Miami International Holdings, Inc. is a diversified exchange operator with a growing presence in the U.S. and international capital markets. The company leverages a multi-asset platform strategy to attract volume and liquidity across options, equities, and futures products. Its integrated clearing and execution services, combined with a focus on technology, position it to compete effectively in the evolving financial marketplace.What is the current context for valuation and liquidity? The average sale price ...

From gold to fixed income to equities, these typically less-correlated asset classes are now moving in the same direction, as the ongoing war in the Middle East shows no signsAnalyst’s Disclosure: I/we have a beneficial long position in the shares of SPY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stoc ...

ASIA BOND MONITOR MARCH 2026 ASIAN DEVELOPMENT BANK ASIAN DEVELOPMENT BANK 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines Nations and the People's Republic of China; Hong Kong, China; and the Republic of Korea. About the Asian Development Bank ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and ...

Summary of BofA Global Fund Manager Survey - March 2026 Industry Overview - The survey reflects the sentiment of global fund managers regarding macroeconomic conditions, asset allocation, and investment strategies in March 2026. Key Points Macro Economic Sentiment - Global growth optimism has significantly decreased, with only 7% of investors expecting a stronger economy, down from 39% in February 2026 [doc id='2'][doc id='13'] - Inflation expectations have surged, with 45% of investors anticipating higher global CPI in the next 12 months, up from 9% last month [doc id='23'][doc id='104'] - The probability of a hard landing for the economy is perceived to be low at 5%, while 46% expect "no landing" and 44% anticipate a "soft landing" [doc id='20'][doc id='18'] Risk Factors - Geopolitical tensions and inflation have replaced the AI bubble as the primary tail risks, with 63% of investors identifying private equity/credit as the most likely source of a systemic credit event [doc id='3'][doc id='38'] - Concerns over credit default risk have risen sharply, with 46% of investors indicating above-normal risk, the highest since April 2025 [doc id='49'] Asset Allocation Trends - Cash levels among fund managers have increased to 4.3%, marking the largest monthly increase since March 2020 [doc id='16'][doc id='14] - There has been a rotation in asset allocation from "boom" sectors like banks to "stagflation" sectors such as staples [doc id='4'] - Fund managers are currently net 34% overweight in commodities, the highest since April 2022, and net 53% overweight in emerging market equities, the highest since February 2021 [doc id='68'][doc id='160] Investment Strategies - The most crowded trades identified are "long gold" and "long global semiconductors," each at 35% [doc id='61'] - Contrarian trades suggested include long bonds and short commodities, as well as long UK and short emerging markets [doc id='5'] - Fund managers are underweight in consumer discretionary stocks, with a net 27% underweight, the lowest since December 2022 [doc id='72] Political Outlook - Investors expect the outcome of the 2026 US midterm elections to result in a Democratic House and Republican Senate, with 54% supporting this view [doc id='58] Sector Sentiment - Fund managers are most overweight in pharmaceuticals, banks, and industrials, while being underweight in consumer discretionary and insurance sectors [doc id='169'] - The sentiment towards technology remains positive, with a net 7% overweight [doc id='175] Currency Valuation - 46% of fund managers believe the US dollar is overvalued, down from 52% last month [doc id='145] Additional Insights - The survey indicates a shift in investor sentiment towards a more cautious approach, with increased cash holdings and a focus on commodities and emerging markets as potential areas for growth [doc id='4'][doc id='68] - The overall sentiment index has dropped to a six-month low, reflecting growing concerns about economic stability and inflation [doc id='9']

Investment Rating - The report suggests a cautious approach towards oil prices above $100 per barrel and indicates potential risks in various sectors if certain economic thresholds are breached [4][18]. Core Insights - The report highlights the tightening financial conditions due to rising oil prices and the implications for stock earnings, emphasizing that the biggest risk for stocks is earnings per share (EPS) rather than consumer price index (CPI) [3][19]. - It draws parallels between current market conditions and the 2007-2008 financial crisis, suggesting that the probability of a European Central Bank (ECB) rate hike by June 2026 is now at 75% [2][19]. - The report indicates that positioning remains more bullish than bearish, despite visible outflows from high-yield bonds and emerging market debt, suggesting that a "bear panic" has not yet occurred [15][18]. Summary by Sections Market Flows - Recent market flows show $13.2 billion inflow to stocks, $3.4 billion to bonds, and significant outflows from high-yield bonds and emerging market debt [11][49]. - Private clients have shown a preference for Japan and emerging market debt, with notable inflows into municipal bonds [13][50]. Economic Indicators - The BofA Bull & Bear Indicator has decreased to 8.7 from 9.2, indicating a shift in market sentiment with outflows from technology and healthcare sectors [10][15]. - The report notes that the current economic environment is characterized by high oil prices and tightening credit conditions, which could lead to a significant market correction if not addressed [4][19]. Investment Strategies - Suggested strategies include fading oil prices above $100 per barrel and focusing on safe-haven assets such as Treasuries and consumer stocks, particularly in the context of potential stagflation [4][22]. - The report emphasizes the importance of monitoring liquidity conditions and credit risks, as these factors could signal a shift in market dynamics [14][19].

Core Insights - Investment firms are adjusting strategies in response to market volatility and geopolitical tensions, particularly in the Middle East, which is affecting traditional asset correlations and hedging strategies [3][5][14] Group 1: Investment Strategies - Invesco recommends buying commodities shipped through the Strait of Hormuz, such as aluminum and grains, while Gama Asset Management has increased dollar cash and hedging via equity futures [1] - Goldman Sachs Asset Management has reduced portfolio sensitivity to market moves by employing non-linear equity downside protection and credit hedges, while increasing cash allocations for risk hedging [2] - Fund managers are exploring non-traditional strategies, including selected equities, option overlays, and investments in commodities like aluminum and soybean oil [4] Group 2: Market Conditions - The rising anxiety of a stagflationary shock due to potential oil price increases is reshaping investment strategies, as traditional policy responses may be limited [3] - Government bonds, typically a safe haven during market stress, are now moving in tandem with equities, indicating a shift in market dynamics [5] - The Bloomberg Dollar Spot Index is near its strongest level in almost two months, reflecting a shift in market positioning towards dollar strength as a safe haven [9][10] Group 3: Regional Focus - Chinese stocks are seen as a haven due to the country's diversified energy supplies, while the Australian dollar benefits from higher oil and gas prices [12] - Malaysia is identified as a target for investment due to its oil and commodities exposure and lower correlation with other emerging markets [12] Group 4: Risk Management - Investment managers are focusing on risk reduction strategies, such as selling volatility and maintaining buffers through high-quality bonds and precious metals [13] - Flexibility and selectivity in stock picking are emphasized over traditional diversification methods, as conventional hedges are not attracting safe-haven flows [14]

Summary of Federated Hermes Conference Call Company Overview - **Company**: Federated Hermes - **Assets Under Management**: Over $900 billion, with $698 billion in money market funds, $103 billion in equities, $102 billion in fixed income, and $22 billion in alternatives and multi-asset categories [2][3] - **Recent Growth**: Money market funds increased by $16 billion in the quarter, equities by $6 billion, and positive flows year-to-date are approximately $2.1 billion [2][3] Core Business Insights - **Diversification**: Federated is described as a "franchise for all seasons," indicating a diverse range of assets, clients, and products that provide stability [2] - **Product Offerings**: The company is expanding its product wrappers, including separately managed accounts (SMAs) at over $40 billion, ETFs at $2 billion, and collective investment trusts (CITs) at $4 billion [4] - **International Expansion**: Plans to open a Hong Kong office and expand in Europe, including a UCITS fund for sale in Europe [5][6] Money Market Funds - **Market Dynamics**: Institutional investors are attracted to money market funds due to higher yields compared to bank deposit rates, while retail investors are influenced by bank rates [17][18] - **Growth Potential**: Anticipated single-digit AUM growth in money market funds driven by cash flow dynamics in both up and down markets [16][19] Digital Assets and Tokenization - **Current Status**: Federated is exploring tokenization of money funds but acknowledges that client demand is not yet robust [6][20] - **Future Outlook**: The company believes that blockchain technology could enhance operations, but client readiness is crucial for adoption [23] Alternatives and Private Markets - **FCP Acquisition**: Federated is acquiring FCP, a U.S. real estate investment manager, to address the housing shortage in the U.S. and strengthen relationships with wealth clients [25][26] - **Private Credit Fund**: Recently closed a private credit fund with $780 million, focusing on strong relationships with European banks and maintaining a low default rate [27][28] Capital Allocation and Acquisitions - **Acquisition Strategy**: Federated is looking for roll-up opportunities in the market, focusing on funds that are underperforming and can be integrated into their operations [29][30] - **Share Repurchases**: The company has been active in share repurchases, buying approximately 1.5 million shares last quarter and over 700,000 shares year-to-date [35][36] Operating Expenses and Growth Investments - **Expense Outlook**: Anticipated increases in operating expenses due to transaction costs from the FCP acquisition and ongoing investments in technology and distribution [38][41] - **Growth Focus**: Federated is committed to investing in growth areas, including digital assets and new product rollouts, while being margin aware [41] Conclusion - **Overall Strategy**: Federated Hermes is focused on diversifying its product offerings, expanding internationally, and strategically acquiring assets to enhance its market position while maintaining a disciplined approach to capital allocation and expense management [2][25][29]

Summary of Bank of Montreal (BMO) 2026 Conference Call Company Overview - **Company**: Bank of Montreal (NYSE: BMO) - **Date of Conference**: March 10, 2026 - **Key Speaker**: Alan Tannenbaum, Group Head of Capital Markets Key Points ROE and Financial Performance - BMO aims for a return on equity (ROE) of over 15% by the end of 2027, with a current ROE of 16.8% in Q1 2026, down from 17.5% due to a severance charge [2][3][4] - The bank's capital markets division is expected to contribute significantly to achieving this ROE target [3][4] - The bank's revenue grew by 43% year-over-year in Q1 2026, outperforming the previous strong quarter [15][16] Business Segmentation and Strategy - BMO's business is geographically segmented: 40% in Canada, 50% in the U.S., and 10% internationally [21][22] - The bank focuses on achieving at least 2% market share in its business segments to ensure profitability [23] - BMO has built out its product offerings to better serve corporate clients, particularly in the metals and mining sector, which has grown from CAD 50 million to over CAD 500 million in revenue [27][30] Investment Cycle and Future Growth - The bank has been in an investment cycle to expand its capabilities, particularly in rates and international markets, which allows for higher margins [18][23] - Future growth will focus on deepening existing capabilities rather than creating new products [23][24] Market Conditions and Challenges - The bank acknowledges potential challenges from geopolitical events, such as the situation in the Middle East, which could impact market activity [41][44] - BMO's commodities business is not a directional player; it focuses on financing and hedging rather than speculating on commodity prices [44] Tariffs and Business Environment - The current tariff environment is not seen as a significant deterrent for business transactions, with Canadian companies facing high single-digit tariffs [48][49] AI and Technology Investment - BMO is investing in AI to capitalize on emerging opportunities, with a focus on integrating AI into various business lines [55][56] - The bank aims to use AI to enhance client service, improve operational efficiency, and explore new business models [58][59] Conclusion - BMO is committed to maintaining a disciplined approach to growth, balancing current profitability with investments in future opportunities, particularly in AI and technology [63]

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Core Insights - Preferred securities provide higher income potential than bonds and lower volatility than equities, making them a unique investment option for income-oriented investors [1] - Understanding sector exposure is crucial as different sectors like financials, REITs, utilities, and industrials respond variably to rate and credit cycles [1] Understanding Preferred Securities - Preferred securities are hybrid instruments that combine features of fixed income and equity, typically offering higher yields than investment-grade bonds while ranking senior to common equity but junior to bonds [1] - Most preferreds are perpetual securities with callable features, making income the primary driver of returns [1] Who Should Invest in Preferred Securities? - Preferred securities are suitable for investors seeking enhanced income with lower volatility than equities but who are willing to accept more risk than traditional investment-grade bonds [1] - They are often utilized by income-oriented investors looking to diversify fixed income allocations and enhance yield [1] Preferred Securities by Sector - **Financials Preferreds**: Represent the largest segment of the preferred market, sensitive to credit conditions and interest rate changes, with elevated regulatory and credit risks during financial stress [1] - **REITs Preferreds**: Provide income exposure supported by real estate cash flows, with sensitivity to real estate fundamentals and financing costs [1] - **Utilities Preferreds**: Issued by regulated companies with stable revenue profiles, offering more bond-like rate sensitivity and potentially lower yields [1] - **Industrials Preferreds**: Less common but can provide diversification benefits, with wide variation in credit quality and structure [1] Understanding Bonds - Bonds are fixed income securities representing debt obligations, providing contractual interest payments and priority over preferred and common shareholders in liquidation [1] - Investment-grade bonds generally offer lower yields than preferred securities but provide greater capital structure protection [1] Who Should Invest in Bonds? - Bonds are suited for investors prioritizing capital preservation, income stability, and lower credit risk, often serving as the foundation of diversified portfolios [1] Understanding Equities - Equities represent ownership in a company, with common shareholders participating in earnings growth but ranking lowest in the capital structure during liquidation [1] - Equity returns are driven by company fundamentals and market sentiment, exhibiting higher volatility than bonds or preferred securities [1] Who Should Invest in Equities? - Equities are appropriate for long-term investors seeking capital appreciation and willing to tolerate higher short-term volatility [1] Key Features Comparison - Preferred securities offer higher income and moderate volatility compared to bonds and equities, which have lower income and higher volatility respectively [1] When to Invest in Each Asset Class - Equities are suitable for long-term growth, bonds for capital preservation, and preferreds for income generation with lower volatility [1] How to Invest in Preferred Securities - Investors seeking diversified preferred exposure beyond financials may consider the VanEck Preferred Securities ex Financials ETF (PFXF), which focuses on REITs, utilities, and industrial issuers [1][2]