The Trump administration on Wednesday expressed concern that China was costing Peru its sovereignty after a Peruvian court ruling restricted a local regulator's oversight of a Chinese-built mega port. (Image credit: Guadalupe Pardo)
The Trump administration on Wednesday expressed concern that China was costing Peru its sovereignty after a Peruvian court ruling restricted a local regulator's oversight of a Chinese-built mega port. (Image credit: Guadalupe Pardo)
Maximusnd/iStock via Getty Images We believe frontier markets remain attractive in 2026, supported by resilient fundamentals, high real yields, and ongoing foreign-exchange (FX) adjustments. While the scope for further rate cuts is generally limited following aggressive easing in 2025, select countries - including Egypt, Ghana, Zambia, and Kenya - retain room for additional monetary easing as infl...
Maximusnd/iStock via Getty Images We believe frontier markets remain attractive in 2026, supported by resilient fundamentals, high real yields, and ongoing foreign-exchange (FX) adjustments. While the scope for further rate cuts is generally limited following aggressive easing in 2025, select countries - including Egypt, Ghana, Zambia, and Kenya - retain room for additional monetary easing as inflation moderates and external balances improve. Elsewhere, although the potential for additional easing is more constrained, strong carry, improving fiscal dynamics, and robust external accounts - particularly among commodity exporters - should continue to support investor interest. Despite tighter spreads and more concentrated positioning in a handful of markets, we believe the risk/reward profile remains favorable, with most frontier debt offering meaningful spread pickup over sovereign and developed market peers and systemic risks contained by resilient fundamentals. Below, we show our top exposures, followed by some highlights of our thinking. Source: William Blair, as of December 2025. Beta buckets are based on the team’s qualitative and quantitative analysis. Risk buckets are provided for illustrative purposes only and are not intended as investment advice or as projections of future returns. Overweights/underweights may vary between vehicles. Hard Currency Positions We remain focused on selective hard currency sovereign exposures where improving policy credibility and fiscal discipline support resilient carry and potential spread compression. In Angola, our overweight to hard currency debt is supported by the government’s commitment to fiscal discipline and conservative oil-price assumptions in the 2026 budget. This “belt-tightening” approach signals a prudent approach to managing external vulnerabilities, particularly amid moderating oil revenues. Angola’s consistent budget surpluses and Fitch’s affirmation of its B- rating with a “stable” outlook also give us confid...
Philip Steury/iStock via Getty Images What's on Our Minds For most of the past 15 years, US equities didn't just outperform, they made their outperformance feel inevitable. Many called this "US exceptionalism," but it came to signify not only exceptional earnings growth but also exceptional valuations (which didn't matter), and eventually, exceptional concentration of market returns. Which has inc...
Philip Steury/iStock via Getty Images What's on Our Minds For most of the past 15 years, US equities didn't just outperform, they made their outperformance feel inevitable. Many called this "US exceptionalism," but it came to signify not only exceptional earnings growth but also exceptional valuations (which didn't matter), and eventually, exceptional concentration of market returns. Which has increasingly narrowed to a heavy bet on AI. A whole generation of investors has been weaned on US stock-market exceptionalism. On a rolling three-year basis, the most recent stretch of US outperformance has lasted approximately 193 months, or more than 15 years—more than two-and-a-half times longer than any prior episode. Such investors may assume that the underperformance of US equities in 2025 was an aberration soon to be reversed, but market structure has changed from 15 years ago. While valuations of US and international markets were once similar, the US now trades at nearly twice the multiples of foreign stocks. The valuation gap has widened, in part, due to the rising market values of the largest "AI plays" in the US that represent a larger proportion of the overall market. By year-end 2025, the top 10 US stocks by market capitalization represented roughly 40% of the broad MSCI ACWI Index (which includes both developed and emerging markets), up from about 18% in 2009. Outside the US, however, concentration rose only modestly, with the top 10 members of the MSCI ACWI ex US moving from roughly 10% to 13% of the index's value. That widening gap in valuations and market diversity matters because it changes what US investors are currently pricing in and ultimately betting on. At today's starting point, continued US market leadership increasingly depends on a single premise: that AI will produce an extended expansion of growth and profitability, most of it captured by a select few US companies. But AI isn't a monolithic trade; it's a capital-expenditure regime with two distinc...
The following is an extract from the “Iveco Group 2025 Full Year and Fourth Quarter Results” press release (*) . The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:
The following is an extract from the “Iveco Group 2025 Full Year and Fourth Quarter Results” press release (*) . The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:
(RTTNews) - German conglomerate Siemens AG (SIEGY.PK) reported Thursday lower profit in its first quarter, hurt by the absence of prior year's hefty gain, while revenues and orders increased from last year.
(RTTNews) - German conglomerate Siemens AG (SIEGY.PK) reported Thursday lower profit in its first quarter, hurt by the absence of prior year's hefty gain, while revenues and orders increased from last year.
Earnings Call Insights: McGraw Hill (MH) Q3 2026 Management View Simon Allen, Chair of the Board, highlighted momentum and strong quarterly results, stating revenue for the third quarter increased 4.2% year-over-year, driven by higher education. "Recurring revenue grew 14.8% over prior year, representing 82% of total revenue, while digital revenue expanded 11%, representing 84% of total revenue." ...
Earnings Call Insights: McGraw Hill (MH) Q3 2026 Management View Simon Allen, Chair of the Board, highlighted momentum and strong quarterly results, stating revenue for the third quarter increased 4.2% year-over-year, driven by higher education. "Recurring revenue grew 14.8% over prior year, representing 82% of total revenue, while digital revenue expanded 11%, representing 84% of total revenue." Allen noted, "Adjusted EBITDA increased 7.7% versus prior year, yielding a margin of 31.3%." Allen announced his retirement as CEO and President, remaining as Chair. Philip Moyer, the new CEO, introduced his background in technology and education, emphasizing a focus on accelerating growth, scaling the business, and maintaining brand trust. "My focus will be on accelerating growth, scaling our business and maintaining our brand trust and academic integrity, while we build some of the most engaging and exciting learning tools in the world," said Moyer. Allen discussed higher education outperformance with 24% year-over-year revenue growth and a record 30% market share, citing the Evergreen platform and new AI-powered products as key drivers. The company also noted strong engagement metrics, with AI Reader reaching over 1 million higher education students in Q3 and generating 16 million learning interactions in the quarter. Allen described market share gains in K-12 and strong rankings in adoption opportunities. He referenced the launch of new supplemental products and AI-powered solutions, and highlighted successful early wins in California and Florida. "We are ranked first or second in 10 of the top 11 adoption opportunities," Allen stated. Robert Sallmann, CFO, provided a direct quote: "In the quarter, total revenue reached $434 million, growth of 4.2% year-over-year... Recurring revenue grew 14.8% year-over-year to $357 million, representing 82% of total revenue, showcasing a robust digital mix. Digital revenue grew 11% versus last year to $364 million." Outlook Sallmann a...
Ipsen S.A. press release ( IPSEY ): FY Non-GAAP EPS of €12.09. Revenue of €3.68B (+8.1% Y/Y). FY 2025 sales growth of 10.9% at CER, or 8.1% as reported. FY 2025 core operating income of €1,294m, growing by 16.7% as reported, with a core operating margin of 35.2% of total sales, increasing by 2.6 points. Full-year 2026 guidance and mid-term outlook Ipsen has set for FY 2026 the following financial ...
Ipsen S.A. press release ( IPSEY ): FY Non-GAAP EPS of €12.09. Revenue of €3.68B (+8.1% Y/Y). FY 2025 sales growth of 10.9% at CER, or 8.1% as reported. FY 2025 core operating income of €1,294m, growing by 16.7% as reported, with a core operating margin of 35.2% of total sales, increasing by 2.6 points. Full-year 2026 guidance and mid-term outlook Ipsen has set for FY 2026 the following financial guidance: Total sales growth greater than 13.0%, at constant currency. Based on the average level of exchange rates in January 2026, an adverse effect on total sales of around 2% of currencies is expected Core operating margin greater than 35.0% of total sales, which includes additional R&D expenses from anticipated early and mid-stage external-innovation opportunities More on Ipsen S.A. Ipsen S.A. (IPSEY) Presents at 44th Annual J.P. Morgan Healthcare Conference - Slideshow Ipsen rises on FDA breakthrough therapy status for blood cancer therapy Seeking Alpha’s Quant Rating on Ipsen S.A. Historical earnings data for Ipsen S.A. Dividend scorecard for Ipsen S.A.
Citi India CEO, K Balasubramanian, discusses the bank’s India strategy and the opportunities they see across institutional and commercial banking. He speaks with Paul Allen on Bloomberg’s Insight with Haslinda Amin. (Source: Bloomberg)
Citi India CEO, K Balasubramanian, discusses the bank’s India strategy and the opportunities they see across institutional and commercial banking. He speaks with Paul Allen on Bloomberg’s Insight with Haslinda Amin. (Source: Bloomberg)