Urupong/iStock via Getty Images With 2026 underway, the market appears poised for a shift toward broader participation and more fundamental drivers of return. - Westfield Capital Management Company, L.P. Market In Review Equity markets posted modest gains during the fourth quarter of 2025, capping a year marked by early trade shocks, robust earnings, and a growing divergence between headline index...
Urupong/iStock via Getty Images With 2026 underway, the market appears poised for a shift toward broader participation and more fundamental drivers of return. - Westfield Capital Management Company, L.P. Market In Review Equity markets posted modest gains during the fourth quarter of 2025, capping a year marked by early trade shocks, robust earnings, and a growing divergence between headline indexes and underlying breadth. While large-cap technology names remained a focal point, the final months of 2025 saw renewed strength in small caps and cyclical sectors, driven by resilient consumer spending, a steepening yield curve, and continued disinflation. The Federal Reserve's ("Fed") dovish pivot and easing financial conditions further supported sentiment — even as investors grew more discerning about AI-driven growth — and labor market dynamics remained in flux. Portfolio Performance 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...
Key events 14m ago Preamble Show key events only Please turn on JavaScript to use this feature 1m ago 03.22 GMT In case you didn’t see it, yesterday’s play saw the women’s singles finals locked in: Elena Rybakina (5) seeing off an attempted fightback from Jess Pegula (6) to secure her third grand slam final appearance and set up a date with Aryna Sabalenka (1), who earlier that evening got past El...
Key events 14m ago Preamble Show key events only Please turn on JavaScript to use this feature 1m ago 03.22 GMT In case you didn’t see it, yesterday’s play saw the women’s singles finals locked in: Elena Rybakina (5) seeing off an attempted fightback from Jess Pegula (6) to secure her third grand slam final appearance and set up a date with Aryna Sabalenka (1), who earlier that evening got past Elina Svitolina (12) in straight sets. Rybakina survives rally from Pegula to set up Sabalenka rematch in final Read more And in case you didn’t hear it, Sabalenka was none-too-pleased with a hindrance call that went against her early on in the match after she let loose with an unusual, late grunt. Aryna Sabalenka hits out at umpire after grunting penalty in win over Svitolina Read more It promises to be a good final: the two staging battles in the past – Rybakina beating Sabalenka in Riyadh last year – and the Kazakhstani one of the few players on the tour that can slug it out with the world number one from the back of the court. Share 2m ago 03.21 GMT And… well… on the subject of cameras backstage, footage from behind the scenes at Rod Laver shows both Carlos Alcaraz (1) and Alexander Zverev (3) going through their final warm-ups before heading out onto the court. Share 5m ago 03.18 GMT Tumaini Carayol has also taken a look at the growing discussions born from Coco Gauff (3) smashing her racquet in what she thought was a secluded area at Olympic Park after her quarterfinal loss – one pitching player privacy against the increasing access is demanded in a world in which content is king. Gauff’s racket rage fallout: are players right to feel like they’re on Big Brother? | Tumaini Carayol Read more Share 7m ago 03.17 GMT Novak Djokovic has insisted that he will not “walk out with a white flag” as he prepares for his latest battle with one of the ATP’s dominant top two in a grand slam semi-final, this time against the two-time defending champion Jannik Sinner on Friday in Melbou...
Subdued Chinese demand was a key contributor to a decline in Australia’s wine exports last year, according to the Australian government agency that promotes the industry. With consumer sentiment and evolving tastes reshaping the Chinese market, shipments to mainland China fell 17 per cent year on year to A$755 million (US$532.10 million) – the biggest single factor in an 8 per cent fall in Austral...
Subdued Chinese demand was a key contributor to a decline in Australia’s wine exports last year, according to the Australian government agency that promotes the industry. With consumer sentiment and evolving tastes reshaping the Chinese market, shipments to mainland China fell 17 per cent year on year to A$755 million (US$532.10 million) – the biggest single factor in an 8 per cent fall in Australia’s total wine exports last year – Wine Australia said in a report released on Wednesday. The weak performance in China, which came despite the removal of tariffs of up to 218.4 per cent on Australian wine in March 2024, was in line with a long-term trend of declining consumption. Advertisement Those tariffs, imposed in response to Canberra’s call for an investigation into the origins of Covid-19, resulted in the importation of just 1 litre of Australian wine in January 2024. “While the reopening of the mainland China market at the end of March 2024 provided some temporary relief in the decline in total exports, the Chinese wine market is one-third of the size it was five years ago – impacting both domestically produced and imported wines,” said Peter Bailey, Wine Australia’s manager of market insights. Advertisement He said weak consumer confidence was also continuing to weigh on household spending in China, with only “minor improvements” in sentiment seen since an all-time low in 2022 during the country’s coronavirus pandemic restrictions. Australian wine exports last year dropped by 8 per cent in value to A$2.34 billion (US$1.65 billion) and 6 per cent in volume to 613 million litres (161.94 million gallons).
ThomasVogel/iStock via Getty Images The year 2026 is here, and it is time for the traditional "Top 5 Mining Stocks to Watch" list. 2025 was a huge success, as the record-breaking metals prices pushed the featured companies to triple-digit returns. As of December 29, Aris Mining ( ARMN ) was up 360%, followed by Taseko Mines ( TGB ) (186%), and Eldorado Gold ( EGO ) (141%). In the case of Calibre M...
ThomasVogel/iStock via Getty Images The year 2026 is here, and it is time for the traditional "Top 5 Mining Stocks to Watch" list. 2025 was a huge success, as the record-breaking metals prices pushed the featured companies to triple-digit returns. As of December 29, Aris Mining ( ARMN ) was up 360%, followed by Taseko Mines ( TGB ) (186%), and Eldorado Gold ( EGO ) (141%). In the case of Calibre Mining, the calculation is a little more complex, as in June, the company was acquired by Equinox Gold ( EQX ). However, taking into account the 2024 closing price of Calibre, and the current value of 0.31 Equinox shares, Calibre is technically nearly 102% up. The least successful pick was Franco-Nevada ( FNV ), although a 78% gain can hardly be taken as a failure. On average, the 2025 Top 5 list gained 191.4%, the VanEck Junior Gold Miners ETF ( GDXJ ) (169%), the VanEck Gold Miners ETF ( GDX ) (154%), the SPDR S&P Metals and Mining ETF ( XME ) (86%), and also the SPDR S&P 500 ETF Trust ( SPY ) (17%). Source: Own Processing It is not realistic to expect similar gains also in 2026, as the gold, silver, and copper prices will most probably ease the pace of growth (and possibly even give up a portion of the 2025 gains), however, numerous mining companies expect some major catalysts and have a good probability of outperforming their peers. Just like every year, I know that there are definitely some other companies with high potential that could have been considered for inclusion in the Top 5. If you are missing such a company on the list, please feel free to mention it in the comments section. The fifth place on the 2026 list was captured by NexGold Mining ( NXGCF ), the fourth place was captured by U.S. Gold Corp. ( USAU ), the third place was captured by Taseko Mines, and the second one by Aris Mining ( ARMN ). And the No. 1 for 2026 is Troilus Mining ( CHXMF ). Troilus is not in production and it hasn't even started the mine construction yet. However, it is developing a larg...
Key Points Taiwan Semiconductor is not only growing sales at a fast rate, but its profits have been soaring as well. The company's profit margin is now around 50%. While its valuation has been rising, the stock's earnings multiple may still not be terribly high. 10 stocks we like better than Taiwan Semiconductor Manufacturing › One of the biggest players in the artificial intelligence (AI) market ...
Key Points Taiwan Semiconductor is not only growing sales at a fast rate, but its profits have been soaring as well. The company's profit margin is now around 50%. While its valuation has been rising, the stock's earnings multiple may still not be terribly high. 10 stocks we like better than Taiwan Semiconductor Manufacturing › One of the biggest players in the artificial intelligence (AI) market that's benefiting from strong demand for semiconductor chips is Taiwan Semiconductor Manufacturing (NYSE: TSM). The company is the go-to manufacturer for chips, and when there's an influx of demand, its sales take off. Business has been booming for Taiwan Semiconductor, which is evident in the company's recent quarterly results. The stock has been a hot buy and a top option for AI investors looking to profit from the growth related to next-gen technologies. Recently, however, it hit a new all-time high, and it has now risen by 50% in just the past 12 months; is it too late to invest in the tech company? 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 » Taiwan Semiconductor's bottom line rose by 35% last quarter When it comes to contract chip manufacturing, Taiwan Semiconductor is hard to beat due to its lean operations. While its revenue growth rate of 21% may not have looked particularly impressive in its most recent quarter (which ended on Dec. 31, 2025), what stood out was its profit growth -- net income rose by a remarkable 35%. This is also now the eighth straight period in which the company's bottom line has increased on a year-over-year basis. Taiwan Semiconductor's strong and growing profit margins make it a promising business to invest in for the long haul, as rising earnings can make the stock seem less expensive over time. The stock's market cap may be rising, but its valuation remains attractive At around $1.7 trillion in market cap, Taiwan Semiconductor is among the most valuab...
Photo: VCG Hong Kong’s Exchange Fund posted a record investment income of HK$331 billion ($42.4 billion) in 2025, driven by a rare rally across bonds, equities and major non-U.S. currencies — a combination an official cautioned is unlikely to last. The income was up 51.3% from the previous year, according to data released Wednesday by the Hong Kong Monetary Authority (HKMA), which manages the gove...
Photo: VCG Hong Kong’s Exchange Fund posted a record investment income of HK$331 billion ($42.4 billion) in 2025, driven by a rare rally across bonds, equities and major non-U.S. currencies — a combination an official cautioned is unlikely to last. The income was up 51.3% from the previous year, according to data released Wednesday by the Hong Kong Monetary Authority (HKMA), which manages the government-owned fund to support the city’s monetary and financial stability.
Panama’s top court has ruled that the contract granted to Li Ka-shing’s CK Hutchison Holdings Ltd. to operate two ports near the Panama canal is unconstitutional, dealing a blow to the company’s ongoing efforts to sell off the operations. The court ruling was announced in a post on its Instagram account Thursday night local time, without elaboration. The ports are at the center of a US-China power...
Panama’s top court has ruled that the contract granted to Li Ka-shing’s CK Hutchison Holdings Ltd. to operate two ports near the Panama canal is unconstitutional, dealing a blow to the company’s ongoing efforts to sell off the operations. The court ruling was announced in a post on its Instagram account Thursday night local time, without elaboration. The ports are at the center of a US-China power struggle, with President Donald Trump criticizing perceived Chinese influence over the canal and threatening to place it under US control. CK Hutchison started operating the ports in 1997 and the contract was extended in 2021. The Hong Kong-based company does not have any official links with China’s government. Panama President Jose Raul Mulino has repeatedly defended the canal as a Panamanian operation over which the country exercises full sovereignty. Panama’s Comptroller Anel Flores filed suit against the contract extension last year, alleging the deal cost Panama more than $1 billion in lost tax revenue and that the CK Hutchison unit, Panama Ports Co. , failed to get proper approvals for the extension. Both ports are part of the Hong Kong conglomerate’s plan to sell its global terminals business to a buyer consortium led by Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd. and US investment firm BlackRock Inc. Read more: Li Ka-shing Mulls New Ownership Terms to Complete Ports Deal CK Hutchison can file a motion seeking clarification on the high court’s ruling, but cannot appeal. The company can also seek international arbitration.
Here's Morningstar's Safe-Withdrawal Rate For 2026 Retirees Factoring in projected rates for asset-class returns and inflation, Morningstar analysts say the highest "safe" starting withdrawal rate for people retiring in 2026 is 3.9% of portfolio assets . By "safe," Morningstar means this is the highest rate that has a 90% chance of having some money at the end of a 30-year retirement. Depending on...
Here's Morningstar's Safe-Withdrawal Rate For 2026 Retirees Factoring in projected rates for asset-class returns and inflation, Morningstar analysts say the highest "safe" starting withdrawal rate for people retiring in 2026 is 3.9% of portfolio assets . By "safe," Morningstar means this is the highest rate that has a 90% chance of having some money at the end of a 30-year retirement. Depending on the scheme you use for subsequent withdrawals, you may be able to succeed with a higher initial withdrawal rate. Morningstar calculates the safe initial-withdrawal rate each year. This year's rate is up 20 basis points from last year's 3.7%. It was just 3.3% in 2021. It bears emphasizing that Morningstar's 3.9% rate isn't for anyone at any point in their retirement: It's an initial withdrawal rate for someone just starting to tap a portfolio in 2026, and then planning to increase subsequent withdrawals by the previous year's inflation rate. For example, someone with a million-dollar portfolio would take $39,000 out in the first year. Let's say price-inflation in 2026 is 5%. Next year's withdrawal would be $39,000 x 1.05, or $40,950. We project your portfolio can support a $12.95 withdrawal for a handsome ZeroHedge mug - find yours at the ZeroHedge Store Morningstar's 3.9% rate also assumes an equity allocation between 30% and 50%. "Because of the higher volatility associated with higher equity weightings, boosting stocks detracts from the starting safe withdrawal percentage rather than adds to it," Morningstar says. That equity-weighting dynamic springs from what makes retirement-withdrawal planning so dicey: "sequence of return" risk. It's the chance that dismal returns in the critical first years of retirement put a major dent in your portfolio, increasing your risk of running out of money. On a 30-year retirement, Morningstar found equity allocations of 30% to 50% support a 3.9% initial withdrawal. However, an 80% equity weighting dropped it to 3.6% , while a 10% stock ...