Todd B. Richter, C.F.A.

It was great to be back in Boston last week, reconnecting with returning Institute members and meeting new market and investment leaders! We are excited for the events and research areas we have coming up in the next few months! #ocio #investmentsolutions #investmentmanagement #investmentconsulting

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ZyVersa Therapeutics Announces Publication Reinforcing the Rationale for Inhibiting ASC with IC 100 to Potentially Attenuate Cardiac Comorbidities in Patients with Alzheimer’s Disease This publication, authored by leading experts in inflammasome-mediated inflammation and neurology at University of Miami Miller School of Medicine, demonstrates that multiple inflammasome triggers (NLRP1 and pyrin) govern the inflammatory response in Alzheimer’s Disease (AD), and that release of inflammasome laden extracellular vesicles (EV) into the blood induce significant inflammation in cardiovascular cells. ZyVersa is developing Inflammasome ASC Inhibitor IC 100 to inhibit multiple types of inflammasomes, including NLRP1 and pyrin, and their associated ASC specks that trigger damaging inflammation and its spread to surrounding tissues. AD, a progressive neurodegenerative disease affecting 6.7 million people in the US, is associated with many comorbidities, especially heart disease and stroke, resulting in increased morbidity and mortality. WESTON, Fla., April 29, 2024 (GLOBE NEWSWIRE) -- ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA, or “ZyVersa”)https://lnkd.in/eMNA6t7a

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"90% of the healthcare executives surveyed report that their previous GenAI investments have already achieved a positive ROI." Investments will continue to increase across a wide range of services and product offerings in Healthcare internally and externally with the opportunity of leading to increased efficiency and better products and services. https://lnkd.in/eiUXi2Q9

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With over 9,000 ASCs in the U.S. and growing, the shift to outpatient surgery is accelerating. For ASC owners, incorporating high-demand spine procedures can boost profitability, offering significant cost savings and high-quality outcomes. NANISX offers a comprehensive suite of interventional spine procedures, helping ASC owners enhance their offerings and financial performance. #ASC #OutpatientSurgery #Orthopedics #HealthcareGrowth #NANISX #SpineSurgery #InterventionalPain #KICVentures #BackPain

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If you're looking to gain insight into the future of healthcare and biotech innovation, don't miss out on David Khougazian's interview. As an Executive Partner at Flagship Pioneering in Boston, David brings a wealth of experience to the table. In the interview, he discusses his international background, his passion for delivering meaningful differences for patients, and his unique approach to driving innovation in uncharted territories. Check out the full interview to learn more about how David operates "into the wild". 👉link in the comments #biotech #healthcare #innovation #sustainability #Boston

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Wellington Management is thrilled to have been named “LDI Manager of the Year” (mega category) by @CIO Magazine as part of their 2024 Industry Innovation Awards program. Director of Corporate Pension Strategies Ryan Randolph was honored to accept on behalf of our LDI team at the Awards ceremony in NYC. Learn more about this accomplishment and the Awards program here: https://lnkd.in/eRfRpwhT Wellington Management did not pay a fee to be considered for this award. Winners were selected by CIO Magazine after reviewing written submissions. The award winners were announced on December 10, 2024, a two-part submission was made on September 19, 2024 and was judged based on written responses about Wellington’s liability-driven investing business. Wellington Management was the only winner in the LDI (mega) category, which was judged based on CIO Magazine’s criteria. The award may not be representative of any one client’s experience. The award is not indicative of Wellington Management’s future performance. Past performance is no guarantee of future results. #LDI #CorporateDB #pensions

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Wellington Management is thrilled to have been named “LDI Manager of the Year” (mega category) by @CIO Magazine as part of their 2024 Industry Innovation Awards program. Director of Corporate Pension Strategies Ryan Randolph was honored to accept on behalf of our LDI team at the Awards ceremony in NYC. Learn more about this accomplishment and the Awards program here: https://lnkd.in/eZhpVE3v Wellington Management did not pay a fee to be considered for this award. Winners were selected by CIO Magazine after reviewing written submissions. The award winners were announced on December 10, 2024, a two-part submission was made on September 19, 2024 and was judged based on written responses about Wellington’s liability-driven investing business. Wellington Management was the only winner in the LDI (mega) category, which was judged based on CIO Magazine’s criteria. The award may not be representative of any one client’s experience. The award is not indicative of Wellington Management’s future performance. Past performance is no guarantee of future results. #LDI #CorporateDB #pensions

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Fidelity Portfolio Manager Paul McElroy says that the recent surge in interest surrounding weight-loss drug manufacturers, especially those producing FDA approved GLP-1 treatments, may present an opportunity. Market-leading firms like Eli Lilly, with their robust portfolio of treatments, may be poised for significant growth. The market is slowly realizing the transformative potential of these treatments, not just in the health care sector, but also in influencing consumer behavior, potentially impacting consumer staples and discretionary companies. For example, apparel and footwear companies could experience sales growth as people embark on their weight-loss journey. Want to explore some other ideas? Read this new article by Paul McElroy to see where else he thinks opportunity lies: https://bit.ly/4beBkvf

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Moelis acts as Exclusive Placement Agent to Archer, electric vertical takeoff and landing (eVTOL) aircraft developer, on its $430 million common stock PIPE in conjunction with the announcement of a strategic partnership with Anduril Industries. #CapitalMarkets Press release: https://bit.ly/3BhRjwT

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Moelis acts as Exclusive Placement Agent to Archer, electric vertical takeoff and landing (eVTOL) aircraft developer, on its $430 million common stock PIPE in conjunction with the announcement of a strategic partnership with Anduril Industries. #CapitalMarkets Press release: https://bit.ly/4iBFfY8

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Moelis acts as Exclusive Placement Agent to Archer, electric vertical takeoff and landing (eVTOL) aircraft developer, on its $430 million common stock PIPE in conjunction with the announcement of a strategic partnership with Anduril Industries. #CapitalMarkets Press release: https://bit.ly/4iBHqLi

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Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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Golub Capital has partnered with the NYU Impact Investment Fund to establish the Golub Capital Social Impact Investment Education Fund and support its experiential learning program, which provides students with hands-on experience making impact investments and managing a fund. Read more: https://okt.to/qX74wZ #AbuDhabi #privatecredit #NYUStern #impactphilanthropy

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Five key reasons Candriam sees to invest in the #Oncology market: 1. Strong growth projection: projected to grow by 15% annually, reaching $440 billion by 2028 2. Active M&A landscape: leads M&A activity, offering strategic opportunities within the healthcare space 3. Attractive valuations: medical device and smaller biotech companies present strong investment opportunities 4. Long-term demand drivers: we are all getting older (so aging populations) and lifestyle diseases ensure sustained demand for cancer therapies 5. Defensive market potential: The healthcare sector shows stable earnings growth even in volatile markets. For more details DM me or check out:

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The year 2024 was another exceptional year at SNB Capital investment banking. Our talented team of investment bankers closed 24 transactions across our lines of business demonstrating the strength of our deep client relationships and the value we continue to add advising our clients on their strategic transactions. We continued our market leadership position in both Equity and Debt Capital Markets (with market share in excess of 50% and 70% respectively based on size of closed transactions) and have emerged as a visible M&A advisor. For the fourth year in a row, we won awards from Euromoney, Global Finance, Tadawul and Arqaam in recognition of the value we continue to add to our strategic clients, and the contribution to the effort of the continuous development of the Saudi Capital Markets. We led the ECM follow-on market closing 5 transactions that reignited products like fully marketed offering and accelerated bookbuilding that were absent for a while. We acted as global coordinators, financial advisors, lead underwriters, book runners and lead managers on visible transactions including: *. Government of Saudi Arabia/Saudi Aramco Fully Marketed Secondary Offering (SAR 42.1bn, the largest secondary market offering in EMEA region since the year 2000) *. Public Investment Fund/ Saudi Telecom Company Accelerated bookbuilding (SAR 3.86bn, the first KSA overnight and the largest ever ABB transaction in Saudi Arabia and MENA region) *. Saudi Manpower Solutions Company IPO (SAR 900m) *. MBC Group IPO (SAR 831m) *. Kingdom of Saudi Arabia largest ever intra-day US dollar bond offering ($12bn) *. The early redemption and simultaneous repurchase of KSA Government Sukuk program managed by the National Debt Management Center (the largest to date, SAR 63.1bn) *. The third drawdown under the Public Investment Fund EMTN program and its largest to date (US$5bn) *. Saudi National Bank Sustainable Sukuk (US$850m) and Additional Tier 1 Capital Sukuk (SAR 6bn) *. First ever US$ Short Term Sukuk issued on-shore in KSA for SNB Capital *. Saudi Aramco dollar bond issue (US$6bn) *. Merger of Qassim and Hail Cement Companies, the first public to public transaction in the sector *. Public Investment Fund acquisition of Saudi Iron & Steel Company (Hadeed) and the integration of Rajhi Steel to create the KSA steel national champion (officially closed in 2024) *. Abu Dhabi National Insurance Company (ADNIC) acquisition of Allianz Global 51% stake in Allianz Saudi Fransi; the first SNBC cross boarder M&A transaction in the insurance sector (officially closed in 2024) Our thanks and gratitudes to the distinguished teams at the Capital Market Authority and Saudi Tadawul Group and the Saudi Exchange for their unparalleled support throughout the year.

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Great read Zhiwei Ren!

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Powered by AVACF and Avance Gas's extraordinary cash generation + return to shhldrs ($3.50/shr divvy for 3Q24 announced this AM,) ExCap just blew through the 50% ytd gain mark. We use zero leverage, but hold very little cash (~3% of the portfolio today) and I don't gamble on non-income generators This "stuff" works. To be fair, it is freaking thunderdome out there in the mkts since DJT 2.0 was confirmed. But SPY is up 27.7% ytd and QQQ, surprisingly, is lagging with "only" a 25.1% gain ytd. We are winning handily. Getting de-platformed by failing financial media outlets has been the best thing for me and for ExCap. I am still, for the time being, accepting new asset mgmt clients Getting close to ExCap’s capacity, tho. So PM me for details ASAP. It just makes sense.

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More important today than ever before.

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