Group 1: Fund Performance - Harding Loevner's Global Equity Strategy returned 2.62% gross (2.52% net) in Q3 2025, underperforming the MSCI All Country World Index which returned 7.74% and the MSCI World Index which gained 7.36% [1] - Year-to-date, the strategy rose 10.61% (net), compared to 18.86% for the MSCI All Country World Index and 17.83% for the MSCI World Index [1] - The last six months have been noted as one of the strongest momentum phases in over 70 years, with high-momentum stocks outperforming low-momentum stocks by 45 percentage points since the beginning of the year, largely driven by advancements in AI [1] Group 2: Tradeweb Markets Inc. Overview - Tradeweb Markets Inc. (NASDAQ:TW) is a global financial technology company that operates electronic marketplaces [2] - As of November 14, 2025, Tradeweb's stock closed at $107.91 per share, with a market capitalization of $23.577 billion [2] - The one-month return for Tradeweb was -1.10%, and its shares lost 17.53% of their value over the last 52 weeks [2] Group 3: Tradeweb's Financial Performance - Tradeweb reported a revenue increase of 25% in Q3 2025, although it lost some market share to traditional voice trading during periods of heightened volatility [3] - The company achieved record revenues of $509 million in Q3 2025, reflecting a 13% year-on-year increase on a reported basis and an 11% increase on a constant currency basis [4] - Despite the potential of Tradeweb as an investment, certain AI stocks are considered to offer greater upside potential and less downside risk [4]

Core Insights - BitGo Europe GmbH has received approval from Germany's BaFin for the extension of its license, allowing it to offer regulated crypto trading services in the region [1][2] - The trading services will be based in Frankfurt and will include Over-the-Counter (OTC) trading and an electronic trading platform for thousands of digital assets and stablecoins [2][3] - This development positions BitGo alongside other major players like Coinbase and Kraken in providing custody, staking, and trading services in Europe [4] Regulatory Compliance - BitGo has previously obtained the EU's Market in Crypto Assets (MiCA) license from BaFin in May, enabling it to offer regulated digital asset services across the EU [6] - The Managing Director of BitGo Europe GmbH emphasized the company's commitment to regulatory compliance and the importance of the MiCA license for supporting crypto adoption in Europe [7] Market Positioning - The new offerings will provide institutional investors in Europe access to a comprehensive crypto OTC trading desk and a high-performance electronic trading platform [3][4] - Investors will benefit from multiple liquidity sources, including top-tier market makers and exchanges, ensuring competitive pricing and quality execution [4] - BitGo also holds registrations in other European countries such as Italy, Spain, Poland, and Greece, as well as a Major Payment Institution license from Singapore's Monetary Authority [8]