Core Insights - The SGA Emerging Markets Growth Strategy experienced a divergence from the market in Q4 2025, with the portfolio returning 0.8% (Gross) and 0.6% (Net), compared to the MSCI EM Net TR Index return of 4.7% and the MSCI EM Growth Net TR Index return of 3.3% [1] - For the full year 2025, the portfolio achieved returns of 23.8% (Gross) and 22.8% (Net), lagging behind the indexes which returned 33.6% and 34.3% respectively [1] - The portfolio anticipates annual revenue growth of 13% and earnings growth of 16% over the next three years [1] Company Focus: Infosys Limited - Infosys Limited (NYSE:INFY) was highlighted as a top contributor in Q4 2025, benefiting from steady execution, resilient recurring revenues, and strong performance in large-scale digital transformation projects [2][3] - As of February 11, 2026, Infosys's stock closed at $15.76 per share, with a one-month return of -16.26% and a twelve-month decline of 27.51% [2] - The company has a market capitalization of $63.76 billion [2] - Despite recent investor sentiment cooling towards India due to softening domestic demand and tariff uncertainties, Infosys's strong operating margins and client retention support robust free cash flow generation [3] - Concerns regarding potential disruptions from AI in outsourced IT services have affected Infosys shares, but the company is well-positioned to assist enterprises with AI deployment challenges [3] - The position in Infosys was trimmed to a below-average weight due to valuation considerations [3]

Core Insights - ManpowerGroup Inc. is a significant player in the workforce solutions industry, providing recruitment, training, and outsourcing services globally [1] - The consensus price target for ManpowerGroup has decreased from $39.78 to $32, indicating analyst caution due to weak hiring trends and foreign exchange risks, while BMO Capital maintains a higher target of $120, reflecting a more optimistic long-term outlook [2][6] - Recent financial performance shows revenue growth driven by strong staffing demand and tech-driven efficiency, but profitability remains a concern due to intense competition and market challenges [3][6] - Upcoming earnings releases, particularly the fourth-quarter 2025 results, are critical, with expectations of earnings at $0.82 per share and revenue around $4.6 billion, which will provide insights into the company's financial health [4] - The company's focus on career development in the context of AI and workforce transformation is essential for maintaining competitiveness, aligning with strategic initiatives that could impact future stock performance [5][6]

SEI Investments Company (NASDAQ: SEIC) Q4 2025 Earnings Presentation Q4 2025 SEI Earnings Presentation Safe Harbor Statement This presentation contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "expect," "believe," "remain" and "continue" or "appear." Our forward-looking statements include our current expectations as to: 2 • Our ability ...

Core Viewpoint - The recent trading activity of Infosys ADRs has highlighted significant volatility risks for U.S. investors, with a notable trading halt and record volume observed [1]. Company Overview - Infosys, a global provider of consulting, technology, outsourcing, and digital services, has a market capitalization of $80 billion and a current price of $20.22, reflecting a 5.42% increase [2]. - The company has experienced a remarkable growth of 3,362% since its IPO in 1999 and has a gross margin of 30.53% with a dividend yield of 2.69% [2]. Trading Activity - On a recent trading day, Infosys ADRs saw an intraday spike of over 50% before the NYSE halted trading, indicating volatility and structural issues in U.S.-listed foreign shares [3]. - The trading volume reached 115.6 million shares, which is approximately 738% higher than the three-month average of 13.8 million shares [3]. Market Context - The S&P 500 rose by 0.88% and the Nasdaq Composite gained 1.31%, while peers in the information technology services sector, such as Cognizant Technology Solutions and Wipro, also saw gains [4]. - Despite the surge in Infosys ADRs to a 52-week high, there was no clear driver for this price increase, and Indian competitors did not experience similar gains [5]. Investor Considerations - The limited gain of only about 0.7% in Infosys shares in India raises concerns about the structural issues associated with ADRs [6]. - Investors contemplating the addition of Infosys or other ADRs to their portfolios should consider the implications of this added volatility [6].

Group 1 - CBRE Group is the global leader in the real estate service market, holding the 1 position in leasing, property sales, outsourcing, appraisal, and property management markets [1] - Financial institutions have consistently increased asset allocations to the real estate market over the past few years [1]

Core Insights - Colliers International Group, Inc. (CIGI) has entered into a definitive agreement to acquire a controlling interest in Astris Infrastructure, LLC (Astris Finance), with the deal expected to close in Q3 2025 [1][7] - The financial terms of the acquisition have not been disclosed [1] - Astris Finance specializes in strategic and transaction advisory services, including mergers and acquisitions (M&A), project finance, and long-term capital raising initiatives for global developers and investors [3][7] Company Overview - Colliers operates under a unique partnership model, allowing senior leadership and designated team members of Astris Finance to retain substantial ownership in the business [2] - Colliers manages over $25 billion in energy transition and infrastructure assets, enhancing its investment management capabilities [4] - The acquisition aims to expand Colliers' investment banking capabilities, positioning the company to better serve institutional clients amid rising global demand for infrastructure [4][7] Market Context - Colliers is a diversified professional services and investment management company, with services including outsourcing, leasing, capital markets, engineering, and investment management [5] - The company has experienced a 0.5% increase in shares over the past three months, compared to a 3.9% increase in the industry [5]