J Studios/DigitalVision via Getty Images Commentary as of 12/31/25 The fund posted returns of 2.15% (Institutional shares) and 1.97% (Investor A shares, without sales charge) for the fourth quarter of 2025. Some strong corporate results, including from off-benchmark positions, helped drive positive performance. Oil prices declined during the quarter, with European benchmark Brent Crude falling by ...
J Studios/DigitalVision via Getty Images Commentary as of 12/31/25 The fund posted returns of 2.15% (Institutional shares) and 1.97% (Investor A shares, without sales charge) for the fourth quarter of 2025. Some strong corporate results, including from off-benchmark positions, helped drive positive performance. Oil prices declined during the quarter, with European benchmark Brent Crude falling by 10.5% to $61 per barrel, while U.S. marker West Texas Intermediate dropped by 9.4% to $57 per barrel. The fund held modestly overweight positions in Europe and Canada, and an underweight exposure to the United States. It had overweight holdings in the integrated, distribution, and uranium industries, and underweight exposures to exploration & production (E&P), refining & marketing, and oil services companies. Contributors An off-benchmark position in oil services company TechnipFMC ( FTI ) contributed positively, mainly due to a general recovery in energy stocks, though the company also delivered strong results. An overweight allocation to integrated company TotalEnergies ( TTE ) was additive given resilient earnings and cash flow, despite softer oil prices and shareholder-friendly capital returns. An off-benchmark holding in E&P company Permian Resources ( PR ) contributed due to strong third-quarter results, upgraded guidance, continued share buybacks, and a dividend increase. Detractors An overweight position in midstream company Cheniere Energy ( LNG ) detracted given concerns that increased liquified natural gas supply would lead to lower prices, though most of the company's sales are at contracted prices. An off-benchmark holding in E&P company Kosmos Energy ( KOS ) was detrimental due to weaker oil prices and operational production challenges, which led to lower production guidance. An off-benchmark position in refining company HF Sinclair ( DINO ) was also a hindrance. The company's refining margins weakened as crack spreads narrowed into year-end due to heightened ...
MicroStockHub Wall Street’s major market averages shifted higher on Wednesday as the U.S. reportedly sent Iran a 15-point plan to end the war in the Middle East. The blue-chip Dow ( DJI ) was last higher by +0.9%. At the same time, the benchmark S&P 500 ( SP500 ) added +0.9%, and the tech-focused Nasdaq Composite ( COMP:IND ) pushed higher by +1.2%. From a sector-by-sector stance, ten of the 11 S&...
MicroStockHub Wall Street’s major market averages shifted higher on Wednesday as the U.S. reportedly sent Iran a 15-point plan to end the war in the Middle East. The blue-chip Dow ( DJI ) was last higher by +0.9%. At the same time, the benchmark S&P 500 ( SP500 ) added +0.9%, and the tech-focused Nasdaq Composite ( COMP:IND ) pushed higher by +1.2%. From a sector-by-sector stance, ten of the 11 S&P segments were up in the green, with consumer discretionary leading the way. At the other end, energy has been the weakest performer so far. U.S. Treasury yields edged lower. The shorter end U.S. 2-Year Treasury yield ( US2Y ) was down 2 basis points to 3.87%, and the popular U.S. 10-Year Treasury yield ( US10Y ) was lower by 4 basis points to 4.32%. The peace plan is said to address Iran’s ballistic missile and nuclear programs, as well as maritime routes through the Strait of Hormuz. Oil prices were also down on the news. However, Iranian state media said the country did not accept a ceasefire offer from the U.S. on Wednesday. “The stock market is in a holding pattern as it waits for the next shoe to drop in the Iran conflict, and it's clear that investors are not yet willing to bet on which direction this conflict may go in next. That's why we expect stocks to remain sideways as the market reads the tea leaves and prices in what's next,” Paul Stanley, chief investment officer of Granite Bay Wealth Management, said. As for stocks that were on the move, Arm Holdings ( ARM ) climbed +14.3%, and shares of Sandisk Corporation ( SNDK ) fell -6.8%. More on markets Exxon Mobil tops Nvidia in valuation amid the ongoing Middle East conflict AI boom and an economic bust: Citrini Scenario gains momentum in prediction markets AI now dominates equities, bonds, and venture capital flows, Apollo warns Cantor Fitzgerald sees the current market pullback as a possible opportunity BNP Paribas raises 2026 inflation outlook as it signals a new 3% era
Goldman Sees Risk Of Food Price Spike Amid Fertilizer Disruption The conversation grows louder by the day as disruption at the Hormuz chokepoint hits the global nitrogen fertilizer market and, in turn, is set to impact upcoming corn and grain harvests in some key growing regions. Goldman commodity analysts Lina Thomas and Daan Struyven penned a note on Tuesday warning clients that chokepoint risks...
Goldman Sees Risk Of Food Price Spike Amid Fertilizer Disruption The conversation grows louder by the day as disruption at the Hormuz chokepoint hits the global nitrogen fertilizer market and, in turn, is set to impact upcoming corn and grain harvests in some key growing regions. Goldman commodity analysts Lina Thomas and Daan Struyven penned a note on Tuesday warning clients that chokepoint risks in the Strait of Hormuz may affect global agricultural prices. "The Strait of Hormuz is a critical route in the global nitrogen fertilizer market, which accounts for 60% of global fertilizer use and is especially important for crops like corn and other grains," Thomas and Struyven wrote in the note. They warned that Hormuz disruptions not only constrain global fertilizer availability, but also that, with seaborne LNG flows from the region limited , any ability to boost fertilizer production elsewhere would be impacted. "Given fertilizer accounts for ~20% of grain costs, the largest potential boost to grain prices is more likely to come from reduced grain supply. Fertilizer disruptions may reduce grain production both through yield losses from delayed or sub-optimal nitrogen application and potential acreage shifts toward less fertilizer-intensive crops," the analysts said. They noted that the US is viewed as "currently relatively insulated because the conflict began just ahead of the planting season," adding that the most exposed areas include Europe, Australia, and the Southern Hemisphere, where crop calendars are later. Even though US farmers may be relatively insulated, that does not mean US crop prices will remain low, as analysts expect global crop prices to rise. Also on Tuesday, Russia suspended ammonium nitrate exports from March 21 through April 21 to secure domestic fertilizer supplies during the spring planting season. The report was released by Russia's state-run news agency TASS, citing the Agriculture Ministry. Last week, former central bank adviser Alexandra...
UK urged to tackle transnational repression, as dissidents say Beijing has targeted them with tax letters and other threats “I didn’t feel safe, even though I’m not based in Hong Kong any more,” said Christopher Mung Siu-tat after getting tax bills from Hong Kong authorities. “The regime can reach me by their long arms wherever I am.” Siu-tat, the executive director at the Hong Kong Labour Rights ...
UK urged to tackle transnational repression, as dissidents say Beijing has targeted them with tax letters and other threats “I didn’t feel safe, even though I’m not based in Hong Kong any more,” said Christopher Mung Siu-tat after getting tax bills from Hong Kong authorities. “The regime can reach me by their long arms wherever I am.” Siu-tat, the executive director at the Hong Kong Labour Rights Monitor, a UK-based NGO, fled Beijing’s sweeping national security laws years ago. The letters are the latest example of a series of transnational repression (TNR) tactics the 54-year-old has faced in recent years. Continue reading...
Heartland Advisors, an investment management company, released its “Heartland Opportunistic Value Equity Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Large- and mega-cap stocks posted another quarter of outperformance in Q4, despite a brief broad-based performance across market caps. The Russell 2000® Index of small stocks returned 2.19% in the […]
Heartland Advisors, an investment management company, released its “Heartland Opportunistic Value Equity Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Large- and mega-cap stocks posted another quarter of outperformance in Q4, despite a brief broad-based performance across market caps. The Russell 2000® Index of small stocks returned 2.19% in the […]
Getty Images It has been a little more than a year since I published my last article about The Estée Lauder Companies Inc. ( EL ). In March 2025, I wrote a bullish article and argued that the stock is finally a “Buy” after declining more than 80% from its previous peak. In the conclusion of my last article, I wrote: In my opinion, Estée Lauder is certainly a good investment at this point and a “Bu...
Getty Images It has been a little more than a year since I published my last article about The Estée Lauder Companies Inc. ( EL ). In March 2025, I wrote a bullish article and argued that the stock is finally a “Buy” after declining more than 80% from its previous peak. In the conclusion of my last article, I wrote: In my opinion, Estée Lauder is certainly a good investment at this point and a “Buy”. However, it is not a screaming “Buy” and the risk of the stock declining even lower certainly exists. Despite short-term downside risks, I would assume that Estée Lauder will trade for a higher stock price in five or ten years from now. And following the article, it certainly seemed like I was right. Following a final drop to $48, the stock increased to slightly above $120 and came close to doubling in value compared to when I wrote the article. Data by YCharts Right now, the stock is still trading about 8% higher, which is an acceptable performance over 12 months, but in the last few weeks, the stock lost about 40% in value again, bringing it close to the 2025 low again. Yesterday, it was reported that Estée Lauder and the Spanish beauty company Puig Brands, S.A. ( PUIGF ) are in talks about a potential merger. While the news made Puig’s stock price jump in a first reaction, Estée Lauder’s stock price declined almost 10% following the news. In the following article, we answer the question whether these two companies are good investments and if a potential merger is making sense. But we start by briefly looking at the last reported results of both businesses. Estée Lauder Results We briefly look at the last quarterly (or annual) results of the two companies and start with Estée Lauder. In the second quarter of fiscal 2026, net sales increased from $4,004 million in Q2/25 to $4,229 million in Q2/26 – resulting in 5.6% year-over-year growth. Organic net sales increased 4% in the second quarter. And while the company reported an operating loss of $580 million in the same q...