Fibra Valuation Multiples

Morgan Stanley is a global financial-services firm founded in 1935 that serves individuals, companies, institutional investors and governments. Its investment-banking and capital-markets businesses advise clients on transactions and help them raise financing. The firm also provides securities sales, trading, market-making and research services to institutional clients. Its wealth-management business supports individuals and organisations in building, preserving and managing their assets. Investment Management offers strategies across public and private markets for institutional and individual investors. The group earns revenue from financial advice, capital-raising services, trading and investment-management activities. It also provides workplace financial solutions for employers and their employees. Its international office network supports cross-border transactions and investment services. Morgan Stanley participated as an equity investor in the 2007 TXU acquisition, a role distinct from merely providing acquisition financing or advisory services.

Goldman Sachs is a financial services group providing investment banking, securities, asset management and wealth management services. Its banking teams advise corporations and institutions on mergers, acquisitions, financing and the management of financial liabilities. Global markets activities help clients trade financial instruments, obtain financing and manage market risks. The asset management business invests across public and private markets for institutions, financial advisers and individual investors, including alternative investment strategies. Wealth management provides investment advice, portfolio services and financial planning for affluent individuals, family offices, foundations and other clients. The firm earns revenue from advisory and transaction fees, investment management, trading and lending, combining these activities across an international network of financial markets and client relationships.

BlackRock is an American investment management company headquartered at 50 Hudson Yards in New York City and the largest asset manager in the world, with $15.3 trillion of assets under management as of 2026. It runs index and active funds, the iShares exchange-traded fund range, alternatives including infrastructure and private credit, and retirement assets for institutional and individual clients in 100 countries, and it licenses its Aladdin investment and risk management technology to more than 1,000 institutional clients. BlackRock was founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and colleagues as a fixed income and risk management manager, and Fink remains chairman and chief executive. It grew through acquisitions including Merrill Lynch Investment Managers in 2006 and Barclays Global Investors, owner of iShares, for $13.5 billion in 2009, followed by Global Infrastructure Partners for $12.5 billion, announced in January 2024, and private credit manager HPS Investment Partners for about $12 billion, agreed in December 2024. The company reported revenue of $24.22 billion and net income of $5.553 billion in 2025. Its shares trade on the New York Stock Exchange and it is a component of the S&P 500.

Prologis is a publicly traded real estate investment trust that owns, develops and operates industrial and logistics properties. The company leases distribution facilities to manufacturers, retailers, transportation businesses and third-party logistics providers across the Americas, Europe and Asia. Its properties support the storage and movement of goods near consumer markets and transport infrastructure. Rental income from facilities is a principal source of operating revenue, while co-investment ventures provide a separate means of investing alongside institutional partners. Prologis also develops new buildings and acquires existing portfolios to expand its property operations. In September 2014, its European Logistics Partners venture with Norges Bank Investment Management acquired logistics facilities and development land in Madrid and Barcelona. The equal partnership held a European portfolio of approximately 5.3 million square metres after that transaction.

Blackstone is the world's largest alternative-asset manager with $1.242 trillion in total asset under management, including $906.2 billion in fee-earning assets under management, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

Brookfield Corporation is a Toronto-headquartered global investment firm whose roots date to 1899. It owns and operates businesses and assets across renewable power, infrastructure, private equity, real estate, credit and insurance solutions. Brookfield invests its own balance-sheet capital and institutional client capital through controlled companies, funds and long-term partnerships. The group earns asset-management fees, carried interest, distributions and operating income from its portfolio. Its owner-operator model combines transaction execution with long-term operational oversight of essential-service businesses around the world. Brookfield reported more than US$1 trillion of assets under management in La Caisse's 2026 transaction release. It was a principal purchaser in the Boralex take-private alongside its institutional partners and La Caisse.

KKR is a global investment firm headquartered in New York that manages private equity, credit, infrastructure and real estate investments and also offers capital markets services and insurance. It sponsors investment funds for institutional investors, private-wealth clients and families, commits capital from its own balance sheet alongside them, and owns Global Atlantic Financial Group, which provides retirement, life and reinsurance products; its Strategic Holdings segment holds long-term stakes from its core private equity strategy. KKR had $796 billion of assets under management, $638 billion of it fee-paying, at the end of June 2026, and raised $133 billion of new capital in the preceding twelve months. Its income comes from management and other fees, performance income on its funds and the earnings of its insurance business. The firm was founded in 1976 by Jerome Kohlberg, Henry Kravis and George Roberts, is listed on the New York Stock Exchange and is led by co-chief executives Joseph Bae and Scott Nuttall. In the Nordic software market it bought 76.9% of Visma from HgCapital in 2010 at an enterprise value of about NOK 11.3 billion.

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients.

Macquarie Group is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the Australian Securities Exchange. It operates through four groups: Macquarie Asset Management, Banking and Financial Services, Commodities and Global Markets, and Macquarie Capital, its advisory and principal investment arm. It serves institutional, corporate, government and retail clients, and is one of the world's largest infrastructure asset managers, with A$938.3 billion of assets under management and total assets of about A$403 billion in 2024. The group employs more than 20,000 staff in 34 markets and earns fees and commissions, net interest income and trading and investment income. Its subsidiaries include Macquarie Bank Limited and investments in infrastructure businesses such as Southern Water and Arqiva. Macquarie was founded on 10 December 1969 in Sydney as Hill Samuel Australia, a subsidiary of the UK's Hill Samuel & Co.

Vingroup JSC is a Vietnam-based company engaged in construction and provides retail outlets, commercial offices for lease, residential units for lease and sale. It also carries out investment activities, to provide the management service and to conduct other businesses. The company operates through the segments of Sale of inventory properties, Leasing investment properties and related services, Hospitality, entertainment and other services, Health care and related services, Education services, Retail services, Manufacturing activities, and Others. The company generates the majority of its revenue from Sale of inventory properties including developing and trading apartments and villas at real estate projects of the group.

Strategy Inc is a bitcoin treasury company and a provider of business intelligence services. It is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. The company also provides industry AI-powered enterprise analytics software. It has one reportable operating segment: the Software Business, which is engaged in the design, development, marketing, and sales of the company's enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services (i.e., product support, consulting, and education). Geographically, the company operates in EMEA, U.S. and Other Regions, of which maximum revenue is derived from U.S..

Banco BTG Pactual is a Brazilian investment bank and asset manager headquartered in São Paulo and listed on the B3 exchange. It provides investment banking, corporate lending, sales and trading, wealth management, asset management and consumer banking services, and its merchant banking and private equity arm invests in companies across Latin America. The bank traces its origins to Pactual, founded in Rio de Janeiro in 1983 by André Jacurski, Luiz Cezar Fernandes and Paulo Guedes, and is chaired by André Esteves with Roberto Sallouti as chief executive. BTG Pactual earns fees, trading income and net interest income, reported net income of about US$3.0 billion and total assets of about US$162.8 billion in 2025, and employed 8,188 people in 2024. In 2025 its private equity arm agreed to invest $300 million in egg producer Global Eggs for an 11% stake.

State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $54 trillion in assets under custody and administration, and $5.7 trillion in assets under management, as of Dec. 31, 2025, State Street operates globally in more than 100 geographic markets and employs about 51,500 worldwide.

Sun Life Financial is one of the Big Three Canadian life insurers. The Canadian business contributed around 38% of adjusted earnings. In that segment, the firm provides health, life insurance, and annuity products to individual and group customers. Its US business is mostly group health and contributed about 20% of the firm's adjusted earnings in 2024. Sun Life also offers life insurance and wealth products in several Asian markets with a strong presence in Hong Kong and the Philippines. The Asia segment contributed around 18% of adjusted 2024 earnings. Its asset management business had around CAD 1.1 trillion total assets under management or administration at the end of 2024 and represents around 34% of the firm's earnings.

Ameriprise Financial has evolved into a diversified financial services provider that generates roughly 65% of its operating income from advice and wealth management. With nearly $1.2 trillion in segment assets under management and advisory at year-end 2025, and with roughly 10,600 affiliated and employee advisors, Ameriprise is one of the larger US-based wealth managers. It also boasts a reasonably large asset management franchise in Columbia Threadneedle, which boasted $678 billion in assets under management at year-end 2025. The firm's third key segment is its retirement and protection services business, which sells insurance products to the firm’s advisory clients. After eliminations, Ameriprise had $1.69 trillion in assets under management and advisory across segments at year-end 2025.

Samsung C&T is a South Korean construction, trading and consumer-business group headquartered in Seoul and listed on the Korea Exchange, and it is often regarded as the de facto holding company of the Samsung group because of its large stakes in other Samsung affiliates. It is organised into Engineering & Construction, Trading & Investment, Fashion and Resort groups, plus a biopharmaceutical business built around its stake in contract manufacturer Samsung Biologics. The construction group is an engineering, procurement and construction contractor known for skyscrapers such as the Burj Khalifa, the Petronas Towers, Merdeka 118 and Taipei 101; the trading group handles international trade in industrial goods; the fashion group sells apparel brands such as Bean Pole; and the resort group runs the Everland and Caribbean Bay theme parks, golf courses and the Samsung Welstory food service business. In 2025 the company reported revenue of KRW 40.742 trillion and operating profit of KRW 3.293 trillion, with construction contributing KRW 14.1 trillion and trading KRW 14.6 trillion, and it employs more than 17,000 people. Samsung C&T was founded in 1938 by Lee Byung-chul as the first Samsung company, was designated Korea's first general trading company in 1975, merged with Samsung Construction in 1995 and combined with Cheil Industries in September 2015.

Power Corp. of Canada is a holding company with controlling interests in Great-West Lifeco (one of the big three Canadian life insurers), IGM Financial (Canada's largest nonbank asset manager), and other alternative asset management platforms (Sagard and Power Sustainable). The company also has minority interests in Groupe Bruxelles Lambert, a holding company with interests in European firms.

Sun Hung Kai Properties Ltd s is a diversified real estate developer in Hong Kong with a core focus on the residential, office, and retail real estate segment. Most of its business is based in Hong Kong where it is a leading private housing developer and holds a portfolio of high-quality retail and office assets for rental income. The company also invests in other listed entities, including telecommunication company, SmarTone and data center provider, SUNeVision. The Kwok family is the controlling shareholder, with a stake of more than 40%.

Prudential Financial is one of the largest US life insurers, offering annuities, life insurance, and asset-management products. The United States and Japan are its two largest markets. Its US business contributed about 50% of adjusted 2024 earnings and includes institutional retirement (mostly pension risk transfer), individual retirement (annuities), group insurance, and individual life insurance. Its international business represented about 40% of adjusted earnings, with a strong market position in Japan, and the firm also has a presence in emerging markets like Brazil. The company's investment management business, PGIM, contributed approximately 10% of its 2024 adjusted earnings. PGIM had around $1.4 trillion in assets under management at the end of third-quarter 2025.

ORIX Corp is a diversified financial services company with operations in Corporate Financial Services, Maintenance Leasing, Real Estate, PE Investment and Concession, Environment and Energy, Insurance, Banking and Credit, Aircraft and Ships, ORIX USA, ORIX Europe, Asia, and Australia and engages in various other fee businesses by providing products and services aligned with customer needs to its core customer base of domestic small and medium-sized enterprises. Orix's numerous divisions finance leases of large-ticket items like ships, airplanes, and technology equipment. The company generates the majority of its revenue from Corporate Financial Services and Maintenance Leasing operations and Real Estate operations.

With operations in 126 markets across 36 states, D.R. Horton is the leading homebuilder in the United States. It mainly builds single-family detached homes (87% of home sales revenue) and offers products to entry-level, move-up, luxury buyers, and active adults. The company offers homebuyers mortgage financing and title agency services through its financial services segment. D.R. Horton's headquarters are in Arlington, Texas, and it manages six regional segments across the United States.

Goodman Group owns, manages, and develops industrial properties in 13 countries, historically in Australia but increasingly worldwide. Around half of its operating earnings come from development, a third from management, and the rest from property investment. Most developments are undertaken on behalf of third parties or fund investors. Goodman earns fees in return for development management services. Completed projects are either sold or reside in one of Goodman’s funds or partnerships. Goodman typically retains ownership stakes in the investment vehicles and continues to manage the sites after completion, collecting investment management base fees, performance fees, property services fees, and a share of rental income.

EQT is a Swedish global private markets investment firm, formally EQT AB, headquartered in Stockholm and listed on Nasdaq Stockholm. It was founded in 1994 by Investor AB, SEB and AEA Investors, with Conni Jonsson as founding chairman, and is associated with the Wallenberg family. Its funds invest in private equity, infrastructure, real estate, growth equity and venture capital across Europe, North America and Asia-Pacific, and it runs a private wealth business. EQT ranks second globally in private equity and fifth in infrastructure by capital raised. Together with Coller Capital it reported about €341 billion of assets under management in the second quarter of 2026, and its portfolio companies employ more than 550,000 people across over 330 companies. It set up EQT Ventures in 2016, listed in 2019, bought Life Sciences Partners in 2021 and Baring Private Equity Asia in 2022. Well-known investments include the software company IFS, the pest-control group Anticimex, SUSE, Zayo Group and the Swedish fibre operator IP-Only. It is led by chief executive Per Franzén and chairman Jean Salata, and earns management fees and carried interest.

3i Group is an investment company focused on private equity and infrastructure businesses, with a principal investment presence in northern Europe and North America. Its private equity activities cover consumer and private-label products, healthcare, industrial businesses, and services and software. The firm selects companies that it expects to benefit from sustained structural growth and works with their management teams on operating development and expansion. It generally holds majority interests in core portfolio companies and takes board representation, enabling direct involvement in the development of its investments. The business generates investment returns for shareholders through portfolio performance and the eventual realization of holdings, while its infrastructure operations also encompass managed investment funds. 3i evaluates potential exits throughout the holding period and may retain selected investments for longer periods when that supports shareholder value.

Northern Trust is a leading provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals. Founded in Chicago in 1889, Northern Trust has offices in 20 states and Washington, D.C. as well as 23 locations in Canada, Europe, the Middle East, and Asia-Pacific. As of December 2025, Northern Trust had assets under custody or administration of $18.7 trillion and assets under management of $1.8 trillion.

Itausa Investimentos ITAU SA is a Brazilian investment holding company. It has equity interests in the companies engaged in the financial, consumer goods, construction materials, sanitation, energy, and infrastructure sectors. Its portfolio consists of brands such as Itau Unibanco, Dexco, Alpargatas, CCR, Aegea Saneamento, Copa Energia and Nova Transportadora do Sudeste (NTS). The majority of the revenue for the company is generated from Itau Unibanco which is a banking institution that offers, directly or using its subsidiaries, a broad range of credit products and other financial services to a diversified individual and corporate client base in Brazil and abroad.

Raymond James Financial is a diversified financial services firm that provides wealth management, investment banking, asset management, and capital markets services to individuals, corporations, and municipalities. The firm maintains an extensive catalogue of products and services across its business lines. However, the wealth management franchise generates the bulk of its revenues and earnings through a vast network of more than 8,900 independent and employee-affiliated advisors, who collectively managed over $1.7 trillion in client assets as of fiscal year-end 2025. While Raymond James maintains a global footprint, the company derives over 90% of its revenue, and an even larger percentage of its operating income, from the United States.

Swiss Life is predominantly a life and long-term savings company that generates the main share of its revenue and earnings from its domestic market of Switzerland. The company also operates in France, Germany, and a few smaller but wealthy European countries. The company has an asset manager as well. Swiss Life has three main sources of income that vary in significance by geography. Savings income relates to spread-based earnings, the risk result relates to an insurance margin, and the fee result relates to asset management and financial advisory. The fee result has been growing in importance over recent years as a result of advice, asset management, and unit-linked sales.

Yuanta Financial Holdings Co Ltd is engages in the business of a financial holding company and its operations are limited to investing and investment management.

Nomura Holdings Inc is a financial services group in Japan and operates offices in countries and regions world-wide, including Japan, the U.S., the U.K., Singapore, and the Hong Kong Special Administrative Region ("Hong Kong") through its subsidiaries. The company's clients include individuals, corporations, financial institutions, governments, and governmental agencies. The company's business consists of Wealth Management*, Investment Management, and Wholesale. The company generates the majority of its revenue from the wholesale segment. The Wholesale Division consists of two businesses, Global Markets, which is mainly engaged in the trading, sales, and structuring of financial products, and Investment Banking, which is engaged in advisory, financing, and solutions businesses.

Emaar Properties PJSC is engaged in property investment, development, and development management, shopping malls and retail, hospitality, property management, utility services, and investments in providers of financial services. Its segments are, namely, real estate (develop, sell, and manage condominiums, villas, commercial units and plots of land), leasing, retail and related activities (develop, lease and manage malls, retail, commercial, and residential spaces), and hospitality (develop, own, and/or manage hotels, serviced apartments and leisure activities). It earns revenue from sources other than property sales, leasing, retail and related activities, and hospitality, and this revenue is included in other operating income. The majority of revenue comes from real estate.

China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management.

Ares Management is one of the world's largest alternative-asset managers, with $595.7 billion in total assets under management, or AUM, including $367.6 billion in fee-earning AUM, at the end of September 2025. The company has four main business segments: private credit ($391.5 billion in total AUM and $240.2 billion in fee-earning AUM), private equity, ($25.1 billion/$11.8 billion), real estate/real assets ($132.4 billion/$80.5 billion), and other alternatives ($46.7 billion/$35.1 billion). The firm primarily serves institutional investors (80% of AUM) and high-net-worth individuals (20%). Ares operates through more than 35 offices in over 15 countries around the globe.

China Resources Land, or CR Land, is a leading real estate developer with nationwide coverage in China. Aside from the core development business, CR Land differentiates itself from peers with a significant investment property portfolio with luxury focused MixC malls, and it holds a 74% stake in listed property management company China Resources Mixc Lifestyle Services. CR Land is a subsidiary of China Resources Holdings, or CR Holdings, a sizable state-owned conglomerate with a diverse presence in the utilities, consumer goods, medical, and property sectors. CR Holdings holds about a 60% stake in CR Land.

Mitsubishi Estate is one of the three big Japanese real estate companies. Around two thirds of its operating profit comes from leasing office space in Japan, where half of its portfolio is concentrated in the prime Marunouchi/Otemachi district between Tokyo station and the Imperial Palace. Mitsubishi Estate’s predecessor originally bought this land from the government in 1890, and the company sees itself as steward of the showcase area’s long-term development, rarely if ever selling any properties there.

Mitsui Fudosan Co Ltd is a real estate development and management company. The company operates through five segments. The Condominiums segment sells housing to individuals and rental properties to investors. The Rental segment leases office buildings and commercial facilities. The Facility Operations segment covers hotels, resorts, sports, and entertainment. The Management segment handles property management, brokerage, and asset management. The Others segment engages in new construction contracting. It generates the majority of its revenue from the Rental segment.

Principal Financial Group Inc is a financial services provider. It offers various financial products and services including retirement, asset management, and workplace benefits and protection solutions to individuals and institutional clients. The company, along with its subsidiaries, operates in the following reportable segments; Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. Maximum revenue is generated from the Retirement and Income Solutions segment which provides workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities (including RILAs), pension risk transfer, and investment services to businesses, their employees, and other individuals.

Mega Financial Holding Co Ltd is a financial services holding company operating mostly in Taiwan but with exposure internationally. The activities of the company includes banking, underwriting securities, brokerage and proprietary business of bills and bonds, insurance, asset management, venture capital, business operations, and others.

T. Rowe Price provides asset management services for individual and institutional investors. It offers a broad range of no-load US and international stock, hybrid, bond, and money market funds. At the end of September, the firm had $1.767 trillion in managed assets, composed of equity (50%), balanced (35%), fixed-income and money market (12%), and alternative (3%) offerings. Approximately two-thirds of managed assets are held in retirement-based accounts, which provides T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a US-based asset manager, deriving less than 10% of its AUM from overseas.

Industrivarden AB is a holding company that invests in and works long-term to develop and create value in its portfolio companies. Active ownership is exercised through sizable ownership stakes in a selection of listed companies with firm market positions, good cash flows, financial strength, and clear development capacity. Its stock offers exposure to a portfolio of companies with validated business models, a wide breadth of underlying business areas, and good value potential.

PulteGroup Inc is a homebuilder in the United States. The company mainly builds single-family detached homes and offers products to entry-level, move-up, and active-adult buyers. It also offers homebuyers mortgage financing, title, and insurance agency services through its financial services segment.

GF Securities Co Ltd is principally engaged in securities business, the proxy sale of securities investment funds, the provision of futures intermediary services for futures companies, securities investment fund custodian, fund raising, fund sales, asset management, project and investment management, commodity futures brokerage, financial futures brokerage and futures investment advisory, etc. It operates through the following segments: Investment banking, Wealth management, Trading & Institutions, and Investment management.

Two Point Zero Group PJSC is an investment firm involved in the energy and consumer sectors. Its portfolio incorporates AI-enabled and diversified assets designed to support operational efficiency and potential long-term returns. Its business operations are involved in: i) Energy & Infrastructure: renewable energy, infrastructure solutions, and regional mining across the energy value chain. ii) Consumer: media, mobility, retail, beauty, food, and packaging iii) Investments: institutions and fintech initiatives focused on long-term capital, synergies, and financial infrastructure development.

Pershing Square is a United States investment-management business associated with Pershing Square Capital Management and its publicly listed parent. The manager follows a concentrated, research-intensive approach to investing in large public companies and selected private or strategic opportunities. It manages permanent capital and other investment vehicles for shareholders and institutional investors. The business earns management and performance-related fees from the capital it oversees. Pershing Square and its affiliated funds had invested in Howard Hughes Holdings for many years before a newly formed Pershing Square holding company completed a separate primary investment in 2025. That transaction gave the group a larger strategic position and an advisory role as Howard Hughes began transforming into a diversified holding company. Pershing Square therefore operates as an asset manager and investment platform rather than as an operating company in the industries represented by its portfolio holdings.

Scottish Mortgage Investment Trust PLC is an investment trust company. The company's objective is to maximize total return from a portfolio of long-term investments chosen on a global basis enabling the company to provide capital and dividend growth. It focuses on investment in quoted securities irrespective of any geographical, industry, and sector exposure. The portfolio also invests in fixed-income securities, convertible securities, funds, unquoted entities, and other assets.

CK Asset Holdings was the property business arm of the Cheung Kong Group before the spinoff in 2015. It was subsequently renamed CK Asset Holdings from CK Property in 2017. Li Ka-shing and his family remain the largest shareholders of CK Asset over the years, with about a 48% equity stake. The company mainly engages in property development, property investment, and hotel management in Hong Kong and mainland China, while diversifying into social housing, pub operations, and infrastructure management overseas in recent years.

Legal & General Group PLC operates across five reportable segments, comprising Institutional Retirement, Asset Management, Insurance, Retail Retirement and Corporate Investments. Its revenue includes insurance revenue, fees from fund management and investment contracts and other operational income from contracts with customers. The company operates in United Kingdom, USA and Rest of World.