Core Viewpoint - KKR & Co. Inc. advises investors to explore opportunities beyond the crowded U.S. large-cap market, focusing on Asian corporate reforms, biotechnology, and critical infrastructure for growth in 2026 [1] Asian Reform Trade - KKR identifies a structural shift in Asia as a key opportunity for 2026, emphasizing corporate governance reforms over mere economic growth [2] - Japan and South Korea are highlighted as prime markets where companies are transitioning from "capital heavy to capital light" models to enhance shareholder value [2] - Despite a 50% gain in 2025, 70% of the Korean market trades below book value, compared to 40% in Japan and less than 7% in the U.S., indicating mispricing relative to reform potential [3] Market Performance - Asian benchmark indices have shown significant performance in 2025: - Kospi Index: 71.20% YTD, 68.28% One-Year - Hang Seng Index: 31.57% YTD, 28.46% One-Year - Nikkei 225 Index: 28.10% YTD, 28.99% One-Year - CSI 300 Index: 21.19% YTD, 16.22% One-Year - S&P 500 Index: 17.74% YTD, 14.40% One-Year - Nasdaq Composite Index: 22.20% YTD, 22.20% One-Year - Dow Jones Index: 14.27% YTD, 11.88% One-Year [4] Biotechnology Sector - KKR views biotechnology as a compelling investment opportunity, driven by aging demographics and the integration of AI in drug development [5] - The sector is seen as a "secular growth story," offering innovation-led growth at more attractive valuations compared to traditional tech sectors [5] Biotech ETFs Performance - Notable biotech ETFs and their performance: - State Street SPDR S&P Biotech ETF: 36.45% YTD, 35.78% One-Year - iShares Biotechnology ETF: 29.49% YTD, 28.48% One-Year - ARK Genomic Revolution ETF: 23.22% YTD, 24.65% One-Year [6] Infrastructure Investment - KKR is optimistic about infrastructure investments, particularly in HVAC and cooling systems essential for the digital economy, driven by increased cooling needs for AI training clusters [8] - The firm also identifies U.S. Liquefied Natural Gas (LNG) as a long-term structural winner due to energy security demands from Europe and Asia [8] Infrastructure ETFs Performance - Key infrastructure ETFs and their performance: - Global X US Infrastructure Development ETF: 22.11% YTD, 18.81% One-Year - iShares Global Infrastructure ETF: 17.24% YTD, 17.80% One-Year - iShares US Infrastructure ETF: 15.27% YTD, 14.92% One-Year [10]

Core Insights - B & T Capital Management initiated a new investment in iShares Trust - iShares Global Infrastructure ETF, valued at approximately $6.41 million, representing about 1.02% of its total reportable U.S. equity assets of approximately $630.41 million [2][11] Company Overview - The iShares Global Infrastructure ETF has a market capitalization of $8.39 billion and aims to provide targeted exposure to leading infrastructure companies worldwide [6] - The fund has an Assets Under Management (AUM) of $8.96 billion, a price of $62.36 as of November 11, 2025, and a dividend yield of 2.94% [4][8] - The fund reported a 1-year total return of 18.71%, outperforming the S&P 500 by 4.90 percentage points [8][12] Investment Strategy - The ETF seeks to track the performance of large global infrastructure companies by investing at least 80% of its assets in index constituents and similar investments [9] - The portfolio primarily consists of equities from large infrastructure companies in both developed and emerging markets, structured as a passively managed ETF [9][10] Recent Developments - The acquisition of 104,940 shares places the iShares Global Infrastructure ETF outside the fund's top five holdings, with the top holdings including NASDAQ: QQQ and NASDAQ: VIGI [8][11] - The fund has a relatively high expense ratio of 0.39%, but its performance justifies the cost given its 1-year total return [12]