Daily Brief Financials: Interactive Brokers Group, Inc, Anicom Holdings, Utilico Emerging Markets Ltd and more

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
• We expect two regular changes in September 2025 – maybe $10bn a side. There are also a couple of live M&A events which are likely to trigger intra-review index changes.

• Recurring revenue increased by 10.4% YoY to JPY18.2bn, driven by underwriting, investment, and non-insurance business growth.
• Recurring profit decreased by 40.7% YoY to JPY960mn, impacted by increased costs from AXA Direct insurance contract transfers.
• The combined ratio based on earned premiums rose 4.0pp YoY to 97.9%, influenced by higher medical costs and policy transfer expenses.

Utilico Emerging Market Trust’s (UEM’s) board has announced a series of initiatives, aiming to make the company more attractive and to enhance value creation for new and existing shareholders. These measures are: a new performance-based tender offer; continuation of the share buyback programme; further annual dividend increases; and bringing forward the 2026 continuation vote. UEM celebrated its 20th anniversary as a public company on 20 July 2025; over two decades, it has generated an annual NAV total return of 9.1%. This equates to an aggregate total return of 470.6%, which is meaningfully higher than the MSCI Emerging Markets Index’s 349.7% total return.