Citrini Research imagines a report from two years in the future, in which unemployment has doubled and the total value of the stock market has fallen by more than a third.
Citrini Research imagines a report from two years in the future, in which unemployment has doubled and the total value of the stock market has fallen by more than a third.
Industrials are the "it" sector of the stock market for hedge funds. Goldman Sachs analyzed regulatory filings from more than 1,000 hedge funds – with gross equity positions totaling $4.4 trillion to start the year – and found that most funds are heavily overweight industrials. The bank said hedge funds entered 2026 overweight the sector by more than 7.34 percentage points relative to the Russell ...
Industrials are the "it" sector of the stock market for hedge funds. Goldman Sachs analyzed regulatory filings from more than 1,000 hedge funds – with gross equity positions totaling $4.4 trillion to start the year – and found that most funds are heavily overweight industrials. The bank said hedge funds entered 2026 overweight the sector by more than 7.34 percentage points relative to the Russell 3000 , a record. "Hedge funds rotated toward cyclical sectors during 4Q 2025. Funds increased overweights in Industrials by +371 bp, the largest change of any sector," Goldman strategist Ben Snider wrote. That allocation has paid off thus far. The S & P 500 industrials sector is up 14.2% year to date. That makes it the third-best performer in that time. Over the past 12 months, industrials are up a whopping 31.5%, making the sector the biggest gainer within the benchmark over that period. Goldman Sachs also found the industrial stocks that hedge funds bought into the most, looking at the ones with the largest net position increased quarter over quarter. T1 Energy , which makes electrical components and equipment, saw 36 hedge funds increase positions in the fourth quarter of 2025 from the third quarter. Shares are down 7% year to date, but they have soared more than 250% over the past 12 months. In the past three months, the stock is also up more than 128%. Carrier Global was also among the most popular industrial picks among hedge funds, with 33 adding to their positions. The stock has climbed more than 21% in 2026. Other popular industrials among hedge funds include ITT , Bloom Energy and Everus Construction .
Khosrork Lucid Group ( LCID ) is set to post fourth-quarter earnings on Tuesday, after markets close. Wall Street expects the California-based EV maker to post EPS of -$2.67 on revenue of $459.54 million, implying a rise of 96% during the quarter. Demand for electric vehicles in the U.S. has seen some weakness due to tariffs and a tough economic environment, leading to companies including Lucid an...
Khosrork Lucid Group ( LCID ) is set to post fourth-quarter earnings on Tuesday, after markets close. Wall Street expects the California-based EV maker to post EPS of -$2.67 on revenue of $459.54 million, implying a rise of 96% during the quarter. Demand for electric vehicles in the U.S. has seen some weakness due to tariffs and a tough economic environment, leading to companies including Lucid and Tesla to slash prices to get more customers. Recently, Lucid has also reportedly laid off 12% of its U.S. workforce to improve profitability, even though it ramped up production and deliveries in Q4. The company also plans to launch a new midsize crossover on its Atlas platform while continuing to scale Gravity output and improve unit economics in 2026. The company’s stock has lost over 9% so far this year, compared to the 0.9% rise in the broader S&P 500 Index. Seeking Alpha analysts and Wall Street are cautious and rated the stock a Hold. Seeking Alpha’s Quant ratings consider it a Strong Sell. Stifel analyst Stephen Gengaro said headwinds include improved production that still leaves Lucid in “prove-it” mode; uncertainty around the timing and path to achieving positive gross margin and EBITDA; pressure from elevated interest rates on sales and pricing; continued high cash burn; and U.S. EV policy changes that weigh on both Lucid and the broader EV sector. A recent Seeking Alpha analysis also noted that even though Lucid is not expected to turn the corner on profitability anytime soon, still, “the company’s upfront investments begin to pay off, deliveries and revenue continue to surge, and new partnerships are announced, it seems as though the firm is starting to stand on solid ground.” Over the last one year, Lucid has beaten EPS estimates 50% of the time and has beaten revenue estimates 25% of the time. Over the last three months, EPS estimates have seen no upward revisions , compared to three downward revisions, while revenue estimates have been revised upwards once ...
Barbican, London This celebration of Iceland’s outsize musical talents was a mixed bag, but highlights such as Bára Gísladóttir’s double bass concerto and Daníel Bjarnason’s I Want to Be Alive revealed singular and innovative voices Despite its modest population of about 400,000 – that’s roughly the size of Bristol – Iceland punches significantly above its weight, artistically. Musicians from Víki...
Barbican, London This celebration of Iceland’s outsize musical talents was a mixed bag, but highlights such as Bára Gísladóttir’s double bass concerto and Daníel Bjarnason’s I Want to Be Alive revealed singular and innovative voices Despite its modest population of about 400,000 – that’s roughly the size of Bristol – Iceland punches significantly above its weight, artistically. Musicians from Víkingur Ólafsson to Björk, and composers from what has been called the First Icelandic School regularly top the bill in concert halls worldwide. But is there such a thing as an Icelandic sound? An afternoon programme of chamber and choral music suggested not. Casting its net wide, the 20th-century European mainstream was much in evidence. Hafliði Hallgrímsson’s Seven Epigrams for violin and cello, stylishly performed by Phoebe Rousochatzaki and Kosta Popovic, might have been by Schnittke. A homage to leading Soviet artists, it included a suitably jittery portrait of Shostakovich. Continue reading...
Mawer Investment Management Ltd. appointed Eric Wetlaufer as interim chief executive officer while Bruce Geddes takes a leave of absence due to personal circumstances, the firm said. Wetlaufer will temporarily step down as an advisory director on Mawer’s board to assume the interim role, effective Monday, according to a statement . “While we look forward to having Bruce return to his CEO role in d...
Mawer Investment Management Ltd. appointed Eric Wetlaufer as interim chief executive officer while Bruce Geddes takes a leave of absence due to personal circumstances, the firm said. Wetlaufer will temporarily step down as an advisory director on Mawer’s board to assume the interim role, effective Monday, according to a statement . “While we look forward to having Bruce return to his CEO role in due course, we believe Eric is exceptionally well suited to guide the firm through this interim period,” Craig Senyk , chair of Mawer’s board, said in the statement. Geddes became CEO of Mawer in July 2025 after 16 years with RBC Global Asset Management as president of PH&N Canadian Institutional. Wetlaufer has held senior leadership roles at several investment firms, including global head of public market investments at Canada’s largest pension plan and chief investment officer at Putnam Investments . He currently sits on the boards of Investment Management Corp. of Ontario and Enterra Solutions LLC. Based in Calgary, Mawer manages approximately C$75.5 billion ($55.2 billion) in assets for individual and institutional investors across all major asset classes.
Esteban Alejandro/iStock via Getty Images The Charlie Lake acreage is proving to be a goldmine for Bonterra Energy ( BNEFF ) and other Canadian companies that I follow. It is one of many intervals that technology advances have enabled development. More importantly, some of these intervals are now low-cost development intervals that "leap ahead" of established producing intervals. The last article ...
Esteban Alejandro/iStock via Getty Images The Charlie Lake acreage is proving to be a goldmine for Bonterra Energy ( BNEFF ) and other Canadian companies that I follow. It is one of many intervals that technology advances have enabled development. More importantly, some of these intervals are now low-cost development intervals that "leap ahead" of established producing intervals. The last article noted the natural gas exposure that is significant even with the transition to more liquids production. As a result, the expected recovery of natural gas prices may unexpectedly aid the company's comeback strategy. Even the Charlie Lake properties have significant natural gas production. That could prove very wise if natural gas prices recover as expected. Acquisition The company announced a small acquisition in the Charlie Lake area that should fit well with the established acreage. Bonterra Energy Charlie Lake Acquisition (Bonterra Energy Corporate Presentation February 2026) What is happening as a result of the acquisition strategy is that fewer wells are needed to get the same growth (and to some extent profitability) result. So, the capital budget is coming down even though the company is growing. This is going to influence that all-important free cash flow that Mr. Market monitors so closely. Bonterra Energy Charlie Lake Acreage Profitability Comparison To Other Acreage (Bonterra Energy Corporate Presentation February 2026) As profitability continues to climb because of the transition from the legacy operations, the exposure to the original gas production business remains significant. But liquids are becoming the dominant profitability factor. Meanwhile, natural gas can make the year better. But natural gas can no longer do the damage to results that it once did. This company has come a long way from the natural gas producer that I once reported on. Bonterra Energy Budget Expenditure Guidance (Overall Summary) (Bonterra Energy Corporate Presentation February 2026) The...
Sanya Kushak/iStock Editorial via Getty Images Investment Thesis Constellation Energy Corporation ( CEG ) is a solid utilities company in terms of business model, but as a stock it’s unattractive from a reward perspective. With a dividend yield of only 0.5%, somewhat atypically low for the sector, no growth, a P/E over 30x, and poor momentum, the stock is a Strong Sell. Data by YCharts I am rating...
Sanya Kushak/iStock Editorial via Getty Images Investment Thesis Constellation Energy Corporation ( CEG ) is a solid utilities company in terms of business model, but as a stock it’s unattractive from a reward perspective. With a dividend yield of only 0.5%, somewhat atypically low for the sector, no growth, a P/E over 30x, and poor momentum, the stock is a Strong Sell. Data by YCharts I am rating the stock a Strong Sell not because the business isn’t healthy, but purely and simply because it’s not a company that creates shareholder value, and I will dive into the details in the next few sections. The stock has strongly underperformed the broader market (S&P 500) on a 12-month basis with -9.5% and on a YTD basis with -17%, and I believe it will continue underperforming due to significant overvaluation, low growth, and margin compression. Business Overview Constellation Energy is a leading energy company with headquarters in Baltimore, Maryland. The company is the largest provider of decarbonized energy, with over 30k megawatts nationwide in capacity from multiple sources, in particular nuclear, solar, wind, natural gas, and hydroelectric. While there are clear tailwinds in terms of energy required in the US, especially due to the demand from the data economy, with significant investments from the US government in particular in nuclear energy, Constellation Energy truly is failing to convert the energy generation capacity expansion into profits. Constellation Energy Q3 2025 Earnings Presentation Constellation Energy, in its last November earnings report relative to Q3 2025, disclosed 1,600 MWs of previously announced supply and over 1,000 of newly announced supply with the site uprates at Byron and Braidwood as well as at LaSalle, Limerick, and Calvert Cliffs. However, the company failed to reveal whether any of these supply expansions could become new growth catalysts. Hard Figures Diving into the quarterly earnings, the company missed EPS (GAAP) with $2.97 per shar...
tupungato/iStock Editorial via Getty Images When I last wrote about the luxury brand Prada ( OTCPK:PRDSY ) ( OTCPK:PRDSF ) in May 2024, the stock was in a very different place compared to now. The article, titled 'Prada: Stand Out Luxury Stock (Rating Upgrade)', expected the stock's price to rise. And in less than a year's time it had indeed achieved the target upside, rising by ~15%. However, it ...
tupungato/iStock Editorial via Getty Images When I last wrote about the luxury brand Prada ( OTCPK:PRDSY ) ( OTCPK:PRDSF ) in May 2024, the stock was in a very different place compared to now. The article, titled 'Prada: Stand Out Luxury Stock (Rating Upgrade)', expected the stock's price to rise. And in less than a year's time it had indeed achieved the target upside, rising by ~15%. However, it has essentially been downhill since. In the past year, Prada has lost some 35% of its value, which is in stark contrast with the 9% gains for the S&P Global Luxury Index ( SPGLGUN ). Here, I assess why the stock has taken such a nosedive, whether it's justified, and if it has fallen enough to make for a buy case once again. Price Returns (1y): PRDSY, SPGLGUN, SP500 (Source: Seeking Alpha) Luxury spending slows, but Prada is resilient It's some solace that Prada is hardly alone in underperforming the luxury market. Big luxury fashion stocks like Hermès ( OTCPK:HESAY ) and LVMH ( OTCPK:LVMUY ) have also dropped over the past year by 13.5% and 10.1% as well. This isn't surprising at all, considering that the state of the luxury market is still soft , as Bain & Company pointed out in its report last year. On the face of it, the puzzling bit is that Prada managed to drop by a far bigger percentage than peers even though its financials remain resilient. For the first nine months of the year (9m 2025), it reported a 9% YoY increase in net revenues, with growth across all its markets save a slight correction in Japan. Its profits looked alright for H1 2025 as well, as the slide below shows. Source: Prada The Versace acquisition impact The drop can be explained by the potential impact from the company's recently completed acquisition of the brand Versace, which was earlier owned by Capri Holdings ( CPRI ). Prada first mentioned the purchase in April 2025, which coincided with the time that the stock also reached its target price. It's little wonder that the stock hasn't exactly rise...
TomasSereda/iStock via Getty Images Franco-Nevada ( FNV ) +2.3% in early trading Monday after saying it agreed to a A$220M (~US$155M) funding package with Minerals 260 Ltd. to accelerate the development of the Bullabulling gold project in Western Australia, in the company's biggest-ever royalty bet in Australia. Under the deal terms, Franco-Nevada ( FNV ) will ac quire a A$170M gross royalty from ...
TomasSereda/iStock via Getty Images Franco-Nevada ( FNV ) +2.3% in early trading Monday after saying it agreed to a A$220M (~US$155M) funding package with Minerals 260 Ltd. to accelerate the development of the Bullabulling gold project in Western Australia, in the company's biggest-ever royalty bet in Australia. Under the deal terms, Franco-Nevada ( FNV ) will ac quire a A$170M gross royalty from Minerals 260 Ltd. to support its development of Bullabulling and agreed to subscribe for A$50M of Minerals 260's ordinary shares. The deal will lift Franco-Nevada’s ( FNV ) existing 1% gross royalty over certain project tenements to an effective 2.45% gross royalty across a broader Bullabulling land package covering all mineral resources and an area of interest. Minerals 260 said Franco-Nevada ( FNV ) will also invest A$50M in its stock, buying a 4.9% stake for A$0.45/share. Bullabulling is one of Australia's larger near-term gold projects, with an existing resource of 3M oz in the indicated category (93M metric tons at 1.0 g/t) and 1.5M oz inferred (42M metric tons at 1.1 g/t). More on Franco-Nevada Franco-Nevada: I See An Affordable Alternative Franco-Nevada: A High-Quality Compounder Worth Paying Up For (Rating Upgrade) Seeking Alpha’s Quant Rating on Franco-Nevada
US natural gas futures rose slightly Monday as traders factored in a blizzard slamming into the Northeast pushing up demand for the heating and power-plant fuel being largely offset by the storm knocking out power for half a million customers in the region. By 9 a.m. New York time, almost all of the gains made in early Asian trading had been erased. Futures for March delivery +2.7c, or +0.9%, to $...
US natural gas futures rose slightly Monday as traders factored in a blizzard slamming into the Northeast pushing up demand for the heating and power-plant fuel being largely offset by the storm knocking out power for half a million customers in the region. By 9 a.m. New York time, almost all of the gains made in early Asian trading had been erased. Futures for March delivery +2.7c, or +0.9%, to $3.074/mmbtu on Nymex, as of 9:32am ET Futures rose as much as 6.8% in early Asian trading March futures expire on Feb. 25 Weather: Weather forecasts shifted colder over the weekend, with cold weather expected to linger in the Northeast through March 4: Commodity Weather Group Above-average temperatures were expected across the US South through March 9 See WHUT for a map of latest 6-10 day weather forecast: NOAA Click here for two-week temperature forecasts for the U.S. Daily BNEF Gas Data: Lower-48 dry gas production on Monday ~111.1 bcf/day, or +6.4% y/y Lower-48 total gas demand on Monday ~107.4 bcf/day, or +13.8% y/y Dry gas exports to Mexico on Monday ~4.8 bcf/day, or -33% w/w Lowest since Dec. 25, 2024 Estimated gas flows to LNG export terminals on Monday ~20.0 bcf/day, or +2.2% w/w Gas Market News: European Gas Holds Drop as Weather, Imports Help Supply Balance LNG WRAP: Thailand Looks to Buy Shipments Ahead of Hot Season Funds Boosted US Gas Short Bets Before Winter Storm: BNEF Chart Anadarko Basin Nat Gas Production Falls an Estimated 1.3%: BNEF
deepblue4you Real estate and PropTech enterprise La Rosa Holdings ( LRHC ) said CEO Joe La Rosa and COO Deana La Rosa have opted to reduce their base salaries by 60%. The voluntary reductions are effective March 15. The Celebration, Florida-based company said it is evaluating operations across the organization, reducing overhead, restructuring or exiting underperforming subsidiaries, and reallocat...
deepblue4you Real estate and PropTech enterprise La Rosa Holdings ( LRHC ) said CEO Joe La Rosa and COO Deana La Rosa have opted to reduce their base salaries by 60%. The voluntary reductions are effective March 15. The Celebration, Florida-based company said it is evaluating operations across the organization, reducing overhead, restructuring or exiting underperforming subsidiaries, and reallocating capital toward higher-impact initiatives. More on La Rosa Holdings La Rosa Holdings eliminates $5.5 million in convertible debt La Rosa Holdings signs contract to acquire development site in Florida for proposed AI-data center Seeking Alpha’s Quant Rating on La Rosa Holdings Financial information for La Rosa Holdings