Torsten Asmus/iStock via Getty Images Be first. Be smarter. Or Cheat (now I don't cheat) ¹ Performance and net asset value Quarterly return † : -4.62% NET ASSET VALUE PER UNIT AT 31 MARCH 2026 † : $1.2428 Rolling 12 months † : 2.63% Two years pa † : 6.74% Three years pa † : 8.71% Inception † : 30.42% † after all ongoing management and performance fees. Click to enlarge It's not the role of this qu...
Torsten Asmus/iStock via Getty Images Be first. Be smarter. Or Cheat (now I don't cheat) ¹ Performance and net asset value Quarterly return † : -4.62% NET ASSET VALUE PER UNIT AT 31 MARCH 2026 † : $1.2428 Rolling 12 months † : 2.63% Two years pa † : 6.74% Three years pa † : 8.71% Inception † : 30.42% † after all ongoing management and performance fees. Click to enlarge It's not the role of this quarterly to write about equity markets, global economies or monetary policy. Claude or thousands of independent scribes will do that for you. However, the three months to end March 2026 felt sufficiently different to warrant a small comment, with frenetic and violent activity underneath the performance of mainstream indices. As noted in our last quarterly (QR#12) there was increased evidence of a widening of US equity market performance away from the largest weighted securities in S&P500; that certainly eventuated over the quarter, especially in the month of February when the S&P500 equally weighted index outstripped its conventional counterpart by ~2.8%. Over the quarter, S&P500 equal weight returned a small positive 0.2% against -4.6% for the weighted version. The manner of these outcomes invokes the brilliantly portrayed (if mythical) John Tuld's quote: almost as if roaming gangs of bandits were marauding through specific market sectors with aggressive theories, shooting first and not asking questions later. Software and SaaS related stocks in January with a benchmark ² down 14.6% in the month of previously perceived (and extravagantly priced) quality and annuity companies. In February, as a derivative of this, fears over the exposure of private equity/private credit to software stocks, and a more direct attempt to compare with 2008; a benchmark ³ of alternative asset management firms (Blackstone ( BX ), KKR ( KKR ) et al) fell 20.9% in a single month. KKR is down 46% from its January 2025 peak and the more private credit exposed Blue Owl ( OWL ) 67% over the same period ...
当地时间4月14日，世界钢铁协会正式宣布，亨里克 亚当（Dr. Henrik ADAM）将自2026年第四季度开始担任协会新一任总干事，全面主持协会的各项工作。亚当现任塔塔钢铁集团荷兰控股公司执行董事长，同时兼任欧洲钢铁协会主席、德国钢铁学会理事长。在世界钢铁协会担任总干事一职逾15年后，埃德温·巴松将于2026年年底正式退休。（界面新闻）
当地时间4月14日，世界钢铁协会正式宣布，亨里克 亚当（Dr. Henrik ADAM）将自2026年第四季度开始担任协会新一任总干事，全面主持协会的各项工作。亚当现任塔塔钢铁集团荷兰控股公司执行董事长，同时兼任欧洲钢铁协会主席、德国钢铁学会理事长。在世界钢铁协会担任总干事一职逾15年后，埃德温·巴松将于2026年年底正式退休。（界面新闻）
China’s petrochemical producers, which supply textile and plastics factories, have cut operations to their lowest seasonal level in three years as rising feedstock costs and soft export demand squeezes margins. Several major makers of purified terephthalic acid — including one of the largest, Hengli Petrochemical Co. — have taken some units offline for maintenance , removing about 20% of national ...
China’s petrochemical producers, which supply textile and plastics factories, have cut operations to their lowest seasonal level in three years as rising feedstock costs and soft export demand squeezes margins. Several major makers of purified terephthalic acid — including one of the largest, Hengli Petrochemical Co. — have taken some units offline for maintenance , removing about 20% of national capacity, according to local industrial news outlet Welink . The industry’s operating rate has dropped as low as 68%, it said. Hengli didn’t immediately reply to an email seeking comment. Brent crude has gained about 30% since Israel and the US first attacked Iran at the end of February, hampering supplies from the Middle East. PTA futures have risen less than a quarter in the period, to their highest since late 2022, squeezing margins for petrochemical producers. Hengli relies entirely on imported crude, mainly from the Middle East, to produce PTAs. The firm’s revenue slumped last year, partly because of a limited ability to pass through higher costs, it said in earnings released on Tuesday. Some producers have pivoted to specialty chemicals. Jiangsu Eastern Shenghong Co. announced a 13 billion yuan ($1.9 billion) investment last week to extend into polyurethane and engineering plastics for mattresses and refrigerators, taking on Wanhua Chemical Group Co., which has dominated the petrochemicals sector thanks to its high-end, tech-driven products that are structurally less vulnerable to China’s aggressive price wars. China’s textile exports fell last month, according to customs data, adding to the petrochemical sector’s woes. Producers are also struggling with oversupply in low-end bulk chemicals.