peshkov/iStock via Getty Images The iShares S&P 500 Value ETF ( IVE ), launched on 05/22/2000 and managed by BlackRock Fund Advisors, offers access to value stocks within the large-cap segment of the U.S. equity market. It charges an expense ratio of 0.18% and has $50.6 billion in AUM. The case for value is now weaker because an opportunity cost seems more likely. The drivers that contributed to i...
peshkov/iStock via Getty Images The iShares S&P 500 Value ETF ( IVE ), launched on 05/22/2000 and managed by BlackRock Fund Advisors, offers access to value stocks within the large-cap segment of the U.S. equity market. It charges an expense ratio of 0.18% and has $50.6 billion in AUM. The case for value is now weaker because an opportunity cost seems more likely. The drivers that contributed to its superior performance relative to the broader market are not sustainable. The oil supply shock, mega-cap underperformance, and the software selloff have been key relative-performance tailwinds that are now headwinds for value-focused funds. Methodology This ETF tracks the S&P 500 Value Index, which evaluates every S&P 500 constituent based on value and growth factors to separate them depending on their value and growth scores. For value, it uses book value to price, earnings to price, and sales to price. For growth, it uses 3-year EPS change over price, 3-Year sales per share growth, and 12-month price momentum. Each constituent is classified as either value, growth, or blended based on the ratio of Growth rank / Value rank. Those with the strongest value traits will represent 33% of the parent index market capitalization, while those with the strongest growth characteristics will represent another 33% of the parent index. The remaining 34% is classified as "blended" because value and growth traits are more balanced based on the ratio. For the S&P 500 Value Index, all value and some blend stocks are selected. When it comes to the blend basket, some stocks are selected for inclusion based on how close they are to the midpoint of the value region versus that of the growth region. The closer a blend stock is to value, the more of its market cap will be considered for the weight it will have in the index. As such, IVE is not a pure-value fund and can realize a higher correlation to the S&P 500. Last, the index weights the stocks based on their market caps, with a 10% cap per ...
Anastasiia Shavshyna/E+ via Getty Images Overview When I previously covered the YieldMax Semiconductor Portfolio Option Income ETF ( CHPY ), I issued a hold rating due to the skepticism regarding its strategy and long-term potential. Since then, the fund has provided attractive total returns that outperformed the S&P 500. With the ongoing pullback in the technology market, you would expect CHPY to...
Anastasiia Shavshyna/E+ via Getty Images Overview When I previously covered the YieldMax Semiconductor Portfolio Option Income ETF ( CHPY ), I issued a hold rating due to the skepticism regarding its strategy and long-term potential. Since then, the fund has provided attractive total returns that outperformed the S&P 500. With the ongoing pullback in the technology market, you would expect CHPY to be performing poorly. However, the reality is that CHPY has held up quite well, so I wanted to revisit the fund's value proposition and outlook for 2026. After closer assessment of the fund and its utility, I am upgrading my rating to a buy. Looking at the performance over the last twelve months, we can see that CHPY's share price has increased by nearly 21.1%. The fund has displayed its ability to participate in the positive momentum of the semiconductor sector. When including all distributions paid out to shareholders, the total return jumps up to 78.52% over the same time frame. The main appeal of CHPY is its ability to provide a high dividend yield that now sits above 45%, which is paid out on a weekly basis. Due to the fund's unique portfolio strategy, this massive dividend yield hasn't caused the fund's share price to erode over time. However, there is still a risk of this happening at some point in the future if the semiconductor sector experiences prolonged headwinds. Data by YCharts Despite the optimism on CHPY, I believe that the fund has a very specific use case, so it may not be the best choice for every investor. For instance, CHPY makes the most sense as an accompanying position for investors that already hold a diverse portfolio of growth equities. I would still consider CHPY to be a high-risk holding, so it may not be a good fit for income investors seeking dividend reliability. Furthermore, the fund potentially exposes investors to the current challenges within the technology markets since the assets are concentrated. Fund Strategy Is Superior To YieldMax ...
The average one-year price target for Pacific Basin Shipping (SEHK:2343) has been revised to HK$3.26 / share. This is an increase of 17.30% from the prior estimate of HK$2.78 dated February 21, 2026. The price target is an average of many targets provided by a
The average one-year price target for Pacific Basin Shipping (SEHK:2343) has been revised to HK$3.26 / share. This is an increase of 17.30% from the prior estimate of HK$2.78 dated February 21, 2026. The price target is an average of many targets provided by a
J Studios/DigitalVision via Getty Images Investment Thesis iShares Broad USD High Yield Corporate Bond ETF ( USHY ) has an attractive-looking return profile. The continuity of that return depends on the macro assumption that spreads will stay tight and default rates will remain contained. However, with growing uncertainty around growth, inflation, and policy, this assumption is becoming questionab...
J Studios/DigitalVision via Getty Images Investment Thesis iShares Broad USD High Yield Corporate Bond ETF ( USHY ) has an attractive-looking return profile. The continuity of that return depends on the macro assumption that spreads will stay tight and default rates will remain contained. However, with growing uncertainty around growth, inflation, and policy, this assumption is becoming questionable. Despite this, USHY’s ~300 bps option-adjusted spread continues to price a stable and benign credit environment as if this uncertainty does not exist. That mismatch between uncertain macro conditions and confident market pricing is the core macro problem. At current levels, USHY’s upside is limited, but its downside is not. This translates to a normalized 5-6% return that is not enough to compensate for the underlying credit risk. About USHY: Broad Exposure To High Yield Credit USHY currently yields ~6.8–7.0%, while its underlying yield-to-maturity is ~7.4%. USHY tracks a broad basket of ~1900 US dollar-denominated below-investment grade corporate bonds, offering exposure to high-yield credit. USHY primarily invests in BB and lower-rated bonds. The strategy provides higher income to investors in exchange for their taking on credit risk. The effective duration of its underlying bonds is ~3 years. So interest rate sensitivity remains low compared to longer duration bonds. This implies that USHY’s returns come primarily from credit spreads, not rate movements. In practice, USHY’s performance depends on three drivers: the underlying risk-free rate, credit spreads, and realized credit losses. In this way, USHY is a useful proxy for the broader high-yield market. However, it also means USHY’s returns are highly sensitive to macro conditions and risk sentiment. Understanding the problem There are two parallel problems with USHY: credit losses through default, and mispricing of credit spreads. Credit default is a persistent issue in the HY industry. In stable markets, default ra...
Indonesia on Saturday began implementing a new government regulation approved earlier this month that bans children younger than 16 from access to digital platforms that could expose them to pornography, cyberbullying, online scams and addiction. With the move, Indonesia became the first country in Southeast Asia to ban children from having accounts on YouTube, TikTok, Facebook, Instagram, Threads...
Indonesia on Saturday began implementing a new government regulation approved earlier this month that bans children younger than 16 from access to digital platforms that could expose them to pornography, cyberbullying, online scams and addiction. With the move, Indonesia became the first country in Southeast Asia to ban children from having accounts on YouTube, TikTok, Facebook, Instagram, Threads, X, Bigo Live and Roblox. It follows measures that Australia took last year in a world-first social...
Forget about profiting from the "future of food." Today, Beyond Meat (NASDAQ: BYND) is just fighting for survival. Seven years ago, the stock was trading for over $230 per share, as investors bet big that the rise of plant-based diets, for health and environmental reasons, would eventually make upstarts like Beyond Meat among the largest food stocks . Now, Beyond Meat stock trades for less than a ...
Forget about profiting from the "future of food." Today, Beyond Meat (NASDAQ: BYND) is just fighting for survival. Seven years ago, the stock was trading for over $230 per share, as investors bet big that the rise of plant-based diets, for health and environmental reasons, would eventually make upstarts like Beyond Meat among the largest food stocks . Now, Beyond Meat stock trades for less than a dollar per share, and for a very good reason. With losses per share exceeding its stock price, and the stock itself facing delisting risk yet again, sentiment for this name is deeply bearish. Making matters worse, the most likely remedy for Beyond Meat's key near-term issue, a reverse stock-split, will ultimately do little to improve the underlying situation. Continue reading
The average one-year price target for Pantheon Resources (AIM:PANR) has been revised to 31.62 GBX / share. This is an increase of 10.12% from the prior estimate of 28.71 GBX dated February 21, 2026. The price target is an average of many targets provided by an
The average one-year price target for Pantheon Resources (AIM:PANR) has been revised to 31.62 GBX / share. This is an increase of 10.12% from the prior estimate of 28.71 GBX dated February 21, 2026. The price target is an average of many targets provided by an
Hong Kong authorities have defended legal changes that have made it illegal to withhold smartphone passwords from police in national security investigations, after the United States sent a new alert to its citizens travelling to the city. The government on Friday also expressed “strong dissatisfaction with misleading information and sweepingly generalised descriptions” by foreign organisations and...
Hong Kong authorities have defended legal changes that have made it illegal to withhold smartphone passwords from police in national security investigations, after the United States sent a new alert to its citizens travelling to the city. The government on Friday also expressed “strong dissatisfaction with misleading information and sweepingly generalised descriptions” by foreign organisations and media regarding the amendments to the Beijing-imposed national security law earlier this week, as...
Zheka-Boss/iStock via Getty Images The layout has been adjusted to lead with the tickers and charts. Why? Because I think it allows the article to flow more naturally. Like it or hate it? Let me know in the comments. The High Yielders The charts compare the common shares from the following mortgage REITs and BDCs: Agency mREITs Hybrid mREITs Originator / Servicer Commercial BDC AGNC EFC RITM FBRT ...
Zheka-Boss/iStock via Getty Images The layout has been adjusted to lead with the tickers and charts. Why? Because I think it allows the article to flow more naturally. Like it or hate it? Let me know in the comments. The High Yielders The charts compare the common shares from the following mortgage REITs and BDCs: Agency mREITs Hybrid mREITs Originator / Servicer Commercial BDC AGNC EFC RITM FBRT ARCC NLY MFA PMT BXMT OCSL DX RC GPMT FSK TWO CIM GAIN ORC MITT MAIN ARR ADAM GBDC CHMI SLRC TSLX CSWC OBDC TPVG BXSL Click to enlarge The Charts Mortgage REITs and BDCs: The REIT Forum The REIT Forum The REIT Forum The REIT Forum The REIT Forum The REIT Forum Click to enlarge Preferred shares and baby bonds: The REIT Forum The REIT Forum The REIT Forum The REIT Forum The REIT Forum The REIT Forum The REIT Forum The REIT Forum The REIT Forum Click to enlarge Definitions for preferred shares: FTF stands for "fixed-to-floating". It means the share is fixed-rate, but will begin floating based on SOFR. We may still refer to LIBOR, but LIBOR simply means SOFR + 26.161 basis points. FTR stands for "fixed-to-reset". These shares are currently fixed-rate, but will eventually reset their dividend rate based on the 5-year treasury rate plus a given spread. They typically continue to reset every 5 years thereafter. At least in theory. That's pretty far away, but those are the terms. FTL stands for "fixed-to-lawsuit". It only gets applied for PMT because they were the only mortgage REIT (that we know of) where management announced that "floating" really means a fixed dividend rate that never changes. PMT was sued over their actions . If you're not familiar with it, see this article on the lawsuit . Floating stands for a share that is floating. Pretty obvious, right? This is the adult version of "FTF". The rate is typically updated every 3 months. Commentary From The REIT Forum It's been way too long since I posted this series. I apologize for the delay. As you may have heard, the marke...