Financial Data and Key Metrics Changes - The company reported record long-term inflows of $118.6 billion, up 40% from the prior quarter and 22% from the prior year quarter [7] - Assets under management (AUM) ended the quarter at $1.68 trillion, reflecting an increase due to long-term net inflows and the acquisition of Apera [8] - Adjusted Operating Income was $437.3 million, influenced by lower performance fees and higher average AUM [19] Business Line Data and Key Metrics Changes - Long-term net inflows were $28 billion, with record AUM and positive net flows across equity, multi-asset, and alternative strategies [8] - Public markets generated positive net flows totaling $30.4 billion, with equity net inflows of $19.8 billion for the quarter [9] - Private markets saw $10.8 billion raised during the quarter, including $9.5 billion in private market assets [10] Market Data and Key Metrics Changes - The institutional pipeline of long, but unfunded mandates remains strong at $20.4 billion, indicating sustained demand for investment capabilities [9] - The ETF platform reached a new high with $58 billion in AUM, generating $7.5 billion in net flows, marking its 17th consecutive positive quarter [15] - Digital assets AUM is $1.8 billion, including approximately $900 million in tokenized funds and approximately $800 million in crypto ETFs [17] Company Strategy and Development Direction - The company is focused on delivering integrated solutions and long-term strategic relationships, aligning with client needs for resilience in portfolios [4][6] - M&A activities are aimed at filling product gaps and enhancing distribution capabilities, with a focus on alternatives and high net worth segments [36][37] - The company is leveraging advancements in technology, including AI and blockchain, to enhance operational efficiency and client offerings [17][88] Management's Comments on Operating Environment and Future Outlook - Management noted significant market turbulence and economic uncertainty, emphasizing the need for resilience in investment portfolios [4] - The company is confident in its diversified business model and global scale to capture long-term trends reshaping the industry [20] - Management highlighted the importance of AI in driving efficiency and potential consolidation in the asset management industry [76][80] Other Important Information - The company has been recognized as one of the best places to work in money management, reflecting its commitment to employee engagement [20] - The firm is actively expanding its private credit platform and has seen strong momentum in fundraising across various asset classes [11][13] Q&A Session Summary Question: Cost Flexibility and Savings - Management indicated that expenses are expected to be in line with 2025, with a focus on achieving $200 million in cost savings [22][23] Question: M&A Activity and Contingent Liabilities - Management confirmed that contingent consideration related to recent transactions is minimal, with no significant liabilities expected [26][27] Question: Long-term Margin Expectations - Management projected operating margins to exceed 30% by fiscal 2027, with ongoing efforts to streamline operations and integrate acquisitions [46][47] Question: AI's Impact on Consolidation - Management discussed how AI could drive consolidation in the asset management industry, emphasizing the need for scale to compete effectively [76][78] Question: Blockchain and Tokenization Strategy - Management highlighted the efficiency of blockchain technology and its potential to reduce operational costs significantly, while also discussing the hurdles to broader adoption [86][88]

Financial Data and Key Metrics Changes - The company reported record long-term inflows of $118.6 billion, up 40% from the prior quarter and 22% from the prior year quarter [5] - Assets under management (AUM) ended the quarter at $1.68 trillion, increasing from the prior quarter due to long-term net inflows and the acquisition of Apera [6][7] - Adjusted Operating Income was $437.3 million, reflecting lower performance fees and the impact of higher average AUM [18] Business Line Data and Key Metrics Changes - Long-term net inflows were $28 billion, with record AUM and positive net flows across equity, multi-asset, and alternative strategies [6] - Public markets generated positive net flows totaling $30.4 billion for the quarter, with equity net inflows of $19.8 billion [8] - Private markets saw $274 billion in alternative AUM, with $10.8 billion raised during the quarter, including $9.5 billion in private market assets [9] Market Data and Key Metrics Changes - The institutional pipeline of long, but unfunded mandates remains strong at $20.4 billion, indicating sustained demand for investment capabilities [8] - The ETF platform reached a new high with $58 billion in AUM, generating $7.5 billion in net flows, marking its 17th consecutive positive quarter [14] - Multi-asset AUM is nearly $200 billion, with net inflows of $4 billion during the quarter, marking the 18th consecutive quarter of positive net flows [12] Company Strategy and Development Direction - The company is focused on deepening client partnerships, broadening investment capabilities, and strengthening its global platform [5] - There is a strategic emphasis on integrated solutions and long-term relationships, reflecting a shift in client expectations [4] - The company aims to grow its fiduciary business and expand its private credit platform, with a focus on geographic and capability enhancements through M&A [10][35] Management's Comments on Operating Environment and Future Outlook - Management noted significant market turbulence and economic uncertainty, leading to a need for resilience in portfolios [3] - The company is well-positioned to capture long-term trends reshaping the industry across public and private markets [19] - Management expressed confidence in achieving a margin of over 30% by fiscal 2027, with ongoing investments in growth and innovation [44][46] Other Important Information - The company has been recognized as one of the best places to work in money management, highlighting its commitment to employee satisfaction [19] - The digital asset AUM is $1.8 billion, including approximately $900 million in tokenized funds and $800 million in crypto ETFs [16] Q&A Session All Questions and Answers Question: How much flexibility does the company have to reduce expenses if markets come under pressure? - Management indicated that expenses are expected to be in line with 2025, with key investments offset by expense savings [23] Question: Can you provide an update on potential contingent consideration liabilities from recent M&A activity? - Management confirmed that the contingent consideration around specific transactions is very low at this stage, with no additional liabilities to report [26][28] Question: What are the company's expectations for EFR in the coming quarters? - Management expects EFR to be stable in the next quarter, with potential upside based on fundraising around alternative assets [39] Question: How does the company view long-term profitability and margin targets? - Management aims for margins to exceed 30% by fiscal 2027, with ongoing efforts to streamline products and integrate acquisitions [44][46] Question: How is AI expected to impact the asset management industry and the company's M&A strategy? - Management believes that AI will drive consolidation in the industry, making it difficult for smaller managers to compete due to the scale required for data acquisition and model training [72][74]

First Quarter 2026 Results Franklin Resources, Inc. January 30, 2026 | Investor Presentation Jenny Johnson Chief Executive Officer Daniel Gamba Co-President Chief Commercial Officer Matthew Nicholls Co-President CFO & COO Forward-looking statements and non-GAAP financial information This commentary contains forward-looking statements that involve a number of known and unknown risks, uncertainties and other important factors. This commentary also contains non-GAAP financial measures. For the reconciliations ...

产品上市时间 软件行业大放异彩的时机到了吗？ 本周末，X 平台上的软件股支持者们纷纷发声，他们的观点主要基于周五晚间摩根大通举办的 IT行业电话 会议内容。 摩根大通 IT电话会议核心观点（来自 X 平台用户总结） 软件行业大放异彩的时机到了吗？ 本周末，X 平台上的软件股支持者们纷纷发声，他们的观点主要基于周五晚间摩根大通举办的 IT行业电话 会议内容。 摩根大通 IT电话会议核心观点（来自 X 平台用户总结） 实际情况与 X 平台上的部分言论截然相反：企业倾向于依赖现有软件供应商提供人工智能功能升级，并愿意为 此付费。 实际情况与 X 平台上的部分言论截然相反：企业倾向于依赖现有软件供应商提供人工智能功能升级，并愿意为 此付费。 产品上市时间（Timeto Market）是关键因素，企业希望将内部开发资源聚焦于推动营收增长和核心业务发展， 而非重新开发第三方应用。 企业没有替换现有软件供应商的计划，相反，在供应商续约时，企业的支出规模还在持续增长。 企业并未下调任何软件供应商的评级，将头部 SaaS 供应商视为关键任务型软件提供商。 企业对自主开发软件并承担维护工作的想法嗤之以鼻，更愿意依赖第三方供应商， ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is recognized as an excellent international brand operator, with a promising future as it rebounds from a low point. It operates notable brands including Clarks, Bossini, and Testoni, and has established a joint venture to manage the outdoor brand Haglöfs in Greater China. For the first half of 2025, the company reported a revenue of HK$48.1 billion (down 5.7% year-on-year) and a net profit of HK$1.8 billion (up 60.9% year-on-year) [1][4] - Clarks, a 200-year-old global footwear brand, holds a market share of 14.6% in the UK (ranked first) and 1.8% in the US (ranked eighth). The brand's revenue for the first half of 2025 was HK$41.5 billion (down 5.3% year-on-year), accounting for 85.7% of total revenue, with a gross margin of 48.7% (up 0.1 percentage points) [2] - The company is actively expanding its online sales network, with a 9.7% year-on-year increase in online revenue to HK$6.3 billion for the first half of 2025, representing 15.2% of total revenue [3] - The newly appointed co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a 60.9% year-on-year increase in net profit for the first half of 2025 [4] - The company is also focusing on the outdoor segment by enhancing its presence with the high-end outdoor brand Haglöfs, planning to open over 20 stores in Greater China by 2025 [5] - Profit forecasts indicate a positive outlook, with expected net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for 2025, 2026, and 2027 respectively, reflecting significant growth [6] Financial Summary - For the first half of 2025, the company reported a revenue of HK$48.1 billion and a net profit of HK$1.8 billion, with projections for 2025-2027 indicating a recovery and growth trajectory [1][6] - The estimated revenue for 2025 is HK$10,466 million, with a projected net profit of HK$208.2 million, marking a significant turnaround from a loss in 2024 [11]

Core Insights - From 2024 to 2025, the application of AI in global hedge funds is transitioning from localized tools to a restructured process, integrating unstructured information processing and iterative research capabilities to enhance research productivity and shorten strategy iteration cycles [3][4] - The industry is showing three clear paths: 1) Agent-driven research systems represented by Man Group and Bridgewater, aiming for scalable closed-loop processes; 2) Fundamental research enhancement systems represented by Citadel and Point72, focusing on improving information processing and research coverage efficiency; 3) Platform-based infrastructure systems represented by Balyasny and Millennium, providing unified data and security frameworks to multiple trading teams [3][5] Industry Background - Traditional quantitative finance relied on structured data and statistical models to identify market pricing discrepancies, facing risks of data mining and crowded strategy spaces. The industry is experiencing a "Quant 3.0" revolution with the maturity of AI technologies centered around Transformer architecture by 2025 [4] - The changes stem from the engineering maturity of three capability modules: 1) Non-structured information can be absorbed and transformed into testable hypotheses; 2) Agent workflows break down research processes into roles, completing hypothesis generation, coding, backtesting, and attribution through multiple iterations; 3) Engineering efficiency directly impacts the speed of capturing profit opportunities [4] Industry Differentiation - Three mainstream paths are identified: 1) Fully automated research paths led by Man Group and Bridgewater, focusing on creating AI systems that can independently generate hypotheses, write code, validate strategies, and explain economic principles. 2) Fundamental research enhancement led by Citadel and Point72, where AI acts as an assistant to human fund managers, significantly improving the breadth and depth of fundamental stock selection. 3) Platform-based infrastructure led by Balyasny and Millennium, focusing on building centralized AI infrastructure to empower numerous independent trading teams [5] Case Studies - **Man Group**: Utilizes the "AlphaGPT" project to address strategy generation in quantitative investing, achieving an average score of 8.16 for AI-generated Alpha factors compared to 6.81 for human researchers, with an 86.60% success rate [7][8] - **Bridgewater Associates**: Developed the AIA Forecaster, a multi-agent system simulating investment committee debates, incorporating dynamic search capabilities and statistical calibration to ensure robust macroeconomic predictions [9][10] - **Citadel**: Focuses on enhancing research productivity and information processing capabilities, utilizing AI to generate targeted summaries and track key points for fund managers [11][12] - **Two Sigma**: Emphasizes advanced machine learning techniques, particularly deep learning, to capture weak and non-linear market signals, utilizing a platform called Venn for portfolio analysis [13][14][15] - **Point72**: Develops the "Canvas" platform to integrate alternative data into a comprehensive industry chain view, enhancing decision-making for fund managers [16] - **Balyasny Asset Management**: Implements a centralized AI strategy to improve internal document retrieval accuracy and semantic understanding in financial contexts [17] - **Millennium Management**: Adopts a decentralized approach, providing robust infrastructure for various trading teams while emphasizing data isolation and access control [18][19] Summary of Paths - The three paths converge on key competitive points: data governance, understanding of private contexts, engineering iteration mechanisms, and explainable and auditable systems, which are more critical for long-term advantages than the performance of individual models [20]

Core Insights - From 2024 to 2025, global hedge funds are transitioning from localized AI tools to a restructured process-oriented approach, integrating unstructured information processing and iterative research capabilities into a cohesive investment research chain [3][4] - The industry is showing three clear paths: 1) Agent-driven research systems represented by Man Group and Bridgewater, aiming for scalable closed-loop processes; 2) Fundamental research enhancement systems represented by Citadel and Point72, focusing on improving information processing and research coverage efficiency; 3) Platform-based infrastructure systems represented by Balyasny and Millennium, providing unified data and security frameworks to multiple trading teams [3][5] Industry Background - Traditional quantitative finance relied heavily on structured data and statistical models, facing risks of data mining and crowded strategy spaces. The industry is now experiencing a "Quant 3.0" revolution with the maturation of AI technologies, particularly those based on the Transformer architecture [4] - The changes in 2024-2025 stem from the engineering maturity of three capability modules: 1) Unstructured information can be absorbed and transformed into testable hypotheses; 2) Agent workflows break down research processes into roles, completing hypothesis generation, coding, backtesting, and attribution through iterative cycles; 3) Engineering efficiency directly impacts the speed of capturing profit opportunities [4] Industry Differentiation - Three mainstream paths are identified: 1) Fully automated research path led by Man Group and Bridgewater, focusing on AI systems that can independently generate hypotheses, code, validate strategies, and explain economic principles [5] 2) Fundamental research enhancement led by Citadel and Point72, where AI acts as an assistant to human fund managers, significantly improving the breadth and depth of fundamental stock selection [5] 3) Platform-based infrastructure led by Balyasny and Millennium, emphasizing centralized AI infrastructure to empower numerous independent trading teams [5] Case Studies - **Man Group**: Utilizes the "AlphaGPT" project to address strategy generation in quantitative investing, achieving an average score of 8.16 for AI-generated Alpha factors compared to 6.81 for human researchers, with an 86.60% success rate [7][8] - **Bridgewater Associates**: Developed the AIA Forecaster, a multi-agent system simulating investment committee debates, incorporating dynamic search capabilities and statistical calibration to ensure robust macro predictions [9][10] - **Citadel**: Focuses on enhancing research productivity and information processing capabilities, utilizing AI to generate targeted summaries and track key points for fund managers [11][12] - **Two Sigma**: Emphasizes advanced machine learning techniques, particularly deep learning, to capture weak and non-linear market signals, utilizing a platform called Venn for portfolio analysis [13][14][15] - **Point72**: Developed the "Canvas" platform to integrate diverse alternative data into a comprehensive industry chain view, enhancing decision-making for fund managers [16] - **Balyasny Asset Management**: Implements a centralized AI strategy to improve internal dialogue and retrieval capabilities, focusing on financial semantic understanding [17] - **Millennium Management**: Adopts a decentralized approach, providing robust infrastructure for various trading teams while emphasizing data isolation and access control [18][19] Summary of Paths - The three paths converge on key competitive points: data governance, understanding of private contexts, engineering iteration mechanisms, and explainable and auditable systems, which are more critical for long-term advantages than the performance of individual models [20]

WEBTOON Entertainment Conference Summary Company Overview - WEBTOON is a global storytelling hub with 24 million creators and 155 million monthly active users (MAU), primarily outside Asia, targeting Gen Z consumers aged 18-25 [3][4] - The company reported $1.35 billion in annualized revenue for 2024, with a 9% constant currency growth and positive adjusted EBITDA of 1.4% [4] Creator Engagement - WEBTOON attracts creators through its position as a category leader, offering an open-source user-generated content (UGC) platform called Canvas [5][6] - The platform has seen significant success stories, such as Rachel Smythe, who transitioned from an amateur creator to a New York Times bestselling author [8][9] - The company emphasizes a data-driven approach to identify potential hit stories, enhancing its attractiveness to new creators [9] Market Penetration and Growth - WEBTOON has a strong presence in Korea (50% market penetration) and is expanding in Japan, where it has become the number one consumer app [6][17] - The U.S. market is seen as a significant growth opportunity, with sub-5% market penetration and double-digit growth in English MAU [17][18] - The average revenue per user (RPU) in the U.S. and Korea is between $6-$8, while Japan shows much higher RPU, indicating strong potential for revenue growth [17] Partnerships and Content Strategy - WEBTOON has announced partnerships with Disney and Warner Bros. Animation, aiming to adapt popular stories into various media formats [20][21] - The company is focused on original storytelling, allowing creators to incorporate popular characters from partner franchises into new narratives [24] - The partnership with Disney includes a 2% investment stake and access to 35,000 stories from the Disney universe [23] Advertising and IP Adaptations - Advertising is seen as a secondary growth area, with a focus on expanding paid content first [33][34] - The company has a robust advertising business in Korea and is exploring rewarded video options in Japan [36] - IP adaptations from WEBTOON stories have proven successful, driving interest back to the platform and enhancing creator engagement [39] Financial Outlook and Investment Priorities - The company aims for significant growth in paid content, particularly in the U.S. and Japan, which is expected to improve revenue and bottom line [41][42] - WEBTOON plans to enhance its advertising business and leverage partnerships for long-term growth [43] - Investors are encouraged to monitor the success of partnerships and the engagement of Gen Z consumers with WEBTOON content [44] Key Takeaways - WEBTOON is positioned for growth in the digital entertainment landscape, leveraging its creator community and partnerships to expand its reach and revenue potential [3][4][20] - The focus on original content and data-driven storytelling is expected to drive user engagement and monetization [9][18][39] - The company is committed to long-term growth strategies, with an emphasis on geographic expansion and creator support [41][42]

Financial Data and Key Metrics Changes - For Q4 2025, ending AUM reached $1.66 trillion, a 3.1% increase from the prior quarter, while average AUM increased by 4.4% to $1.63 trillion [31] - Adjusted operating revenues increased by 13.9% to $1.82 billion from the prior quarter, driven by elevated performance fees and higher average AUM [31] - Adjusted net income and adjusted diluted earnings per share increased by 35.7% and 36.7% from the prior quarter to $357.5 million and $0.67, respectively [32] Business Line Data and Key Metrics Changes - In public markets, over 50% of mutual funds, ETFs, and composites outperformed peers and benchmarks across all standard time periods, indicating improved investment performance [9] - Private markets saw fundraising of $22.9 billion, contributing to a total of $270 billion in alternative AUM, with expectations to increase fundraising to between $25 billion and $30 billion in fiscal 2026 [11] - The SMA business grew at a 21% compound annual rate since 2023, with AUM of $165 billion across more than 200 strategies [15] Market Data and Key Metrics Changes - Internationally, Franklin Templeton managed nearly $500 billion in assets, achieving $10.7 billion in positive long-term net flows in markets outside the U.S. [26] - Fixed income net inflows were $17.3 billion for the year, with positive net flows for seven consecutive quarters [28] - Alternatives and multi-asset generated $25.7 billion in net flows for the year, reflecting broad-based client demand [29] Company Strategy and Development Direction - The company is focused on deepening client partnerships, broadening investment capabilities, and strengthening its diversified model as part of a five-year plan [7] - Franklin Templeton aims to democratize private assets and expand its wealth management offerings, targeting to double Fiduciary's AUM by 2029 [20] - The company is investing in innovation, particularly in digital assets and AI, to redefine how investors access opportunities and improve operational efficiency [22] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the strong public equity gains and the overall constructive view of private markets, despite a complex geopolitical backdrop [24] - The company anticipates continued growth in alternatives, particularly in the retail market, driven by partnerships and innovative product offerings [13] - Management highlighted the importance of selectivity and discipline in navigating the current market dynamics, which present opportunities across public and private markets [25] Other Important Information - Franklin Templeton was named 2025 Asset Manager of the Year in the $500 billion-plus AUM category, reflecting its leadership in innovation and investment advisory solutions [7] - The company has integrated certain corporate functions to drive efficiency and enhance client service, particularly in response to challenges faced by Western Asset Management [29] - The firm is focused on capital management, returning $930 million to shareholders through dividends and share repurchases [36] Q&A Session Summary Question: Fundraising target for fiscal 2026 - The target is between $25 billion and $30 billion, with contributions expected from various funds including Lexington, Clarion, and Alcentra [43] Question: Expense guidance for 2026 - The company expects to achieve $200 million in cost savings for 2026, with a focus on maintaining or reducing total expenses compared to fiscal 2025 [44][46] Question: Infrastructure product pipeline - The company is building a fund around partnerships with DigitalBridge, Copenhagen Infrastructure Partners, and Actis to participate in infrastructure deals [48] Question: AI and tokenization opportunities - The company is leading in tokenization, offering unique features for money market funds and exploring new distribution capabilities through partnerships with exchanges like Binance [51][53] Question: Update on Lexington flagship fund - The target size for the Lexington flagship fund is about $25 billion, with expectations for the first close in the first half of 2026 [54]

Summary of Braze FY Conference Call - September 10, 2025 Company Overview - **Company**: Braze (NasdaqGS:BRZE) - **Industry**: Customer Engagement and Marketing Technology Key Points Data Architecture and Competitive Advantage - Braze emphasizes the importance of data architecture as a competitive advantage in the AI era, focusing on real-time data processing rather than traditional data warehousing [7][12][11] - The company has built a stream processing engine similar to high-frequency trading systems, allowing for real-time updates and actions based on customer engagement data [8][9][10] - Braze processes over 10 trillion data points annually, highlighting its capability to handle massive data flows efficiently [29] Business Momentum and Growth Outlook - Braze has shown an improving growth outlook for margins and profits, with increased productivity in its sales force over the last two quarters [34][36] - The company has improved its renewal processes, leading to lower downsell risks and better customer retention [38][40] - The overall effectiveness of the sales team has increased, contributing to a positive forecast for future performance [41] Replacement Cycle and Market Position - Braze is four years post-IPO and is analyzing changes in enterprise replacement cycles, indicating a shift in customer engagement strategies [7] - The company is focusing on enhancing its international strategy and verticalization to improve efficiency [38] AI and Composable Intelligence - Braze is transitioning to a new framework of context, intelligence, and interaction, leveraging advancements in AI and machine learning [20][21] - The concept of "composable intelligence" is introduced, where models are imbued with brand knowledge and can operate autonomously, enhancing marketing strategies [24][23] - The integration of AI tools aims to improve marketer productivity and customer engagement by automating decision-making processes [22][28] OfferFit and Unit Economics - OfferFit, a new product line, has two SKU types priced between $100,000 and $300,000, targeting enterprises with high-leverage use cases [49][50] - The potential for cross-selling between OfferFit and Braze's existing customer base is significant, with many OfferFit customers not currently using Braze's customer engagement solutions [51] - The decisioning products have higher gross margin potential compared to traditional messaging services, positioning Braze favorably in the market [52] Future Outlook - Braze is excited about upcoming developments in AI-centric customer engagement and plans to share more at the Forge event [53] - The company is focused on enhancing its product portfolio and leveraging AI to drive customer engagement strategies [52][53] Additional Important Insights - The company has made significant investments in first-party data and real-time context understanding, which are crucial for effective customer engagement [29][30] - Braze continues to expand its channel offerings, including new functionalities for messaging platforms like WhatsApp and Kakao [30]