory - The reorganization includes appointing abrdn Inc. as the investment adviser to the Surviving Fund and retaining the current VFL trustees along with one additional independent trustee [9].

Core Viewpoint - The Board of Trustees of abrdn National Municipal Income Fund has approved the reorganization of VFL into MFS Municipal Income Trust, aiming to create a larger, more efficient fund with a targeted annual distribution rate of 6% of the Surviving Fund's net asset value [1][2]. Fund Reorganization Details - The reorganization will change the Surviving Fund's name from "MFS Municipal Income Trust" to "Aberdeen Municipal Income Fund" upon closing [1]. - Shareholders of VFL will vote on the proposal at a special meeting scheduled for March 11, 2026, with the reorganization expected to close in the second quarter of 2026 if approved [2]. Investment Management Background - Aberdeen Investments is one of the largest asset management firms globally, managing approximately $515 billion in assets as of September 30, 2025, including 15 U.S. closed-end funds and 13 non-U.S. closed-end funds totaling $26.1 billion [5]. - MFS, as of November 30, 2025, had approximately $655.2 billion in assets under management [6]. Governance and Advisory Structure - The reorganization includes appointing abrdn Inc. as the investment adviser to the Surviving Fund and retaining the current VFL trustees along with one additional independent trustee [9].

Core Viewpoint - MFS Investment Management announced the reorganization of several Target Funds into the MFS Multimarket Income Trust, aimed at increasing scale, liquidity, and marketability, potentially reducing the discount to net asset value per share over time [1][3]. Reorganization Details - The reorganization involves MFS Charter Income Trust, MFS Government Markets Income Trust, MFS Intermediate High Income Fund, and MFS Intermediate Income Trust merging into the MFS Multimarket Income Trust [3]. - The reorganization is intended to allow shareholders to invest in a larger fund with the potential for a higher annual distribution rate, as the Target Funds and the Surviving Fund share similar investment objectives and policies [3]. Shareholder Approval Process - Shareholders of each Target Fund will vote on the reorganization at a special meeting scheduled for March 11, 2026, with a prospectus/proxy statement to be provided for additional information [4]. - The reorganization is contingent upon shareholder approval, and if approved, is expected to be completed in the second quarter of 2026 [4][10]. New Management and Governance - Aberdeen Investments has been appointed as the new investment adviser for the Surviving Fund, with a new investment management agreement to be approved by shareholders [7][10]. - Five new trustees have been nominated to serve on the board of the Surviving Fund, also subject to shareholder approval [7][10]. Aberdeen Investments Overview - Aberdeen Investments is one of the world's largest asset management firms, managing approximately $515 billion in assets as of September 30, 2025, and has extensive experience with closed-end funds [9].

Core Viewpoint - MFS Investment Management announced the reorganization of three municipal trust funds into the MFS Municipal Income Trust, aiming to enhance scale, liquidity, and marketability, potentially benefiting shareholders with higher distribution rates and lower operating expenses [1][3][5]. Reorganization Details - The reorganization involves MFS High Income Municipal Trust, MFS High Yield Municipal Trust, and MFS Investment Grade Municipal Trust merging into the MFS Municipal Income Trust [1][3]. - The new fund will be managed by Aberdeen Investments, with the appointment of five new trustees and the issuance of additional common shares [1][8]. Shareholder Approval - Shareholders of the Target Funds will vote on the reorganization at a special meeting scheduled for March 11, 2026, with a prospectus/proxy statement to be provided [4][5][11]. - The reorganization is contingent upon shareholder approval and is expected to be completed in the second quarter of 2026 [5][11]. Investment Management Changes - A new investment management agreement will be established with Aberdeen Investments, which is recognized as one of the largest asset management firms globally, managing approximately $515 billion in assets as of September 30, 2025 [10][11]. - The election of five new trustees for the Surviving Fund is also subject to shareholder approval [8][11]. Fund Objectives - The Target Funds and the Surviving Fund share similar investment objectives and policies, with the reorganization aimed at benefiting shareholders by creating a larger fund with improved financial metrics [3][12].

Summary of Abacus Global Management Conference Call Company Overview - **Company Name**: Abacus Global Management (NasdaqCM: ABL) - **Industry**: Asset Management focused on life insurance assets - **History**: Over 20 years of operation, public for 10 quarters Key Financial Metrics - **Q1 Revenue Growth**: Year-over-year growth of over 100% in revenue [4] - **Adjusted Net Income Guidance**: Targeting approximately 80% year-over-year growth [4] - **EBITDA Margin**: Greater than 60% [4] - **Return on Equity (ROE) and Return on Invested Capital (ROIC)**: Both over 20% [4] - **Dividend Yield**: Over 2.5% with the first annual dividend announced [6] - **Market Valuation**: Trading at a multiple of approximately 2.5 earnings, with expectations for growth [5] Business Model and Strategy - **Core Business**: Abacus operates as both an origination company and an asset manager, controlling the lifecycle of client assets [3] - **Market Opportunity**: Positioned in a $14 trillion life insurance industry, with a focus on acquiring life insurance policies as assets [7][10] - **Recurring Revenue**: Aiming to increase recurring revenue from 15% to 70% over the next three to five years [15] - **Growth Strategy**: Plans to triple revenue over the last two years and double it again in the next three years [16] Unique Selling Proposition - **Regulatory Advantage**: Licensed in every state to operate in a highly regulated market [10] - **Data Utilization**: Developed technology to track mortality with 99% accuracy within 48 hours, significantly outperforming traditional systems [18] - **Asset Characteristics**: Life insurance policies are typically A-rated, cash-reserved, and uncorrelated to market fluctuations [12][13] Growth Areas - **Asset Management**: Currently managing approximately $3-$3.5 billion in assets under management (AUM), with expectations to reach $10 billion in five years [26] - **Technology Division**: Significant growth in tracking lives for mortality data, expanding from 26,000 to 2.6 million lives monitored [29] - **Wealth Advisory Services**: Developing financial solutions based on lifespan data to assist clients in retirement planning [19] Market Position and Future Outlook - **Market Penetration**: Abacus is a dominant player in an underpenetrated market, with a unique position as the only public company in its industry with recurring revenue [7] - **Securitization Plans**: Launched its first securitization in October, with plans for more in 2026 to optimize capital costs [32] - **Investor Engagement**: Committed to educating investors about the business model and growth potential [36] Conclusion - **Investment Opportunity**: Abacus presents a compelling investment opportunity with strong growth metrics, a unique business model, and a significant market opportunity in the life insurance asset management space [36]

On Thursday, top financial players BlackRock and J.P.Morgan each launched a new ETF to add to their ever- growing fund libraries. BlackRock's Expansive Bond Coverage BlackRock added the iShares Total ... ...

Core Insights - State Street Investment Management and Galaxy Asset Management are launching the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) on December 10, with a $200 million seed investment from Ondo Finance [1][2]. Group 1: Fund Overview - SWEEP will leverage State Street's expertise in cash and liquidity management alongside Galaxy Digital's knowledge in tokenization and digital infrastructure to provide an onchain cash management solution [2]. - The fund will utilize PayPal USD (PYUSD) stablecoins for subscriptions and redemptions, enabling 24/7 onchain liquidity [2]. Group 2: Technical and Operational Aspects - Galaxy plans to implement Chainlink for cross-chain interoperability, allowing SWEEP tokens to move across different blockchain networks [3]. - The fund is expected to launch on the Solana blockchain in early 2026 and aims to integrate with other networks such as Stellar and Ethereum [3]. Group 3: Industry Impact and Statements - Ondo Finance President Ian De Bode emphasized that tokenization is bridging traditional finance and the onchain economy, with SWEEP marking significant progress in this evolution [4]. - State Street's Kim Hochfeld noted that the partnership with Galaxy aims to advance the traditional finance landscape onchain [4]. - Galaxy's Steve Kurz described SWEEP as a transformative collaboration that will provide digital investors with a new onchain liquidity fund option [4].

Group 1 - The Federal Reserve cut its key federal funds rate by 0.25% to a range of 3.5%-3.75%, with projections indicating only one more cut in 2026 due to slowing job growth and persistent inflation [1] - Following the interest rate cut, stocks surged, with the S&P 500 and Nasdaq 100 reaching six-week and five-week highs, respectively [1] Group 2 - In unusual options activity, the top 25 ETF put options by volume-to-open-interest ratios showed significant interest, particularly in the iShares 7-10 Year Treasury Bond ETF (IEF) and the iShares Russell 2000 ETF (IWM) [2] - Small-cap stocks, represented by IWM, have performed strongly, with an increase of 8.15% since November 21, and an 88% outperformance compared to the SPDR S&P 500 ETF (SPY) over the same period [2] Group 3 - IWM had three active put options with volume-to-open-interest ratios above 10, indicating notable trading activity despite a bearish put/call open interest ratio of 2.44 [3] - The Jan. 16/2026 $243 strike put option for IWM had a volume of 57,033, which is 14.02 times the open interest, highlighting significant market interest [4] Group 4 - The covered strangle strategy combines a Covered Call and a Cash-Secured Put, allowing traders to generate income while managing exposure to the underlying asset [5] - This strategy is not solely focused on income generation; it also provides a systematic approach to managing exposure, allowing for increased long exposure at lower prices if the underlying asset falls, or trimming exposure and realizing gains if it rises [6][7]

Core Insights - Franklin Resources, Inc. (BEN) and T. Rowe Price Group, Inc. (TROW) are established global asset managers with diverse investment platforms, but their business strategies and competitive positions differ significantly, which may influence future performance [1] Industry Performance - The asset management industry has seen impressive performance in 2025 due to market rebounds, record inflows, and rising global assets under management (AUM), with heightened demand for active management and tactical strategies [2] - Alternatives have remained in high demand as investors seek returns less affected by interest-rate fluctuations, contributing to one of the industry's strongest post-pandemic years [2] 2026 Outlook - The outlook for 2026 is positive, driven by economic growth, declining interest rates, and ongoing product innovation, prompting investors to consider which firm, TROW or BEN, has better potential [3] Franklin Resources (BEN) Overview - Franklin has expanded its platform through acquisitions and partnerships, including a multi-year partnership with Wand AI and the acquisition of Apera Asset Management, adding over $90 billion to global alternative credit AUM [4][5] - The company has seen solid AUM growth, supported by a regionally-focused distribution model and strong inflows across various asset classes [5][6] - As of September 30, 2025, Franklin held $5.6 billion in liquidity with no short-term debt, allowing for strategic capital deployment [7][6] T. Rowe Price (TROW) Overview - T. Rowe Price has strengthened its platform through strategic alliances, including a partnership with Goldman Sachs and the acquisition of Oak Hill Advisors, enhancing its alternative investment offerings [9][10] - The company benefits from diversified AUM across asset classes and geographies, with strong investment-advisory fees supporting revenue growth [10][11] - As of September 30, 2025, TROW held $4.28 billion in liquid assets against total liabilities of $1.15 billion, indicating a robust liquidity position [12] Financial Estimates - For BEN, the fiscal 2026 revenue estimate suggests a decline of 1.7%, while fiscal 2027 indicates growth of 3.5%, with earnings expected to rise by 14.4% in 2026 and 10.9% in 2027 [13] - TROW's sales estimates for 2025 and 2026 suggest increases of 2.9% and 6.2%, respectively, with earnings expected to rise by 4.5% and 5.7% for the same years [15] Stock Performance and Valuation - Over the past year, TROW shares have decreased by 14.3%, while BEN shares have increased by 5.5%, both outperforming the industry average decline of 15.5% [17] - BEN is trading at a forward P/E multiple of 8.98X, while TROW is at 10.08X, both below the industry average of 14.90X, indicating that BEN is currently cheaper than TROW [20] Dividend Performance - Both companies have increased dividends five times in the past five years, with BEN raising its quarterly dividend by 3.2% to 32 cents per share, yielding 5.49%, while TROW increased its dividend by 2.4% to $1.27 per share, yielding 4.91% [22] Comparative Analysis - Both firms are well-managed with diversified investment platforms and solid AUM bases, but BEN has a clearer growth narrative driven by expansion into higher-fee alternatives and strategic acquisitions [25][26] - With a lower valuation and strong growth estimates, BEN appears to offer better upside potential heading into 2026 [27]