The seventh session of the independent inquiry into last year’s fire at Wang Fuk Court – Hong Kong’s deadliest in decades – is under way with the focus turning to ISS EastPoint, the estate’s property management firm. The blaze, which started on November 26 last year and raged through seven of Wang Fuk Court’s eight towers for about 43 hours, killed 168 people and displaced nearly 5,000 residents. ...
The seventh session of the independent inquiry into last year’s fire at Wang Fuk Court – Hong Kong’s deadliest in decades – is under way with the focus turning to ISS EastPoint, the estate’s property management firm. The blaze, which started on November 26 last year and raged through seven of Wang Fuk Court’s eight towers for about 43 hours, killed 168 people and displaced nearly 5,000 residents. ISS clerk Lok Sin-ying, who was stationed at the estate, is to resume testimony on Wednesday morning...
Earnings Call Insights: Jushi Holdings (JUSHF) Q4 2025 Management View CEO James Cacioppo said Q4 revenue was $68.3 million and full-year revenue was $262.9 million, adding that results reflected “continued stabilization across our retail footprint,” with contributions from new stores and “enhanced product availability and quality driven by improved operational execution at our grower-processor fa...
Earnings Call Insights: Jushi Holdings (JUSHF) Q4 2025 Management View CEO James Cacioppo said Q4 revenue was $68.3 million and full-year revenue was $262.9 million, adding that results reflected “continued stabilization across our retail footprint,” with contributions from new stores and “enhanced product availability and quality driven by improved operational execution at our grower-processor facilities.” CEO Cacioppo highlighted a refinancing completed March 27, 2026: “We completed the refinancing through the issuance of a $160 million first lien secured term loan due in 2029 with a 12.5% coupon structured as interest-only payments over the 36-month term,” and said it was done “without issuing any warrants or equity-linked securities,” adding it provided “$13 million of incremental liquidity” and a “single financial covenant requiring the maintenance of a minimum cash balance.” CEO Cacioppo framed Virginia adult-use as a key upcoming catalyst and said the reconciled bill sent to the governor sets “applications expected to be released on or before September 1, 2026, and license issuance on or before December 1, 2026,” with “Retail sales ... expected to commence on January 1, 2027.” CFO Michelle Mosier said the Q4 retail revenue increase was driven by “contributions from new stores in Ohio and strong sales performance from all our Virginia stores,” while noting Virginia growth was “primarily driven by increased units sold, while average selling prices remained relatively flat.” Outlook CFO Mosier guided 2026 capital expenditures: “we currently expect maintenance CapEx to be in the range of approximately $4 million to $5 million” and “2026 growth CapEx to be in the range of $5 million to $8 million,” for “total projected capital expenditures of $9 million to $13 million in 2026,” while noting Virginia adult-use would influence timing and that “the majority of construction-related capital spending [would] occur in 2027 rather than 2026.” CEO Cacioppo described Virgin...
Kaewta Suphan/iStock via Getty Images Manager perspective and outlook Global economic growth held up in the fourth quarter, and most securities markets ended higher despite volatility. Risk assets rallied early but stalled in November amid apparent uncertainty about US Federal Reserve (Fed) policy and artificial intelligence (AI)-related valuation concerns. December saw renewed strength in US, Eur...
Kaewta Suphan/iStock via Getty Images Manager perspective and outlook Global economic growth held up in the fourth quarter, and most securities markets ended higher despite volatility. Risk assets rallied early but stalled in November amid apparent uncertainty about US Federal Reserve (Fed) policy and artificial intelligence (AI)-related valuation concerns. December saw renewed strength in US, European and emerging (ex-China) equities. Credit markets faced isolated pressures from bankruptcies and regional banks but still had gains. Geopolitics appeared to influence investor sentiment. US/China tensions rose over rare earth minerals and tariffs before easing after a temporary trade deal. The US government shutdown appeared to add uncertainty as data releases were paused. Central banks were active: the Fed cut rates twice and raised its 2026 growth outlook, the Bank of England lowered rates and the European Central Bank raised growth and inflation forecasts. We expect growth to reaccelerate in 2026, supported by lower US policy rates and more fiscal spending across major economies. Private sector balance sheets have remained a tailwind. We believe Fed easing should support US growth later in the year, while less aggressive easing abroad points in our view to a weaker dollar and improving opportunities outside the US, including emerging market local debt. In Europe, we believe fiscal expansion and real wage gains should bolster activity. Given elevated US valuations, we favor broadening exposures to cyclicals. Fund holdings - (% of total market value) Invesco Core Bond Fund 24.87 Invesco Core Plus Bond Fund 23.94 Invesco MSCI USA ETF 6.74 Invesco Variable Rate Investment Grade ETF 5.87 Invesco RAFI Developed Markets ex-US ETF 5.66 Invesco S&P 500 Equal Weight Income Advantage ETF 5.00 Invesco QQQ Income Advantage ETF 4.90 Invesco S&P 500 Pure Value ETF 4.32 Invesco Dividend Income Fund 4.08 Invesco International Bond Fund 3.04 Click to enlarge Portfolio positioning Inv...