Tippapatt/iStock via Getty Images Executive Summary During the quarter, the Emerging Markets Equity Advantage Portfolio outperformed its benchmark, the MSCI Emerging Markets Index (net of fees), as stock selection and sector positioning both contributed to the excess return. Stock selection was strongest in the information technology and energy sectors. Consumer staples and real estate holdings la...
Tippapatt/iStock via Getty Images Executive Summary During the quarter, the Emerging Markets Equity Advantage Portfolio outperformed its benchmark, the MSCI Emerging Markets Index (net of fees), as stock selection and sector positioning both contributed to the excess return. Stock selection was strongest in the information technology and energy sectors. Consumer staples and real estate holdings lagged. Within sector positioning, the overweight exposure to information technology and underweight exposure in communication services names proved beneficial, although the underweight exposure to financials stocks detracted value. From a country perspective, stock selection was strongest in India and Taiwan and weakest in Korea and Thailand. Alpha was favorable in the quarter, driven by strong results in January and February. Value measures were favorable in every month and the largest source of excess return. Sentiment also contributed, despite a drawdown in March coinciding with the market reversal. Overall, quality barely lagged for the period, helped by a strong February result. Growth measures were weak, underperforming in each month. Market Review Emerging equity markets, as measured by the MSCI Emerging Markets Index, ended the quarter broadly flat, declining 0.2%, following a sharp 13.1% selloff in March, the worst monthly decline since the onset of the global pandemic in March 2020. Strength in the US dollar and higher global interest rates contributed to the downturn. Markets had started the quarter strongly, but sentiment deteriorated after the outbreak of the conflict with Iran and the resulting disruption to shipping through the Strait of Hormuz. Brent crude saw its largest monthly increase on record, raising concerns that elevated energy prices could slow global economic activity. The impact was particularly acute for emerging Asian economies, many of which are significant importers of oil from the Middle East. Within Asia, South Korea remained highly volatile...
An explosion occurred at a Jiapeng Biological Technology Co. workshop in Shanyin county, Shuozhou, Shanxi province, in the early hours of Feb. 7, 2026. Photo: CCTV News Chinese authorities are escalating a crackdown on a deadly surge of clandestine chemical manufacturing, as soaring market prices for pesticide ingredients drive rogue operators to set up highly explosive, unregulated factories. Sin...
An explosion occurred at a Jiapeng Biological Technology Co. workshop in Shanyin county, Shuozhou, Shanxi province, in the early hours of Feb. 7, 2026. Photo: CCTV News Chinese authorities are escalating a crackdown on a deadly surge of clandestine chemical manufacturing, as soaring market prices for pesticide ingredients drive rogue operators to set up highly explosive, unregulated factories. Since last year, fluctuations in the chemical market and the lure of extreme profits have prompted illicit companies to take massive risks, resulting in a severe resurgence of fatal industrial accidents in the country. In response, the State Council Work Safety Committee and the Ministry of Emergency Management have deployed targeted countermeasures — including specialized inspections, top-level supervision, and public exposure — to systematically dismantle these black-market operations.
WH Smith Plc suspended its dividend and warned that the conflict in the Middle East is affecting its business in a fresh blow to a company still recovering from an embarrassing accounting error. The airport travel retailer had already lowered its dividend in December, but on Thursday said it would suspend it altogether in a bid to reduce debt and bolster its balance sheet. Shares of WH Smith fell ...
WH Smith Plc suspended its dividend and warned that the conflict in the Middle East is affecting its business in a fresh blow to a company still recovering from an embarrassing accounting error. The airport travel retailer had already lowered its dividend in December, but on Thursday said it would suspend it altogether in a bid to reduce debt and bolster its balance sheet. Shares of WH Smith fell as much as 17% in London, taking its decline in the past 12 months to nearly 38%. “The immediate focus is to restore confidence,” Executive Chair Leo Quinn said as the group reported interim results. He added that the business is focused on driving cash flow and cost discipline. WH Smith has endured a torrid period since August when it revealed it had overstated trading profit in its North America business, by booking income from suppliers earlier than it should have been. On Thursday, the retailer said the war in the Middle East — a key travel hub where it operates a number of airport stores — means it’s taking a more cautious outlook on passenger numbers and consumer confidence. It now expects pretax profit of between £90 million ($121 million) and £105 million this fiscal year. RBC Capital Markets analyst Richard Chamberlain downgraded the stock earlier this month, saying that lower passenger numbers would hurt the UK and rest of the world businesses. UK grocer J Sainsbury Plc also warned Thursday that its profit could slip this year as it faces higher costs and consumer uncertainty caused by the Middle East conflict. Read More: Sainsbury’s Says Middle East Conflict Risks Hitting Profit
DaveAlan/iStock Unreleased via Getty Images American Airlines ( AAL ) and Alaska Air Group ( ALK ) are exploring revenue-sharing agreements and other strategic partnerships as carriers seek to scale amid rising costs and competition, according to a media report. The talks include adding Alaska to American’s existing joint business arrangements, including its transatlantic partnership with IAG SA u...
DaveAlan/iStock Unreleased via Getty Images American Airlines ( AAL ) and Alaska Air Group ( ALK ) are exploring revenue-sharing agreements and other strategic partnerships as carriers seek to scale amid rising costs and competition, according to a media report. The talks include adding Alaska to American’s existing joint business arrangements, including its transatlantic partnership with IAG SA unit British Airways and its Pacific venture with Japan Airlines, Bloomberg News reported , citing people familiar with the matter. Such arrangements, subject to U.S. Department of Transportation approval, allow airlines to coordinate schedules and pricing on certain routes and share revenue. A merger was also discussed as part of negotiations over a stronger partnership but did not advance, according to the report. Broader arrangements could give American greater reach on the US West Coast and strengthen connectivity through Alaska’s Seattle hub, while providing the smaller carrier with deeper access to lucrative long-haul markets as it pushes global growth American Airlines and Alaska Air did not immediately respond to Seeking Alpha's request for comment. U.S. airlines are navigating higher fuel costs linked to conflict in the Middle East. The report says the partnership would enable American, which is trying to boost sales and pay down debt, to better defend itself against more profitable rivals United Airlines ( UAL ) and Delta Air Lines ( DAL ) in key markets. Alaska Air also owns Hawaiian Airlines, acquired in 2024, and operates a predominantly Boeing ( BA ) fleet. More on American Airlines, Alaska Air Alaska Air Group, Inc. (ALK) Q1 2026 Earnings Call Transcript Alaska Air Group, Inc. 2026 Q1 - Results - Earnings Call Presentation Alaska Air Group: My Rating On It Isn't Destined To Take Flight Yet United Airlines cuts 2026 forecast on fuel costs, ranks only fifth among U.S. airlines by Quant American Airlines Q1 preview: Earnings projected to jump 22%, merger talks in...