TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, all the major asset classes posted positive returns except fixed income assets outside the US. The strategy returned 4.00% (gross) and 3.78% (net) compared to a 2.78% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 20 ...

CHICAGO, Dec. 10, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the fourth quarter of 2025 before the market opens on Friday, February 6, 2026. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET). A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor ...

Core Insights - The article compares two growth stocks in Singapore: iFAST Corporation, a fintech platform, and Singapore Exchange (SGX), a blue-chip exchange operator, highlighting their growth potential and market positions as interest rates are expected to fall by 2026 [1][8]. iFAST Corporation - iFAST has transitioned from a fund distribution platform to a digital wealth infrastructure player, achieving a net revenue growth of 39.9% year-on-year to S$89.53 million and a net profit increase of 54.7% year-on-year to S$26 million for 3Q 2025 [2]. - The company's assets under administration (AUA) reached an all-time high of S$30.62 billion, growing 29.6% year-on-year [2]. - iFAST's profit before tax margin improved to 34.5% for 9M 2025, up from 22.6% in 2023 and 33.5% in 2024, indicating a new phase of profitability [3]. - Recent initiatives include the introduction of payment services and the approval to operate as an Electronic Money Issuer in Malaysia, which could enhance profitability [4]. Singapore Exchange (SGX) - SGX serves as the backbone of Singapore's capital markets, with a revenue breakdown showing that the Equities-Cash segment contributed 30.3% and the Equities-Derivatives segment contributed 26.6% to total net revenue for FY25 [5]. - SGX's net profit attributable to equity holders grew from S$445 million in FY2021 to S$648 million in FY2025, with dividends increasing from S$0.32 to S$0.375 during the same period [6]. - Recent partnerships, such as with Climate Impact X, and expansion in Foreign Exchange derivatives are expected to drive growth [7]. Comparative Analysis - iFAST offers higher growth potential with a revenue growth rate of 29.5% CAGR over three years, while SGX has a more stable growth rate of 7.6% [9]. - iFAST has a profit margin of 18.5% compared to SGX's 47.3%, and a lower dividend yield of 0.7% versus SGX's 2.2% [9]. - The choice between iFAST and SGX depends on investor preferences for growth acceleration versus stable compounding [10]. Key Catalysts and Risks - For iFAST, successful digital platform rollouts and margin expansion are potential growth drivers, while delays or contract risks could negatively impact valuation [11]. - SGX's growth will depend on market turnover and derivatives volume recovery, with lower volatility potentially limiting momentum [11]. - Both companies could benefit from macro trends such as rate cuts and improved investor sentiment [12]. Investor Considerations - Investors should monitor earnings growth and dividend policies for both companies through 2025, as well as valuation movements post-rate cuts [13][14]. - A diversified investment approach could involve holding both stocks to balance growth and stability [15].

Core Points - Cboe Global Markets has declared a quarterly cash dividend of $0.72 per share for the fourth quarter of 2025, payable on December 15, 2025, to stockholders of record as of November 28, 2025 [1] Company Overview - Cboe Global Markets is recognized as the world's leading derivatives and securities exchange network, providing advanced trading, clearing, and investment solutions globally [2] - The company offers trading solutions across multiple asset classes, including equities, derivatives, and foreign exchange, in regions such as North America, Europe, and Asia Pacific [2] - Cboe is dedicated to creating a trusted and inclusive global marketplace that supports sustainable financial futures for its users [2]

Summary of Atlas Clear Holdings Conference Call (October 22, 2025) Company Overview - **Company Name**: Atlas Clear Holdings - **Ticker Symbol**: ATCH - **Industry**: Financial Services, Fintech - **Market Position**: Aiming to build a technology-enabled financial services platform to modernize trading, clearing, settlement, and banking for small to mid-sized financial institutions [1][6][9] Key Market Data - **Stock Price**: $0.40 as of October 14, 2025 - **Shares Outstanding**: Approximately 127 million - **Market Capitalization**: Over $50 million - **Average Daily Trading Volume**: Approximately 58 million shares [11][12] Core Business Strategy - **Target Market**: Underserved small to mid-sized financial institutions, including broker-dealers, hedge funds, and family offices [10][20] - **Mission**: To empower smaller financial institutions with technology and efficiency comparable to larger firms like Pershing and Fidelity [9][10] - **Key Offerings**: Integrated platform for trading, clearing, settlement, custody, and future banking services [14][15] Growth and Expansion Plans - **Strategic Acquisitions**: Recently acquired Wilson Davis and Company; plans to acquire Commercial Bancorp of Wyoming to enhance banking capabilities [16][41] - **Market Focus**: Targeting financial services firms with revenues up to $1 billion, which are historically underserved by larger clearing services [20] - **Future Plans**: Aiming for organic growth and selective acquisitions, including potential expansion into crypto and international markets by 2027 [52][54] Financial Performance and Projections - **Debt Management**: Successfully reduced debt from approximately $53 million to over $45 million; new financing includes $20 million in convertible debt with a floor of $0.75 [55][56] - **Revenue Growth**: Anticipated growth in correspondent clearing, underwriting, and stock loan services; reported a 42% month-over-month increase in stock loan transactions [58][59] - **Profitability Target**: Aiming for profitability by 2026 through scaling operations and adding new clients [62][63] Technology and Competitive Advantage - **Technology Differentiation**: Emphasizes flexibility and speed in product development compared to larger competitors; claims superior technology in certain aspects [68][70] - **Operational Efficiency**: Focus on automation and real-time data analytics to enhance scalability and reduce operational costs [26][69] Leadership and Management - **Experienced Leadership Team**: Comprised of industry veterans with extensive backgrounds in fintech and financial services [30][31][32] - **Board of Directors**: Includes experts in clearing, settlement, and trading, enhancing the company's strategic positioning [35][36][37] Challenges and Market Conditions - **Legacy Infrastructure Issues**: Identifies challenges posed by outdated systems that hinder growth for smaller financial institutions [23][24] - **Regulatory Environment**: Plans to navigate regulatory approvals for banking operations and digital asset custody [65][66] Conclusion - **Outlook**: Atlas Clear Holdings is positioned for significant growth in the financial services sector, targeting underserved markets with a scalable and integrated technology platform. The company is focused on strategic acquisitions, improving operational efficiency, and enhancing profitability by 2026 [19][60][62]

Core Insights - Nasdaq, Inc. is a leading global technology company known for operating the Nasdaq Stock Market, providing a comprehensive suite of services in capital markets [1] - The company is set to announce its third-quarter earnings on October 21, 2025, with projected EPS of $0.84 and revenue of approximately $1.3 billion, reflecting a 12.5% year-over-year revenue increase and a 13.5% growth in EPS [2][3] Financial Performance - The optimistic earnings forecast is driven by increased subscription revenues, higher trading volumes, and growth in analytics revenues, supported by Nasdaq's focus on organic growth and client acquisition [3] - Analysts have raised the consensus EPS estimate by 2.1% in the past 30 days, indicating a positive reevaluation of the company's performance [4] - Nasdaq's current financial metrics include a P/E ratio of approximately 33.73, a price-to-sales ratio of about 6.27, and an enterprise value to sales ratio of 7.36, reflecting a robust valuation landscape [4] - The enterprise value to operating cash flow ratio is around 25.33, with an earnings yield of approximately 2.97%, and a debt-to-equity ratio of roughly 0.82, indicating financial stability [4] - The current ratio stands at approximately 0.96, further highlighting the company's financial health [4]

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 - Cboe Global Markets, Inc. is set to announce its financial results for Q3 2025 on October 31, 2025, with a conference call scheduled for 7:30 a.m. CT [1] Group 1 - The financial results announcement will occur before market opening on October 31, 2025 [1] - A live audio webcast of the conference call will be available on Cboe's Investor Relations website, with a replay expected two hours after the call [2] - Cboe Global Markets is recognized as the leading derivatives and securities exchange network, providing trading solutions across multiple asset classes globally [3]