Pawel Kacperek/iStock via Getty Images Fund Overview Through its multi-sector fixed-income strategy, the fund invests predominantly in US issuers with the goal of generating a high current income and total return in excess of the benchmark over market cycles. Market Overview The US investment-grade bond market, as represented by the Bloomberg US Aggregate Bond Index, returned 1.10% during the four...
Pawel Kacperek/iStock via Getty Images Fund Overview Through its multi-sector fixed-income strategy, the fund invests predominantly in US issuers with the goal of generating a high current income and total return in excess of the benchmark over market cycles. Market Overview The US investment-grade bond market, as represented by the Bloomberg US Aggregate Bond Index, returned 1.10% during the fourth quarter of 2025. 2025 was a year of notable change. The Trump administration returned to an economy with 3% inflation and softening growth, and tension in its dual mandate left the Fed on “hold” pending clarity on the administration’s new fiscal initiatives, mainly tariffs and landmark tax legislation. By the fall, “better than feared” outcomes allowed the Fed to resume cutting overnight rates. Ten-year rates rose to 4.8% in January, before settling below 4.2% by year-end. At the same time, economic growth defied expectations and accelerated as 2025 progressed. The Fed’s policy is approaching the neutral rate of interest (around 3%). We believe that’s appropriate, given that inflation and unemployment are both heading gradually in the wrong direction. However, the labor market may be stronger than headlines suggest. With immigration enforcement contributing to a suppressed labor supply, approximately 50,000 jobs created per month may be enough to maintain a stable unemployment rate. This compares to the 250,000‒300,000 run-rate once needed. Commentary continues page 2… Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.25%. Had it been included, the Fund's return would have bee...
The Goldman team said their basket of capital intensive stocks whose economic value derives from physical assets has outperformed a capital light group reliant on human or digital capital by about 35% since the start of 2025. Investors are increasingly turning to stocks with what the strategists called the “HALO effect,” for heavy assets and low obsolescence, in sectors like utilities, basic resou...
The Goldman team said their basket of capital intensive stocks whose economic value derives from physical assets has outperformed a capital light group reliant on human or digital capital by about 35% since the start of 2025. Investors are increasingly turning to stocks with what the strategists called the “HALO effect,” for heavy assets and low obsolescence, in sectors like utilities, basic resources and energy, the team including Guillaume Jaisson said in a client note.
Les Bleus have variety and gifted youngsters but, by contrast, Steve Borthwick’s men are predictable and flawed France (15 points) Three games played, three bonus-point victories banked and the title at their mercy. If they claim another four-try win at Murrayfield on Saturday week, they will secure the crown with a round to spare, setting up a rousing grand slam opportunity in Paris. Above all el...
Les Bleus have variety and gifted youngsters but, by contrast, Steve Borthwick’s men are predictable and flawed France (15 points) Three games played, three bonus-point victories banked and the title at their mercy. If they claim another four-try win at Murrayfield on Saturday week, they will secure the crown with a round to spare, setting up a rousing grand slam opportunity in Paris. Above all else, though, Les Bleus have illuminated this year’s championship with their pace and attacking grace, not least “King” Louis Bielle-Biarrey who has been spectacularly good. How many other sides in the world, aside from South Africa, can also interchange their second-row and midfield pairings without missing a beat? Or casually whistle up gifted youngsters such as Fabien Brau-Boirie, Émilien Gailleton and Gaël Dréan who all look instantly to the manner born. When you factor in the squad’s collective ability with and without the ball – to date France have scored the most tries, 18, and conceded the fewest, five – the future looks dazzlingly bright. Scotland (11pts) The script has previously been a familiar one. Bask in the rosy glow of beating England , only to come crashing to earth in their next game. This time, finally, they have broken that pattern and still have their destiny in their own hands. France are due an off day and do not always prosper at Murrayfield while, before last Saturday afternoon, more than a few people would have backed them to cause problems in Dublin on the final weekend. The message will be simple: attack as smartly and accurately as they did in their Calcutta Cup fever dream and maintain the defensive organisation that has so far enabled them to concede just six tries in three games. And, of course, keep Finn Russell fit. The quick‑thinking restart that helped to bail his team out against Wales was merely the latest example of his whirring creative brain. A shoutout, too, for Kyle Steyn and Rory Darge who lead the way, respectively, for defenders b...
More on Home Depot Home Depot Q4 Earnings Preview: Housing Trends In Focus, Shares Fairly Valued Home Depot: Why It Surprised Me, But Isn't A Buy Yet Home Depot: The Canary In The Coal Mine Home Depot beats top-line and bottom-line estimates; introduces FY26 outlook Home Depot Q4 2025 Earnings Preview: Housing trends, FY26 commentary in focus
More on Home Depot Home Depot Q4 Earnings Preview: Housing Trends In Focus, Shares Fairly Valued Home Depot: Why It Surprised Me, But Isn't A Buy Yet Home Depot: The Canary In The Coal Mine Home Depot beats top-line and bottom-line estimates; introduces FY26 outlook Home Depot Q4 2025 Earnings Preview: Housing trends, FY26 commentary in focus
Clarivate ( CLVT ) Tuesday said that it is currently engaged in active discussions with interested parties to sell its Life Sciences & Healthcare business. Clarivate has retained Morgan Stanley & Co. LLC as its financial advisor and is currently engaged in active discussions with interested parties. The company believes that a potential sale will allow further emphasis on the Academia & Government...
Clarivate ( CLVT ) Tuesday said that it is currently engaged in active discussions with interested parties to sell its Life Sciences & Healthcare business. Clarivate has retained Morgan Stanley & Co. LLC as its financial advisor and is currently engaged in active discussions with interested parties. The company believes that a potential sale will allow further emphasis on the Academia & Government and Intellectual Property markets, and it is anticipated that proceeds from a potential sale would enable the company to strengthen its balance sheet through reduced leverage. "There can be no assurances that the sale process will result in a transaction," the company added. More on Clarivate Analytics Clarivate Analytics Non-GAAP EPS of $0.20 beats by $0.04, revenue of $617M beats by $12.21M Clarivate Analytics Q4 2025 Earnings Preview Seeking Alpha’s Quant Rating on Clarivate Analytics Historical earnings data for Clarivate Analytics Financial information for Clarivate Analytics
photovs/iStock via Getty Images Previous Coverage I originally covered Flowserve Corporation ( FLS ) in October of last year, following the release of their Q3 2025 earnings. At that time, the stock traded for about $67 per share and based on my free cash flow valuation model appeared to be trading for a sizable discount. I rated the stock a BUY back then as the company had just posted an encourag...
photovs/iStock via Getty Images Previous Coverage I originally covered Flowserve Corporation ( FLS ) in October of last year, following the release of their Q3 2025 earnings. At that time, the stock traded for about $67 per share and based on my free cash flow valuation model appeared to be trading for a sizable discount. I rated the stock a BUY back then as the company had just posted an encouraging earnings report, and had announced an agreement to divest itself from New Mexico, Inc. and transfer it to an investment bank in order to rid themselves of future asbestos claims. Additionally, following that earnings release on 10/29/25 shares of FLS surged more than 30%, which is not included in the chart below; meaning its climbed another 30% even after the first spike, while the S&P 500 as measured by ( SPY ) is up less than 1% during that same timeframe. A few weeks ago Flowserve announced their Q4 and Full-Year 2025 results, so I thought now would be a good time to revisit the company and take a look at their most recent earnings. We'll also examine the company's valuation based on updated free cash flow figures. Data by YCharts Q4 & Full-Year 2025 Earnings As mentioned above, Flowserve announced their Q4 and Full-Year earnings earlier this month, with adjusted earnings per share of $1.11 which included a one-time item of $1.34 related to the aforementioned asbestos issue, on revenue of $1.2B, which missed by $60M. Additionally, annual sales totaled about $4.7B, with GAAP EPS of $2.64 and normalized EPS of $3.64. Quarterly Results: We'll start with the quarterly results first, as revenue climbed about $42M, or 3.5%, with organic sales contributing 0.8% to those results, acquisitions adding another 0.3%, and the remaining amount stemming from positive foreign currency translation. The backlog for the company grew during the quarter by 2.8% to close out at $2.87B, up from $2.78B for the same quarter a year ago. Looking at the Flowserve Pumps Division first, bookings ...