Hilbert Group AB (publ) (HILB_B) Q4 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.482 -- 00:00:06.528 Okay, let's begin. Good morning and thank you for joining 00:00:06.528 -- 00:00:11.854 me for Hilbert Group's Q4 update and 2025 00:00:11.854 -- 00:00:13.854 outlook. 00:00:14.297 -- 00:00:19.964 To begin, I wanted to go over some significant 00:00:19.964 -- 00:00:22.947 events from past quarter. 00:00:22.947 -- 00:00:28.254 We made some interesting and strategic strides 00:00:28.254 -- 00:00:31.105 in Q4. 2024, 00:00:31.105 -- 00:00:36.193 which was otherwise a rather difficult year, to be honest, largely 00:00:36.193 -- 00:00:41.421 driven by lack of institutional and organic inflow into 00:00:41.421 -- 00:00:46.469 the asset class. However, in Q4, some of the 00:00:46.469 -- 00:00:51.537 milestones that we were able to achieve, and that's up on the screen now, were 00:00:51.537 -- 00:00:53.537 significant. 00:00:53.700 -- 00:00:59.340 In Q4, we saw major growth in our asset under management, 00:00:59.340 -- 00:01:04.388 where we more than 10x our asset base. This 00:01:04.388 -- 00:01:09.615 means that we now have surpassed the previous AUM 00:01:09.615 -- 00:01:14.823 target of $300 million, which was set back in 2022. 00:01:14.823 -- 00:01:16.823 This 00:01:16.966 -- 00:01:22.650 growth was driven by two major factors. The first 00:01:22.650 -- 00:01:27.675 one being the strategic partnership with Zappo Bank, where we 00:01:27.675 -- 00:01:32.741 won the mandate to manage the Byzantine Structured Credit 00:01:32.741 -- 00:01:38.467 Fund. This fund has now grown to roughly 3,300 00:01:38.467 -- 00:01:44.992 Bitcoin in size and has a current yield of 4.02%. 00:01:45.955 -- 00:01:51.039 And we anticipate a strong growth trajectory 00:01:51.039 -- 00:01:57.847 for this specific fund and I will comment more on that later in this pr...