Core Viewpoint - Strive, Inc. has announced a sales agreement to issue and sell shares of its Variable Rate Series A Perpetual Preferred Stock with an aggregate offering price of up to $500 million through an at-the-market program [1][2]. Group 1: Financial Details - The net proceeds from the ATM Program will be utilized for general corporate purposes, including the acquisition of bitcoin, working capital, purchasing income-generating assets, share repurchases, and debt repayment [2]. - Strive holds approximately 7,525 bitcoins as of November 7, 2025, and has grown to manage over $2 billion in assets since launching its first ETF in August 2022 [5]. Group 2: Stock Offering Mechanics - The SATA Stock may be sold by sales agents through methods defined as "at-the-market offerings" under the Securities Act of 1933 [3]. - The sale of SATA Stock is offered pursuant to a prospectus supplement filed with the SEC on December 9, 2025, under an existing automatic shelf registration statement effective since September 15, 2025 [4]. Group 3: Company Overview - Strive is the first publicly traded asset management Bitcoin treasury company, focused on increasing Bitcoin per share to outperform Bitcoin over the long run [5].

Summary of Affiliated Managers Group (AMG) Conference Call - December 09, 2025 Company Overview - **Company**: Affiliated Managers Group (NYSE: AMG) - **Industry**: Asset Management - **Key Focus**: Transition towards alternative investment capabilities, which now represent over 50% of EBITDA [2][4][6] Core Points and Arguments Business Evolution and Strategy - AMG has successfully pivoted towards alternative investments, with alternatives now comprising approximately 55% of EBITDA, aiming for two-thirds in the coming years [2][4][6][8] - The growth in alternatives is driven by both organic growth and strategic acquisitions, with a focus on independent firms that align with AMG's investment strategy [5][6][7] - AMG has made four new investments and one strategic partnership in alternatives this year, contributing to the growth of its affiliate base [7][8] Acquisition Strategy - AMG's acquisition strategy focuses on smaller deals, typically with an enterprise value between $250 million and $1 billion, investing 20%-60% of the economics of the business [15][16][17] - The company emphasizes maintaining the independence of its affiliates while providing strategic support, including business development and product innovation [13][14] Organic Growth - Liquid alternatives have seen a significant turnaround, with AQR being a major contributor, managing approximately $45 billion in assets [18][19][21] - AMG has observed positive flows in liquid alternatives, with total alternative flows exceeding $50 billion, two-thirds of which are from liquid alts [21][22] - AQR's tax-aware strategies are highlighted as a durable trend, addressing the needs of high-net-worth individuals and wealth advisors [22][25][26] Private Markets - AMG's private markets strategy is focused on specialized areas, with Pantheon being a key affiliate [33][34] - The company aims to leverage its scale to provide unique access to differentiated return streams in private markets [35][36] Financial Performance and Capital Allocation - AMG has reduced its share count by approximately 40% over the last five years, indicating a strong capital return strategy through share repurchases [42][44] - The company anticipates continued share repurchases, viewing its current share price as attractive [47][48] - Performance fees have averaged around $150 million annually, with potential for growth as the business evolves [51][52] Outlook for 2026 - AMG expects continued momentum in alternative flows, with higher fees and margins contributing positively to earnings [56][57] - The company is not yet ready to provide specific guidance for 2026 but acknowledges a step function increase in flows and net effects from new investments [58][59] Additional Important Insights - AMG's unique position as a one-stop shop for various differentiated return streams allows it to capitalize on the trend of institutional LPs consolidating their relationships with fewer managers [35][36] - The company is exploring new product offerings in private markets, including structured credit and multi-asset products [39][40] This summary encapsulates the key points discussed during the conference call, highlighting AMG's strategic focus on alternatives, acquisition strategy, organic growth, financial performance, and outlook for the future.

Michael Gray has devoted his career to following the capital markets and managing fixed income assets. He founded Gray Capital Management LLC and before that was Head of Taxable Fixed Income at Fidelity Investments. Michael has an MBA in Finance from Wharton and a BA in Economics from Union College.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, ...

Core Viewpoint - A class action securities lawsuit has been filed against Blue Owl Capital Inc. for alleged securities fraud affecting investors between February 6, 2025, and November 16, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Blue Owl Capital Inc. faced significant pressure on its asset base due to redemptions from business development companies, leading to undisclosed liquidity issues [2]. - It is alleged that the company was likely to limit or halt redemptions of certain business development companies, which misled investors regarding the company's business, operations, and prospects [2]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until February 2, 2026, to request to be appointed as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, and there is no obligation to participate [3]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years by ISS Securities Class Action Services [4].

Invesco Conference Call Summary Company Overview - Invesco is a $2.1 trillion asset management firm with capabilities across various asset classes including equities, fixed income, ETFs, private markets, and multi-asset solutions [1][4] Key Points on Organic Growth - Invesco reported approximately $75 billion of net long-term flows in the first 11 months of 2025, indicating strong and broad asset flows across geographies and asset classes [5][6] - Focus areas for driving organic growth include: - Personalization in wealth management, particularly through SMAs (separately managed accounts), which have grown from $17.5 billion to $35 billion in assets over three to four years [6] - Income-oriented strategies, with a fixed income franchise of about $680 billion and $30 billion in positive net flows this year [6][7] - Expansion into private markets, with $130 billion in assets and partnerships to enhance offerings [7][21] - International growth, with 40% of long-term assets held by clients outside North America, contributing to 70% of this year's flows [8] Fee Structure Changes - Invesco is in the process of converting a fund structure from UIT to ETF, with over 92% of voting fundholders in favor of the proposal [10][11] - The new management fee is set at 18 basis points, with a projected net revenue yield of 6 basis points after expenses [14][15] Private Markets Strategy - Invesco's private markets solutions include $130 billion in assets, with $85 billion in private real estate and $45 billion in private credit [20] - Partnerships with Barings and LGT Capital are aimed at expanding private credit strategies and enhancing income offerings [21][22] Fundamental Equities Realignment - Invesco has consolidated its international, global, and emerging market fundamental equity strategies to improve investment quality [31] - Approximately half of the assets in fundamental equity are now in the top quartile over a three-year basis, with positive flows noted in Europe and Asia [33] Fixed Income Positioning - The fixed income platform is close to $700 billion, with a broad range of strategies from money market funds to private credit [46] - There is significant capacity for growth, particularly as cash balances remain high in wealth and retail sectors [48] Expense Management and Operating Margins - Invesco aims to improve operating margins, targeting a return to mid-30s and eventually high 30s [52] - The firm has been managing expenses effectively, with a focus on unlocking costs while driving organic revenue growth [53][60] Capital Management and Shareholder Returns - Invesco announced a $500 million repurchase of preferred shares, following a $1 billion repurchase earlier in the year [66][67] - The company is targeting a 60% payout ratio for capital returns to shareholders, including dividends and buybacks [71] M&A and Strategic Partnerships - Invesco is open to M&A but sees significant opportunities through strategic partnerships, particularly in enhancing product capabilities [72][73] 2026 Priorities - Key initiatives for 2026 include improving investment quality in fundamental equities, scaling capabilities in ETFs and fixed income, and completing the Alpha technology implementation [76][79] Additional Insights - The firm has seen a notable increase in flows from the Chinese market, with over $125 billion in assets and $15 billion in flows through the first nine months of 2025 [39][40] - Digital engagement is significant, with about one-third of client interactions occurring through digital platforms [44]

PresentationAlexander BlosteinGoldman Sachs Group, Inc., Research Division Okay. Wonderful. Okay. Thanks. Well, good afternoon, everybody. We're going to get started. It's my pleasure to introduce Martin Small, CFO of BlackRock, the largest global asset managers with $13.5 trillion in assets under management. Despite its size, BlackRock remains one of the fastest-growing companies in the asset management space with plans to still double the business by 2030. The firm is well on its way there with organic ba ...

Core Insights - Artisan Partners Asset Management Inc. reported preliminary assets under management (AUM) of $180.8 billion as of November 30, 2025, with Artisan Funds and Artisan Global Funds contributing $87.2 billion and separate accounts and other AUM accounting for $93.6 billion [1] AUM Breakdown by Strategy - The AUM for various strategies as of November 30, 2025, includes: - Global Opportunities: $18,429 million - Global Discovery: $1,838 million - U.S. Mid-Cap Growth: $10,965 million - U.S. Small-Cap Growth: $2,919 million - International Value: $51,542 million - Global Value: $35,083 million - High Income: $12,985 million - Developing World: $4,635 million - Additional strategies also reported [2] Separate Accounts and Other AUM - Separate account and other AUM consists of assets managed through vehicles other than Artisan Funds or Artisan Global Funds, including traditional separate accounts and Artisan-branded collective investment trusts [3] Additional Distributions - The month-end AUM for November includes approximately $800 million of Artisan Funds distributions that were not reinvested, with an expectation of an additional $400 million in December [1] Redemption Activity - The firm experienced a $2.7 billion redemption in early December 2025 from a non-U.S. institutional client across three Growth team strategies, influenced by local pension-market dynamics [1] Company Overview - Artisan Partners is a global multi-asset investment platform offering a range of high value-added investment strategies across various asset classes, committed to attracting experienced investment professionals since 1994 [5]

Core Insights - TPG, a global alternative asset manager, has over $280 billion in assets under management (AUM) and is experiencing significant momentum in fundraising, deployment, and investment performance [2]. Group 1 - TPG has seen accelerating fundraise and deployment activities throughout 2025, indicating strong operational momentum [2]. - The firm is expected to have a busy year in 2026 with several major strategies in the market [2].

Increasing interest in active management has been a persistent trend in 2025. Still, the current momentum should continue to drive demand in 2026. Goldman Sachs and MFS Investment Management are two of the ETF providers leading the proverbial charge. Their active ETFs cater to various asset classes as well as investment styles. Jamie Harrison, Head of ETF Capital Markets at MFS and Marissa Ansell, Goldman Sachs Head of ETF Investment Strategy joined VettaFi Industry Analyst Cinthia Murphy to discuss the ong ...

Core Insights - AllianceBernstein is a global, diversified asset manager with over $850 billion in assets under management (AUM) [1] - The firm has strong capabilities across fixed income, private markets, and global equities [1] - Partnership with Equitable and a sizable wealth management franchise provide unique product development opportunities that support growth outlook [1] - The update from the CEO will provide insights into the business and broader landscape looking towards 2026 [1]