DNY59/E+ via Getty Images Market overview The S&P UBS Leveraged Loan Index (SPLL, the Benchmark) returned 1.19% over the fourth quarter of 2025. The loan market underperformed the U.S. high-yield market in the same period, with ICE BofA US High Yield Index returning 1.35%. The loan market outperformed the U.S. Treasury market, which returned 0.90%. In comparison to equity markets, the Russell 2000...
DNY59/E+ via Getty Images Market overview The S&P UBS Leveraged Loan Index (SPLL, the Benchmark) returned 1.19% over the fourth quarter of 2025. The loan market underperformed the U.S. high-yield market in the same period, with ICE BofA US High Yield Index returning 1.35%. The loan market outperformed the U.S. Treasury market, which returned 0.90%. In comparison to equity markets, the Russell 2000 Index and S&P 500 Index returned 2.19% and 2.65%, respectively. Interest rate volatility continued to decline, and longer-term rates ended the period mixed. Two- and five-year Treasury rates decreased 13 basis points (bps) and 2 bps, respectively, while the 10-year rate increased 2 bps. (A basis point is 1/100 of a percent.) While inflation remained above target and there were moments of hawkish rhetoric from the U.S. Federal Reserve, the easing cycle continued with two 25 bps cuts over the quarter. Short-term rates, including Secured Overnight Financing Rate (SOFR), which is the base rate used in the U.S. leveraged loan market, declined with ongoing Fed easing. At the end of the fourth quarter, the one-month and three-month SOFR were at 3.69% and 3.65%, respectively. The U.S. leveraged loan market continued to deliver solid total returns in the fourth quarter. Outside of idiosyncratic credit events, the market was broadly stable over period, as trade tensions continued to ease, third-quarter earnings reports continued to exhibit resiliency and macroeconomic fundamentals remained stable. Lower quality loans underperformed, with CCC rated facilities delivering negative total returns, while BB rated facilities delivered the strongest returns. Top holdings (% of net assets): as of December 31, 2025 Dayforce 7.157 10/07/2032 0.96 Ultimate Software UKG 6.935 02/10/2031 0.69 Proofpoint 6.672 08/31/2028 0.67 Indy US Bidco 5.966 10/31/2030 0.66 Whatabrands 6.812 08/03/2028 0.66 Sedgwick 6.216 07/31/2031 0.65 TK Elevator Midco GmbH 6.947 04/30/2030 0.65 Ascend Learning 6.716 12/11/...
By pivoting away from the volatile consumer market and anchoring its growth in high-value enterprise contracts, Anthropic has positioned itself as the premier challenger to OpenAI's dominance.
By pivoting away from the volatile consumer market and anchoring its growth in high-value enterprise contracts, Anthropic has positioned itself as the premier challenger to OpenAI's dominance.
By pivoting away from the volatile consumer market and anchoring its growth in high-value enterprise contracts, Anthropic has positioned itself as the premier challenger to OpenAI's dominance.
By pivoting away from the volatile consumer market and anchoring its growth in high-value enterprise contracts, Anthropic has positioned itself as the premier challenger to OpenAI's dominance.
(RTTNews) - Telix Pharmaceuticals Limited (TLX, TLX.AX) reported that its group revenue for the first quarter of fiscal year 2016 increased about 24% to US$230 million, from US$186 million last year.
(RTTNews) - Telix Pharmaceuticals Limited (TLX, TLX.AX) reported that its group revenue for the first quarter of fiscal year 2016 increased about 24% to US$230 million, from US$186 million last year.
(RTTNews) - Indian shares are seen opening on a cautious note on Tuesday as the clock ticks towards a deadline that U.S. President Donald Trump has set to bomb Iranian power plants if it does not open the Strait of Hormuz.
(RTTNews) - Indian shares are seen opening on a cautious note on Tuesday as the clock ticks towards a deadline that U.S. President Donald Trump has set to bomb Iranian power plants if it does not open the Strait of Hormuz.
China Introduces Pistol-Like Coil-Gun Based On Electromagnetic-Launch Systems Authored by Bojan Stojovski via Interesting Engineering , A new handheld coil gun developed in China is designed for discreet, non-lethal use, including law enforcement operations , state broadcaster CCTV reported. Capable of firing between 1,000 and 2,000 rounds per minute, the weapon can penetrate wooden boards from di...
China Introduces Pistol-Like Coil-Gun Based On Electromagnetic-Launch Systems Authored by Bojan Stojovski via Interesting Engineering , A new handheld coil gun developed in China is designed for discreet, non-lethal use, including law enforcement operations , state broadcaster CCTV reported. Capable of firing between 1,000 and 2,000 rounds per minute, the weapon can penetrate wooden boards from distances of several dozen yards. Its adjustable power settings allow it to incapacitate rather than kill when set lower. China develops electromagnetic weapon for covert operations. Gamersky The compact electromagnetic launcher features a 12-inch barrel and is light enough to be comfortably held and operated with one hand, allowing for greater mobility and ease of use in tight or urban environments where traditional firearms or larger coil guns would be cumbersome. Equipped with a laser pointer for improved accuracy, the device – also called a Gauss gun – uses electromagnetic coils to accelerate metal projectiles at high speeds, miniaturizing technology previously limited to larger military systems. Merging stealth and increased destructive power The latest Chinese handheld coil gun offers a stealthy alternative to traditional firearms, producing no muzzle flash or smoke, minimal noise, and no ejected shell casings. These features make it particularly suited for covert operations, according to Chinese media. The showcased model represents an upgrade from last year’s test version, featuring a slightly longer barrel and the ability to fire larger, heavier projectiles. While its rate of fire is somewhat slower, the weapon delivers significantly greater kinetic energy and destructive force, increasing its impact per shot, the South China Morning Post reported . The weapon is equipped with an electronic display that provides real-time information on battery life, ammunition count, and firing modes. Operators can adjust the electric current to control output power, allowing them t...
ismagilov/iStock via Getty Images In the very long run, defined here as a period of 10 years or more, I am bullish on the Nasdaq 100 ( QQQ ) and its super-aggressive, leveraged ETF version, the ProShares UltraPro QQQ ( TQQQ )—the subject of today's article. For this reason, I am selfishly hoping for a deeper correction in the equities market than what we have seen in the past five weeks, believing...
ismagilov/iStock via Getty Images In the very long run, defined here as a period of 10 years or more, I am bullish on the Nasdaq 100 ( QQQ ) and its super-aggressive, leveraged ETF version, the ProShares UltraPro QQQ ( TQQQ )—the subject of today's article. For this reason, I am selfishly hoping for a deeper correction in the equities market than what we have seen in the past five weeks, believing that this would increase the likelihood of oversized returns in the next several years if one deploys a sensible risk management strategy (something that, in my view, is a must-have when using leverage). A bull hoping for a pullback may sound counterintuitive. Perhaps the obvious explanation is that corrections uncover the potential for more profitable buy-the-dip trades. While this is ultimately what lies at the center of my "bad is good" argument, today I am proposing a more structured way to think about sidestepping a potential correction and riding an eventual recovery in a more systematic but very simple way. About TQQQ Before diving any deeper, let's briefly talk about the ProShares UltraPro QQQ , a fund that seeks to produce three times the daily returns of the Nasdaq 100 index. It does so by not only holding the individual components of the benchmark but also by being long a series of index swap contracts (see holdings for more details ). On the minus side, TQQQ comes with a series of risks. The most important of them is that 3x leverage substantially increases the volatility and drawdown potential to levels that most investors would not be comfortable with—which is why, in my view, TQQQ is best held alongside cash and/or "anti-fragile" asset classes and instruments, such as VIX-linked ( VIXY , VIXM ), low-beta long-short ( BTAL ), and managed futures ( CTA , KMLM ) funds. The other key risk is volatility drag, which means that TQQQ could produce substantial losses over more than a day even if QQQ moves sideways or slightly up (find out more about volatility drag f...