Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and real estate-related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy aims to diversify across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1] - The REIT Team employs traditional methods of security analysis, including research and analytical depth, to inform investment decisions [1] Group 2: Investment Focus - The types of REIT properties targeted include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and various healthcare-related facilities [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions [1] - The team also serves as a sub-advisor for the West Loop Realty Fund, which is an open-end investment company [1]

Company Overview - XA Investments LLC ("XAI") is a Chicago-based alternative investment management and consulting firm founded in 2016 by XMS Capital Partners, focusing on investment advisory services for closed-end funds and interval funds [5] - XAI manages two listed closed-end funds and one interval closed-end fund, including the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), the XAI Madison Equity Premium Income Fund (NYSE: MCN), and the Octagon XAI CLO Income Fund (OCTIX) [5] Key Personnel - Tom McCabe has joined XAI as the Director of Regional Sales, bringing over 15 years of experience in financial services, particularly in the Registered Investment Advisor (RIA) marketplace [2][3] - McCabe's previous role was as a Sales Executive at Vanguard, where he focused on RIA, DCIO, and Retirement Plans, managing relationships and product offerings [2] Strategic Focus - The addition of McCabe is aimed at accelerating XAI's distribution efforts in the interval fund and closed-end fund marketplace, particularly on the East Coast [1][3] - Kevin Davis, Managing Director at XAI, emphasized the importance of expanding the sales team with experienced professionals to meet the growing demand for interval funds [3] Future Outlook - McCabe expressed enthusiasm about joining XAI and is focused on enhancing the sales culture and expanding the reach of XAI's interval fund business [3] - The firm aims to leverage McCabe's expertise to boost sales efforts nationwide, particularly for the Octagon XAI CLO Income Fund (OCTIX) [3]

Core Insights - Janus Henderson has agreed to acquire 100% of Richard Bernstein Advisors, enhancing its market share in model portfolios and SMA providers [1][2] - The acquisition positions Janus Henderson among the top 10 model portfolio providers in North America upon completion in Q2 2026 [2] Company Overview - Richard Bernstein Advisors manages $18.5 billion in assets under management (AUM) and focuses on macroeconomic analysis and quantitative portfolio construction [3] - Richard Bernstein, the founder and CEO, will assume the role of global head of macro and customized investing at Janus Henderson [3] Market Trends - Demand for model portfolios and SMAs is increasing, with model portfolios holding an estimated $7.7 trillion in AUM as of Q1 2025, projected to grow to $13.2 trillion by 2029, reflecting a 15% annual growth rate [4] - SMAs have reached $3.86 trillion in AUM by Q1 2025, growing 54% over two years, driven by tax benefits and advancements in technology [5] Competitive Landscape - The rising popularity of model portfolios and SMAs has led to increased competition among asset managers, with major firms like Goldman Sachs, Fidelity, and T. Rowe launching new models [6]

Group 1 - American International Group (AIG) and CVC have formed an alliance to support AIG's investment strategy, focusing on insurance-related solutions and private market opportunities [1] - The partnership involves creating substantial separately managed accounts (SMAs) under CVC's credit investment strategies, with AIG as a cornerstone investor in a new evergreen platform for private equity secondaries [1][3] - AIG is committing up to $1.5 billion from its current private equity holdings to establish an initial asset base for the new platform and facilitate the reallocation of its legacy private equity interests [2][4] Group 2 - CVC CEO Rob Lucas emphasized that the partnership is a strong endorsement of CVC's ability to meet the evolving needs of global insurance institutions and highlights the depth of their credit platform [3] - The agreement includes plans for AIG to allocate up to $2 billion in total to CVC-managed SMAs and funds, with $1 billion expected to be invested by 2026 [4] - The SMAs are designed to provide AIG access to a mix of private and liquid credit investments, addressing regulatory requirements and capital return objectives [5] Group 3 - AIG's CEO and chairman Peter Zaffino stated that this partnership marks AIG's first collaboration with a European-headquartered asset manager, supporting its strategy of actively managing its investment portfolio [6] - The announcement follows leadership changes at AIG, with Eric Andersen named president and CEO-elect, set to succeed Zaffino in June 2026 [7]

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and real estate-related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy aims to diversify across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1] - The REIT Team employs traditional security analysis methods, including research and analytical depth, to inform investment decisions [1] Group 2: Investment Focus - The types of properties the REIT Team invests in include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and various healthcare-related facilities [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions [1] - The team also serves as a sub-advisor for the West Loop Realty Fund, which is an open-end investment company [1] Group 3: Company Background - Chilton Capital Management, established in 1996, provides investment advisory services for a range of clients, including registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The firm is independently owned and operated, with additional information available on the SEC's website [1]

Core Insights - SMAs have seen significant growth, increasing by over 54% to $3.86 trillion in assets as of Q1 2025, according to Cerulli Associates [1] - Despite the growth, average redemption rates for SMAs are in the double digits, which is higher than asset managers anticipated [1] Group 1: Growth of SMAs - Asset managers have rapidly launched managed accounts, with Edward Jones doubling its SMA offerings this summer and Percent launching its first SMA focused on private credit [2] - Research indicates that advisors prefer SMAs over model portfolios due to lower fees and greater customization, with assets in SMAs growing by nearly 70% to $500 billion from early 2023 to mid-2024 [2] Group 2: Redemption Rates - A Cerulli survey found that the average redemption rate for equity SMAs is 21.1% and 15.9% for fixed-income SMAs, which are higher than expected despite being comparable to mutual funds [3] - Asset managers had anticipated investors would remain in SMAs for 10 to 20 years, but the actual holding period is closer to five years [4] Group 3: Market Volatility Impact - Persistent market volatility over the past six years may contribute to higher redemption rates, as clients can react quickly to market downturns [5] - Asset managers viewed SMAs as long-term investments due to the complexity of liquidating multiple individual stocks, but short-term market disruptions and client needs have led to shorter holding periods than expected [6]

Core Insights - Voya Investment Management has appointed Scott Brady as managing director and head of Intermediary Business Development to enhance its presence in the intermediary channels [1][2] - Brady brings over 30 years of financial services experience, previously serving as head of U.S. Product Development and Strategy at Columbia Threadneedle [2] - Voya IM manages approximately $359 billion in assets as of April 30, 2025, across various investment strategies [3] Company Overview - Voya Investment Management is part of Voya Financial, Inc. and focuses on managing assets for institutions, financial intermediaries, and individual investors [3] - The firm has a legacy of 50 years in active investing and employs over 300 investment professionals [3] - Voya IM emphasizes understanding client needs, strong investment performance, and a commitment to diversity, equity, and inclusion [3]

Core Insights - Chilton Capital Management's REIT Team is led by experienced co-portfolio managers Bruce Garrison and Matt Werner, focusing on publicly traded real estate investment trusts (REITs) and related entities primarily in North America [1] - The REIT Team believes that public REITs offer superior investment vehicles due to their liquidity, transparency, and total return characteristics, allowing for diversified investments across various geographies, sectors, and property types [1] - The investment strategy combines real estate industry experience with traditional security analysis methods, emphasizing research and analytical depth to make informed investment decisions [1] Company Overview - Chilton Capital Management is an independently owned firm established in 1996, providing investment advisory services to a range of clients including registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Investment Focus - The REIT Team's investment focus includes various property types such as apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and healthcare-related facilities [1] - The investment approach aims to leverage both real estate expertise and traditional security selection methods to optimize investment outcomes in real estate companies [1]

Company Overview - Strive, Inc. or Strive Asset Management (ASST) has seen a significant decline of over 10% in its stock price, dropping from $3.35 to around $3.01 to $3.02 as of September 24 [1] - The stock has traded between $3.03 and $3.20, indicating ongoing downward pressure [1] Trading Activity - Current trading volume is over 2.6 million shares, which is below the average of 7.5 million, suggesting reduced momentum [2] - The shares are under heavy selling pressure, reflecting a double-digit percentage decline [2] Business Strategy - Strive, Inc. is positioning itself as a Bitcoin treasury asset manager, integrating its investment arm with a strategy of holding Bitcoin directly on its balance sheet [3] - The company was co-founded by Vivek Ramaswamy, who emphasizes "shareholder primacy" and anti-ESG rhetoric in its mission [3] Product Offerings - Strive offers ETFs and separately managed accounts (SMAs) that include customization features and tax-loss harvesting functionality [4] Recent Acquisition - On September 22, Strive announced an all-stock acquisition of Semler Scientific valued at approximately $1.34 billion, with Semler shareholders receiving 21.04 Strive shares for each Semler share, equating to $90.52 per share [5] - This acquisition is expected to enhance Strive's Bitcoin strategy, as it plans to acquire an additional 5,816 BTC valued at $675 million, leading to a total holding of over 10,900 BTC post-merger [6] Market Reaction - As of the time of writing, Semler Scientific (SMLR) has experienced a 2.27% downturn, while ASST's price decline is attributed to concerns over dilution and governance issues related to the upcoming merger [7]

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy combines real estate industry experience with traditional security analysis methods, focusing on research, critical thought, and analytical depth [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Group 2: Investment Focus - The REIT Team invests in various property types, including apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and healthcare-related facilities [1] - The approach allows for diversification by geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1] Group 3: Company Background - Chilton Capital Management, established in 1996, provides investment advisory services for registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The firm is independently owned and operated, with additional information available on the SEC's website [1]