Hamilton Lane Inc - Class A

Hamilton Lane is a private markets investment firm that provides customized investment solutions, advisory services, and data-driven tools to institutional and private wealth clients. The company benefits from a diversified platform across private markets, long-standing client relationships, and a growing evergreen business that broadens access to individual investors. During the quarter, shares detracted from performance as broader concerns around private credit and software exposure within private equity portfolios continued to weigh on sentiment across the alternative asset management industry. While these concerns pressured the stock, we believe Hamilton Lane’s diversified portfolio exposure helps make the risks manageable.

Hamilton Lane, a provider of private markets investment solutions, was the sector's largest detractor, falling -21% as the space contended with ongoing concerns around private credit redemptions and optimistic marks on software investments. Our granular analysis of the company's exposures continues to suggest the decline is overdone, and we trimmed the position modestly.

Hamilton Lane, Inc. (HLNE) detracted from performance. Hamilton Lane is a global investment-management firm that specializes in private-market investing. The stock slid on worries about its exposure to private credit. We maintained the remaining position on the view that Hamilton Lane’s business is unlikely to be disrupted to the extent investors are expecting.

Hamilton Lane Inc. is an alternative asset management firm that has demonstrated strong earnings performance, exceeding estimates due to solid expense discipline and higher incentive fees. Although fundraising came in slightly below expectations, the firm is well positioned to benefit from the growing secular demand for private asset investment strategies. This positions Hamilton Lane favorably in a market that is increasingly leaning towards alternative investments, suggesting a robust growth trajectory for the company.

Hamilton Lane Inc. is an alternative asset management firm that has demonstrated strong earnings performance, exceeding estimates due to solid expense discipline and higher incentive fees. Although fundraising came in slightly below expectations, the firm is well positioned to benefit from the growing secular demand for private asset investment strategies. This positions Hamilton Lane favorably in a market that is increasingly leaning towards alternative investments, suggesting a robust growth trajectory ahead.

Hamilton Lane Inc. is an alternative asset management firm that has demonstrated strong earnings performance, exceeding estimates due to solid expense discipline and higher incentive fees. Although fundraising came in slightly below expectations, the firm is well positioned to benefit from the growing secular demand for private asset investment strategies. This positions Hamilton Lane favorably in a market that is increasingly leaning towards alternative investments, suggesting a robust growth trajectory ahead.