Financial Performance - GAAP diluted net income per unit for Q4 2025 was $0.90, down 4.3% from $0.94 in Q4 2024[18] - Adjusted diluted net income per unit for Q4 2025 was $0.96, down 8.6% from $1.05 in Q4 2024[22] - Full-year 2025 net revenues were $4.53 billion, a 1.2% increase from $4.48 billion in 2024[14] - Total revenues for Q4 2025 were $1.238 billion, a decrease of 2.9% from $1.275 billion in Q4 2024, with base fees increasing by 5% to $870.8 million[39] - Total revenues for 2025 increased by 0.7% to $4,593,648,000 compared to $4,559,652,000 in 2024[41] - Net income attributable to AB Unitholders fell by 16.3% to $982,489,000 from $1,173,247,000 in 2024[41] - Adjusted Net Income for the twelve months ended December 31, 2025, was $336,856,000, compared to $370,843,000 for the previous year, showing a decrease of 9.16%[55] Assets Under Management - Total assets under management (AUM) reached $866.9 billion, an increase of 9.4% year-over-year from $792.2 billion[7] - Assets under management at the end of 2025 reached $866.9 billion, up from $792.2 billion in 2024, reflecting a year-over-year increase of 9.4%[49] - The average assets under management for 2025 were $826.0 billion, compared to $768.5 billion in 2024, marking a 7.5% increase[49] Cash Distributions - Cash distribution per unit for Q4 2025 was $0.96, a decrease of 8.6% from $1.05 in Q4 2024[22] - Distribution per unit increased by 3.7% to $3.38 from $3.26 in 2024[43] - Net income per Unit for Q4 2025 was $0.90, a decrease of 4.3% from $0.94 in Q4 2024, while distribution per Unit was $0.96, down 8.6% from $1.05[40] Operating Income and Expenses - Adjusted operating income for 2025 grew by 4% to $1.19 billion, with operating margins expanding by 140 basis points to 33.7%[2] - Full year 2025 adjusted operating expenses were $2.3 billion, a decrease of 2% from $2.4 billion in 2024, driven by lower G&A and promotion expenses[25] - Total operating expenses rose by 3.9% to $3,480,177,000 from $3,351,066,000 in the previous year[41] - Fourth quarter 2025 adjusted operating income was $330 million, down 7% from $354 million in Q4 2024, with an adjusted operating margin of 34.5%, a decrease of 190 basis points from 36.4%[26] Investment Performance - Active net outflows for 2025 totaled $9.4 billion, primarily driven by $22.5 billion in active equity redemptions[2] - Tax-exempt fixed income recorded $11.6 billion in net inflows for 2025, contributing to a 23% organic growth[4] - Institutional alternatives/multi-asset attracted $7.9 billion in net inflows, reflecting strong demand in private markets[4] - Performance fees decreased significantly by 31.6% to $185,251,000 from $270,964,000 in the previous year[41] - Performance fees in Q4 2025 were $87.4 million, a significant decrease of 48.2% from $168.7 million in Q4 2024[39] Employee Metrics - As of December 31, 2025, headcount increased to 4,468 employees from 4,341 employees as of December 31, 2024[28] Forward-Looking Statements - The company cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated[34] - The company plans to continue focusing on market expansion and new product development to drive future growth[53] - The company plans to fully divest from joint ventures, with income or loss from these investments recorded as equity method investment income effective April 1, 2024[61] Other Financial Metrics - The company recognized a gain of $128.5 million related to a fair value adjustment of the contingent payment liability associated with the acquisition of AB Carval in 2022[68] - Interest expenses for the twelve months ended December 31, 2025, totaled $28,271, down from $43,509 in 2024, a decrease of 34.9%[53] - The company experienced an equity loss on investments of $39,056 for the twelve months ended December 31, 2025, compared to $36,611 in 2024, an increase of 6.7%[53] - Adjusted Operating Income excludes various non-core expenses, with a focus on maintaining a clearer view of operational performance[62] - Adjusted Operating Margin is derived from adjusted operating income divided by adjusted net revenues, allowing for better performance comparison with industry peers[72]

Core Insights - AllianceBernstein Holding LP (NYSE:AB) is highlighted as a strong investment opportunity for 2026, with a year-to-date stock rally of 10%, significantly outperforming the S&P 500's increase of 1.7% during the same period [1] - The stock has reached 52-week highs, supported by an attractive dividend yield of 8.21% [1] Company Developments - On January 28, AllianceBernstein announced the rebranding of its NAV Lending team to AB-PCI Fund & Manager Finance (FMF), emphasizing its enhanced capacity to provide non-dilutive capital in the private equity sector [2] - The rebranding reflects the firm's commitment to the private equity ecosystem, leveraging its experienced leadership and private credit platform to offer flexible financing solutions [2] Strategic Investments - On January 27, Kore.ai received a strategic growth investment from AllianceBernstein Private Credit Investors to support its growth phase, including enhanced market efforts and innovation in its AI platform [3] Financial Performance - As of December, AllianceBernstein's assets under management rose to $867 billion from $865 billion in November, driven by market appreciation despite negative net flows [4] - For the quarter ending December, the firm experienced net outflows totaling $5 billion, with private wealth and institutional inflows offset by retail outflows [4] Analyst Ratings - Barclays maintained an Equal Weight rating on AllianceBernstein but reduced the price target from $42 to $39, reflecting adjustments in the company's asset manager models [5]

Core Insights - Nancy Pelosi's investment portfolio has significantly outperformed the S&P 500 over the past decade, with a cumulative return of 838% compared to the S&P 500's 256% [2] - Despite plans to retire, Pelosi's investment activities remain relevant, with her portfolio showing a 70.9% increase in 2024 and an 18% increase in 2025, both surpassing the S&P 500's respective gains [2] - Pelosi's net worth has grown to over $278 million, reflecting an average return of 16,930% since 1987, far exceeding the Dow Jones Industrial Average's 2,300% return during the same period [3] Investment Activity - Tracking the trading activities of Congress members has gained popularity, as it is believed they can outperform the market due to access to insider information [4] - Pelosi's recent financial disclosures indicate over $10 million in cumulative stock transactions, with significant repositioning in technology and energy sectors [5] Methodology for Stock Selection - The article identifies the 10 best stocks to buy based on Pelosi's recent public investment disclosures, utilizing Capitol Trades to track stock trading activity of U.S. politicians [8] - The stocks are ranked by the number of hedge funds holding stakes in them as of Q3 2025, reflecting a strategy to outperform the market by following top hedge fund picks [9] Notable Stocks - **AllianceBernstein Holding L.P. (NYSE:AB)**: This stock has rallied 10% year-to-date, outperforming the S&P 500, and offers an 8.21% dividend yield. The company has rebranded its NAV Lending team to enhance its private equity capabilities [10][11] - **Tempus AI, Inc. (NASDAQ:TEM)**: The company has confirmed its Immune Profile Score Test's predictive accuracy for patient outcomes and introduced an AI-powered digital pathology tool. Tempus reported a record Total Contract Value exceeding $1.1 billion, with significant customer engagement [15][19]

PRESS RELEASE AB SCIENCE RECEIVES NOTICE OF ALLOWANCE FOR UNITED STATES PATENT COVERING MASITINIB IN THE TREATMENT OF METASTATIC CASTRATE RESISTANT PROSTATE CANCER THIS POSITIVE DECISION FROM THE USA PATENT OFFICE STRENGTHENS THE COMPANY’S INTELLECTUAL PROPERTY POSITION IN THIS INDICATION UNTIL 2042, ADDING TO THE COVERAGE ALREADY GRANTED IN EUROPE Paris, January 29, 2026, 6pm CET AB Science SA (Euronext - FR0010557264 - AB) announced that the United States Patent and Trademark Office (USPTO) issued a Noti ...

AllianceBernstein Holding L.P. (NYSE:AB) is included among the 13 Dividend Stocks with Over 8% Yield. Barclays Updates Models on AllianceBernstein (AB) as Fund Flows Remain Weak Photo by NeONBRAND on Unsplash On January 15, Barclays cut its price target on AllianceBernstein Holding L.P. (NYSE:AB) to $39 from $42. The firm maintained an Equal Weight rating on the stock. The change followed an update to the firm’s asset manager models, which now fully reflect quarterly fund flows and assets under manageme ...

Core Insights - The trading activity of Representative Nancy Pelosi and her husband has gained significant attention among investors, often seen as a guide for market trends [3] - A recent Periodic Transaction Report indicates a strategic reloading in the Pelosi portfolio rather than an exit from the tech sector, despite initial bearish headlines [4] Investment Strategy - The portfolio's strategy includes taking profits for tax purposes, establishing a defensive position in the financial sector, and leveraging investments in artificial intelligence [5] - A notable investment is the purchase of 25,000 shares of AllianceBernstein Holding L.P., valued between $1 million and $5 million, indicating a shift towards income-generating assets [6] - The focus on AllianceBernstein reflects a strategy to create a yield shield, as it offers a historically high dividend yield of 8% to 9% [6] Market Outlook - The portfolio's recent acquisitions signal confidence in the future of artificial intelligence infrastructure and healthcare [7] - The strategy involves rolling equity profits into long-term options to maintain exposure to major technology companies while managing capital efficiently [7]

Core Viewpoint - AB Science has received a Japanese patent for the use of masitinib in treating progressive forms of multiple sclerosis (MS), providing intellectual property protection until February 2041, marking Japan as the first country to grant this patent [1][2]. Group 1: Patent and Market Position - The patent granted in Japan (JP 7788154) is the first for masitinib in progressive MS, following a similar successful patent strategy for amyotrophic lateral sclerosis (ALS) [2]. - AB Science is optimistic about obtaining global patent protection for masitinib in progressive MS, similar to its ALS patent [2]. - The company is pursuing a secondary medical use patent strategy for various indications, including progressive MS, Alzheimer's Disease, and prostate cancer, with protection extending into the 2040s [3]. Group 2: Clinical Studies and Efficacy - Masitinib has shown a unique and competitive positioning in treating both primary progressive multiple sclerosis (PPMS) and non-active secondary progressive multiple sclerosis (nSPMS) [3]. - The development of masitinib is supported by positive results from phase 2b/3 study (AB07002) and the confirmatory phase 3 MAXIMS study (AB20009), with the former showing a statistically significant reduction in disability progression [3][4]. - In study AB07002, masitinib 4.5 mg/kg/day reduced the risk of first disability progression by 42% and improved manual dexterity, with a significant reduction in the risk of reaching an EDSS score of 7.0 [3][4]. Group 3: Safety Profile - The safety profile of masitinib is well characterized, based on data from over 4,300 patients, with no increased risk of infection observed [5][6]. - Masitinib is the first and only drug in phase 3 trials designed to target both mast cells and microglia, which is an effective strategy for treating progressive forms of MS [8]. - Unlike BTK inhibitors, masitinib does not target B-cells, which are associated with increased infection risk, making it a safer option for patients with progressive MS [6][8]. Group 4: Medical Need and Market Context - There is a significant medical need for treatments targeting progressive forms of MS, which affect over 100,000 people in France alone, with no definitive treatment currently available [10]. - Progressive forms of MS account for approximately 50% of all MS cases, highlighting the unmet medical need in this patient population [13]. - Recent failures of BTK inhibitors in clinical trials for MS further emphasize the demand for effective therapies like masitinib [14].

Core Insights - AllianceBernstein L.P. and AllianceBernstein Holding L.P. reported a preliminary increase in assets under management (AUM) to $867 billion in December 2025, up from $865 billion in November 2025, driven by market appreciation [1][2] - The firm experienced slightly negative total net flows for December, with strong inflows from Private Wealth and Institutional segments being offset by outflows from Retail [1] - For the quarter ending December 31, 2025, the firm reported preliminary firmwide net outflows of approximately $5.0 billion [1] Assets Under Management Breakdown - As of December 31, 2025, the total AUM was $867 billion, with the following breakdown: - Total Equity: $356 billion, consisting of: - Actively Managed: $278 billion - Passive: $78 billion - Total Fixed Income: $314 billion, consisting of: - Taxable: $213 billion - Tax-Exempt: $91 billion - Alternatives/Multi-Asset Solutions: $197 billion [2] - The AUM figures reflect a month-end increase of $2 billion, with total AUM at the end of November 2025 being $865 billion [1][2] Ownership Structure - As of December 31, 2025, AllianceBernstein Holding owned approximately 31.1% of AllianceBernstein, while Equitable Holdings, Inc. held an approximate 68.3% economic interest in AllianceBernstein [6]

Group 1 - AllianceBernstein L.P. and AllianceBernstein Holding L.P. will release their Fourth Quarter 2025 financial and operating results on February 5, 2026, before the market opens [1] - A teleconference to discuss the results will be held at 7:30 am (CT) on the same day, hosted by key executives including the CEO, President, and CFO [1] - The presentation for the conference call will be available on the Investor Relations website shortly after the results are released [2] Group 2 - As of September 30, 2025, AllianceBernstein Holding owned approximately 30.8% of AllianceBernstein, while Equitable Holdings, Inc. held an approximate 68.5% economic interest in AllianceBernstein [4] - AllianceBernstein is recognized as a leading global investment management firm, providing diversified investment services to institutional investors, individuals, and private wealth clients [3]

Core Viewpoint - AB Science reports a fourth consecutive positive response in a Phase 1 study for the combination of AB8939 and venetoclax in treating refractory or relapsed acute myeloid leukemia (AML) with a very unfavorable genetic profile [2][3]. Summary by Sections Clinical Trial Results - The fourth patient treated with AB8939 (21.3 mg/m²) plus venetoclax for 14 days achieved a partial response, consistent with previous results from three other patients [2][3]. - The combination treatment has shown a 100% response rate (4 out of 4 patients), including one complete remission, one near complete response, and two partial responses [5]. Patient Profile and Treatment Context - The fourth patient had a complex karyotype with a monosomy of chromosome 5 and a TP53 mutation, indicating a very adverse risk profile [5][6]. - All four patients had difficult-to-treat cytogenetic profiles, which typically correlate with poor prognosis due to aggressive disease and treatment resistance [5]. Mechanism of Action - AB8939 destabilizes microtubules and targets cancer stem cells by inhibiting ALDH1A1 and ALDH2, which are essential for cancer cell survival [7][13]. - The combination of AB8939 and venetoclax is expected to have additive or synergistic effects, enhancing treatment efficacy against AML [17]. Future Development Plans - The next steps include completing the Phase 1 trial and launching an expansion study involving approximately 15 AML patients eligible for the AB8939 and venetoclax combination [14]. - AB Science is in discussions with the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA) regarding potential registration studies for AB8939 in relapsed/refractory AML, with a market size potential exceeding EUR 2 billion annually [15][21]. Market and Competitive Landscape - The estimated market size for treatments targeting relapsed or refractory AML is projected to be over EUR 2 billion per annum, highlighting a significant unmet medical need [15]. - The combination of AB8939 and venetoclax is anticipated to be less toxic than existing treatments, positioning it favorably in the competitive landscape of AML therapies [17]. Intellectual Property and Regulatory Status - AB8939 has secured intellectual property rights until 2036, with potential extensions through additional patent applications [20]. - The drug has received orphan drug designation from both the EMA and FDA, granting it marketing exclusivity for 10 years in Europe and 7 years in the US [21].