{"scope": "industry", "title": "Asset Management", "sector": "Financial Services", "industry": "Asset Management", "intelligence": {"score": 57, "label": "Accumulation bias", "tone": "positive", "stance": "Watch for market confirmation", "brief": "Priced common-share acquisitions carry more weighted evidence than disposals after freshness, role, size, and duplicate controls.", "confidence": 88, "confidence_label": "Deep evidence", "filings": 815, "companies": 64, "insiders": 351, "signal_events": 488, "acquisition_events": 176, "disposal_events": 312, "acquisition_share": 36.1, "disposal_share": 63.9, "acquisition_value": 397512979.0522, "disposal_value": 3050619881.2382, "net_value": -2653106902.186, "acquisition_value_label": "$397.5M", "disposal_value_label": "$3.1B", "net_value_label": "-$2.7B", "data_quality": 67, "priced_common_share": 64, "latest_date": "2026-07-23", "latest_signal_date": "2026-07-23", "oldest_date": "2026-05-11", "evidence_classes": [{"key": "common_equity", "label": "Common equity", "count": 738, "bar_width": 100.0}, {"key": "equity_award", "label": "Equity compensation", "count": 37, "bar_width": 5.0}, {"key": "derivative", "label": "Options and derivatives", "count": 13, "bar_width": 1.8}, {"key": "other", "label": "Other securities", "count": 27, "bar_width": 3.7}], "roles": [{"label": "Director", "count": 324, "bar_width": 100.0}, {"label": "Other executive", "count": 133, "bar_width": 41.0}, {"label": "Large holder", "count": 127, "bar_width": 39.2}, {"label": "CEO and chair", "count": 88, "bar_width": 27.2}, {"label": "Finance leadership", "count": 78, "bar_width": 24.1}, {"label": "Other or unspecified", "count": 65, "bar_width": 20.1}], "supports": ["176 distinct acquisition events survive duplicate and security-type controls.", "Participation spans 351 named insiders rather than one filing source."], "risks": ["Qualifying disposal events outnumber acquisitions, although disposals receive a lower directional weight."]}, "timeline": [{"start": "2026-05-18", "label": "18 May", "acquisitions": 82, "disposals": 31, "qualified_acquisitions": 41, "qualified_disposals": 21, "total": 113, "height": 86.3, "acquisition_height": 72.6, "disposal_height": 27.4}, {"start": "2026-05-25", "label": "25 May", "acquisitions": 43, "disposals": 48, "qualified_acquisitions": 16, "qualified_disposals": 33, "total": 91, "height": 69.5, "acquisition_height": 47.3, "disposal_height": 52.7}, {"start": "2026-06-01", "label": "01 Jun", "acquisitions": 41, "disposals": 35, "qualified_acquisitions": 15, "qualified_disposals": 29, "total": 76, "height": 58.0, "acquisition_height": 53.9, "disposal_height": 46.1}, {"start": "2026-06-08", "label": "08 Jun", "acquisitions": 37, "disposals": 41, "qualified_acquisitions": 19, "qualified_disposals": 37, "total": 78, "height": 59.5, "acquisition_height": 47.4, "disposal_height": 52.6}, {"start": "2026-06-15", "label": "15 Jun", "acquisitions": 23, "disposals": 44, "qualified_acquisitions": 7, "qualified_disposals": 40, "total": 67, "height": 51.1, "acquisition_height": 34.3, "disposal_height": 65.7}, {"start": "2026-06-22", "label": "22 Jun", "acquisitions": 30, "disposals": 17, "qualified_acquisitions": 6, "qualified_disposals": 17, "total": 47, "height": 35.9, "acquisition_height": 63.8, "disposal_height": 36.2}, {"start": "2026-06-29", "label": "29 Jun", "acquisitions": 69, "disposals": 62, "qualified_acquisitions": 34, "qualified_disposals": 40, "total": 131, "height": 100.0, "acquisition_height": 52.7, "disposal_height": 47.3}, {"start": "2026-07-06", "label": "06 Jul", "acquisitions": 14, "disposals": 28, "qualified_acquisitions": 7, "qualified_disposals": 22, "total": 42, "height": 32.1, "acquisition_height": 33.3, "disposal_height": 66.7}, {"start": "2026-07-13", "label": "13 Jul", "acquisitions": 11, "disposals": 19, "qualified_acquisitions": 3, "qualified_disposals": 17, "total": 30, "height": 22.9, "acquisition_height": 36.7, "disposal_height": 63.3}, {"start": "2026-07-20", "label": "20 Jul", "acquisitions": 7, "disposals": 13, "qualified_acquisitions": 7, "qualified_disposals": 10, "total": 20, "height": 15.3, "acquisition_height": 35.0, "disposal_height": 65.0}, {"start": "2026-07-27", "label": "27 Jul", "acquisitions": 0, "disposals": 0, "qualified_acquisitions": 0, "qualified_disposals": 0, "total": 0, "height": 0.0, "acquisition_height": 0, "disposal_height": 0}, {"start": "2026-08-03", "label": "03 Aug", "acquisitions": 0, "disposals": 0, "qualified_acquisitions": 0, "qualified_disposals": 0, "total": 0, "height": 0.0, "acquisition_height": 0, "disposal_height": 0}], "peers": [{"label": "Banks - Diversified", "score": 72, "confidence": 73}, {"label": "Insurance - Property & Casualty", "score": 62, "confidence": 85}, {"label": "Banks - Regional", "score": 60, "confidence": 86}, {"label": "Insurance Brokers", "score": 59, "confidence": 86}, {"label": "Asset Management", "score": 57, "confidence": 88}, {"label": "Financial Conglomerates", "score": 56, "confidence": 73}, {"label": "Insurance - Life", "score": 54, "confidence": 87}, {"label": "Mortgage Finance", "score": 54, "confidence": 64}, {"label": "Shell Companies", "score": 50, "confidence": 8}, {"label": "Credit Services", "score": 44, "confidence": 86}, {"label": "Financial Data & Stock Exchanges", "score": 42, "confidence": 83}, {"label": "Insurance - Specialty", "score": 42, "confidence": 81}, {"label": "Insurance - Reinsurance", "score": 39, "confidence": 65}, {"label": "Capital Markets", "score": 38, "confidence": 85}, {"label": "Insurance - Diversified", "score": 32, "confidence": 60}], "leaders": {"constructive": [{"symbol": "WHF", "name": "WhiteHorse Finance", "score": 88, "confidence": 72}, {"symbol": "GROW", "name": "US Global Investors Inc", "score": 87, "confidence": 78}, {"symbol": "PSEC", "name": "Prospect Capital Corporation", "score": 87, "confidence": 66}, {"symbol": "MAIN", "name": "Main Street Capital Corporation", "score": 85, "confidence": 86}, {"symbol": "HLNE", "name": "Hamilton Lane Inc", "score": 85, "confidence": 68}, {"symbol": "TROW", "name": "T. Rowe Price Group Inc", "score": 84, "confidence": 82}, {"symbol": "FUND", "name": "Sprott Focus Trust", "score": 84, "confidence": 50}, {"symbol": "NTRS", "name": "Northern Trust Corporation", "score": 83, "confidence": 86}], "cautious": [{"symbol": "WHG", "name": "Westwood Holdings Group Inc", "score": 12, "confidence": 66}, {"symbol": "VINP", "name": "Vinci Partners Investments Ltd", "score": 12, "confidence": 80}, {"symbol": "STT", "name": "State Street Corp", "score": 13, "confidence": 85}, {"symbol": "TRIN", "name": "Trinity Capital Inc", "score": 16, "confidence": 64}, {"symbol": "FHI", "name": "Federated Investors Inc B", "score": 17, "confidence": 66}, {"symbol": "ECAT", "name": "BlackRock ESG Capital Allocation Trust", "score": 17, "confidence": 76}, {"symbol": "SEIC", "name": "SEI Investments Company", "score": 19, "confidence": 46}, {"symbol": "CGBD", "name": "Carlyle Secured Lending Inc", "score": 20, "confidence": 39}], "active": [{"symbol": "VINP", "name": "Vinci Partners Investments Ltd", "score": 12, "confidence": 80}, {"symbol": "ECAT", "name": "BlackRock ESG Capital Allocation Trust", "score": 17, "confidence": 76}, {"symbol": "WHG", "name": "Westwood Holdings Group Inc", "score": 12, "confidence": 66}, {"symbol": "EQH", "name": "Axa Equitable Holdings Inc", "score": 55, "confidence": 88}, {"symbol": "JHG", "name": "Janus Henderson Group PLC", "score": 22, "confidence": 81}, {"symbol": "MAIN", "name": "Main Street Capital Corporation", "score": 85, "confidence": 86}, {"symbol": "BX", "name": "Blackstone Group Inc", "score": 60, "confidence": 84}, {"symbol": "WHF", "name": "WhiteHorse Finance", "score": 88, "confidence": 72}]}, "method": "Group reads measure breadth and conviction across controlled company-level insider evidence; they are classifications, not forecasts."}