Tatsuya Ozaki/iStock via Getty Images Executive Summary Thrivent Multisector Bond Fund ( IIINX ) had a net return of 1.43% in the fourth quarter, which outperformed Morningstar’s Multisector Bond category. The Fund outperformed Morningstar’s Multisector Bond category average over the past year with a net return of 8.07% as compared to 7.75% for the category. The Bloomberg U.S. Aggregate Bond index...
Tatsuya Ozaki/iStock via Getty Images Executive Summary Thrivent Multisector Bond Fund ( IIINX ) had a net return of 1.43% in the fourth quarter, which outperformed Morningstar’s Multisector Bond category. The Fund outperformed Morningstar’s Multisector Bond category average over the past year with a net return of 8.07% as compared to 7.75% for the category. The Bloomberg U.S. Aggregate Bond index returned 7.30% over this same period. We remain neutral in our duration positioning and favor investment grade bonds to high yield bonds given the overall tightness of credit spreads. There are signs that economic tailwinds could continue and we do see opportunities to pick up incremental yield within sub-sectors of the securitized market and alternatives. Performance factors In the fourth quarter of 2025, the Fund outperformed Morningstar’s Multisector Bond category average with a net return of 1.43% compared to an average of 1.29% for the category. The Bloomberg U.S. Aggregate Bond index, a broad investment-grade index, returned 1.10% over the quarter. Fund absolute returns were positive primarily due to coupon carry. The Fund maintains a lower duration exposure as compared to broad fixed income indices, such as the Bloomberg U.S. Aggregate Bond index, but was roughly neutral duration as compared to estimates for the Multisector Bond category average. Positive contributors to relative performance included allocations to emerging market debt and convertible bonds. Security selection within the securitized, emerging market debt, and high yield bond allocations were also positive contributors to performance. For the trailing twelve months, the Fund outperformed Morningstar’s Multisector Bond category average with a net return of 8.07% as compared to 7.75% for the category. The Bloomberg U.S. Aggregate Bond index returned 7.30% over this same period. Positive contributors to relative performance over this period include the Fund’s allocation to emerging market debt, high yie...
adventtr/E+ via Getty Images IonQ, Inc. ( IONQ ) stock soared back to life yesterday after the company reported strong earnings for the fourth quarter of 2025 and the full year. IONQ stock gained 6% on February 25, followed by another 22% rally on February 26. As of market close on February 25, IonQ stock had lost a fourth of its value since the beginning of this year, so this is a much-needed ral...
adventtr/E+ via Getty Images IonQ, Inc. ( IONQ ) stock soared back to life yesterday after the company reported strong earnings for the fourth quarter of 2025 and the full year. IONQ stock gained 6% on February 25, followed by another 22% rally on February 26. As of market close on February 25, IonQ stock had lost a fourth of its value since the beginning of this year, so this is a much-needed rally for long-term investors. IonQ's Q4 financial performance is impressive. There's no denying that. As a long-term follower and ex-shareholder of the company, I am encouraged by where the company is headed. To recap, I was an early IonQ investor who invested in the company when the stock was trading at around $10. Last October, I booked a 400%+ gain on my initial IonQ investment, as I thought its valuation was too stretched to justify expected growth. In fact, after reverse engineering its P/S multiple of 226x at the time, I pointed out why IonQ has to grow at a CAGR of 70% through 2030 to justify its valuation. This was well above my risk tolerance. The margin of safety was too little for me to stay invested. Although I am impressed by IonQ's quantum platform approach, which is supported by aggressive investments, I still believe IonQ's valuation is too rich for me to invest in the company and sleep well at night. IonQ's Q4 Results Remind Me Why I Fell In Love With The Company IonQ reported $61.9 million in revenue for Q4 2025, up 429% YoY. This helped the company smash the full-year revenue guidance by ~20% to $130 million, registering a YoY increase of 202%. This propelled IonQ to emerge as the first public quantum company to report revenue exceeding $100 million. Exhibit 1: IonQ's revenue growth Q4 presentation In many of my previous articles on IonQ, I have highlighted the company's focus on monetization of its technology as a key differentiator between IonQ and its quantum computing peers. For context, most of its peers are waiting to build a full quantum computer bef...
da-kuk/E+ via Getty Images I initiated coverage of BitFuFu ( FUFU ) in June 2024, when the company was relatively unknown. ButFuFu was a newly listed Bitcoin ( BTC-USD ) miner fresh off a $1.5 billion SPAC merger, but revenue was growing, and the stock was trading at a discount to all the publicly traded mining peers on an EV/sales basis. When I last covered BitFuFu in June last year on the releas...
da-kuk/E+ via Getty Images I initiated coverage of BitFuFu ( FUFU ) in June 2024, when the company was relatively unknown. ButFuFu was a newly listed Bitcoin ( BTC-USD ) miner fresh off a $1.5 billion SPAC merger, but revenue was growing, and the stock was trading at a discount to all the publicly traded mining peers on an EV/sales basis. When I last covered BitFuFu in June last year on the release of the Q1 2025 results, FUFU was reeling from an unimpressive Q1 performance that saw revenue plunge 46% and a net loss of $16.9 million. Management blamed much of the financial decline on the Bitcoin halving that had happened a year before, and in that follow-up piece, I argued that management’s halving excuses were largely a deflection. The real issue, in my view, was a 28% collapse in hashrate due to expired procurement contracts and disruptions from supplier fleet relocations. Cloud mining registered users had nearly doubled YoY to over 607k users by Q1 2025. Demand was accelerating, but the infrastructure to serve the accelerated demand had temporarily lagged. I maintained that if BitFuFu could restock its shelves with newer-gen miners, a turnaround was imminent. And I maintained a Buy rating on that basis. BitFuFu's Operational Recovery Since Q1 2025: By The Numbers Some of the improvements that have happened on the ground since Q1 2025 include restoration of hashrate, which went up from 20.6 EH/s as of the end of Q1 to 36.2 EH/s by the end of Q2 2025. The mining hashrate as of the last monthly operational report for January 2026 has dropped to 29.6 EH/s, which I'll address in the risk section. But on a YoY basis, the hashrate remains up 46.5%. In addition to the hashrate recovery, BitFuFu's fleet efficiency has also improved. This is an underappreciated element of the recovery story. When I reported on BitFuFu's in May last year, average fleet efficiency stood at 19.1 J/Th. As of the latest monthly update (January 2026), that figure has improved to ~17.5 J/Th, driv...
Earnings Call Insights: Main Street Capital Corporation (MAIN) Q4 2025 Management View CEO Dwayne Hyzak stated that Main Street Capital is "extremely pleased with our continued strong performance in the fourth quarter, which closed another great year for Main Street." He cited a return on equity of 17.7% for the quarter and 17.1% for the full year, alongside record NAV per share for the 14th conse...
Earnings Call Insights: Main Street Capital Corporation (MAIN) Q4 2025 Management View CEO Dwayne Hyzak stated that Main Street Capital is "extremely pleased with our continued strong performance in the fourth quarter, which closed another great year for Main Street." He cited a return on equity of 17.7% for the quarter and 17.1% for the full year, alongside record NAV per share for the 14th consecutive quarter and record annual gross lower middle market investments. Hyzak noted, "We remain confident that our unique investment income and value creation drivers together with our cost-efficient operations and conservative capital structure will allow us to continue to deliver superior results for our shareholders in the future." Hyzak highlighted significant realizations, including the exit of Mystic Logistics in Q4 and KBC Industries in Q1 2026, both resulting in material realized gains and strong dividend flows over the life of the investments. He emphasized ongoing interest from potential buyers in other lower middle market portfolio companies and "expect[s] the strong contributions to continue." Main Street added five new lower middle market portfolio companies in Q4, with a net increase in investments of $253 million, marking the highest quarterly activity since Q4 2021. The private loan portfolio saw a net increase of $109 million. Hyzak announced a supplemental dividend of $0.30 per share payable in March 2026 and regular monthly dividends for Q2 2026 of $0.26 per share, a 4% increase from Q2 2025. He noted, "We currently expect to recommend that our Board continue to declare future supplemental dividends." President and Chief Investment Officer David Magdol reflected on nearly two decades of performance, stating, "Since our IPO in 2007, we have increased our monthly dividends per share by 136%, and we have declared cumulative total dividends to our shareholders of more than $49 per share." Magdol pointed to $700 million deployed in lower middle market strategy...
Earnings Call Insights: ANI Pharmaceuticals (ANIP) Q4 2025 Management View Nikhil Lalwani, President, CEO & Director, highlighted record revenue, adjusted non-GAAP EBITDA, and adjusted non-GAAP diluted EPS for 2025, noting "full year revenues up 44% year-over-year and adjusted non-GAAP EBITDA by 47% year-over-year." He emphasized that Cortrophin Gel revenues rose 76% year-over-year and that the ge...
Earnings Call Insights: ANI Pharmaceuticals (ANIP) Q4 2025 Management View Nikhil Lalwani, President, CEO & Director, highlighted record revenue, adjusted non-GAAP EBITDA, and adjusted non-GAAP diluted EPS for 2025, noting "full year revenues up 44% year-over-year and adjusted non-GAAP EBITDA by 47% year-over-year." He emphasized that Cortrophin Gel revenues rose 76% year-over-year and that the generics business grew 28%. The company set three priorities for 2026: transformation into a leading rare disease company, continued generics execution, and disciplined capital allocation. Lalwani announced a new 90-person organization dedicated to acute gouty arthritis flares, with plans to "capture sizable and unique additional opportunity in gout through expanding awareness and adoption of Cortrophin" and to "deliver over $1 billion in revenue, representing 23% growth over 2025 at the midpoint of our guidance range." Christopher Mutz, Senior VP & Head of Rare Disease, reported that Cortrophin Gel prescribing in acute gouty arthritis represented about "15% of total utilization" and that ophthalmology volumes more than doubled year-over-year. He stated, "Cortrophin Gel is the only approved ACTH therapy for acute gouty arthritis flares," and outlined the rollout of a 90-person team to target this opportunity, building on successful pilot programs. Stephen Carey, Senior VP of Finance & CFO, said, "ANI recorded revenues of $247.1 million in the fourth quarter, up 30% over the prior year period," and "Cortrophin Gel delivered $347.8 million of net revenue, up 76% year-over-year." He added, "Adjusted non-GAAP diluted earnings per share was $2.33 for the fourth quarter compared to $1.63 per share in the prior year period." Carey reiterated 2026 guidance and noted cash and leverage positions. Outlook The company reaffirmed 2026 guidance with net revenue of "$1.055 billion to $1.115 billion, representing year-over-year growth of approximately 19% to 26%." Cortrophin Gel net revenue ...
Hollywood actor for more than five decades best known for 1980s cult film Revenge of the Nerds and the teen comedy series Lizzie McGuire Of the four sons who followed their father, John Carradine, into acting, Keith had the most prestigious career, David netted the largest audience thanks to his early-1970s TV series Kung Fu, and the little-known Bruce amassed a meagre handful of minor credits. Th...
Hollywood actor for more than five decades best known for 1980s cult film Revenge of the Nerds and the teen comedy series Lizzie McGuire Of the four sons who followed their father, John Carradine, into acting, Keith had the most prestigious career, David netted the largest audience thanks to his early-1970s TV series Kung Fu, and the little-known Bruce amassed a meagre handful of minor credits. The youngest, Robert Carradine, acted continuously without ever becoming a star. He has taken his own life aged 71, after suffering from bipolar disorder, which was exacerbated by David’s death in 2009. He had small roles in Martin Scorsese’s Mean Streets (1973), where he was the long-haired gunman who shoots dead the drunk played by David, and as a tracker in Quentin Tarantino’s Django Unchained (2012). He also joined David and Keith as the three Younger brothers in Walter Hill’s western The Long Riders (1980), which populated its cast with other sets of real-life siblings, such as James and Stacy Keach playing Frank and Jesse James. Carradine’s aptitude with a gun led to him competing under the alias Bob Younger in quick-draw competitions organised by the Single Action Shooting Society. Continue reading...
Momo Productions | Digitalvision | Getty Images The earned income tax credit , or EITC, is a tax break for low- to moderate-income workers, which increases based on family size. It's a fully refundable credit, which means certain filers can receive the full amount, even with zero taxes owed. For tax year 2025, the maximum credit is worth up to $8,046 for filers with three or more qualifying childr...
Momo Productions | Digitalvision | Getty Images The earned income tax credit , or EITC, is a tax break for low- to moderate-income workers, which increases based on family size. It's a fully refundable credit, which means certain filers can receive the full amount, even with zero taxes owed. For tax year 2025, the maximum credit is worth up to $8,046 for filers with three or more qualifying children. However, about 1 in 5 eligible taxpayers don't claim this "valuable" credit , the IRS said in a January news release. For 2024 returns, roughly 23.5 million filers collectively received about $68.5 billion from the EITC, and the average amount was $2,916, according to the IRS. Read more CNBC personal finance coverage IRS: Nearly 1 in 5 eligible filers miss a 'valuable' credit worth thousands Block cuts about half its workforce: How to move forward after a mass layoff Trump said tariffs may 'substantially replace' income taxes. What policy experts say Some student loan borrowers are getting Navient settlement checks — who qualifies Trump accounts aren't exactly 'tax-free,' as the president said. How they work Trump said beef, egg and chicken prices are falling. Here's what the data shows Trump pitches new retirement plan with a match of up to $1,000 — who may benefit Think of active managers and index funds as portfolio 'teammates,' not 'rivals': CFP Many workers want a career change. Are you one of them? ACA health coverage subsidy lapse hit 22 million people. Here are some of their stories Trump's $2,000 tariff dividend checks just got a lot less likely, experts say Student loan forgiveness is taxable again. How to plan for a five-figure IRS bill What the Trump administration's Harvard lawsuit could mean for future applicants Homebuyers are paying more for credit checks. Here's why Trump accounts have 'more unanswered questions than answered,' expert says CNBC's Financial Advisor 100: Best financial advisors, top firms ranked EITC "eligibility requirements are complex,...
Dave Lee of Bloomberg Opinion says Anthropic co-founder and CEO Dario Amodei is in a "lose-lose" situation and faces a real problem when it comes to a battle with the Pentagon over how to use AI products. He speaks on Bloomberg Open Interest. (Source: Bloomberg)
Dave Lee of Bloomberg Opinion says Anthropic co-founder and CEO Dario Amodei is in a "lose-lose" situation and faces a real problem when it comes to a battle with the Pentagon over how to use AI products. He speaks on Bloomberg Open Interest. (Source: Bloomberg)
Anja Stefanovic/iStock via Getty Images Root, Inc. ( ROOT ) just reported Q4 and full-year 2025 earnings. Having executed on growth in line with previous expectations, and with a better valuation, I have returned to giving ROOT a Buy rating. Summary of Previous Thesis When I wrote about Root in August, I gave another Hold rating. The company continued to show strong revenue growth, but its expense...
Anja Stefanovic/iStock via Getty Images Root, Inc. ( ROOT ) just reported Q4 and full-year 2025 earnings. Having executed on growth in line with previous expectations, and with a better valuation, I have returned to giving ROOT a Buy rating. Summary of Previous Thesis When I wrote about Root in August, I gave another Hold rating. The company continued to show strong revenue growth, but its expenses were growing too. Breakdown of combined ratio (Q2 2025 Shareholder Letter) A digital auto insurer, one might have thought this was due to higher claims, but loss ratio actually remained low compared to previous quarters. Rather, it was their overhead that had increased. Quarterly EPS (Screenshot from previous thesis) This meant that 2025's quarterly EPS numbers were a bit lower than those achieved in Q3 and Q4 of last year. With the balance remaining healthy, it was largely a question of how much one paid for growth. With less than 1% of the American car insurance market and effective dealer-distributor network, I believed they could continue growth. I used then-current EPS figures to calculate future tangible book value ("TBV") per share in ten years, with a range of earnings growth possibilities: 0% CAGR: $53.89 10% CAGR: $84.01 20% CAGR: $138.49 Close to $90 per share at the time, ROOT seemed fairly valued, worth buying if it fell below $84. This would price it for low growth and to benefit from a higher Price/TBV multiple than 1, making it effective for low risk and high reward. Full-Year 2025 Results Root's financial performance for 2025 was one of continued growth in the underlying business, but higher costs pulled down on EPS. Let's look at the important figures that impact revenue and earnings growth. Underwriting Metrics (Q4 2025 Shareholder Letter) Gross premiums written grew from $1.3B in 2024 to $1.5B in 2025. Loss ratio also remained relatively stable for the year. Earnings Impacts (2025 Shareholder Letter) Earnings, meanwhile, were higher but didn't increase...
Hannah Spencer’s win was more than protest. It signalled that Labour’s moral language and coalition are up for grabs in its safest terrain The Greens have every reason to celebrate their victory in the Gorton and Denton byelection. From a standing start in a Manchester constituency, Zack Polanski’s team tripled his party’s vote to capture a seat that had effectively voted Labour in every election ...
Hannah Spencer’s win was more than protest. It signalled that Labour’s moral language and coalition are up for grabs in its safest terrain The Greens have every reason to celebrate their victory in the Gorton and Denton byelection. From a standing start in a Manchester constituency, Zack Polanski’s team tripled his party’s vote to capture a seat that had effectively voted Labour in every election but one since 1906 – the year Labour was born. Labour coming third behind Reform UK is not routine midterm turbulence. A 20-point collapse in the party’s vote is extraordinary. Sir Keir Starmer was abandoned by a coalition of young progressives, working-class former Labour voters and Muslims. May’s Scottish and Welsh parliamentary as well as English council elections will paint the map in many colours. Not a lot of it will be red if this result is anything to go by. Labour’s vaunted ground game can’t save it if the ground has shifted. The party can’t turn out voters who’ve already tuned out. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...