peshkov/iStock via Getty Images • The fund posted returns of 1.28% (Institutional shares) and 1.22% (Investor A shares, without sales charge) for the fourth quarter of 2025. • The fund's outperformance of its benchmark was led by agency mortgage-backed securities ( MBS ), investment grade and high yield credit, duration (interest rate sensitivity) and yield curve positioning, commercial mortgage-b...
peshkov/iStock via Getty Images • The fund posted returns of 1.28% (Institutional shares) and 1.22% (Investor A shares, without sales charge) for the fourth quarter of 2025. • The fund's outperformance of its benchmark was led by agency mortgage-backed securities ( MBS ), investment grade and high yield credit, duration (interest rate sensitivity) and yield curve positioning, commercial mortgage-backed securities ( CMBS ), and asset-backed securities (ABS). • The fund's long duration position was increased, which reflected an economic backdrop that was supportive of potential Federal Reserve (Fed) monetary policy easing and a path of least resistance toward lower yields. Spread assets tightened and the fund selectively trimmed exposure in areas of richness. Contributors Overweight exposures to both agency MBS and investment grade credit were the largest contributors to performance. The low volatility caused by a decrease in Fed policy uncertainty supported MBS valuation significantly, with favorable supply and demand a tailwind for corporate credit, while years of above-trend growth have strengthened corporates' financial positions. As such, demand from all-in yield buyers has been robust, which has allowed spreads to compress. Similar themes apply to ABS and CMBS, which performed positively overall. Detractors An underweight exposure to U.S. Treasuries marginally detracted, as the sector did well during the quarter. References 1 Class R shares are sold to a limited group of investors, including certain retirement plans. See prospectus for details. 2 The unmanaged BofA Merrill Lynch 1-3 Year Corporate/Government Index comprises investment-grade corporate bonds and U.S. government agency and U.S. treasury securities with maturities between 1 and 3 years. BlackRock ( BLK ) Low Duration Bond Fund Inst: BFMSX ( BFMSX ) A: BLDAX ( BLDAX ) C: BLDCX ( BLDCX ) R: BLDPX ( BLDPX ) 1 K: CLDBX ( CLDBX ) Portfolio management Akiva Dickstein, Scott MacLellan, Amanda Liu, Sam Summ...
The Food Supply Chain Is Breaking... Again Authored by John Rubino , Spring has sprung, which means seeds that were planted in late winter are starting to germinate. They’re hungry and will only grow to their full nutritional potential if they’re well fed. But that, apparently, isn’t happening, as fertilizer supplies are interrupted by yet another pointless Middle East war. The result? Global food...
The Food Supply Chain Is Breaking... Again Authored by John Rubino , Spring has sprung, which means seeds that were planted in late winter are starting to germinate. They’re hungry and will only grow to their full nutritional potential if they’re well fed. But that, apparently, isn’t happening, as fertilizer supplies are interrupted by yet another pointless Middle East war. The result? Global food shortages that might dwarf the COVID-era Costco-hoarding mess of recent memory. Here’s an overview: Shanaka Anslem Perera @shanaka86 BREAKING: The nitrogen trap just closed. Three locks snapped shut simultaneously. The planting window is closing behind them. And the food the world eats next year is now being decided by molecules that cannot reach the soil in time. Lock one: the Strait of Hormuz. The IRGC permissioned corridor allows oil tankers from friendly nations to pay $2 million in yuan and pass. It does not allow fertiliser vessels to pass at any price. Zero approved fertiliser transits in 24 days. The Gulf supplies 49 percent of the world’s exported urea and roughly 30 percent of traded ammonia. That supply is not delayed. It is denied. The gate opens for molecules that fund the gatekeeper. It stays closed for molecules that feed the planet. Lock two: Russia. The world’s largest exporter of ammonium nitrate just halted all AN exports until after April 21. Three to four million tonnes per year, gone from global markets at the exact moment the Northern Hemisphere needs it most. The official reason is “domestic priority.” The strategic effect is leverage. Russia earns windfall revenue from the oil price spike its ally’s war created, then removes the fertiliser that farmers need to plant through the crisis. The disease and the cure, again, from the same address. Lock three: China. Beijing has banned exports of nitrogen-potassium blends and phosphate fertilisers through August 2026. China is the world’s largest phosphate producer and a major nitrogen supplier. The ban re...
FatCamera/E+ via Getty Images Hamilton Enhanced Canadian Covered Call ETF ( HDIV:CA ) is an ETF that focus on having exposures primarily in other ETFs which execute covered call writing strategies in Canada from Hamilton Group . The fund at present is available at $20.8 with a monthly distributable amounting to $0.1830 . This brings a distribution yield of ~10%. This is a fairly decent yield if it...
FatCamera/E+ via Getty Images Hamilton Enhanced Canadian Covered Call ETF ( HDIV:CA ) is an ETF that focus on having exposures primarily in other ETFs which execute covered call writing strategies in Canada from Hamilton Group . The fund at present is available at $20.8 with a monthly distributable amounting to $0.1830 . This brings a distribution yield of ~10%. This is a fairly decent yield if it is attributable to income generated by the underlying holdings of the fund rather than payments from NAV. That is precisely the case here. Not only has HDIV:CA paid well in terms of monthly distributions, but it has also performed well in terms of NAV/Price appreciation. Thereby, not just the dividend yield has been sustainable so far and resulted in net returns but has also been complemented by a decent capital appreciation. Data by YCharts Portfolio Allocation and Performance Comparison The unique structure of HDIV, which distinguishes the fund from other covered call-based ETFs, is the portfolio exposure. Not just that this fund does not have a single stock-based exposure to covered call strategies, for which empirical evidence has not been very favourable, but it is also not entirely based on having exposure to multiple single stock-based strategies. Like I mentioned earlier, this is more of a fund-of-funds like vehicle which allocates the assets to other Hamilton ETFs . However, the particular thing of importance here, is that the fund does not allocate money in a bunch of single stock ETFs, which cumulatively again do not perform well. On the contrary, HDIV allocates the assets into other sector-based ETFs consisting of holdings of multiple stocks and utilising an option overlay. The returns generated by HDIV are in the form of income and gains generated by these sector/theme-based option-overlay ETF funds. Portfolio Allocation on February (Hamilton Webpage) The nature of HDIV does not really allow much comparison with a peer group. The HDIV structure has exposure to...
Anna Edwards, Lizzy Burden and Adam Linton break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Lizzy Burden and Adam Linton break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)