Core Insights - Virtu Financial, Inc. will announce its third quarter 2025 financial results on October 29, 2025, before the US market opens [1] - A conference call to discuss the financial results will take place at 8:00 AM (EDT) and will be accessible to the public via a live webcast [2] Company Overview - Virtu Financial is a leading provider of financial services and products, utilizing advanced technology to deliver liquidity and innovative trading solutions to clients [3] - The company offers a comprehensive product suite that includes execution, liquidity sourcing, analytics, and broker-neutral, multi-dealer platforms across various asset classes [3] - Virtu operates in over 50 countries, allowing clients to trade on hundreds of venues in global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency, and other commodities [3] - The integrated, multi-asset analytics platform provides pre-, intra-, and post-trade services, data products, and compliance tools for clients to manage risk and invest across global markets [3]

Core Insights - LRT Capital Management's "LRT Global Opportunities Strategy" reported a net return of -8.00% for September 2025, with a year-to-date return of -0.17%, amid a challenging market environment where select overvalued mega-cap stocks surged while the broader market declined [1] Company Overview - StoneX Group Inc. (NASDAQ:SNEX) is highlighted as a key holding, with a one-month return of 2.76% and a significant 78.40% increase in value over the past 52 weeks, closing at $99.00 per share on October 6, 2025, and a market capitalization of $5.165 billion [2] - StoneX operates as a diversified global financial services network, offering execution, clearing, payment, and advisory services across various asset classes, including commodities, foreign exchange, and securities [3] - The company has established a strong position in the competitive financial services industry by focusing on underserved client segments and providing specialized expertise in complex markets, making it a vital partner for its clients [3]

Investment Strategy Overview - LRT Global Opportunities strategy returned -8.00% in September and -0.17% year-to-date as of October 1, 2025 [4][5] - The strategy focuses on long positions in high-quality companies and short positions in broad market indexes, viewing September's performance as a temporary setback [6] - Current market valuations are at extreme levels, with a trailing P/E ratio over 30x, P/B ratio over 5.6x, and cyclical P/E over 40x, indicating potential future return challenges [7] Company Highlights StoneX Group Inc. (SNEX) - StoneX operates as a diversified financial services network, providing execution, clearing, payment, and advisory services across various asset classes [12][13] - The company focuses on underserved client segments, leveraging deep institutional knowledge and a robust global infrastructure [13][14] - StoneX's growth strategy combines organic expansion with strategic acquisitions, enhancing capabilities and geographic reach [14][15] Simpson Manufacturing Co., Inc. (SSD) - Simpson is a leader in engineered structural connectors, with products specified in building codes, creating high switching costs for customers [16][17] - The company benefits from a strong distribution network and technical support, reinforcing its market position [18][19] - Demand for Simpson's products is driven by housing construction and stricter building codes due to extreme weather events [19][20] Asbury Automotive Group, Inc. (ABG) - Asbury operates a diverse portfolio of dealerships, focusing on high-margin parts and service operations for revenue stability [21][22] - The company has a proven track record in strategic acquisitions, enhancing its operational footprint and earnings power [23][24] - Asbury's digital retailing platform, Clicklane, integrates online and in-store experiences, providing a competitive advantage [24][25] Chemed Corp. (CHE) - Chemed operates VITAS Healthcare and Roto-Rooter, benefiting from strong demand in hospice care and plumbing services [26][27] - VITAS is positioned to capitalize on the aging U.S. population, while Roto-Rooter offers recession-resistant services [28][29] - The company has a disciplined capital allocation strategy, returning significant capital to shareholders [29] The Toronto-Dominion Bank (TD) - TD is a major player in North America's banking sector, with a focus on retail and commercial banking [30][31] - The bank's U.S. retail segment has been a primary growth engine, supported by strategic acquisitions [32] - TD's conservative risk culture and strong capital management contribute to its competitive advantage [34] RLI Corp. (RLI) - RLI is a specialty insurance company known for its underwriting discipline and focus on niche markets [35][36] - The company prioritizes profitability over growth, maintaining a strong alignment of interests through employee ownership [37][38] - RLI has a history of returning excess capital to shareholders, demonstrating a commitment to shareholder value [38] The Toro Company (TTC) - Toro is a leader in turf and landscape solutions, known for its quality and innovation [39][40] - The company has a strong distribution network and a disciplined growth strategy, including strategic acquisitions [41][42] - Toro consistently generates strong free cash flow, which is reinvested in product development and shareholder returns [42] Crown Castle International Corp. (CCI) - Crown Castle owns the largest portfolio of shared communications infrastructure in the U.S., primarily macro cell towers [43][44] - The company benefits from long-term lease agreements, providing predictable revenue streams [44][45] - Crown Castle is divesting non-core businesses to focus on its tower portfolio, enhancing shareholder value [46] Corporación América Airports S.A. (CAAP) - CAAP operates 53 airports across six countries, generating revenue from aeronautical and commercial activities [48][49] - The company invests in airport infrastructure to enhance operational efficiency and passenger experience [51] - CAAP is well-positioned to benefit from the recovery in global air travel [52] Colliers International Group Inc. (CIGI) - Colliers is a global leader in commercial real estate services, distinguished by its decentralized structure and entrepreneurial culture [53][54] - The company pursues a balanced growth strategy, focusing on high-margin business lines [56] - Colliers' ownership culture aligns interests with long-term shareholders, enhancing its competitive advantage [54] The Travelers Companies, Inc. (TRV) - Travelers is a leading provider of property and casualty insurance, organized into three primary segments [57][58] - The company benefits from a vast distribution network and strong relationships with independent agents [58][62] - Travelers leverages its scale and data advantages to maintain profitability and manage risks effectively [62] Petróleo Brasileiro S.A. - Petrobras (PBR-A) - Petrobras is a major integrated energy producer, controlling significant pre-salt oil reserves [63][64] - The company focuses on maximizing value from its most profitable exploration and production activities [65][66] - Petrobras' performance is closely tied to its operational execution in the pre-salt basins [66] Fabrinet (FN) - Fabrinet specializes in advanced optical packaging and precision manufacturing, serving leading OEMs [67][68] - The company's engineering expertise and focus on complex manufacturing create high switching costs [68][69] - Fabrinet benefits from secular tailwinds in the optical communications market, driven by data traffic growth [69][70] UnitedHealth Group Incorporated (UNH) - UnitedHealth is a leading healthcare enterprise, combining health benefits with diversified health services [71][72] - The company's scale provides cost advantages and superior negotiating power in the healthcare market [73][74] - UnitedHealth's integrated model enhances efficiency and patient outcomes, positioning it for continued growth [74] Charter Communications, Inc. (CHTR) - Charter is a major connectivity provider in the U.S., focusing on high-speed broadband services [76][77] - The company is upgrading its network to meet increasing bandwidth demands and expanding into underserved areas [79] - Charter's convergence of services, including mobile offerings, enhances customer loyalty and reduces churn [78][79] Group 1 Automotive, Inc. (GPI) - Group 1 operates a diversified automotive retail business, focusing on luxury and import brands [80][81] - The company's disciplined acquisition strategy enhances performance and profitability [82] - Group 1's digital retailing platform improves customer experience and operational efficiency [82][83] Exxon Mobil Corp (XOM) - Exxon Mobil is a leading integrated energy and chemical manufacturer with a vertically integrated business model [85]

Core Viewpoint - Virtu Financial, Inc. has successfully priced and closed incremental term loans amounting to $300 million, increasing its total term loan balance to $1,545 million under its senior secured credit facility [1][2]. Group 1: Incremental Term Loans - The Incremental Term Loan, along with existing Term Loans, will bear interest at Term SOFR + 250 basis points and will be issued at par [2]. - Proceeds from the Incremental Term Loan may be utilized for general corporate purposes [2]. Group 2: Company Overview - Virtu Financial is a leading provider of financial services and products, utilizing advanced technology to deliver liquidity and innovative trading solutions globally [3]. - The company offers a comprehensive product suite, including execution, liquidity sourcing, analytics, and broker-neutral platforms across over 50 countries and multiple asset classes [3]. - Virtu's integrated multi-asset analytics platform provides pre- and post-trade services, data products, and compliance tools for clients to manage investments and risks [3].

Core Viewpoint - Virtu Financial has appointed Aaron Simons as the new CEO, succeeding Douglas Cifu, who will retire but remain an advisor to the company [1][4]. Company Leadership Transition - Aaron Simons, previously the Chief Technology Officer, has been with Virtu since 2008 and has played a significant role in the company's technology and trading operations [3][5]. - Douglas Cifu, a co-founder of Virtu, has been instrumental in the company's growth, including its IPO in 2015 and acquisitions that expanded its market presence [2][4]. Company Background - Virtu Financial is a leading provider of multi-asset financial services, utilizing advanced technology to deliver liquidity and innovative trading solutions globally [6]. - The company offers a wide range of products, including execution, liquidity sourcing, and analytics across various asset classes in over 50 countries [6].

Core Viewpoint - Virtu Financial, Inc. is set to announce its second quarter 2025 financial results on July 30, 2025, before the US market opens [1] Company Overview - Virtu Financial is a leading provider of global, multi-asset financial services, utilizing advanced technology to deliver liquidity and innovative trading solutions [3] - The company offers a comprehensive product suite that includes execution, liquidity sourcing, analytics, and broker-neutral, multi-dealer platforms [3] - Virtu operates across more than 50 countries and multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, and cryptocurrency [3] - The integrated, multi-asset analytics platform provides pre-, intra-, and post-trade services, data products, and compliance tools for clients [3] Upcoming Events - A conference call to discuss the financial results will be held at 8:00 AM (EDT) on the announcement date, with a live webcast available [2]

Core Viewpoint - Virtu Financial, Inc. is transferring its Class A Common Stock listing from Nasdaq to the New York Stock Exchange, effective June 17, 2025, which reflects the company's commitment to transparency and long-term value creation for shareholders [1][2][3]. Company Overview - Virtu Financial is a leading provider of global, multi-asset financial services, utilizing advanced technology to deliver liquidity and innovative trading solutions across various asset classes [4]. - The company offers a comprehensive product suite that includes execution, liquidity sourcing, analytics, and broker-neutral platforms, enabling clients to trade on hundreds of venues in over 50 countries [4]. Strategic Move - The transition to the NYSE is seen as a significant step in Virtu's journey, allowing the company to deepen relationships with investors and leverage the NYSE's platform for growth [3]. - The NYSE President highlighted Virtu's critical role in the price formation process within the U.S. capital markets, emphasizing the importance of the company as a liquidity provider [3].