Dafinchi AI

MarketAxess Holdings Inc.

MKTX

Financial Services

1w

Portfolio Trading Trends and Client Usage During Volatile and Low-Vol Environments

Despite market volatility, portfolio trading (PT) continued to rise, with increased client demand in July.
PT penetration increased in both high grade and high yield, even during periods of market stress.
Clients are using PT for large trades, with some exceeding $4 billion, indicating its growing importance.
Management noted that low volatility periods favor PT, but usage remains high during volatile times due to liquidity needs.
Future enhancements include better pre-trade analytics and dealer-client portfolio sharing to boost PT adoption.

PJT Partners Inc.

PJT

Financial Services

2w

Record-High Financial Results Amid Market Recovery

Second quarter revenues reached $407 million, up 13% YoY, with adjusted pretax income at $80 million, up 22%.
Six-month revenues increased 6%, with adjusted EPS up 29% for the quarter and 19% for the half.
Management emphasized the resilience and long-term investment commitment despite market turbulence.

Cboe Global Markets, Inc.

CBOE

Financial Services

2w

Financial Performance Summary

Adjusted diluted EPS increased 14% year-over-year to $2.46.
Adjusted operating EBITDA grew 19% to $387 million with an expanded margin of 65.8%.
Adjusted operating expenses increased 8% year-over-year to $213 million.
Cboe grew net revenue 14% year-over-year to a record $587 million in Q2 2025.
Data Vantage growth was driven primarily by new subscription and unit sales, accounting for roughly 75% of growth.
Derivatives Markets net revenue grew 17%, Data Vantage net revenue grew 11%, and Cash and Spot Markets net revenue grew 11%.
Europe and APAC segment achieved 30% year-over-year net revenue growth, driven by strong European cash equities performance.
Futures net revenue decreased 14% due to lower volumes, while global FX segment net revenue grew 19%.
Options segment delivered its fourth consecutive quarter of record net revenue with 19% year-over-year growth.

National Storage Affiliates Trust

NSA

Financial Services

1w

Delayed Benefits from Pro Internalization and Market Challenges

Pro internalization benefits are taking longer to realize due to market conditions, rebranding efforts, and technology integration delays.
Market challenges in Sunbelt markets, especially in Phoenix, Dallas, and Las Vegas, have impacted occupancy and revenue growth.
The company is approximately 70% through the initial phase of pro internalization, with significant upside potential once conditions improve.

ARMOUR Residential REIT, Inc.

ARR

Financial Services

3w

Strategic Portfolio Positioning Amid Macro Uncertainty

Management highlighted the stable macroeconomic environment with rates and spreads settling into ranges after initial shocks from fiscal debates and trade tensions.
The company maintains a focus on high carry production Agency MBS, with a portfolio concentrated in 30-year coupons, Ginnie Mae, and DUS pools, emphasizing positive convexity and short duration attributes.
Management sees current spreads as attractive, with potential for leverage increases as market stability improves, especially if the Fed resumes easing.