Baron Emerging Markets Fund retreated 1.26% (Institutional Shares) in Q4 2025, underperforming its benchmark, the MSCI Emerging Markets Index. The fund, in its Q4 shareholder letter, stated that Taiwan Semiconductor Manufacturing Company ( TSM ), SK Hynix ( HXSC.F ), and Samsung Electronics ( SSNLF ) were the top contributors, while Alibaba Group, Kaynes Technology India, and Tencent ( TCEHY ) wer...
Baron Emerging Markets Fund retreated 1.26% (Institutional Shares) in Q4 2025, underperforming its benchmark, the MSCI Emerging Markets Index. The fund, in its Q4 shareholder letter, stated that Taiwan Semiconductor Manufacturing Company ( TSM ), SK Hynix ( HXSC.F ), and Samsung Electronics ( SSNLF ) were the top contributors, while Alibaba Group, Kaynes Technology India, and Tencent ( TCEHY ) were the top detractors. During Q4 2025, the fund initiated positions in Absa Group Limited ( AGRPY ) and FirstRand Limited ( FANDY ) as it believes South African banks are at the cusp of a favorable banking cycle. The fund also re-established a position in Nu Holdings ( NU ) as it sees the leading digital bank in Latin America emerging from a benign credit cycle with its long-term competitive advantages intact and its growth opportunities enhanced. According to its shareholder letter, the fund strengthened its positions in Alibaba Group ( BABA ) ( BABAF ), Samsung Electronics ( SSNLF ), Kuaishou Technology ( KUASF ), HDFC Bank ( HDB ), Bharat Electronics, Tata Communications, and InPost S.A. ( INPOY ). During the quarter, Baron Emerging Markets Fund exited positions in Gold Fields Limited ( GFI ), KE Holdings Inc. ( BEKE ), and Dino Polska S.A. ( DNOPY ) due to high valuation and/or uncertainties over the earnings growth or competitive positioning going forward. Source: Q4 shareholders letter More on CoreWeave May Be Set For A High-Stakes Q4 Breakout (Preview) Astera Labs: The Market's Overreaction Hands Long-Term Buyers A Gift Medical Properties Trust: The Bear Case Is Getting Dangerous As Cash Flow Turns Up Fast Texas Instruments, Monolithic Power Systems named top picks at Citi PPL seeks to raise $1B in equity units offering
Core US Factory Orders Better Than Expected In December While sentiment is sagging to multi-year lows , 'hard' data is helping support growth forecasts (GDPNOW) and holding stocks at record highs. This morning we get a fresh glimpse at America's manufacturing segment - hard data - with Orders data (which is expected to drop MoM in December). After surging higher in November (+2.7% MoM), analysts e...
Core US Factory Orders Better Than Expected In December While sentiment is sagging to multi-year lows , 'hard' data is helping support growth forecasts (GDPNOW) and holding stocks at record highs. This morning we get a fresh glimpse at America's manufacturing segment - hard data - with Orders data (which is expected to drop MoM in December). After surging higher in November (+2.7% MoM), analysts expected US Factory Orders to drop 0.6% MoM in December but the actual print disappointed, dropping 0.7% MoM Source: Bloomberg Interestingly, Core Factory Orders rose 0.4% MoM - better than expected Source: Bloomberg The final December prints for Durable Goods Orders fell 1.4% as expected (and in line with the preliminary data).\ New orders non-defense, ex-air - a proxy for spending - rose 0.8% MoM (better than expected). The bottom line is this data is overall supportive for GDP guesstimates (and earnings). Tyler Durden Mon, 02/23/2026 - 10:06
Andrii Dodonov/iStock via Getty Images Few investors would have expected that by late 2025 equities would be rallying while credit markets remained almost completely unruffled. Yet that is exactly the environment today. Stocks have climbed steadily, and the extra yield investors demand to own corporate bonds over Treasuries, known as credit spreads, has compressed to levels seen only rarely over t...
Andrii Dodonov/iStock via Getty Images Few investors would have expected that by late 2025 equities would be rallying while credit markets remained almost completely unruffled. Yet that is exactly the environment today. Stocks have climbed steadily, and the extra yield investors demand to own corporate bonds over Treasuries, known as credit spreads, has compressed to levels seen only rarely over the past several decades.¹ Bond investors, much like equity investors, appear confident that corporate balance sheets can withstand near-term economic uncertainty. Credit spreads function as a real-time barometer of financial stress. When economic conditions deteriorate, investors demand more compensation for default risk, and spreads widen. When confidence is high, spreads narrow. Current conditions suggest little concern about a looming slowdown, with credit markets effectively validating the optimism priced into equities.² This alignment between stocks and credit is notable because the two markets often diverge during periods of heightened risk. At present, they are telling the same story. High-yield spreads sit near the tightest levels recorded in more than two decades.³ Investors are accepting minimal compensation for holding lower-rated corporate debt, reflecting expectations of stable cash flows and manageable refinancing conditions. Equity markets have responded to the same backdrop, supported by resilient earnings and easing macro uncertainty.⁴ Historically, equity prices and credit spreads tend to move together because both depend on corporate fundamentals. When companies appear financially sound, stocks rise and spreads compress.⁵ That relationship remains firmly intact. The Asymmetry of Historically Tight Spreads Tight spreads are not without implications. Credit cycles are inherently asymmetric. Spreads can only tighten so much, but they can widen rapidly when sentiment shifts. History shows that periods of extremely low spreads often persist longer than expecte...
LOS ANGELES, February 23, 2026--RAD Intel today announced the beta launch of its new portfolio company, Lickly, a real-time SaaS platform built to give mid-market brands access to the same audience intelligence infrastructure traditionally reserved for enterprise teams.
LOS ANGELES, February 23, 2026--RAD Intel today announced the beta launch of its new portfolio company, Lickly, a real-time SaaS platform built to give mid-market brands access to the same audience intelligence infrastructure traditionally reserved for enterprise teams.
M. Suhail/iStock Editorial via Getty Images Home Depot ( HD ) is set to report fourth-quarter earnings before the market opens on Tuesday, February 24. Wall Street expects EPS of $2.52 , down 19.5% year over year, on revenue of $38.1B, a 4.0% decline from the prior-year period. Over the past year, Home Depot has beaten EPS estimates 25% of the time and topped revenue estimates 75% of the time. How...
M. Suhail/iStock Editorial via Getty Images Home Depot ( HD ) is set to report fourth-quarter earnings before the market opens on Tuesday, February 24. Wall Street expects EPS of $2.52 , down 19.5% year over year, on revenue of $38.1B, a 4.0% decline from the prior-year period. Over the past year, Home Depot has beaten EPS estimates 25% of the time and topped revenue estimates 75% of the time. However, estimate trends have turned more cautious in recent months. Over the past three months, analysts have made 15 downward EPS revisions versus just one upward revision . Revenue estimates have seen eight upward revisions and five downward revisions during the same period. Investors will be watching for commentary around fiscal 2026 and signs of stabilization in home improvement demand amid a still-challenging housing and interest rate environment. In Q3, comparable sales increased 0.2% for the quarter that ended on November 2, missing the consensus expectation for an increase of 1.4%. CEO Ted Decker said at the time that the company's results missed expectations primarily due to the lack of storms in the quarter, which resulted in greater than expected pressure in certain categories. The home improvement firm also cut its full-year earnings expectation, which was chiefly due to the expectation for cautious consumer spending amid a soft housing market. Though shares in the stock have had a good start to 2026, up over 10% YTD, the stock has been relatively muted over the past year. Wall Street maintains a Buy rating on the stock, while Seeking Alpha’s Quant model remains at Hold , reflecting concerns around growth and valuation. SA author Justin Purohit also takes a neutral stance ahead of the release, noting that shares have held up relatively well despite softness in the housing market, with management’s outlook for housing demand through 2026 likely to be a key focus. He views the stock as fairly valued in the current environment. By contrast, contributor Vladimir Dimit...
Alison Roman is a cult figure in the world of food media. Now she's putting her name on consumer goods, recently launching a new line of high-end jarred tomato sauce called, appropriately, A Very Good Sauce. Alison Roman joins Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss what she's learned about the consumer goods industry, from shipping to co-packing to designing a recipe t...
Alison Roman is a cult figure in the world of food media. Now she's putting her name on consumer goods, recently launching a new line of high-end jarred tomato sauce called, appropriately, A Very Good Sauce. Alison Roman joins Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss what she's learned about the consumer goods industry, from shipping to co-packing to designing a recipe that can be cooked in high volume. (Source: Bloomberg)
Vertigo3d Cryptocurrency investment products recorded outflows of $288M for the week ending February 23, registering the fifth consecutive week of outflows and bringing five-week outflows to $4B, still well below the $6B recorded over the same period last year. Bitcoin ( BTC-USD ) recorded outflows of $215M last week, according to a CoinShares report. On the other hand, short Bitcoin investment pr...
Vertigo3d Cryptocurrency investment products recorded outflows of $288M for the week ending February 23, registering the fifth consecutive week of outflows and bringing five-week outflows to $4B, still well below the $6B recorded over the same period last year. Bitcoin ( BTC-USD ) recorded outflows of $215M last week, according to a CoinShares report. On the other hand, short Bitcoin investment products recorded inflows totaling $5.5M. According to the report, Ethereum ( ETH-USD ) saw the second-largest outflow of $36.5M, while multi-asset products and Tron saw outflows of $32.5M and $18.9M, respectively. On the other hand, XRP, Solana ( SOL-USD ), and Chainlink ( LINK-USD ) registered minor inflows, totaling $3.5M, $3.3M, and $1.2M, respectively. However, the inflows were not enough to offset the net outflows in altcoins. James Butterfill, CoinShares’ Head of Research, highlighted that after several weeks of record ETP trading volumes, activity fell sharply to $17B, the lowest level since July 2025, underscoring growing investor apathy. The U.S. saw $347M in outflows last week as U.S. investors continued to exhibit negative sentiment. However, sentiment was positive across several regions, as investors viewed the recent price weakness as a buying opportunity, with Switzerland, Canada, and Germany recording inflows of $19.5M, $16.8M, and $16.2M, respectively. More on Bitcoin USD, Ethereum USD, etc. Bitcoin Is Not Going To Zero Ethereum Price Tests $2,000 Floor As Risk Sentiment Turns Bitcoin After The Cycle Peak: What Comes Next And How We're Positioning Bitcoin briefly slides below $65K as tariff uncertainty hits crypto prices Crypto stocks fall as bitcoin briefly goes below $65K
PM asks ethics adviser to examine conduct of Cabinet Office minister amid Labour Together scandal fallout UK politics live – latest updates Keir Starmer has opened a formal investigation into a Cabinet Office minister involved in falsely accusing journalists of having links to pro-Russian propaganda. The prime minister’s decision follows revelations in the Guardian that Josh Simons, who was runnin...
PM asks ethics adviser to examine conduct of Cabinet Office minister amid Labour Together scandal fallout UK politics live – latest updates Keir Starmer has opened a formal investigation into a Cabinet Office minister involved in falsely accusing journalists of having links to pro-Russian propaganda. The prime minister’s decision follows revelations in the Guardian that Josh Simons, who was running the thinktank Labour Together at the time, was also involved in telling British intelligence officials that another journalist was “living with” the daughter of a former adviser to Jeremy Corbyn. Officials were told by Simons’s team that the former adviser was “suspected of links to Russian intelligence”. Continue reading...
Colombia’s peso is defying economic and political woes after a surprisingly hawkish pivot in monetary policy reinforced the dominant carry trade. A larger-than-expected interest rate hike on Jan. 30 and signals of more increases to come have stalled an incipient slide in the peso, even as the government scoops up dollars to bolster its cash reserves. The aggressive start to the tightening cycle wa...
Colombia’s peso is defying economic and political woes after a surprisingly hawkish pivot in monetary policy reinforced the dominant carry trade. A larger-than-expected interest rate hike on Jan. 30 and signals of more increases to come have stalled an incipient slide in the peso, even as the government scoops up dollars to bolster its cash reserves. The aggressive start to the tightening cycle was triggered by a 23.7% hike in the minimum wage that upended inflation expectations. And while the high court suspended the measure a few weeks later, the government has doubled down on its decision, keeping the increase in a decree on Friday. The court dispute has done little to dent the currency’s carry trade appeal — where investors borrow in one currency with low interest rates and invest in another with higher rates. “Keeping that 23%, even with the uncertainty, doesn’t alter” inflation expectations or the need to keep raising rates, said Andres Pardo , chief LatAm macro strategist for XP Investments. “By the time the State Council makes the final decision, it may already be too late.” Carry is masking concern over Colombia’s deep fiscal imbalances and the prospect of the left clinging onto power in this year’s election. The country is the only major economy in the region expected to hike rates this year, with the market pricing in around 200 basis points of increases. Read more: Colombian Peso Backed by Carry, Flows and Conviction: Chart Pack “Investors are buying the Colombian peso, the Brazilian real and selling the Chilean peso, a very pro-carry strategy,” said Ning Sun , a senior emerging-markets strategist at State Street Markets in Boston. Even before the minimum wage controversy, policymakers were expected to begin tightening policy last month as a way to counter growing inflation pressures. But the magnitude of the first hike — 100 basis points to 10.25% — sent a much stronger message than expected. “In the last month, without a doubt, the central bank has pla...
Shutter2U/iStock via Getty Images December factory orders: -0.7% M/M vs. -0.7% consensus and +2.7% prior, according to data released by the U.S. Census Bureau on Monday. Developing… Check back for updates. More on U.S. Economy Chicago Fed National Activity Index rises into positive territory in January U.S. dollar slips, precious metals rebound on fresh tariff fears
Shutter2U/iStock via Getty Images December factory orders: -0.7% M/M vs. -0.7% consensus and +2.7% prior, according to data released by the U.S. Census Bureau on Monday. Developing… Check back for updates. More on U.S. Economy Chicago Fed National Activity Index rises into positive territory in January U.S. dollar slips, precious metals rebound on fresh tariff fears
Commodore Capital reported a sale of 850,000 shares of Nuvalent (NASDAQ:NUVL) in its latest SEC filing dated February 17, 2026, with the estimated transaction value at $83.81 million based on quarterly average pricing. According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Commodore Capital sold 850,000 shares of Nuvalent during the fourth quarter of 2025. The esti...
Commodore Capital reported a sale of 850,000 shares of Nuvalent (NASDAQ:NUVL) in its latest SEC filing dated February 17, 2026, with the estimated transaction value at $83.81 million based on quarterly average pricing. According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Commodore Capital sold 850,000 shares of Nuvalent during the fourth quarter of 2025. The estimated value of these sales was $83.81 million based on the average closing price for the period. The stake’s quarter-end value declined by $65.75 million, a figure that includes the impact of both trading and price changes. Nuvalent, Inc. is a Cambridge-based biotechnology company specializing in the discovery and development of precision therapies for cancer. The company leverages its expertise in kinase inhibitor design to address resistance and central nervous system challenges in targeted oncology. With a pipeline of differentiated clinical candidates, Nuvalent aims to deliver transformative therapies for patients with limited treatment options. Continue reading
Looking at the universe of stocks we cover at Dividend Channel, on 2/25/26, Avista Corp (Symbol: AVA), Welltower Inc (Symbol: WELL), and Sun Life Financial Inc (Symbol: SLF) will all trade ex-dividend for their respective upcoming dividends. Avista Corp will pay its quarterly di
Looking at the universe of stocks we cover at Dividend Channel, on 2/25/26, Avista Corp (Symbol: AVA), Welltower Inc (Symbol: WELL), and Sun Life Financial Inc (Symbol: SLF) will all trade ex-dividend for their respective upcoming dividends. Avista Corp will pay its quarterly di
Curling cursing, podium camaraderie and stunning speed on skis linger for our writers after an astonishing Games Best moment Matt Weston winning double gold . It was so well deserved. He fought hard for the victories and the emotions afterwards showed how much it meant to him. Biggest disappointment Seeing the second GB skeleton relay team, Freya Tarbit and Marcus Wyatt, take fourth place. The sen...
Curling cursing, podium camaraderie and stunning speed on skis linger for our writers after an astonishing Games Best moment Matt Weston winning double gold . It was so well deserved. He fought hard for the victories and the emotions afterwards showed how much it meant to him. Biggest disappointment Seeing the second GB skeleton relay team, Freya Tarbit and Marcus Wyatt, take fourth place. The sense of almost getting that medal, the sadness was so visible. I was so impressed by their performance, I wanted to hug them both. Continue reading...
Looking at the universe of stocks we cover at Dividend Channel, on 2/25/26, Loews Corp. (Symbol: L), Voya Financial Inc (Symbol: VOYA), and Electronic Arts, Inc. (Symbol: EA) will all trade ex-dividend for their respective upcoming dividends. Loews Corp. will pay its quarterly d
Looking at the universe of stocks we cover at Dividend Channel, on 2/25/26, Loews Corp. (Symbol: L), Voya Financial Inc (Symbol: VOYA), and Electronic Arts, Inc. (Symbol: EA) will all trade ex-dividend for their respective upcoming dividends. Loews Corp. will pay its quarterly d