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kanawatvector/iStock via Getty Images The following segment was excerpted from the Harbor Small Cap Growth Fund ( HASGX ) Q4 2025 Commentary. During the fourth quarter, the Harbor Small Cap Growth Fund (Institutional Class, "Fund") returned 3.09%, outperforming the Russell 2000® Growth Index ("Index"), which returned 1.22%. From a sector perspective, strength within Industrials and Information Tec...
kanawatvector/iStock via Getty Images The following segment was excerpted from the Harbor Small Cap Growth Fund ( HASGX ) Q4 2025 Commentary. During the fourth quarter, the Harbor Small Cap Growth Fund (Institutional Class, "Fund") returned 3.09%, outperforming the Russell 2000® Growth Index ("Index"), which returned 1.22%. From a sector perspective, strength within Industrials and Information Technology ("IT") offset relative weakness in Health Care. The Fund benefited from both positive stock-specific return and a common factor tailwind during the quarter. In particular, the Fund's overweight exposure to size offset a headwind from an underweight exposure to volatility and momentum. Contributors & Detractors During the quarter, Revolution Medicines ( RVMD ), a clinical-stage, oncology-focused biotech company with promising drugs designed to address previously undruggable large markets such as pancreatic cancer was a top contributor to relative performance, as confidence continued to build around its platform. Shares advanced as regulatory validation further derisked daraxonrasib and reinforced its potential across multiple rat sarcoma ("RAS")-driven cancers. Investor recognition improved as the breadth of Revolution's pipeline and size of the opportunity in historically undruggable mutations became more apparent. In early 2026, reports that AbbVie ( ABBV ) is in advanced acquisition talks with the company highlighted the platform's strategic value, in our opinion. With RAS mutations implicated in roughly 30% of new cancer diagnoses and daraxonrasib holding Breakthrough Therapy Designation, we believe Revolution remains a high-upside oncology platform. We did not make any adjustments to the position during the quarter. Comfort Systems USA ( FIX ), a provider of mechanical and electrical contracting services, was among the top contributing names during the quarter, as investor preference shifted toward industrial services companies with durable secular growth exposu...
Malaysia’s central bank said strong growth and ongoing reforms would provide support for the ringgit, ruling out using the currency to support exports, which it said are determined by global demand. “The ringgit has never been an instrument for export competitiveness” Bank Negara Malaysia said in a written response to questions on Friday. While the central bank will continue to ensure “orderly con...
Malaysia’s central bank said strong growth and ongoing reforms would provide support for the ringgit, ruling out using the currency to support exports, which it said are determined by global demand. “The ringgit has never been an instrument for export competitiveness” Bank Negara Malaysia said in a written response to questions on Friday. While the central bank will continue to ensure “orderly conditions” in the foreign exhange market, “the ringgit is market-determined.” The comments come as the currency has outperformed all Asian peers in 2026, rising 3%, after gaining around 10% last year. That is in stark contrast to the performance of neighboring Indonesia this month, where equities saw the worst rout since 1998 and the rupiah hit a record low versus the greenback. Despite the ringgit’s gains, Malaysia has seen robust exports growth, with record shipments of manufactured goods in December. The latest export figures highlight Malaysia’s resilience in the face of 19% US tariffs that came into effect last year. Global demand plays “the bigger role” in driving exports instead of the ringgit, Bank Negara said, noting that it continues to “observe a stable conversion” of exporters’ foreign currency proceeds into the ringgit. Malaysia’s growth has also stood out relative to many of its peers. Gross domestic product in 2025 grew by 4.9% , above the government’s forecast of a 4% to 4.8% expansion, supported by robust services and manufacturing. In contrast, the Philippine’s full year GDP for last year slowed to 4.4% , below the official 5.5% to 6.5% target. “Malaysia’s economy is expected to remain resilient,” Bank Negara said, citing domestic demand and investment activity, though there are external risks. “This, together with the ongoing structural reforms, will provide continued and enduring support for the ringgit.”
半个世纪后看，松冈的“冲劲”让人怀念，赛克勒的“布局”则更接近今日大藏家的主流路径。收藏本无绝对对错，只有时代与个性的不同结局 半个世纪后看伦敦的那场梅耶专场拍卖，松冈的“冲劲”让人怀念，赛克勒的“布局”则更接近今日大藏家的主流路径。收藏本无绝对对错，只有时代与个性的不同结局。 1974年6月24 日，在位于King Street的佳士得拍卖厅内，一场名为“The Frederick M. May...
半个世纪后看，松冈的“冲劲”让人怀念，赛克勒的“布局”则更接近今日大藏家的主流路径。收藏本无绝对对错，只有时代与个性的不同结局 半个世纪后看伦敦的那场梅耶专场拍卖，松冈的“冲劲”让人怀念，赛克勒的“布局”则更接近今日大藏家的主流路径。收藏本无绝对对错，只有时代与个性的不同结局。 1974年6月24 日，在位于King Street的佳士得拍卖厅内，一场名为“The Frederick M. Mayer Collection of Chinese Art”的专场拍卖正式举槌。这是一场由著名藏家费德莱克·梅耶（Frederick M. Mayer）释出的中国古代艺术收藏专拍，分两日进行，涵盖青铜器、陶瓷、漆器与佛教造像等多个门类。 推荐进入 财新数据库 ，可随时查阅宏观经济、股票债券、公司人物，财经数据尽在掌握。
Investors have been spooked by Microsoft's huge surge in spending on AI infrastructure (RONNY HARTMANN) · RONNY HARTMANN/AFP/AFP Asian stocks sank Friday amid fresh worries over vast investments in artificial intelligence, gold and silver tumbled after hitting multiple record highs and oil retreated on hopes for an easing of US-Iran tensions. Markets have endured a rollercoaster ride this week as ...
Investors have been spooked by Microsoft's huge surge in spending on AI infrastructure (RONNY HARTMANN) · RONNY HARTMANN/AFP/AFP Asian stocks sank Friday amid fresh worries over vast investments in artificial intelligence, gold and silver tumbled after hitting multiple record highs and oil retreated on hopes for an easing of US-Iran tensions. Markets have endured a rollercoaster ride this week as traders weathered a weaker dollar, Donald Trump's threats against Tehran, a resumption of tariff warnings and a possible US government shutdown. Fresh optimism in the tech sector about the future of AI has provided support, however, with healthy earnings from companies including Meta, Samsung and SK hynix providing much cheer. However, the positivity took a hit Thursday after Microsoft announced a surge in spending on AI infrastructure and revived concerns that companies could take some time before seeing a return on their investments. There are also fears that firms' valuations may be a little too stretched and markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fuelled rally. "Microsoft suffered its worst session since the COVID‑era crash, falling 12 percent and accounting for over two‑thirds of the S&P 500's decline," wrote National Australia Bank's Rodrigo Catril. "Concerns centred on rising investment spending, slower Azure (cloud service) growth, and a longer runway to monetising AI." Wall Street ended mostly in the red, with the Dow the only advancer. And Asia also struggled. Hong Kong and Shanghai fell more than one percent while Tokyo, Sydney, Singapore, Taipei and Manila were also down. Seoul and Wellington rose. Jakarta saw more losses but seemed to be stabilising after a rout over the previous two days sparked by index compiler MSCI calling on regulators to look into ownership concerns. MSCI also said it would hold off adding Indonesian stocks to its indexes or increasing their weighting, while there are concerns it ...
Christopher Payne/iStock Editorial via Getty Images Investment Thesis Shift4 ( FOUR ) is a fully integrated payment processor that specializes in underserved verticals such as hospitality and events. For the first 9 months of 2025, Shift4's payment volume was $150 billion, likely to reach $210 billion for the full year 2025. In our last article , we emphasized Shift4's differentiated core provided...
Christopher Payne/iStock Editorial via Getty Images Investment Thesis Shift4 ( FOUR ) is a fully integrated payment processor that specializes in underserved verticals such as hospitality and events. For the first 9 months of 2025, Shift4's payment volume was $150 billion, likely to reach $210 billion for the full year 2025. In our last article , we emphasized Shift4's differentiated core provided a strong avenue for growth aligned with other fintechs like Adyen or Block. Additionally, we were highly optimistic about the Global Blue acquisition , which provides access to a massive cross-selling pipeline in Europe among high-margin luxury retailers. Global Blue has delivered immediate accretive value, and while retail and hotel comps are weaker amidst a worsening USD and shaky economic conditions, we still maintain our belief that Shift4 provides strong long-term secular growth. We believe the bearish trade has become crowded, with short interest reported at 20-25% of float. During November 2025, management announced a new $1 billion repurchase program, or 17.6% of shares. Based on management comments, we believe they will be aggressive and provide a floor to the stock price. Estimated Fair Value EFV (Estimated Fair Value) = EFY26 EPS (Earnings Per Share) times P/E (Price/EPS) EFV = E26 EPS X P/E = $6.7 X 24.7 = $165.81 The market is reacting negatively to weaker mass market comps, and a broad rotation out of fintech in favor of AI. E2026 E2027 E2028 Price-to-Sales 1.1 1.0 0.9 Price-to-Earnings 9.9 8.3 6.4 Click to enlarge Seeking Alpha Analyst Consensus Despite the massive expansion in addressable market, Shift4 is trading at a valuation that is historically low. While peer valuation is also compressed, as we discussed in our previous article , we believe that Shift4's targeting of unique verticals allows for higher earnings power, especially as it expands globally, demonstrated by the substantially higher take rate from Global Blue compared to the Shift4 core. Data...
廉署破兩集團呃1.5億科技資助 拘33人包括時任數碼港職員 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】廉政公署打擊兩個貪污集團，企圖騙取政府科技資助，涉款達1.5億元，拘捕33人，包括一名數碼港職員和銀行職員...
廉署破兩集團呃1.5億科技資助 拘33人包括時任數碼港職員 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】廉政公署打擊兩個貪污集團，企圖騙取政府科技資助，涉款達1.5億元，拘捕33人，包括一名數碼港職員和銀行職員，成功截停發出逾1.2億資助。 廉署早前接獲舉報，發現兩個貪污集團向政府的數碼轉型支援先導計劃及科技券計劃提交合共約1,500宗申請，手法包括設立空殼公司、招攬親友開設戶口，亦有資訊科技供應商賄賂負責審批的時任數碼港職員，並推銷街市檔販等小商戶申請最高資助額的數碼轉型方案，但最終只提供極簡單服務。 廉署執行處總調查主任羅珮詩：「貪污集團向小商戶聲稱只需申請、毋須付款，還要有回贈。小商戶信以為真，以為交文件、簽個名就得到政府全數資助，連商業登記都交予貪污集團成員，大部分申請者一直被蒙在鼓裡，甚至不知道自己參與甚麼計劃。」
Key Points Microsoft's commercial remaining performance obligations climbed to $625 billion in fiscal Q2. The tech company's "Azure and other cloud services" revenue grew sharply, but at a slower rate than in fiscal Q1. OpenAI accounts for 45% of Microsoft's commercial backlog. 10 stocks we like better than Microsoft › Microsoft (NASDAQ: MSFT) just reported fiscal second-quarter results, and the s...
Key Points Microsoft's commercial remaining performance obligations climbed to $625 billion in fiscal Q2. The tech company's "Azure and other cloud services" revenue grew sharply, but at a slower rate than in fiscal Q1. OpenAI accounts for 45% of Microsoft's commercial backlog. 10 stocks we like better than Microsoft › Microsoft (NASDAQ: MSFT) just reported fiscal second-quarter results, and the software and cloud giant offered one especially telling signal about demand for its commercial products, largely driven by a growing appetite for AI (artificial intelligence)-capable cloud computing: the software giant's commercial remaining performance obligations soared to $625 billion. The more than doubling of this figure year over year is reassuring for investors. Microsoft is spending heavily to expand compute capacity for AI and cloud workloads, so a healthy pipeline of contracted demand is a key part of the story. But does a soaring backlog like this really reflect how Microsoft's revenue can inflect over time? Or is it possible that the company sees very little acceleration in its business, despite a surge in commercial remaining performance obligations (RPO)? Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Microsoft's surging backlog Why watch Microsoft's commercial RPOs? Microsoft's commercial RPOs represent the dollar value of contracted commercial work that has not yet been recognized as revenue. They're a key indicator of demand for Microsoft's services. And, lately, the AI boom has provided a huge tailwind for this key metric. In its fiscal second quarter, Microsoft said commercial remaining performance obligations rose 110% to $625 billion. Not only was this a big sequential increase from $392 billion in fiscal Q1, but it also marked a significant step-up in the speed at which Microsoft's backlog is growing. Microsoft's 110% year-over-year increase in commercial RPOs in fis...
Microsoft (NASDAQ: MSFT) just reported fiscal second-quarter results, and the software and cloud giant offered one especially telling signal about demand for its commercial products, largely driven by a growing appetite for AI (artificial intelligence)-capable cloud computing: the software giant's commercial remaining performance obligations soared to $625 billion. The more than doubling of this f...
Microsoft (NASDAQ: MSFT) just reported fiscal second-quarter results, and the software and cloud giant offered one especially telling signal about demand for its commercial products, largely driven by a growing appetite for AI (artificial intelligence)-capable cloud computing: the software giant's commercial remaining performance obligations soared to $625 billion. The more than doubling of this figure year over year is reassuring for investors. Microsoft is spending heavily to expand compute capacity for AI and cloud workloads, so a healthy pipeline of contracted demand is a key part of the story. But does a soaring backlog like this really reflect how Microsoft's revenue can inflect over time? Or is it possible that the company sees very little acceleration in its business, despite a surge in commercial remaining performance obligations (RPO)? Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Image source: Getty Images. Microsoft's surging backlog Why watch Microsoft's commercial RPOs? Microsoft's commercial RPOs represent the dollar value of contracted commercial work that has not yet been recognized as revenue. They're a key indicator of demand for Microsoft's services. And, lately, the AI boom has provided a huge tailwind for this key metric. In its fiscal second quarter, Microsoft said commercial remaining performance obligations rose 110% to $625 billion. Not only was this a big sequential increase from $392 billion in fiscal Q1, but it also marked a significant step-up in the speed at which Microsoft's backlog is growing. Microsoft's 110% year-over-year increase in commercial RPOs in fiscal Q2 was more than twice its 51% growth rate in fiscal Q1. 4 reasons to be skeptical With this said, there are four reasons investors should view this backlog cautiously. First of all, it's worth emphasizing that this is contracted work, not guaranteed rev...