Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [5] - Operating income for Q4 increased by 3% to $52.4 million, and for the full year, it rose by 6.3% to $195.1 million [5] - The effective tax rate was 25.7% for Q4 and 25.3% for the year, consistent with 2024 [8] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [5] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds [5] - The compensation ratio decreased to 39% for the quarter, below the guidance of 40.5% [6] Market Data and Key Metrics Changes - Natural resource equities rose more than 6% in Q4, driven by strength in metals and mining stocks [11] - Global real estate stocks were flat in Q4, with significant disparities in returns by property type [11] - Private real estate had a total return of 0.9%, marking the sixth consecutive quarter of increasing total returns [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in new strategies and vehicles over the past years [25] - There is an expectation for REIT earnings to accelerate above trend to roughly 8% in 2026 and 2027 due to lower supply and increasing demand [16] - The company plans to increase coverage in the RIA channel and grow its institutional presence outside the U.S. [25] Management's Comments on Operating Environment and Future Outlook - The management anticipates a broadening of economic activity and market returns in 2026, moving away from a historically narrow growth pattern [13] - There is a belief that the economic and market rotation is underway, with real assets expected to outperform equities [13] - The company is optimistic about the potential for natural resource equities and listed infrastructure to play a larger role in portfolios [18] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The company celebrated its 40th anniversary in 2026, highlighting its evolution and the importance of listed markets [31] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, driven by issues in private credit markets [34] Question: Scaling of active ETFs - Active ETFs are expected to scale quickly due to established strategies and market acceptance [36] Question: Progress in the institutional channel - Conversations have improved, with a strong pipeline and increased interest from allocators [40] Question: Regional demand for advisory and sub-advisory - There is expanding demand from non-U.S. markets, with allocators from various countries showing interest [44] Question: Dynamics that could change global real estate performance - A re-acceleration in demand from global institutions and improved performance of international real estate are expected to be positive factors [46]

Core Viewpoint - The article discusses strategies for generating alpha, or outperformance, in investment portfolios, emphasizing the importance of diversification beyond U.S. large-cap stocks amid current market volatility and macroeconomic uncertainties. Group 1: Portfolio Construction Strategies - Asset management firms like Pimco and State Street Investment Management are focusing on generating differentiated returns through broader portfolio construction strategies that include cash, bonds, and commodities [1][2]. - Matthew Bartolini from State Street highlighted that 2025 marked the first year since 2019 where stocks, bonds, gold, and commodities all outperformed cash, suggesting a shift in investment strategy towards "craftsmanship alpha" [3]. - Investors are encouraged to manage cash effectively, with enhanced cash accounts potentially yielding 1%-2% more than traditional cash accounts [4]. Group 2: Fixed-Income and Bond Strategies - Pimco suggests that investors should seek extra returns from bonds rather than trying to beat the S&P 500, exemplified by their newly launched actively managed PIMCO US Stocks PLUS Active Bond ETF (SPLS) [5]. - Schneider from Pimco noted the importance of looking beyond U.S. markets due to divergent monetary policies across countries, which present relative-value opportunities [6]. - Investors are advised to consider a broader range of fixed-income exposures, including securitized assets, rather than focusing solely on corporate credit [7]. Group 3: Diversification and Asset Allocation - Bartolini emphasized that improving portfolio design does not necessitate abandoning the U.S. market, but rather looking at additional asset classes to mitigate U.S. market risks [8][9]. - There is a call for greater blending of assets, as many investors currently have up to 80% exposure to U.S. equities, which may lead to structural underweighting in real assets like gold and commodities [11]. - The article notes that small-cap stocks have outperformed large-caps since mid-2025, with the Russell 2000 Index trading at an all-time high and showing a nearly 9% increase this year, contrasting with the flat performance of the S&P 500 [13].

Refer to pages 15-19 of this presentation for reconciliations of U.S. GAAP to as adjusted results. Cohen & Steers: Q4 2025 and Full Year 2025 Earnings Presentation Summary of fourth quarter and full year 2025 results Fourth quarter 2025 Full year 2025 Assets under management • Net inflows of $1.5 billion in FY 2025 versus net outflows of $171 million in FY 2024 2 Flows Financial results, as adjusted • December 31, 2025 AUM was $90.5 billion versus $85.8 billion at December 31, 2024 • Average AUM was $88.6 b ...

Core Viewpoint - The Federal Reserve's transition from aggressive rate hikes to rate cuts is expected to benefit mid-cap stocks, potentially unlocking gains for companies that have demonstrated resilience in a tighter monetary environment [1][2]. Mid-Cap Growth Stocks - Mid-cap growth stocks are entering a new phase after experiencing one of the most aggressive rate-hike cycles in recent history, with the Fed's rate cuts positioning them to benefit more than other market segments due to their growth characteristics and attractive valuation multiples [2]. - These stocks are considered "long duration" assets, making their valuations sensitive to interest rate changes; as rates decline, the discount rate on future earnings decreases, enhancing stock prices [3]. M&A Activity - Lower borrowing costs are likely to stimulate merger and acquisition (M&A) activity, with mid-cap companies being in a favorable position as they are large enough to attract acquirers but small enough to be manageable targets for larger buyers [4][5]. - The combination of cheaper capital and lower valuations relative to large-cap stocks creates a conducive environment for increased deal activity, as mid-caps have historically been prime acquisition targets during periods of lower rates [5]. Investment Strategy - Not all mid-cap companies will benefit equally; emphasis should be placed on those with high financial quality, solid balance sheets, and strong cash flow generation that have shown resilience during the tightening cycle [6]. - The Alger Mid Cap 40 ETF (FRTY) focuses on approximately 40 holdings selected through fundamental research, targeting companies with proven operating histories and competitive positions rather than speculative firms [7]. AI Adoption Opportunities - While large-cap technology and AI infrastructure investments have garnered significant attention, there are opportunities among mid-sized "AI Adopters" that utilize artificial intelligence to enhance margins or accelerate revenue growth, often overlooked by Wall Street [8]. Market Dynamics - The mid-cap opportunity reflects a historical investor preference for a "barbell" approach, favoring large-cap stocks and small-cap speculation while neglecting mid-caps, which are currently trading at a historically wide discount of 28% based on price-to-earnings ratios as of December 31, 2025 [9].

Core Insights - Huaxing Capital, known for major mergers, is entering the distressed asset disposal market by acquiring a personal consumer loan bad debt package worth 7.429 billion yuan for 308 million yuan, reflecting a discount rate of approximately 4.15% [1][3][5] Company Overview - Huaxing Capital has transitioned from a traditional investment bank to a player in the distressed asset market, marking a significant shift in its business model [2][8] - The company has faced declining revenues, with total income dropping from 1.58 billion yuan in 2022 to 780 million yuan in 2024, resulting in cumulative losses exceeding 1 billion yuan [7] Market Context - The personal loan bad debt market has seen a significant decline in asset prices, with average discount rates dropping to historical lows of 3.8% in early 2025, indicating a challenging environment for asset recovery [6][10] - The market for distressed assets is becoming increasingly competitive, with major players like JD.com and Alibaba also entering the space, utilizing their platforms for asset disposal [10][11] Strategic Implications - Huaxing Capital's entry into the distressed asset sector is seen as a strategic move to diversify its revenue streams amid declining traditional business performance [7][12] - The acquisition is expected to provide potential high returns as the market recovers, with the company expressing confidence in the eventual recovery of a significant portion of the debts [8][12] Operational Challenges - The transition to holding distressed assets involves significant risks, including the need for substantial capital and the long recovery periods typically associated with such investments [8][12] - The company must overcome challenges related to asset recovery efficiency and the high costs associated with distressed asset management [12]

Core Viewpoint - Manulife Investments announced cash distributions for January 2026 for its ETFs and ETF series of Mutual Funds, with payments scheduled for February 13, 2026, to unitholders of record on January 30, 2026 [1] Distribution Details - The distribution amounts per unit for various Manulife ETFs and Funds are specified, with notable amounts including: - Manulife Smart Enhanced Yield ETF: $0.160000 - Manulife Smart U.S. Enhanced Yield ETF (all series): $0.160000 - Manulife Smart Enhanced Yield Bond Fund ETF (both hedged and unhedged): $0.110000 - Manulife Strategic Income Plus Fund – ETF Series: $0.061457 [1] Company Overview - Manulife Financial Corporation operates globally, providing financial advice, insurance, and investment services across Canada, Asia, Europe, and the United States [5][6] - The company serves over 36 million customers with a workforce of more than 37,000 employees and over 109,000 agents [6]

Core Viewpoint - AGF Investments Inc. announced cash distributions for January 2026 for three of its funds, with payments scheduled for February 5, 2026, to unitholders of record on January 30, 2026 [1] Fund Distribution Details - The cash distribution per unit for AGF Enhanced U.S. Equity Income Fund is $0.179249 [1] - The cash distribution per unit for AGF Total Return Bond Fund is $0.135000 [1] - The cash distribution per unit for AGF Systematic Global Infrastructure ETF is $0.155466 [1] Company Overview - AGF Management Limited, founded in 1957, is an independent asset management firm with a focus on public and private markets [5] - AGF has over $58 billion in total assets under management and serves more than 815,000 investors [7] - The company operates in North America and Europe, providing investment services to a diverse range of clients including financial advisors, high-net-worth individuals, and institutional investors [6][7]

Group 1 - The fundamental rule of investment compounding is to buy quality and hold, emphasizing the importance of long-term investment in great growth companies [1] - Ron Baron, CEO of Baron Capital, highlights the necessity of holding quality companies for long-term growth as a key to successful investing [1] - Ariel Sokol has over twenty years of experience in corporate finance, focusing on subscription and edtech businesses, and has held significant roles in various companies including Pearson [1]

Core Viewpoint - The report highlights the performance of mixed public funds over the past year, indicating a strong market performance in A-shares and a significant presence of certain financial institutions in the rankings [5][6]. Group 1: Market Performance - As of January 15, 2026, the A-share market continued its strong performance, with the ChiNext Index rising over 62%, the Shenzhen Component Index increasing over 42%, and the Sci-Tech 100 Index gaining over 74% [5]. - The Hong Kong stock market also showed positive results, with the Hang Seng Index up over 39%, the Hang Seng Tech Index rising over 33%, and the Hang Seng Hong Kong Stock Connect Index increasing over 46% [5]. - The bond market experienced continued fluctuations, with a downward trend in interest rates [5]. Group 2: Overall Performance of Mixed Public Products - As of January 15, 2026, there were 249 mixed public fund products with an investment period of 1-3 years, with an average net value growth rate of 5.50% over the past year [6]. - More than 60% of these products had a net value growth rate between 1% and 5%, while 11 products had growth rates between 10% and 20%, and 8 products exceeded 20% growth [6]. - Only one product reported negative growth [6]. Group 3: Product Analysis - Ningyin Wealth Management had 7 products heavily invested in equity assets and public funds, with some products having over 80% allocation to public funds [7]. - The strong performance of the equity market led to superior growth in Ningyin's mixed products, although they were also subject to significant volatility, with some products experiencing maximum drawdowns exceeding 15% [7]. - The report noted that mixed equity products performed well, while mixed debt products lagged due to the "stock-bond seesaw effect" [7]. - The lowest performing product was the "Postal Wealth·Hongyuan Two-Year Fixed Opening No. 21 (Industry Selection) RMB Financial Product," which had a net value growth rate of -0.88% and a bond holding ratio of 41.6% [7][8].

Fabiana Fedeli, CIO of multi-asset at M&G Investments, discusses equity market diversification, the outlook for long-dated bonds and gold. "There is an understanding that possibly portfolios were a little bit too skewed to the US dollar," Fedeli tells Bloomberg Television. "There is a need of differentiation." ...