peepo/E+ via Getty Images Executive Summary The Fund underperformed the Russell 2000 Index over the last quarter mainly due to allocation effects and underperformed the past year mainly due to security selection. The largest detractors to the past quarter were in Health Care, and largest detractors to the last year were in Health Care and Industrials. New positions were initiated in multiple secto...
peepo/E+ via Getty Images Executive Summary The Fund underperformed the Russell 2000 Index over the last quarter mainly due to allocation effects and underperformed the past year mainly due to security selection. The largest detractors to the past quarter were in Health Care, and largest detractors to the last year were in Health Care and Industrials. New positions were initiated in multiple sectors, taking advantage of the volatility in stock prices. The focus remains on finding quality companies that are attractively priced with long runways for growth in sales, earnings, and free cash flow. Performance factors During the past quarter, the Fund underperformed mainly due to allocation effects. Negative allocation was led by the Health Care sector, while Materials was the largest positive contributor. The Portfolio's underweight positioning in Pharmaceuticals & Biotechnology industries detracted from returns, as both segments delivered strong performance during the quarter. We continue to evaluate opportunities in these areas for investments that align with our long-term investment criteria. During the quarter we initiated a position in Texas Roadhouse ( TXRH ), a casual dining restaurant company that operates a chain of American steakhouses. The recent escalation in beef costs has compressed the company's margins and pressured the share price. Given the inherent cyclicality of beef prices and the company's strong value proposition, which underpins its pricing power, we anticipate a meaningful improvement in operating performance over the intermediate term. Our expectation of improved operating outcomes coupled with a long runway for continued growth in cash flows allowed us to add a quality company to the portfolio at an attractive price. Over the past 12-months, the Fund underperformed largely due to negative security selection. Negative security selection was led by the Health Care sector and in particular, Twist Biosciences ( TWST ) and ADMA Biologics ( ADMA ). ...
Watch: Humanoid Robots In China Put On Jaw-Dropping Show Our coverage of humanoid robots has ramped up for a very good reason: global production is set to surge this year, these bots are getting "brains," and dual-use concerns are rising. In China this week, state-owned international news network, China Global Television Network, provided coverage on a Spring Festival gala showcasing the country's...
Watch: Humanoid Robots In China Put On Jaw-Dropping Show Our coverage of humanoid robots has ramped up for a very good reason: global production is set to surge this year, these bots are getting "brains," and dual-use concerns are rising. In China this week, state-owned international news network, China Global Television Network, provided coverage on a Spring Festival gala showcasing the country's technological advancements, including a wild performance featuring humanoid robots. Four rising humanoid robot startups - Unitree Robotics, Galbot, Noetix, and MagicLab - demonstrated their robots on state TV. In one show, a dozen Unitree humanoids performed sophisticated fight scenes. China's humanoid robot industry is preparing for two major initial public offerings this year: AgiBot and Unitree. As we've previously reported, these bots are beginning to push beyond scripted video stunts - such as shown in the video above - into real-world applications. The factory floors are now being invaded, then these bots will be battlefield-ready. Related research and roadmap of what's ahead: AI's Next Frontier Is Physical As Humanoid Robots Begin March On Assembly Lines And Beyond Here Come Humanoid Robots: Industry Makes Clear Pivot Toward "Dedicated-Purpose" Commercial Deployments Humanoid Robots Get "Brains" As Dual-Use Fears Mount We should note that President Xi Jinping met with five robotics startup founders in the last year, compared with four electric vehicle and four semiconductor heads over the same period. Xi's focus suggests Beijing sees humanoid robotics as the next frontier it aims to dominate. Tyler Durden Wed, 02/18/2026 - 21:20
There have been a few instances of insider purchases in the wake of the recent software selloff, with the latest coming from Microsoft director John Stanton.
There have been a few instances of insider purchases in the wake of the recent software selloff, with the latest coming from Microsoft director John Stanton.
The latest move by United Parcel Service (UPS) to close 22 union staffed facilities and scale back Amazon related deliveries has put its cost cutting push and union relations in sharp focus for shareholders. See our latest analysis for United Parcel Service. UPS shares are trading at US$116.12, with a 30 day share price return of 8.61% and a 90 day share price return of 27.79%. The 3 year total sh...
The latest move by United Parcel Service (UPS) to close 22 union staffed facilities and scale back Amazon related deliveries has put its cost cutting push and union relations in sharp focus for shareholders. See our latest analysis for United Parcel Service. UPS shares are trading at US$116.12, with a 30 day share price return of 8.61% and a 90 day share price return of 27.79%. The 3 year total shareholder return of a 23.02% decline shows that recent momentum contrasts with a weaker longer...
Microsoft’s fair value estimate has been nudged from about US$603.22 to about US$596.00, a small reset that lines up with recent Street research pulling price targets closer to more conservative AI adoption timelines. Long term revenue growth assumptions move only slightly, with the current model now using about 16.15% instead of about 16.08%. This reflects modestly higher confidence that AI and c...
Microsoft’s fair value estimate has been nudged from about US$603.22 to about US$596.00, a small reset that lines up with recent Street research pulling price targets closer to more conservative AI adoption timelines. Long term revenue growth assumptions move only slightly, with the current model now using about 16.15% instead of about 16.08%. This reflects modestly higher confidence that AI and cloud related demand can build over a multi year period without radically changing the story. As...
Earnings Call Insights: Edison International (EIX) Q4 2025 Management View Pedro Pizarro, President and CEO, announced "Edison International's 2025 core earnings per share of $6.55 was above our guidance range, that extends our 2-decade track record of meeting or exceeding annual EPS guidance." He emphasized the successful delivery of the long-term core EPS growth target established in 2021 and hi...
Earnings Call Insights: Edison International (EIX) Q4 2025 Management View Pedro Pizarro, President and CEO, announced "Edison International's 2025 core earnings per share of $6.55 was above our guidance range, that extends our 2-decade track record of meeting or exceeding annual EPS guidance." He emphasized the successful delivery of the long-term core EPS growth target established in 2021 and highlighted disciplined execution, cost management, and operational performance. Pizarro underscored commitments to "customers, communities and investors," regulatory visibility, and "confidence in our multiyear plan." He noted a 2.3% rate decrease for residential customers and a 5.3% decrease for small- and medium-sized business customers, along with SCE's installation of more than 7,000 miles of covered conductor in high fire risk areas. Pizarro detailed enhancements to the wildfire recovery compensation program, including "stronger support for displaced renters and increasing coverage for legal expenses." He addressed the Eaton fire, stating SCE "is not aware of evidence pointing to another possible source of ignition" and that it is likely SCE equipment could have been associated with the ignition. SCE is unable to reasonably estimate a range of potential losses at this time. Pizarro noted regulatory clarity for 2026 after the completion of major proceedings, and introduced guidance for 2026 and 2027, reaffirmed the 2028 outlook, and extended the EPS growth target through 2030. He stated, "With an attractive dividend yield of approximately 5%, and a long-term core EPS growth target of 5% to 7%, EIX shares offer a compelling case for total shareholder returns of 10% to 12%." Maria Rigatti, Executive VP & CFO, stated "For the fourth quarter, EIX reported core EPS of $1.86. Full year 2025 core EPS of $6.55 exceeded the high end of our EPS guidance range." Rigatti highlighted cost impacts from preferred stock actions and a $0.46 true-up related to the Woolsey cost recovery. O...
da-kuk/E+ via Getty Images The following segment was excerpted from the Harbor Dividend Growth Leaders ETF Q4 2025 Commentary. During the fourth quarter, the Harbor Dividend Growth Leaders ETF ( GDIV ) ("ETF") returned 3.47% ('NAV'), outperforming the style benchmark, the NASDAQ US Dividend Achievers Select Total Return Index ("Index"), which returned 1.53%, and its primary benchmark, the S&P 500 ...
da-kuk/E+ via Getty Images The following segment was excerpted from the Harbor Dividend Growth Leaders ETF Q4 2025 Commentary. During the fourth quarter, the Harbor Dividend Growth Leaders ETF ( GDIV ) ("ETF") returned 3.47% ('NAV'), outperforming the style benchmark, the NASDAQ US Dividend Achievers Select Total Return Index ("Index"), which returned 1.53%, and its primary benchmark, the S&P 500 Index, which returned 2.66%. From a sector perspective, relative strength in Consumer Discretionary and Information Technology offset relative weakness within Communication Services and Financials. The relative outperformance of the ETF, compared to the Index, was primarily driven by positive stock selection, but the ETF also benefited from a common factor tailwind during the quarter. From a factor perspective, the ETF's overweight exposures to earnings variation — a proxy for more cyclically oriented stocks — was a tailwind to performance, offsetting a headwind from being underweight growth relative to the Index. Dividend growth strategies recovered ground in the fourth quarter, capping a year marked by stark contrasts between speculative rallies and quality-led resilience. Throughout much of 2025, markets were dominated by narrow leadership and risk-seeking behavior, particularly in the first half of the year, when momentum-driven trades and high-beta stocks outpaced fundamentals. Dividend growth — by design, a quality and defensively oriented strategy — lagged during these periods as investors' focus skewed toward thematic exposure and near-term upside. However, the backdrop began to shift meaningfully in the second half of the year. The Fed's pivot toward rate cuts, alongside easing inflation, a stable consumer, and moderating labor trends, helped improve financial conditions without reigniting excess. In the fourth quarter, market breadth broadened materially: Small- and mid-cap stocks outperformed mega caps, cyclicals gained traction, and sector leadership rotated tow...
CubeSmart (NYSE: CUBE) is the country's third-largest self-storage property company with over 1,500 locations. While self-storage REITs have historically been strong performers over multiple decades , CubeSmart hasn't beaten the market over the past 10 years (and underperformed its largest rival during the time frame). It has also trailed both the S&P 500 and its two larger peers over the last one...
CubeSmart (NYSE: CUBE) is the country's third-largest self-storage property company with over 1,500 locations. While self-storage REITs have historically been strong performers over multiple decades , CubeSmart hasn't beaten the market over the past 10 years (and underperformed its largest rival during the time frame). It has also trailed both the S&P 500 and its two larger peers over the last one-, three-, and five-year periods. Here's a look at what I'm watching to see whether CubeSmart can beat the market and other self-storage REIT investments in the future. Image source: Getty Images. Continue reading
NVIDIA recently announced a multiyear, multigenerational partnership with Meta Platforms to supply millions of GPUs, CPUs, and networking systems for hyperscale AI data centers, while Meta also broke ground on a more than US$10 billion, 1‑gigawatt AI facility in Indiana as part of its expanded infrastructure roadmap. The alliance ties Meta even more tightly into NVIDIA’s full‑stack AI ecosystem, f...
NVIDIA recently announced a multiyear, multigenerational partnership with Meta Platforms to supply millions of GPUs, CPUs, and networking systems for hyperscale AI data centers, while Meta also broke ground on a more than US$10 billion, 1‑gigawatt AI facility in Indiana as part of its expanded infrastructure roadmap. The alliance ties Meta even more tightly into NVIDIA’s full‑stack AI ecosystem, from confidential computing for WhatsApp to co-designed model optimization, highlighting how...
OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools. As the ChatGPT maker prepares to spend trillions in infrastructure investment, the overall valuation of th...
OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools. As the ChatGPT maker prepares to spend trillions in infrastructure investment, the overall valuation of the company, including the eventual funding, could exceed $850 billion, according to some of the people. That’s higher than the $830 billion initially expected. The company’s pre-money value will remain $730 billion, said one person, all of whom asked not to be identified discussing private information. The first portion of the funding round will largely come from strategic investors including Amazon.com Inc. , SoftBank Group Corp. , Nvidia Corp. and Microsoft Corp. , the people said. If those companies invest near the highest ranges of what has been discussed, those commitments will near $100 billion. Those companies are expected to finalize their allocations by the end of this month, some of the people said. The next phase of the deal — which will include venture capital firms, sovereign wealth funds and other financial investors — is expected to close later, and may bring the total fundraising amount substantially higher, some of the people said. The deal is not yet finalized and the details could change, some of the people said. Representatives for OpenAI, Amazon, Nvidia, SoftBank and Microsoft either declined to comment or did not immediately respond to requests for comment. In connection with the upcoming deal, Amazon is expected to invest up to $50 billion , SoftBank is set to invest as much as $30 billion , and Nvidia has discussed putting in $20 billion , Bloomberg previously reported. The money from corporate investors is expected to come in several tranches, or installments, over the course of the current year, some of the people said. As part of its partnership wi...
The chief executive officer of Meta Platforms Inc. was sharply questioned on the witness stand Wednesday about the company’s efforts to attract and engage teens, and whether it adequately policed accounts belonging to children under 13, despite rules barring them from using the app. Zuckerberg said Meta has introduced some “proactive tools” to try to identify and remove accounts used by children u...
The chief executive officer of Meta Platforms Inc. was sharply questioned on the witness stand Wednesday about the company’s efforts to attract and engage teens, and whether it adequately policed accounts belonging to children under 13, despite rules barring them from using the app. Zuckerberg said Meta has introduced some “proactive tools” to try to identify and remove accounts used by children under 13, but called it a “challenging” problem. “There are a set of people — potentially a meaningful number of people — that lie about their age,” Zuckerberg told the jury in Los Angeles Superior Court.