Would that (gently used) cherry of a 1970 Toyota Corolla fetch a higher price if its eight-track player has been upgraded to Apple CarPlay? There’s a corollary for the advice business: Might deal-hungry private equity firms be willing to pay more for RIAs that have their own exchange-traded funds? A company that provides third-party services to help businesses launch ETFs says yes. But there’s some nuance to that, and adding new funds certainly isn’t the right move for everyone. “Anybody buying an ETF b ...

Mutual funds are morphing into ETFs like Agent Smith transforms bystanders in “The Matrix” series. Cohen & Steers, for example, is preparing an exchange-traded fund that will receive the assets of its existing Future of Energy Fund, according to a filing Monday. Meanwhile, Baillie Gifford is planning to convert three stock mutual funds to ETFs. That follows recent news that Impax Asset Management debuted its first US ETF, a global infrastructure fund that replaces an otherwise identical mutual fund. There ...

Summary of Key Points Core Viewpoint - The investment accounts managed by the company have experienced significant fluctuations, with a total loss of 204,000 yuan this week, bringing the year-to-date profit down to 324,000 yuan, with a yield of 3.52% [2][11]. Group 1: ETF Account - The ETF account started the year with an asset value of 2.5 million yuan and has recorded a profit of 112,000 yuan, yielding 5.40%, outperforming the CSI 300 index by 1.40% [3][12]. - No operations were conducted in the ETF account this week, resulting in a loss of 29,000 yuan, with a yield of -1.07% [3]. - The current core allocation focuses on Hong Kong stocks, particularly in sectors such as value, aerospace, and media, with recent profits driven by Hang Seng consumption and value ETFs [3]. Group 2: Certain Fund Account - The Certain Fund Account began the year with an asset value of 5.5 million yuan and has achieved a profit of 185,000 yuan, yielding 4.04%, also outperforming the CSI 300 index by 0.29% [5][12]. - This week, the account suffered a significant loss of 172,000 yuan, with a yield of -3.13% [5]. - The main holdings include resource active funds, technology active funds in A-shares, and Hang Seng Technology and Healthcare stocks [5]. Group 3: Fund Combination Account - The Fund Combination Account is primarily focused on long-term allocations, with recent operations including an increase of 10,000 yuan in both the "Safe Hamburger" and "Dividend Hamburger" strategies [8][10]. - The account's profits mainly stem from the "Medical Hamburger" and "Dividend Hamburger" strategies, which have performed well since their inception [10]. - The strategy emphasizes stable combinations, particularly suitable for new investors, with target yields of 5% per year for the "Safe Hamburger," 7% for the "Global Hamburger," and 10% for the "Dividend Hamburger" [10]. Group 4: Overall Performance - The total assets across all accounts amount to nearly 10 million yuan, with a cumulative profit of 324,000 yuan this year [2][11]. - The year-to-date performance has seen a decline, with the overall yield dropping significantly compared to earlier months [11].

Group 1 - Key trends such as AI investing, geopolitical risk, and Fed narratives are currently dominating market headlines [1] - Savvy investors recognize that significant opportunities may exist beyond the major stories that attract attention [1]

. SECURITIES,5,(MNP),2,(TDS)2007-08,1,`,1,01.07.12,23,01.09.2008,1,01.10.2012,2,06.07.2009,3,07.08.2012,1,1 PERCENT EXCISE ITEMS LIST,2,1 sep,1,1% excise,2,10 year nsc,7,10(10C),1,10(10D),1,10(11),1,10(12),1,1000 court cases judgements supplied to ITO,7,1000 rupee note,3,11-2008,1,11-2010,1,111A,4,130 items,1,14.08.2008,1,15 august,2,150 Rs coin,2,15g,14,15h,15,18-12-2009,1,192(1A),5,192A,2,194 I,4,194 IA,1,194A,7,194c from 01.10.2009,7,194H,6,194j,15,194LC,3,194N,1,194O,1,194q,2,1981-2007,2,2% cst,1,2% exc ...

Core Insights - Kevin O'Leary advocates for consistent saving and boring investing as a path to financial success rather than hustle culture and long working hours [1][2] Group 1: Investment Strategy - O'Leary emphasizes the importance of avoiding small but frequent overspending, which can significantly impact long-term wealth accumulation [1][2] - He recommends saving a fixed percentage of income, specifically 15%, and investing it in low-cost index funds to achieve substantial financial growth over time [4][5] - The S&P 500 index has shown an annualized return of 14.78% over the past decade, highlighting the potential benefits of investing in index funds [6] Group 2: Financial Behavior - The average American worker saved only 4.5% of their income in 2025, indicating a gap in savings behavior compared to O'Leary's recommended 15% [5] - By saving $180 weekly, which totals nearly $9,400 annually, individuals can significantly shorten their path to financial freedom compared to their peers [5] - O'Leary's approach is rooted in lessons learned from his mother, who successfully built wealth through consistent, conservative investment strategies [2][3]

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]

The particular strategies that I manage—one is a global macro strategy, where I can invest in any of the main asset classes: equities, fixed income, commodities and currencies. I am very asset class-agnostic, as well as geographically agnostic. I invest in things through a value perspective. I like to find things that are down and out, in anticipation of that changing. I do believe that clients who already have exposure to large cap tech stocks, I have the opportunity to invest client money in other parts o ...

Group 1 - The article discusses common mistakes made by Canadian investors when analyzing investments, emphasizing the importance of thorough due diligence [1] - It outlines a process for comparing investments, such as mutual funds and ETFs, to ensure appropriate analysis [1] - The article highlights the significance of understanding fee structures, including what constitutes "high" versus "low" fees for Canadian investors [1] Group 2 - Additional charges or fees beyond the Management Expense Ratio (MER) for ETFs and mutual funds are mentioned as important considerations for investors [1] - The article provides resources such as an ETF comparison tool to assist in evaluating fees among similar ETFs, noting that BMO's asset allocation ETFs currently have the lowest management fee among major providers in Canada [2] - It includes links to tools and guides that help investors determine their asset allocation and make informed investment decisions [2]