The surge in India’s banking liquidity has opened up an arbitrage opportunity for lenders, enabling them to borrow cheaply and park the money with the central bank at a higher rate. Overnight money market rates have crashed after the Reserve Bank of India flooded the banking system with cash, with government spending adding to the surplus. The tri-party repo — the most liquid funding tool — has sl...
The surge in India’s banking liquidity has opened up an arbitrage opportunity for lenders, enabling them to borrow cheaply and park the money with the central bank at a higher rate. Overnight money market rates have crashed after the Reserve Bank of India flooded the banking system with cash, with government spending adding to the surplus. The tri-party repo — the most liquid funding tool — has slid well below the central bank’s Standing Deposit Facility rate, where lenders can park excess overnight funds at 5%. The spread widened to 34 basis points on Wednesday and was as much as 75 basis points last week. While the arbitrage is profitable for banks, it undercuts the RBI’s efforts to boost lending : the wide rate gap is encouraging lenders to deploy excess cash into this trade rather than extend credit to businesses. “Banks don’t need the surplus liquidity for their own balance sheet and are placing the TREPS proceeds on the SDF window,” said Nathan Sribalasundaram , a rates strategist at Nomura Holdings Inc. “Banks are making money from this, given excess liquidity.” The money that banks park with the central bank surged to a record 5 trillion rupees last week as against 1.4 trillion barely two weeks ago, according to RBI data. Liquidity, which was tight just two months ago, has swung into its largest surplus in six months. The RBI has stayed away till now from draining any short-term cash, prompting analysts to ask whether the authority is allowing easier financial conditions to enforce the transmission of earlier rate cuts to the broader economy. “Financial markets every year provide such temporary opportunities and it is normal,” said Sagar Shah , head of domestic markets at RBL Bank Ltd. Rates are expected to edge higher by the end of February as liquidity tightens due to tax outflows, and conditions are likely to remain strained in March, the close of the financial year, he said.
About 11.38 million Hong Kong residents and visitors are expected to travel through the city’s border crossings during the Lunar New Year holiday, marking a projected 16 per cent rise from last year. The Immigration Department released the 10-day estimate, covering the period from the 27th day of the last month of the Lunar calendar to the seventh day after the new year, following an interdepartme...
About 11.38 million Hong Kong residents and visitors are expected to travel through the city’s border crossings during the Lunar New Year holiday, marking a projected 16 per cent rise from last year. The Immigration Department released the 10-day estimate, covering the period from the 27th day of the last month of the Lunar calendar to the seventh day after the new year, following an interdepartmental working group meeting on festive arrangements chaired by Chief Secretary Eric Chan Kwok-ki on Thursday. After consulting Shenzhen authorities, the department estimated that about 9.52 million trips would be made through land boundary control points, including Lo Wu, the Lok Ma Chau Spur Line connecting the MTR Lok Ma Chau station and the Shenzhen Bay crossings. Advertisement During the same period last year, total cross-border passenger traffic reached 9.8 million. If this year’s projection proves accurate, the figure will represent a 16.12 per cent increase year on year. “The Immigration Department advises all land boundary passengers to plan in advance, avoid making their journeys during busy periods and keep track of radio and television broadcasts on traffic conditions at various control points,” the working group said. Advertisement To handle the anticipated heavy traffic, the department said it had minimised leave for frontline officers to allow flexible deployment and would operate additional counters and channels. However, no additional operating hours will be arranged at the boundary control points.
North Korean leader Kim Jong-un appears to be taking steps to consolidate his daughter’s position as successor, and there are signs she is providing input on policy matters, South Korean lawmakers said on Thursday, citing a spy agency briefing. South Korea ’s National Intelligence Agency (NIS) will be closely watching whether the daughter, believed to be named Kim Ju-ae, attends a coming meeting ...
North Korean leader Kim Jong-un appears to be taking steps to consolidate his daughter’s position as successor, and there are signs she is providing input on policy matters, South Korean lawmakers said on Thursday, citing a spy agency briefing. South Korea ’s National Intelligence Agency (NIS) will be closely watching whether the daughter, believed to be named Kim Ju-ae, attends a coming meeting of the ruling Workers’ Party and how she is presented, including whether she takes on any official title, the lawmakers said. “In the past, the NIS described Kim Ju-ae as being ‘in study as successor’ but today the expression used was that she ‘was in the stage of being internally appointed successor’,” lawmaker Lee Seong-kweun told reporters following a closed-door briefing from the NIS. Advertisement Ju-ae, who is believed to be in her early teens, has been increasingly prominently featured in North Korea ’s state media accompanying her father on field guidance including inspections of weapons projects amid speculation by analysts that she is being nurtured as the country’s fourth-generation leader. The NIS believes the role she has taken on during public events indicates she has started to provide policy input and that she is being treated as the de facto second-highest leader, Lee and another lawmaker Park Sun-won said. 10:46 Will North Korea’s next leader be a woman with Kim Jong-un’s daughter on the rise? Will North Korea’s next leader be a woman with Kim Jong-un’s daughter on the rise?
During the storm, the waves sounded like bombs going off under the house, Bonni Breeze Lincoln tells me. She lives on the seafront of Torcross, a Devon village that is accustomed to weathering storms, but even she is not used to waves shattering her storm shutters, or sending seawater down the chimney. I’ve come to Torcross to repair the thatch on Bonni’s roof. Up the ladder, I tie bundles of reed...
During the storm, the waves sounded like bombs going off under the house, Bonni Breeze Lincoln tells me. She lives on the seafront of Torcross, a Devon village that is accustomed to weathering storms, but even she is not used to waves shattering her storm shutters, or sending seawater down the chimney. I’ve come to Torcross to repair the thatch on Bonni’s roof. Up the ladder, I tie bundles of reed, called “wads”, to pack them into the holes; the thatch is riddled with shingle, fragments of seaweed and even limpet shells. Looking down the seafront to torn up paving slabs and slate roofs that yawn open to the sky, it’s clear that this house – the oldest in the village – has come off comparatively well. The soft, springy nature of thatch allows it to absorb even the impact of breaking waves. The scale of the damage to the wider area is still being assessed, and the village is in shock at how 2026 has begun. Three successive southerly storms in January removed much of the shingle – a vital natural defence for the village – then a fourth storm breached the sea barrier, destroying sections of the A379, which will be closed until at least 2027. More bad weather is forecast. View image in fullscreen A limpet shell in the thatch. Photograph: Tom Allan Furthermore, the A379 runs along a narrow spit of shingle between the sea and a freshwater lake, Slapton Ley. The Ley is a national nature reserve and a site of special scientific interest, home to Cetti’s warblers and 2,000 species of fungi. The Field Studies Council manages the Ley, and warns that if the shingle ridge is breached, freshwater species will be affected. Among them is the critically endangered plant strapwort, whose only natural UK site is at Slapton. Rising sea levels make this – and damage to Torcross – more likely. Other factors put the village at risk, explains Gerd Masselink, a professor of coastal geomorphology at the University of Plymouth. In recent decades, as prevailing storm patterns shifted from east ...
Pongsak Sapakdee/iStock via Getty Images Market review and outlook Global equities registered solid gains in the fourth quarter, helping the major, broad-based indexes record their third consecutive year of double-digit returns. Performance was uneven over the first half of the quarter due to concerns that AI-related stocks were in a bubble, but the market staged an impressive rebound and went on ...
Pongsak Sapakdee/iStock via Getty Images Market review and outlook Global equities registered solid gains in the fourth quarter, helping the major, broad-based indexes record their third consecutive year of double-digit returns. Performance was uneven over the first half of the quarter due to concerns that AI-related stocks were in a bubble, but the market staged an impressive rebound and went on to achieve new all-time highs by year end. A continued decline in inflation enabled the U.S. Federal Reserve to enact two quarter-point interest rate cuts, boosting sentiment. In addition, corporate earnings were robust and world economic growth remained positive. Emerging- and developed-market international equities outperformed the United States, continuing a trend that was in place for the full year. Within the U.S. market, the value style outpaced growth as investors rotated toward opportunities outside of AI-related stocks. Global bonds logged only slightly positive total returns amid a growing consensus that most central banks were largely finished easing policy. Credit-oriented market segments continued to outperform, primarily as a result of their yield advantage. Contributors and detractors The fund's overweight in equities versus bonds contributed to relative performance. An overweight in emerging-market stocks, the best-performing segment of the global equity markets in the quarter, was a further plus. On the other hand, the allocation to defensive equities was a modest detractor at a time in which more speculative stocks were in favor. An overweight in U.S. mid caps also cost the fund some relative performance. Positioning in fixed income had a neutral effect on results. An allocation to emerging-market bonds performed well, as the asset class strongly outperformed its developed-market peers in an environment of falling interest rates and rising commodity prices. Conversely, a position in U.S. Treasury STRIPS detracted amid a broader increase in long-term bond y...
Igor Suka/E+ via Getty Images Performance The Global Women's Leadership portfolio outperformed the MSCI World Index in the fourth quarter of 2025. This outperformance was primarily driven by effective sector allocation and strong security selection, with selection effects accounting for most of excess returns. The portfolio's style factor profile presented a slight headwind: exposure to Value fact...
Igor Suka/E+ via Getty Images Performance The Global Women's Leadership portfolio outperformed the MSCI World Index in the fourth quarter of 2025. This outperformance was primarily driven by effective sector allocation and strong security selection, with selection effects accounting for most of excess returns. The portfolio's style factor profile presented a slight headwind: exposure to Value factors contributed positively, while a tilt toward Quality and an underweight in Size and Momentum detracted modestly. Stock-specific effects were most impactful in Financials with strong contributions from Hang Seng Bank boosted by plans to go private, while other bank holdings delivered better-than-expected quarterly results. Health Care was another bright spot with pharmaceutical holdings benefiting from line of sight on deals with US administration around Medicare drug pricing. The portfolio's sole Health Care Distributors position, Cardinal Health, also added value due to strong demand in its pharmaceutical distribution segment and improved margins in medical products. Industrials were most challenged from a stock-specific perspective, with Stantec missing estimates and Wolters Kluwer weaker as investor concerns around potential AI-related disruption overwhelmed solid fundamentals. Market overview Global equity markets, as measured by the MSCI World Index, ended the quarter modestly higher in US dollar terms. The period was marked by bouts of volatility, driven by concerns over elevated valuations and uncertainty surrounding returns and financing for large-scale data center investments. These factors prompted profit-taking in certain mega-cap technology and AI-related stocks, although the market overall remained resilient. Market leadership shifted towards Health Care, which rallied following the Trump administration's agreement with major pharmaceutical firms to reduce Medicaid drug prices. Pro-cyclical sectors also outperformed, with Materials buoyed by commodity streng...
Andrii Dodonov/iStock via Getty Images Key takeaways International Diversified Fund provides broad international exposure - Invesco International Diversified Fund offers investors broad-based exposure to non-US equities by combining six portfolios that have varied individual mandates regarding region, style and company size. The fund underperformed its benchmark in the fourth quarter - Invesco Int...
Andrii Dodonov/iStock via Getty Images Key takeaways International Diversified Fund provides broad international exposure - Invesco International Diversified Fund offers investors broad-based exposure to non-US equities by combining six portfolios that have varied individual mandates regarding region, style and company size. The fund underperformed its benchmark in the fourth quarter - Invesco International Diversified Fund Class A shares at NAV underperformed the MSCI ACWI ex USA Index but outperformed the Morningstar Foreign Large Growth peer group average 1 due to its increased exposure to defensive and cyclical market segments. New strategic asset allocation enhanced diversification - The fund has repositioned from its previous growth-oriented bias into a more balanced core strategy, providing both value and growth exposure. We believe the 35% allocation to International Value has delivered meaningful diversification benefits. Manager perspective and outlook In the fourth quarter of 2025, global equities posted generally positive results amid increased volatility, as international stocks outperformed US stocks. Internationally, value stocks dominated; the value segment outperformed the growth segment by a factor of three to one, as indicated by the respective MSCI ACWI ex-US style indexes. Artificial intelligence appeared to remain a major driver of investor enthusiasm, but momentum in the US faded late in the quarter as investors seemed to grow more cautious about elevated valuations on technology stocks. This led to a broadening of market leadership, and US value stocks showed renewed resilience despite softening labor conditions and a historic US government shutdown early in the quarter. Emerging market equities were among the top performers for the quarter, supported by a broad rally in technology stocks across Asia. However, results varied: South Korea delivered robust gains fueled by corporate governance reforms and AI-related semiconductor demand, while C...
vadishzainer/iStock via Getty Images Market Overview International equities advanced in the fourth quarter, marking a third consecutive quarterly gain and closing 2025 on a positive note despite intermittent volatility. Markets were driven higher by robust AI-infrastructure spending, strong corporate earnings, and a liquidity boost from the US Federal Reserve (Fed). Performance Summary The Hartfor...
vadishzainer/iStock via Getty Images Market Overview International equities advanced in the fourth quarter, marking a third consecutive quarterly gain and closing 2025 on a positive note despite intermittent volatility. Markets were driven higher by robust AI-infrastructure spending, strong corporate earnings, and a liquidity boost from the US Federal Reserve (Fed). Performance Summary The Hartford International Equity Fund (I Share) underperformed the MSCI ACWI ex-USA Index during the quarter. Sector allocation, a result of the portfolio's bottom-up stock-selection process, drove relative underperformance. The negative effects from our overweights to communication services and consumer discretionary were only partially offset by the positive impacts from our overweight to information technology. Security selection modestly benefitted relative results. Strong selection within the information technology, consumer staples, and communication services sectors was partially offset by weaker selection in materials and financials sectors. Factor impact on the Fund was negative, driven by its smaller cap-relative footprint and slight underweight exposure to stocks with higher momentum. This was only partially offset by the Fund's exposure to higher-beta names, which contributed. From a top-down perspective, regional exposures (country and currency) detracted over the period. Positioning in North America and emerging markets were notable detractors. This was only partially offset by exposure in Asia Pacific ex Japan, which contributed. The top relative detractors from performance during the quarter included the Fund's out-of-benchmark position in Flutter Entertainment ( FLUT )(consumer discretionary) and overweight position in Roche ( RHHBF )(healthcare). The top relative contributors to performance during the period included overweight positions in SK Hynix ( HXSC.F )(information technology) and Societe Generale ( SCGLF )(financials). Positioning & Outlook Equities extended...
Suphachai Panyacharoen/iStock via Getty Images Market Review International equities posted strong returns in the fourth quarter of 2025, shaped by a notable inflection in U.S. monetary policy and diverging central bank paths elsewhere, amid persistent geopolitical risk. In December, the Federal Reserve delivered its second rate cut of the year, citing cooling inflation, a softening labor market, a...
Suphachai Panyacharoen/iStock via Getty Images Market Review International equities posted strong returns in the fourth quarter of 2025, shaped by a notable inflection in U.S. monetary policy and diverging central bank paths elsewhere, amid persistent geopolitical risk. In December, the Federal Reserve delivered its second rate cut of the year, citing cooling inflation, a softening labor market, and tighter financial conditions. Importantly, the Fed had ended its quantitative tightening one month earlier, and investors widely interpreted its subsequent balance-sheet guidance—renewed liquidity injections and reinvestment flexibility—as a shift back to quasi-“quantitative easing.” Outside the U.S., monetary policy was less synchronized. The ECB signaled a cautious bias toward further easing as growth softened in the Eurozone and inflation drifted toward target. The Bank of Japan kept its gradual normalization, allowing yields to stay more market-driven while emphasizing patience. In China, policy combined targeted fiscal measures with incremental monetary support to stabilize its property markets and bolster domestic consumption, boosting investor sentiment toward Chinese and broader EM equities. But geopolitical risks also weighed on sentiment. Ongoing conflicts in the Middle East and Russia/Ukraine reinforced energy security and defense spending globally, while strategic competition around advanced technology and supply chains remained a focal point of trade and industrial policy. These dynamics supported select industrial, defense, and infrastructure-related firms, even as headline risk spurred market volatility, which we welcomed. Equity leadership broadened during the quarter. Cyclical sectors tied to financials and industrials benefited from improving liquidity, while growth stocks with strong balance sheets and visible earnings trajectories regained momentum—particularly in IT and select consumer and health care segments. Currency markets were relatively stable...
syahrir maulana/iStock via Getty Images Strategy overview Actively managed small cap growth strategy driven by bottom-up fundamental research seeking stocks with superior revenue and earnings potential and sustainable valuations. Key takeaways Equity markets advanced in 4Q25, buoyed by moderating inflation and robust earnings. Technology remained dominant, fueled by accelerating artificial intelli...
syahrir maulana/iStock via Getty Images Strategy overview Actively managed small cap growth strategy driven by bottom-up fundamental research seeking stocks with superior revenue and earnings potential and sustainable valuations. Key takeaways Equity markets advanced in 4Q25, buoyed by moderating inflation and robust earnings. Technology remained dominant, fueled by accelerating artificial intelligence (AI) adoption, while industrials benefited from strong capital expenditure trends, although energy softened after early strength. Broader market participation persisted, with small caps and cyclicals contributing. For the quarter ended December 31, 2025, the Fund outperformed the Russell 2000 Growth Index (the Index) on a net asset value (NAV) basis, due to stock selection. Positive stock selection in the technology, industrials, and consumer discretionary sectors were the leading contributors to outperformance. An overall negative allocation effect modestly detracted from performance for the period. Looking ahead, investors face geopolitical risks and policy uncertainty. Market leadership is widening beyond mega-cap growth, supported by AI-driven innovation and sustained corporate capital expenditure. Opportunities are emerging in defensives and rate-sensitive sectors, reinforcing the need for nimble positioning amid evolving macro conditions. Portfolio review For the quarter ended December 31, 2025, the Fund outperformed the Index on a NAV basis, due to stock selection. Positive stock selection in the technology, industrials, and consumer discretionary sectors were the leading contributors to outperformance. An overall negative allocation effect modestly detracted from performance for the period. Top individual contributors included Tower Semiconductor Ltd., Lumentum Holdings, Inc., and FormFactor, Inc. Tower Semiconductor Ltd. ( TSEM ) is a specialty manufacturer of customized analog semiconductors used in diverse industries including automotive, medical, consumer,...
J Studios/DigitalVision via Getty Images Market Update For the quarter, U.S. equities advanced at the broad index level, though results were uneven across sectors, and the return dispersion among individual companies was high. The Federal Reserve shifted to an easing posture late in the year, cutting rates in September and again at its December meeting as it focused on moderating inflation and a c...
J Studios/DigitalVision via Getty Images Market Update For the quarter, U.S. equities advanced at the broad index level, though results were uneven across sectors, and the return dispersion among individual companies was high. The Federal Reserve shifted to an easing posture late in the year, cutting rates in September and again at its December meeting as it focused on moderating inflation and a cooling labor backdrop. The extended federal government shutdown that began October 1 and ended in November curtailed government services and delayed key economic data releases used to assess growth and inflation, adding a bout of volatility during what was otherwise a risk-on environment during the second half of the year. The volatility spike accompanied a mid-quarter shift in market behavior for AI-related equities, as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. As a result, price momentum slowed into year-end. Portfolio Commentary The Baird Mid Cap Growth portfolio produced a -4.3%, net of fees, return in the fourth quarter compared to the -3.7% decline of the Russell Midcap Growth benchmark.* The discussion below focuses on the market dynamics and portfolio decisions, with an emphasis on the sectors and holdings that drove relative performance. Results remained below our expectations for the quarter, though the path of relative returns turned more favorable as the investment setup became increasingly constructive. October was dominated by severe style headwinds that have been a defining feature of the past two years: large cap stocks outperformed small cap stocks, lower-return businesses outperformed higher-return businesses, and unprofitable companies outperformed profitable ones. As we've discussed in prior commentaries, this is an especially challenging dynamic given our traditional portfolio profile. In November, however, the market environment ...
China has banned carmakers from pricing vehicles below cost, intensifying its crackdown on a persistent price war that’s engulfed the world’s largest auto market. In a final set of guidelines released Thursday, the State Administration for Market Regulation effectively banned automakers from selling vehicles below their total cost of production. That includes not just a company’s factory-floor exp...
China has banned carmakers from pricing vehicles below cost, intensifying its crackdown on a persistent price war that’s engulfed the world’s largest auto market. In a final set of guidelines released Thursday, the State Administration for Market Regulation effectively banned automakers from selling vehicles below their total cost of production. That includes not just a company’s factory-floor expenses, but administrative, financial and sales overheads. By using a broad definition of production cost, China’s top market regulator is closing a loophole that helped companies’ aggressive sales expansion but has drawn concerns from officials about an industrywide race to the bottom. It’s also outlawed price-fixing between automakers and suppliers, and prohibited brands from forcing dealerships into money-losing sales through punitive rebate programs. The years-long price war has transformed China’s auto industry, fueling the rise of industry giants like BYD Co. and Tesla Inc. while pushing smaller manufacturers — pressured to implement price cuts to keep up — to the brink. The cutthroat competition has rippled through the entire supply chain, with automakers asking for discounts from upstream manufacturers and extending payment times — a practice that regulators have also sought to stamp out. The regulator also refined some guidelines from the consultation draft released late last year. That includes classifying digital car-buying platforms as real-time market monitors, which will be encouraged to issue “dual-risk alerts” to both consumers and regulators when a merchant lists a car for an abnormally low price. Regulations around software-defined vehicles were also tightened to mandate that carmakers notify customers when their free software trials are about to expire. Features not explicitly disclosed at the time of purchase are also barred from being turned into paid subscriptions later. Despite Beijing’s efforts to stamp out aggressive discounting, including a recent w...
The steepest underperformance of Indian stocks in decades isn’t deterring GQG Partners LLC as it bets on banks to lead a recovery in earnings. Corporate earnings growth should accelerate back to the mid-teens, following a five-quarter slowdown where Indian equities lagged behind emerging-market peers, according to Sudarshan Murthy , a portfolio manager at GQG. “India was going through a perfect st...
The steepest underperformance of Indian stocks in decades isn’t deterring GQG Partners LLC as it bets on banks to lead a recovery in earnings. Corporate earnings growth should accelerate back to the mid-teens, following a five-quarter slowdown where Indian equities lagged behind emerging-market peers, according to Sudarshan Murthy , a portfolio manager at GQG. “India was going through a perfect storm” of tariff worries, currency weakness, soft earnings and money rotated out of India to markets with more prominent artificial-intelligence plays, said Murthy. But he’s confident that will change. “For every dollar invested in China, we have about nine times that in India.” New York-based GQG, which has more than $24 billion of its $166 billion total assets under management in India, is an outlier among international investors. Foreigners pulled about $19 billion from stocks last year, a trend that has continued in 2026, as lackluster corporate earnings, tensions with the US and a weak rupee dented sentiment. But things are looking up. A trade deal with the US has eased concerns and supported the rupee. Investors may view India as a refuge if AI-stock valuations come under question. And Jefferies sees the highest proportion of earnings upgrades in the current season than anytime in the past seven. GQG Partners holds ICICI Bank Ltd. and State Bank of India Ltd. in its emerging markets portfolio, according to filings. It also held telecom-provider stock Bharti Airtel Ltd. and infrastructure-linked companies including Adani Enterprises Ltd., Adani Green Energy Ltd. and JSW Steel Ltd . GQG attracted attention for a bet on Adani-group stocks in 2023 just after a short seller issued a scathing report on the group that tanked shares. GQG’s investment grew more than fivefold in the next year. But its overall record is mixed — the Goldman Sachs GQG Partners International Opportunities Fund’s five-year return ranks in the 56th percentile among peers, according to data compiled by ...
Energy Vault ( NRGV ) upsized and priced $140M convertible senior notes that will bear interest at 5.250% per year, payable semiannually starting September 1, 2026, and mature on March 1, 2031. The initial conversion rate is 193.1807 shares of the company’s common stock per $1,000 principal amount of the notes (which is equivalent to an initial conversion price of ~$5.18 per share). Funds will cov...
Energy Vault ( NRGV ) upsized and priced $140M convertible senior notes that will bear interest at 5.250% per year, payable semiannually starting September 1, 2026, and mature on March 1, 2031. The initial conversion rate is 193.1807 shares of the company’s common stock per $1,000 principal amount of the notes (which is equivalent to an initial conversion price of ~$5.18 per share). Funds will cover capped call costs, redeem $35M-$45M of existing YA II PN, Ltd. debentures, and support general corporate needs like debt repayment and growth. Additional proceeds, if the option is exercised, follow the same priorities. The stock price plummeted about 18% on Wednesday during after-market hours of trading. More on Energy Vault Holdings Energy Vault Holdings: Compelling Growth Story With Substantial Upside Energy Vault previews Q4 revenue above estimates, plans $125M convertible notes offering; shares down Energy Vault expands Texas footprint with 150 MW SOSA Energy Center; cash rises to $100M Seeking Alpha’s Quant Rating on Energy Vault Holdings Historical earnings data for Energy Vault Holdings