Women’s Six Nations updates, 1.30pm BST kick-off Scotland ready for Murrayfield landmark | Mail Daniel Just one change to the team that did the business against Wales. Evi Willis moves into midfield, replacing Emma Orr at outside centre. Continue reading...
Women’s Six Nations updates, 1.30pm BST kick-off Scotland ready for Murrayfield landmark | Mail Daniel Just one change to the team that did the business against Wales. Evi Willis moves into midfield, replacing Emma Orr at outside centre. Continue reading...
PeopleImages/iStock via Getty Images The current BDC environment is potentially being seen as the start of a broader credit unwind phase, leading to some investor apathy and sharp corrections in share prices across the board. Redemptions have picked up across a few private credit vehicles, signaling investor caution. However, both history and current data show that this is more likely an early rep...
PeopleImages/iStock via Getty Images The current BDC environment is potentially being seen as the start of a broader credit unwind phase, leading to some investor apathy and sharp corrections in share prices across the board. Redemptions have picked up across a few private credit vehicles, signaling investor caution. However, both history and current data show that this is more likely an early repricing regime rather than a breakdown. This is a market that is pricing in credit risks ahead of time, and it appears that a lot of downside is already factored in, while carry returns remain intact. I think it is a good time to start accumulating selectively for a long-term portfolio. A broader portfolio like the Putnam BDC Income ETF ( PBDC ) should be able to diversify idiosyncratic credit risks. And as my analysis will show, PBDC is relatively skewed toward larger, sponsor-backed platforms with more resilient underwriting; the high-beta segment exposure, where stress is likely to emerge first, is relatively low. The risks ahead are not immaterial; the question is how well the portfolio is already pricing in those risks. The PBDC portfolio still shows a few names trading at a significant premium, but some of the core holdings, like ARCC and OBDC, are trading at a deep discount. Overall, as I had mentioned in a recent article comparing ARCC versus OBDC, the BDC trade is not all about yield maximization anymore. It is about allocating based on credit quality that is priced in. the outlook at the moment is not to position BDC trades assuming a clean environment - investors should be thinking about credit risks as rates could stay far higher than initially expected, stressing borrowers and making refinancing harder. Where Are We in the Cycle The extent of early pricing in of credit risk is evident from the 1-year rolling return charts based on BIZD share prices (as a proxy for BDC returns broadly, given its longer history to fall back on). The recent rebound post some easing...
Prae_Studio/iStock via Getty Images CLOs proved their mettle in Q1 2026, outperforming most credit sectors as geopolitical shocks and rising rates rattled markets, and the best opportunities may still lie ahead. CLOs demonstrated relative resilience in Q1 2026, outperforming most credit sectors despite a challenging macro backdrop marked by rising Treasury yields, geopolitical escalation in the Mi...
Prae_Studio/iStock via Getty Images CLOs proved their mettle in Q1 2026, outperforming most credit sectors as geopolitical shocks and rising rates rattled markets, and the best opportunities may still lie ahead. CLOs demonstrated relative resilience in Q1 2026, outperforming most credit sectors despite a challenging macro backdrop marked by rising Treasury yields, geopolitical escalation in the Middle East and growing recession concerns in the back half of the quarter. IG-rated tranches posted positive total returns, while mezzanine tranches faced pressure. A sharp selloff in software loans, the largest sector in the leveraged loan index at roughly 10-15%, was a defining feature of the quarter, driving meaningful dispersion across CLO portfolios and reinforcing the importance of manager and security selection. During the quarter, VanEck CLO ETF ( CLOI ) (30-day SEC yield: 5.12% as of 3/31/2026) underperformed its benchmark, J.P. Morgan CLO IG Index, by 17bps (0.75% vs. 0.92%). Meanwhile, VanEck AA-BB CLO ETF ( CLOB ) (30-day SEC yield: 6.20% as of 3/31/2026) was relatively in line with its benchmark, J.P. Morgan CLOIE Balanced Mezzanine Index (-0.33% vs -0.32%). CLOs continued to compare favorably to investment grade corporates, high yield bonds, and leveraged loans, reinforcing their role as a compelling source of income and relative value amid heightened uncertainty. Our preference for higher-rated tranches remains given tight valuations and increasing tail risks, although select shorter spread-duration opportunities lower in the capital stack are beginning to present more attractive entry points. Average Annual Total Returns * (%) as of 03/31/2026 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 06/21/22 CLOI (NAV) -0.08 0.75 0.75 5.31 7.15 -- -- 7.22 CLOI (Market Price) 0.00 0.62 0.62 5.40 7.08 -- -- 7.20 J.P. Morgan CLO IG Index 0.15 0.92 0.92 5.53 7.41 -- -- 7.13 J.P. Morgan Collateralized Loan Obligation Index 0.06 0.74 0.74 5.51 7.78 -- -- 7.44 Click to enlarge * Ret...
Chinese car company NIO is putting up EV battery swapping stations all around the world. NPR took a ride in one car for the experience. (Image credit: Tang Ke/VCG via Getty Images)
Chinese car company NIO is putting up EV battery swapping stations all around the world. NPR took a ride in one car for the experience. (Image credit: Tang Ke/VCG via Getty Images)
Mark Zuckerberg is building a photorealistic AI clone of himself, trained on his voice, image, mannerisms, and public statements, to conduct one-on-one meetings with Meta’s roughly 75,000 employees. According to a Financial Times report published April 13, 2026, the AI avatar would offer feedback, handle promotion requests, and hold personalized conversations with every employee on ... The Zuckerb...
Mark Zuckerberg is building a photorealistic AI clone of himself, trained on his voice, image, mannerisms, and public statements, to conduct one-on-one meetings with Meta’s roughly 75,000 employees. According to a Financial Times report published April 13, 2026, the AI avatar would offer feedback, handle promotion requests, and hold personalized conversations with every employee on ... The Zuckerberg AI Clone Reveals a Brutal Truth About Your Job Security in 2026
CHUYN/iStock Unreleased via Getty Images Introduction The Procter & Gamble Company ( PG ) has had a rough year, down over 14% since February. After mixed Q2 results, the stock dipped, rallied, then dipped again. Since February, the share price has been on a consistent decline. Impacted by tariffs and geopolitical tensions, I think the price decline in the past two months has more to do with higher...
CHUYN/iStock Unreleased via Getty Images Introduction The Procter & Gamble Company ( PG ) has had a rough year, down over 14% since February. After mixed Q2 results, the stock dipped, rallied, then dipped again. Since February, the share price has been on a consistent decline. Impacted by tariffs and geopolitical tensions, I think the price decline in the past two months has more to do with higher inflation worries from the ongoing war with Iran. While I do expect headwinds to persist, Q2 showed the worst is likely over and that PG could see sequential improvements going forward. In this article, I discuss their performance, what investors should expect and look for in their upcoming earnings, and despite lingering risks, Procter & Gamble is a buy at current levels. Previous Thesis I last covered Procter & Gamble back in December in an article titled: Appears Undervalued - A Good Time To Nibble On This Dividend Legend . At a forward P/E of 20.1x, PG traded below its 5-year average of 24.29x. Their A-rated balance sheet, well-covered dividend yield above 3%, and upside potential to their price target of $160 made them a buy for income investors. Despite this, I did warn investors that continued softness in their segments could lead to lower earnings and volatility in the near term. But long-term investors should take advantage by dollar-cost averaging on any dips. Since then, the share price has been volatile but relatively stable, down a modest 0.36%. This is in comparison to the S&P 500 ( SP500 ), up 2.38% the past 4 months. Seeking Alpha Performance So Far As previously mentioned, PG is down double-digits in the past year. Since February, PG is down 14%. They reported Q2 earnings this past January and saw slight improvements from the prior quarter. During my thesis in December, after Q1, PG managed a double beat on their top and bottom lines. EPS amounted to $1.99, while revenue was $22.39 billion. This was a beat of $0.09 and $220 million, respectively. PG saw po...
PayPal (NASDAQ: PYPL) continues to find ways to lose money for its investors. In the past 12 months, the share price of this digital payments giant is down 23% (as of April 14). For what was considered such an innovative business in its earlier days, this is a disappointing trend. Where will this fintech stock be in one year? Image source: PayPal. Continue reading
PayPal (NASDAQ: PYPL) continues to find ways to lose money for its investors. In the past 12 months, the share price of this digital payments giant is down 23% (as of April 14). For what was considered such an innovative business in its earlier days, this is a disappointing trend. Where will this fintech stock be in one year? Image source: PayPal. Continue reading
HJBC/iStock Editorial via Getty Images Sodexo ( SDXOF ) ( SDXAY ) was a new and relatively small addition to my otherwise concentrated value portfolio this year. Whenever I buy a company, I plan to hold it for years and even decades, rather than weeks or months. It's rare that I sell a stock after just a short time of holding it, but in the case of Sodexo, I did just that. I bought my shares at ar...
HJBC/iStock Editorial via Getty Images Sodexo ( SDXOF ) ( SDXAY ) was a new and relatively small addition to my otherwise concentrated value portfolio this year. Whenever I buy a company, I plan to hold it for years and even decades, rather than weeks or months. It's rare that I sell a stock after just a short time of holding it, but in the case of Sodexo, I did just that. I bought my shares at around €42 and sold them for €41 today. That's the power of having a margin of safety. In many cases, even if we're wrong, the mistakes aren't that costly. Here's another important concept: when the facts change, I do change my mind. And in this case, the facts did change after the recently released half-year fiscal 2026 report . In my opinion, the report doesn't show a short-term blip that I could simply ignore, but more like systemic issues that have finally become impossible to hide. That's a huge difference. I don't sell companies because of a bad quarter or two, but in the case of Sodexo, the problems may run deeper. It took me some time to digest all the information, but in the end, I decided that I didn't buy into a predictable low-growth company with a juicy and safe dividend yield, but rather into a turnaround play that could take years or, in the worst case, may not happen at all. Too much risk for me, hence the downgrade to "Sell". If Sodexo were to return to its old profitability and growth rates over the next few years, the upside could be substantial. But it's no longer the safe dividend play that I perceived it to be, and personally, I can find better opportunities out there with a clearer path to decent total returns. So, where did I get Sodexo wrong? In my initial analysis a little over a month ago, I highlighted that the company's FCF generation had been reliable over decades. I attributed this to the long-running contracts and the high retention rates that should make cash flows quite predictable going forward. I believe this assessment is still right, but ...
Key PointsConsumers aren’t necessarily spending less, they’re spending smarter. Retailers like Ollie's Bargain Outlet are winning because they meet people where they are right now.
Key PointsConsumers aren’t necessarily spending less, they’re spending smarter. Retailers like Ollie's Bargain Outlet are winning because they meet people where they are right now.