Core Insights - The non-listed closed-end fund (CEF) market is experiencing accelerated growth, with a significant increase in fund launches and a shift towards greater investor accessibility [1][2][3] Market Growth and Trends - The non-listed CEF market reached a new peak with 288 interval and tender offer funds, totaling $196 billion in net assets and $227 billion in total managed assets as of June 30, 2025 [4] - In Q2 2025, 23 new funds were launched, marking an increase of 13 funds compared to Q2 2024, with market-wide net assets increasing by $15 billion from the previous quarter [5] - The market share of the top 20 funds decreased to 59% in Q2 2025 from 60% in Q1 2025, indicating a diversification in the market [7] Fund Structure and Accessibility - The report highlights the removal of accredited investor suitability restrictions, with 53% of interval and tender offer funds having no suitability restrictions for investors [3][16] - The emergence of Specialty Structures funds, which are evergreen and semi-liquid private funds designed for accredited investors, is noted, with 13 such funds currently in the market [8][9] Net Flows and Performance - In Q1 2025, funds had positive net flows totaling over $13 billion, with 67% of funds reporting positive net flows, primarily into daily NAV funds without suitability restrictions [11][12] - The top 20 largest interval/tender offer funds accounted for 50% of total net flows, including market leaders like the Cliffwater Corporate Lending Fund and Partners Group Private Equity [13] Regulatory Environment - There has been a 70% increase in SEC registrations for new funds in 2025 compared to the same period in 2024, with 46 new SEC filings so far this year [14] - Newly launched non-listed CEFs typically spend around six months in the SEC registration process, with Tax-Free Bond funds being the quickest to launch [15] Future Outlook - The market is expected to continue growing, with more funds likely to reduce their suitability requirements, enhancing accessibility for investors [17]

A live broadcast of Onex' webcast to discuss the results will begin at 11:00 a.m. ET on August 7, 2025. A link to the webcast and on-line replay will be available at www.onex.com/events-and-presentations. About Onex Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereig ...

Core Insights - AllianceBernstein L.P. has partnered with Pacific Life to enhance its multi-insurer platform for delivering lifetime income solutions to large Defined Contribution (DC) plans [1][2] Group 1: Company Developments - The addition of Pacific Life is part of AllianceBernstein's ongoing expansion of its retirement income capabilities, which includes the Lifetime Income Strategy (LIS) and the AB Secure Income Portfolio [2][3] - The Lifetime Income Strategy currently manages approximately $12 billion in assets, with $4.5 billion specifically in secured income [2] - AllianceBernstein has been a pioneer in offering flexible lifetime income solutions to the DC market since 2012, continuously adapting to client needs [3] Group 2: Product Offerings - The AB Secure Income Portfolio allows DC plan sponsors to implement lifetime income in various ways, providing participants with secure income streams and control over their accounts [3][5] - The multi-insurer structure of the platform aims to produce competitive withdrawal rates and mitigate risks for participants [5] Group 3: Market Position - As of June 2025, AllianceBernstein manages $829 billion in assets, indicating a strong market presence [7] - Pacific Life's involvement reflects a commitment to providing diverse lifetime income solutions for plan sponsors and their employees [5][8]

Core Insights - Infrastructure Capital Advisors is a prominent provider of investment management solutions aimed at income-focused investors [1] - Jay Hatfield serves as the CEO and CIO, leading the investment team [1] - The firm manages several ETFs including InfraCap Small Cap Income ETF (NYSE: SCAP) and InfraCap Equity Income Fund ETF (NYSE: ICAP) [1] - Infrastructure Capital is frequently featured in major financial media outlets such as Fox Business, CNBC, and Bloomberg [1] - The company publishes a variety of market reports and educational resources, including monthly market and economic reports and quarterly commentaries [1] - Infrastructure Capital also hosts monthly webinars and participates in industry conferences to enhance investor education [1]

Core Viewpoint - Invesco Ltd. reported a second quarter diluted EPS of $(0.03) and an adjusted diluted EPS of $0.36, impacted by costs related to the repurchase of preferred stock [1][14]. Financial Performance - The company generated $16 billion in net long-term inflows during the quarter, achieving a record $2 trillion in assets under management (AUM), which represents a 16% increase year-over-year [2][8]. - Operating revenues for Q2 2025 were $1,515.5 million, a decrease of 0.9% from Q1 2025 but an increase of 2.2% compared to Q2 2024 [7][15]. - The operating income was $214.2 million, down 22.8% from Q1 2025 but up 3.6% from Q2 2024 [7][15]. - The adjusted operating income was $344.4 million, with an adjusted operating margin of 31.2% [7][22]. Net Flows - Net long-term inflows were $15.6 billion in Q2 2025, down from $17.6 billion in Q1 2025 [3][6]. - Retail and institutional net long-term inflows were $9.1 billion and $6.5 billion, respectively, with significant contributions from ETFs and Index, China JV & India, and Fundamental Fixed Income [4][8]. Assets Under Management - Ending AUM increased by 8.5% to $2,001.4 billion from $1,844.8 billion in Q1 2025, and by 16.6% from $1,715.8 billion in Q2 2024 [9][8]. - Average AUM rose by 0.9% during the quarter [9]. Capital Management - The company repurchased $1 billion of its preferred stock and continued to repurchase common shares, totaling 1.7 million shares for $25 million during the quarter [2][27]. - Cash and cash equivalents stood at $922.7 million as of June 30, 2025, up from $821.7 million at the end of Q1 2025 [25]. - Total debt increased to $1,883.9 million, which includes $1 billion in new bank term loans for the preferred stock repurchase [26]. Tax and Earnings - The effective tax rate for Q2 2025 was 28.1%, up from 22.5% in Q1 2025 [13][17]. - Adjusted net income attributable to Invesco Ltd. was $165.2 million, down 17.6% from Q1 2025 [9][41].

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to stay informed [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]

Core Viewpoint - The article emphasizes the importance of creating a balanced investment portfolio by mixing stocks and bonds, suggesting a typical allocation of 60% in stocks and 40% in bonds, with variations based on individual risk tolerance [1][2][4]. Group 1: Stock Investments - A balanced portfolio should include both U.S. and international dividend-paying stocks, with the Vanguard High Dividend Yield ETF (VYM) focusing on U.S. stocks and the Vanguard International High Dividend Yield ETF (VYMI) covering international stocks [5][7]. - The Vanguard High Dividend Yield ETF consists of over 580 U.S. dividend-paying companies, with a dividend yield of 2.8%, which is more than double that of the S&P 500 index [6]. - The Vanguard International High Dividend Yield ETF includes over 1,500 international stocks, offering a higher dividend yield of 4.1% [7]. Group 2: Bond Investments - The bond market is larger and more complex than the stock market, making bond ETFs a suitable choice for most investors. The Vanguard Total Bond Market ETF (BND) provides exposure to the entire U.S. bond market [9]. - The Vanguard Total International Bond Market ETF (BNDX) complements the U.S. bond exposure by offering a diversified global bond portfolio, with yields of approximately 3.8% for BND and 4.2% for BNDX [10]. - A recommended allocation for bonds is to keep 60% to 75% in domestic bonds and the remainder in international bonds, ensuring diversification across the bond market [11]. Group 3: Portfolio Management - The proposed portfolio consisting of four ETFs is designed for long-term income and capital appreciation, requiring minimal management with only four trades to start and annual rebalancing [12].

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Virtus Investment Partners (VRTS) due to lower revenues, with a consensus EPS estimate of $6.12, reflecting a -6.3% change, and expected revenues of $189.24 million, down 6.8% from the previous year [1][3]. Earnings Expectations - The upcoming earnings report is scheduled for July 25, and the stock may rise if actual results exceed expectations, while a miss could lead to a decline [2]. - The consensus EPS estimate has been revised 7.31% higher in the last 30 days, indicating a more optimistic outlook from analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP for Virtus is +2.40%, suggesting analysts have become more bullish on the company's earnings prospects [12]. - A positive Earnings ESP combined with a Zacks Rank of 1 indicates a high likelihood of beating the consensus EPS estimate [10][12]. Historical Performance - In the last reported quarter, Virtus exceeded the expected EPS of $5.33 by delivering $5.73, resulting in a surprise of +7.50% [13]. - Over the past four quarters, Virtus has beaten consensus EPS estimates three times [14]. Industry Context - SEI Investments (SEIC), another player in the Zacks Financial - Investment Management industry, is expected to post earnings of $1.18 per share, reflecting a year-over-year increase of +12.4% [18]. - SEI's revenues are projected to be $561.07 million, up 8.1% from the previous year, with a consensus EPS estimate revised 7.8% higher in the last 30 days [19].

Core Viewpoint - Invesco Capital Management LLC has filed a preliminary proxy statement with the SEC to seek consent from beneficial owners of Invesco QQQ TrustSM, Series 1 for a reclassification of QQQ from a "unit investment trust" to a "management company" with a subclassification as an "open-end company" under the Investment Company Act of 1940 [1] Group 1 - If the proposals are approved, the Bank of New York Mellon will be replaced as QQQ's Trustee by a board of individual trustees, while BNY will continue to serve as custodian, administrator, accounting agent, and transfer agent [2] - ICM will be appointed as the investment adviser to QQQ under a new investment advisory agreement, which includes a unitary fee of 18 basis points, leading to a pro-forma reduction of 2 basis points from QQQ's current expense ratio of 20 basis points [2] Group 2 - As of March 31, 2025, Invesco Ltd. managed US$1.8 trillion in assets on behalf of clients worldwide, highlighting its significant presence in the investment management industry [3]

Group 1: COSCO SHIPPING Holdings Co., Ltd. (CICOY) - The company has seen a 7.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - It has a dividend yield of 12.9%, significantly higher than the industry average of 2.1% [1] Group 2: Clipper Realty Inc. (CLPR) - The company has experienced a 21.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - It offers a dividend yield of 9.8%, compared to the industry average of 4.8% [2] Group 3: Invesco Ltd. (IVZ) - The company has witnessed an 8.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] Group 4: General Dividend Information - A Zacks Rank 1 company has a dividend yield of nearly 5%, which is above the industry average of nearly 3% [3]