Five interesting things that Hodges Capital research analysts discovered this week...

#1 GIPS®: 1,700+ organizations claim compliance with the Global Investment Performance Standards (GIPS®), according to the CFA Institute.

#2 APPRENTICESHIPS: The number of young people in apprenticeships appears to be increasing. According to the Department of Labor’s Registered Apprenticeship system, roughly 212,000 young people between 16-24 years of age were enrolled in such programs, which is an increase of 10% over 2019 and 104% since 2013.

#3 ACTIVE MANAGERS: The National Association of Active Investment Managers (NAAIM) Exposure Index moved lower for the third week to 32.26 from 54.86 in the prior week. Recent lows at the sub-20 level were hit in May and June of 2022.

#4 ROYALTIES: Bloomberg recently reported that The University of Texas oversees 2.1 million acres of land in the Permian Basin that brings in about $6MM per day. This flows into the Permanent University Fund that supports both the UT System and Texas A&M University System.

#5 EARNINGS EXPECTATIONS: Per Credit-Suisse - Since mid-June, bottom-up earnings estimate for 3Q and 2023 have fallen -5.5% and -3.7%. This is surprising given the strong positive surprises (+4.9%) witnessed in 2Q. While it is typical for projections to decline throughout the quarter, the recent trend is much weaker than normal.

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