(RTTNews) - Finishing off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department on Thursday revealed this month's auction of $44 billion worth of seven-year notes attracted below average demand.
(RTTNews) - Finishing off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department on Thursday revealed this month's auction of $44 billion worth of seven-year notes attracted below average demand.
FREDERICA ABAN/iStock via Getty Images Investment Objective SGA builds high-conviction portfolios focused on quality growth businesses that are anticipated to achieve consistent mid-teens earnings growth with reduced variability, supported by predictable revenue and cash flow generation. The firm's investment goal is to convert this stable portfolio earnings growth into a return profile designed t...
FREDERICA ABAN/iStock via Getty Images Investment Objective SGA builds high-conviction portfolios focused on quality growth businesses that are anticipated to achieve consistent mid-teens earnings growth with reduced variability, supported by predictable revenue and cash flow generation. The firm's investment goal is to convert this stable portfolio earnings growth into a return profile designed to protect and reliably compound client wealth over time. Performance The fourth quarter of 2025 marked the end of a particularly challenging year for quality growth investment strategies across international markets. This period was defined by an extraordinary divergence in market returns. Cyclical and momentum-driven assets dominated, while quality growth strategies faced continued headwinds from sales stability underperformance. Source: FactSet. Data as of 12/31/2025. MSCI Indices are Net Total Return (MSCI Net Total Return Indices reinvest dividends after the deduction of withholding taxes). It should not be assumed that future results will be reflective of past performance. Highlights Q4 returns were 1.2% (Gross) and 0.4% (Net) compared to the MSCI ACWI ex USA (Net TR) return of 5.1% and the MSCI ACWI ex USA Growth (Net TR) return of 2.6%. Since inception: Annualized returns of 7.3% (Gross) and 4.2% (Net) compared to 6.7% for MSCI ACWI ex USA (Net TR) return and 6.6% for the MSCI ACWI ex USA Growth (Net TR) return. Market leadership in Q4 remained unfavorable for SGA's quality growth investment style as lower-quality and cyclicals led in an increasingly speculative market backdrop. Largest Contributors for the quarter were Fast Retailing, TSMC, and Haleon. Largest Detractors for the quarter were Alibaba, Arm Holdings, and Dassault Systemes. Initiations – New holdings were introduced in Sea Limited and Grab Holdings. Liquidations – Atlassian was sold in the quarter. SGA sees continued opportunity in attractively priced, predictable, cash-generative and growing businesses...
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting ...
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting with us, check out the Odd Lots Discord , where you can hang out and talk with us and with other listeners 24/7. Here’s what Joe’s thinking about... By popular request, we have an episode coming out tomorrow about the helium shortage that’s brewing as a result of the de facto closure of the Strait of Hormuz. I won’t spoil all the details with everything I learned about helium, but one thing our guest said that stuck out to me is that right now the helium market feels like that moment before the tidal wave, where the water has come off the beach, but the crash hasn’t hit yet. In fact, I would say that this general feeling is shared by almost all energy and commodity specialists we’ve been speaking to over the last few weeks, that the big impact from the Strait being closed hasn’t really been felt yet for various reasons. Maybe there’s still enough of the stuff floating around. Maybe prices are calm because everyone expects a TACO. Maybe the market will find ways to adjust (via rerouting plus a demand response) such that the impact won’t be as big as feared. Of course the moment he said this, I started having flashbacks to late April/early May last year, when experts were warning about empty shelves as a result of tariffs, and then of course that didn’t really materialize (although inflation has re-accelerated, and goods prices in particular have been firm). Obviously though part of the reason that we didn’t get the total tariff disaster scenario is that, well, the tariff schedule revealed on Liberation Day never actually stuck. This is where the whole TACO meme came from. So...
Keir Starmer was all smiles this morning as he posed for cameras alongside Alexander Stubb. The Finnish president, a keen ice hockey fan, raised an awkward clash: their dinner tonight is at the same time as the puck drops in his favourite team’s playoff decider. Perhaps they could adjust their plans? “Last week, as I recall, we had the Arsenal [on TV] in the corner of the room while we were having...
Keir Starmer was all smiles this morning as he posed for cameras alongside Alexander Stubb. The Finnish president, a keen ice hockey fan, raised an awkward clash: their dinner tonight is at the same time as the puck drops in his favourite team’s playoff decider. Perhaps they could adjust their plans? “Last week, as I recall, we had the Arsenal [on TV] in the corner of the room while we were having dinner,” Starmer duly replied, enjoying the admittedly-stilted bonhomie. “So, same arrangement?” Starmer is in Helsinki as part of a Joint Expeditionary Force summit about Russian aggression, and in particular Vladimir Putin’s drones and shadow fleet of oil tankers . Alongside other allies, the two leaders were again discussing the Ukraine war, carrying on from last Tuesday when they dined in Downing Street with Volodymyr Zelenskiy (the same night that Arsenal beat Bayer Leverkusen 2-0, to explain the above.) Nearly 1,500 days have passed since Russia invaded Ukraine and if the ongoing conflict wasn’t so horrific, one might say that it provides a welcome distraction for Starmer and his Labour government. The Prime Minister was able to focus on serious international talks in Finland while Foreign Secretary Yvette Cooper did likewise in France, where the Group-of-Seven were debating the war in Iran and Donald Trump’s latest flamboyant fluctuations . However, while the gravity of global events sometimes helps to eclipse Labour’s domestic problems back in Blighty, it is more often than not their cause, too. An escalating story about the stolen mobile phone of a former Downing Street chief of staff ultimately stems from Trump’s 2024 re-election — if Kamala Harris had won, there would have been no need to appoint Peter Mandelson as ambassador to the US in the first place. Moreover, the Labour government’s economic troubles are about to get a lot worse. Any British families whose cheap, pre-2022 mortgages expire in the coming weeks will see their repayments rise by nearly £10,000...
Meta (META) and YouTube (GOOG, GOOGL) were just found liable for damages in a landmark social media addiction lawsuit.Yahoo Finance Tech Editor Dan Howley outlines what made this case so unique, what's next, and the major implications the ruling could have down the road.
Meta (META) and YouTube (GOOG, GOOGL) were just found liable for damages in a landmark social media addiction lawsuit.Yahoo Finance Tech Editor Dan Howley outlines what made this case so unique, what's next, and the major implications the ruling could have down the road.
Many of the vessels willing to make the crossing are taking an alternative route through Iranian waters Threats to shipping have effectively closed the strait of Hormuz since the US-Israel war on Iran began four weeks ago – upending global oil and gas supplies and sending energy prices soaring. In normal times, tankers carry about a fifth of the world’s oil and gas supplies through the narrow chan...
Many of the vessels willing to make the crossing are taking an alternative route through Iranian waters Threats to shipping have effectively closed the strait of Hormuz since the US-Israel war on Iran began four weeks ago – upending global oil and gas supplies and sending energy prices soaring. In normal times, tankers carry about a fifth of the world’s oil and gas supplies through the narrow channel and on to the rest of the world, while about a third of the global fertilisers necessary for half of the world’s food production pass through in dry bulk vessels. Continue reading...