Core Viewpoint - GMO's Ben Inker predicts weak returns for the S&P 500 due to high concentration in expensive AI stocks, suggesting a market rotation towards cheaper sectors in 2026 [1][5]. Group 1: Market Predictions - Inker anticipates that the S&P 500 is more likely to experience single-digit percentage losses by 2026, rather than a significant collapse [3]. - The firm does not foresee a mega bubble, as speculation appears to be largely confined to AI stocks, unlike the widespread overvaluation seen in previous market bubbles [4]. Group 2: Investment Opportunities - Inker highlights that while AI stocks are overvalued, there are still attractive investment opportunities in non-AI sectors, particularly in Japanese small-cap stocks and European value stocks [4][5]. - The expectation is that as AI stocks underperform, investors will shift their focus to these cheaper stocks, which may lead to a drag on the overall index [2][3].

Qualivian Investment Partners, an investment partnership focused on long-only public equities, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. The fund outperformed the iShares MSCI USA Quality Factor ETF (QUAL) by 69.2% and 61.3% on a gross and net basis, since inception through September 30, 2025. It also exceeded the S&P 500 by 32.7% and 26.1% respectively, on a gross and net basis. In addition, please check the fund’s top five holdings to know its best picks in 2025. ...

Key Takeaways The GS stock is near its 52-week high after gaining 51.5% over the past year, outperforming major peers. GS investment banking fees rose 19% y/y in 2025, driven by a sharp rebound in global deal-making activity. GS is streamlining operations, exiting consumer banking, and expanding asset and private equity management.The Goldman Sachs Group (GS) shares have been performing remarkably well of late. At present, the stock is trading near its 52-week high of $919.10 hit during Thursday’s trading s ...

Franklin Resources, Inc. (NYSE:BEN) is included among the 15 Dividend Stocks Paying 4%+ Yield in 2025. Franklin Resources (BEN) Posts $1.67 Trillion in Preliminary AUM, Reflecting Steady Trends Photo by Dan Dennis on Unsplash On December 3, Franklin Resources, Inc. (NYSE:BEN) reported preliminary assets under management (AUM) of $1.67 trillion as of November 30, 2025, compared with $1.68 trillion at the end of October. This month’s AUM shows mostly flat long-term flows, including $1 billion in long-term ...

Strategic Priorities - The company is focusing on three to four strategic priorities that are essential for its growth and development [1] - There is a strong emphasis on reflecting on past accomplishments and planning for future initiatives [2] Asset Management Business - The company has achieved significant growth in its asset management sector, becoming Canada's largest asset manager with over $1.6 trillion in assets under management [3] - A recent organizational change has been made to formalize the asset management pillar under common leadership, which aims to enhance synergies between the asset management and insurance segments of the business [3]

Core Insights - GCM Grosvenor Inc. reported a revenue of $134.97 million for Q3 2025, marking a year-over-year increase of 9.8% and exceeding the Zacks Consensus Estimate by 2.38% [1] - The company's EPS for the same quarter was $0.19, up from $0.16 a year ago, representing an EPS surprise of 11.76% compared to the consensus estimate of $0.17 [1] Financial Performance Metrics - Fee-paying AUM for Private Markets Strategies was reported at $46.25 billion, slightly below the estimated $46.3 billion [4] - Total Fee-paying AUM reached $70.19 billion, surpassing the average estimate of $69.9 billion [4] - Fee-paying AUM for Absolute Return Strategies was $23.94 billion, exceeding the average estimate of $23.6 billion [4] - Total Assets Under Management stood at $87 billion, compared to the average estimate of $87.47 billion [4] - Other operating income was $3.58 million, significantly higher than the estimated $1.39 million, reflecting a 228.4% year-over-year increase [4] - Incentive fees amounted to $25.47 million, above the estimated $22.67 million, with a year-over-year increase of 9.3% [4] - Management fees totaled $105.92 million, slightly above the estimated $104.57 million, representing a 7.5% year-over-year increase [4] Stock Performance - GCM Grosvenor's shares have returned -2.3% over the past month, contrasting with a +1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of €24.4 billion, aligning with the full-year goal of around €32 billion before FX effects [4][10] - Adjusted costs were €15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [4][10] - The cost-to-income ratio stood at 63%, in line with the target of below 65%, and the CET1 ratio rose to 14.5% due to organic capital generation [4][10] Business Line Data and Key Metrics Changes - The Corporate Bank achieved a post-tax return on tangible equity of 16.2% and a cost-to-income ratio of 63%, with revenues remaining flat year-on-year [19] - The Investment Bank saw revenues increase by 18% year-on-year, driven by strong performance in FIC and O&A, with FIC revenues up 19% [21] - The Private Bank's profits before tax doubled, with a 13% operating leverage and a return on tangible equity of 12.6% [23] - Asset Management reported a 42% increase in profit before tax, with revenues up 11% and assets under management growing to €1.05 trillion [25][26] Market Data and Key Metrics Changes - The company noted a strong liquidity coverage ratio of 140% and a net stable funding ratio of 119% [12] - The tax rate for the third quarter was 26%, benefiting from a reduction in deferred tax liabilities due to changes in the German corporate tax rate [13] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [7][10] - The company launched a second share buyback program of €250 million, bringing total buybacks in 2025 to €1 billion, with a commitment to exceed €8 billion in distributions from 2022 to 2026 [8][28] - The company is optimistic about benefiting from German fiscal stimulus and structural reforms, expecting Germany to grow by 1.5% in 2026 [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in the first nine months and a positive outlook for Q4 [33][34] - The company anticipates lower provisioning levels in the second half of the year compared to the first half, with a resilient credit portfolio [16][28] - Management highlighted the importance of operational efficiencies and a well-diversified earnings mix in navigating the current geopolitical uncertainties [7][10] Other Important Information - The company completed its share buyback program and reported total capital distributions in 2025 reaching €2.3 billion, up around 50% over 2024 [8][10] - The company is actively monitoring risks from private credit, which accounts for about 5% of the loan book, and maintains conservative underwriting standards [16][47] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a strong start in October and solid visibility for Q4 [33][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism about the German government's growth agenda and ongoing discussions about deploying fiscal stimulus effectively [39][40] Question: Outlook on private credit and risks - Management acknowledged spread compression in private credit but sees opportunities for innovation and growth, maintaining a disciplined approach [47][48] Question: Capital distribution plans for next year - Management confirmed expectations for two buybacks next year, with a focus on distributing excess capital sustainably [55][56] Question: Operational risk update and corporate bank revenue expectations - Management clarified that operational risk updates are now a permanent feature, and they expect a rebound in corporate bank revenues in Q4 [65][66]

Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion, up 74% year-over-year, with earnings per share of $0.76 [12] - Underlying pre-tax profit was $3.6 billion, a 50% increase, driven by 5% revenue growth [12] - Return on CET1 capital was 16.3%, with a 12.7% return excluding litigation reserve releases [12][18] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with significant growth in APAC [19][20] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, despite a challenging Swiss macro environment [26] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [29] Market Data and Key Metrics Changes - Invested assets reached nearly $7 trillion across the group, with Global Wealth Management and Asset Management contributing significantly [4] - In APAC, invested assets exceeded $1 trillion, reinforcing the company's position as the largest global wealth manager in the region [4] - GWM's invested assets increased by 4% sequentially to $4.7 trillion, with net new assets of $38 billion [22] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth [8][11] - A national bank charter application was filed in the U.S. to broaden banking capabilities and improve client offerings [9] - The company is advancing its AI capabilities with 340 live use cases to enhance client experience and operational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance despite macroeconomic uncertainties and regulatory challenges [10] - The outlook for the fourth quarter indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may impact capital market activities [10] - Management remains committed to executing strategic priorities while maintaining a focus on client relationships and integration efforts [11] Other Important Information - The company achieved $900 million in incremental gross run-rate cost savings in Q3, reaching a cumulative total of $10 billion [14] - The integration of Asset Management is substantially complete, allowing for a focus on driving efficient growth [6] - The company resolved significant legacy litigation matters, enhancing capital strength and confidence in capital return plans [8] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance? - Management indicated that ongoing year-end planning will inform guidance updates for 2026 [39] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS has no balance sheet exposure to First Brands and is taking steps to protect clients' interests [40] Question: Benefits of the national charter and net new asset outlook? - The national charter will broaden banking capabilities and enhance service offerings, with expectations of tapering advisor turnover [44][46] Question: Clarification on AT1 write-down and acquisition of Credit Suisse? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that Credit Suisse had no outstanding AT1 instruments at the time of acquisition [47][73] Question: Integration of Swiss operations and system failures? - Management stated that the integration is progressing well, with most clients satisfied, and any issues are typical during such a large migration [79]

Group 1 - Total assets under management reached €2.317 trillion as of September 30, indicating a 2.2% increase compared to three months earlier [1]

Core Insights - Lazard Inc. reported third-quarter 2025 adjusted earnings per share of 56 cents, exceeding the Zacks Consensus Estimate of 41 cents and improving from 38 cents in the same quarter last year [1][9] - The company's revenues increased by 12.4% year over year to $724.6 million, surpassing the Zacks Consensus Estimate by 3.9% [3][9] - Total assets under management (AUM) rose by 16.9% year over year to $264.5 billion, driven by record inflows and market appreciation [7][9] Revenue Performance - Adjusted operating revenues from the Financial Advisory segment were $422.3 million, up 14% from the prior year, exceeding estimates [5] - Asset Management segment adjusted operating revenues increased by 8% to $294.2 million, also surpassing estimates [5] - Corporate segment adjusted operating revenues rose significantly by 46% to $8.1 million, although it fell short of estimates [6] Expense Analysis - Operating expenses increased by 12.2% year over year to $702.9 million, reflecting growth in both Financial Advisory and Asset Management [4] - The adjusted compensation expenses to operating revenues ratio improved to 65.5% from 66% in the previous year [4] - The adjusted non-compensation expenses to operating revenues ratio also improved to 20.5% from 21.4% year over year [4] Balance Sheet and Liquidity - Cash and cash equivalents totaled $1.2 billion as of September 30, 2025, marking a 19.8% increase from the prior quarter [10] - Stockholders' equity rose to $878.6 million, up 11.7% sequentially [10] Share Repurchase Activity - In the third quarter of 2025, Lazard repurchased $1 million of common stock, with approximately $159 million remaining available for repurchase [11] Strategic Outlook - The company is focused on organic growth, as indicated by revenue increases in key segments, and a strong liquidity position alongside higher AUM is expected to support financial performance in the near term [12]