As sovereign wealth funds are increasingly deployed as geopolitical tools, Indonesia ’s new state-backed vehicle is setting itself apart by operating with transparency and professional discipline, according to one of its top executives. Pandu Sjahrir, chief investment officer of Danantara Indonesia, said the sovereign wealth fund was being run for profit rather than politics, even as governments a...
As sovereign wealth funds are increasingly deployed as geopolitical tools, Indonesia ’s new state-backed vehicle is setting itself apart by operating with transparency and professional discipline, according to one of its top executives. Pandu Sjahrir, chief investment officer of Danantara Indonesia, said the sovereign wealth fund was being run for profit rather than politics, even as governments around the world tapped heavily into such stashes to pursue strategic goals. “In the new geopolitical world, every country and every leader uses sovereign wealth funds as a geopolitical tool,” Pandu said at the South China Morning Post’s China Conference: Southeast Asia 2026 in Jakarta on Tuesday. Advertisement “We cannot have politicians in the company. It has to be professional,” he said, adding that the fund had laid rules stipulating that it had to be run for profit. He acknowledged funds often had to balance national interests while meeting international transparency and governance standards. A sign for Indonesia’s sovereign wealth fund Danantara is seen in front of its headquarters in Jakarta. Photo: Reuters “Given where Danantara is today, there’s a lot of pull for us to do things that may be important for the country, but not yet profitable as a project,” he said. “The art of saying no is super important.”
Andrzej Rostek/iStock via Getty Images Investment Thesis This article initiates my coverage of the T. Rowe Price Capital Appreciation Equity ETF ( TCAF ), an actively managed large-cap fund comprised of 88 U.S. securities selected using a "bottom-up" fundamentals-based approach. Since its inception on June 14, 2023, TCAF has lagged behind the SPDR S&P 500 ETF ( SPY ) both on a total and risk-adjus...
Andrzej Rostek/iStock via Getty Images Investment Thesis This article initiates my coverage of the T. Rowe Price Capital Appreciation Equity ETF ( TCAF ), an actively managed large-cap fund comprised of 88 U.S. securities selected using a "bottom-up" fundamentals-based approach. Since its inception on June 14, 2023, TCAF has lagged behind the SPDR S&P 500 ETF ( SPY ) both on a total and risk-adjusted returns basis. However, I'm careful not to dismiss it based on this short history, especially since its lead portfolio manager, David Giroux, is well-accomplished and tends to do better than most in challenging markets, which the fund has yet to experience. I'll run through its strategy and fundamentals compared to SPY in the article below, but for today, the fairest rating to assign TCAF is a "hold." I hope you enjoy the read. TCAF Overview According to its fact sheet and website , TCAF has a 0.31% expense ratio, $6.4B in assets under management, and a 29% turnover rate for the year ending December 31, 2025. The strategy permits the fund managers to select growth or value stocks depending on the market environment, and one of the investment objectives is to invest "in a diversified portfolio with strong return potential and lower risk relative to the S&P 500 Index." The website also notes how David Giroux won the Morningstar U.S. Allocation Manager of the Year awards in 2012 and 2017. Specific to his 2017 award , "security selection within the fund's stock and bond sleeves has been remarkably strong over the past decade," with the fund's stock sleeve about doubling the return of the S&P 500. For me, that track record holds some weight and helps to offset my concerns about TCAF's disappointing track record since its inception. As shown below, the fund has lagged behind SPY by almost 12%. Morningstar Furthermore, I agree, at least in principle, with much of what's stated in the fund's product brief . I like that management uses a bottom-up fundamentals-based approach to ...
Cricket may be behind the times with innovation and how involved coaches are with on-field decisions, says England wicketkeeper Jos Buttler. During England's victory over Nepal on Sunday, coach Brendon McCullum was seen relaying messages from the dressing room via a walkie talkie. Those messages were passed from the dugout by the boundary edge to England captain Harry Brook on the field. "I've pla...
Cricket may be behind the times with innovation and how involved coaches are with on-field decisions, says England wicketkeeper Jos Buttler. During England's victory over Nepal on Sunday, coach Brendon McCullum was seen relaying messages from the dressing room via a walkie talkie. Those messages were passed from the dugout by the boundary edge to England captain Harry Brook on the field. "I've played in the IPL [Indian Premier League] with Gujarat where [coach] Ashish Nehra was very active on the boundary rope," said Buttler, who was England's white-ball captain until last year. "It seems like cricket is the sport where we're still a bit behind in that area. "You look at other sports, like rugby where they run messages on. Maybe that will come more and more into cricket." McCullum, whose side play West Indies in their second match at the T20 World Cup on Wednesday, has been using the walkie talkies throughout recent weeks, including in England's successful white-ball tour to Sri Lanka. Under World Cup-winning captain Eoin Morgan, England trialled using cards with numbers and letters to send coded messages from the team analyst. "It's been there so he [McCullum] can just send a few messages down to the guys on the bench and if there's anything he's seeing from up the top to relay on to the pitch for Harry and the bowlers," said Buttler. "It is just a more obvious line of communication."
Katamaran Capital LLP lowered its stake in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 14.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,199 shares of the semiconductor company's stock after selling 2,388 shares during the period. Taiwan Semiconductor Manufacturing makes up approx...
Katamaran Capital LLP lowered its stake in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 14.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,199 shares of the semiconductor company's stock after selling 2,388 shares during the period. Taiwan Semiconductor Manufacturing makes up approximately 3.6% of Katamaran Capital LLP's holdings, making the stock its 13th biggest position. Katamaran Capital LLP's holdings in Taiwan Semiconductor Manufacturing were worth $3,966,000 as of its most recent SEC filing. Get TSM alerts: Sign Up A number of other hedge funds have also made changes to their positions in the stock. Childress Capital Advisors LLC boosted its stake in Taiwan Semiconductor Manufacturing by 145.3% during the 3rd quarter. Childress Capital Advisors LLC now owns 3,192 shares of the semiconductor company's stock valued at $891,000 after purchasing an additional 1,891 shares during the period. Vanguard Personalized Indexing Management LLC increased its holdings in Taiwan Semiconductor Manufacturing by 9.4% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 101,876 shares of the semiconductor company's stock valued at $28,470,000 after buying an additional 8,738 shares during the period. Hantz Financial Services Inc. raised its position in Taiwan Semiconductor Manufacturing by 28.6% in the third quarter. Hantz Financial Services Inc. now owns 37,216 shares of the semiconductor company's stock worth $10,394,000 after purchasing an additional 8,284 shares in the last quarter. Hollencrest Capital Management raised its holdings in shares of Taiwan Semiconductor Manufacturing by 125.3% in the 3rd quarter. Hollencrest Capital Management now owns 5,216 shares of the semiconductor company's stock worth $1,457,000 after buying an additional 2,901 shares in the last quarter. Finally, Cherokee Insurance Co bought a new position in shares o...
CloudAlpha Capital Management Limited Hong Kong decreased its holdings in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 68.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,561 shares of the semiconductor company's stock after selling 82,439 shares during the period. Taiwan Semiconduct...
CloudAlpha Capital Management Limited Hong Kong decreased its holdings in Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 68.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,561 shares of the semiconductor company's stock after selling 82,439 shares during the period. Taiwan Semiconductor Manufacturing comprises 0.4% of CloudAlpha Capital Management Limited Hong Kong's portfolio, making the stock its 25th largest holding. CloudAlpha Capital Management Limited Hong Kong's holdings in Taiwan Semiconductor Manufacturing were worth $10,490,000 as of its most recent SEC filing. Other hedge funds have also made changes to their positions in the company. Jennison Associates LLC increased its stake in shares of Taiwan Semiconductor Manufacturing by 26.7% in the second quarter. Jennison Associates LLC now owns 12,046,792 shares of the semiconductor company's stock worth $2,728,478,000 after acquiring an additional 2,537,760 shares during the last quarter. Brown Advisory Inc. grew its stake in Taiwan Semiconductor Manufacturing by 43.2% in the second quarter. Brown Advisory Inc. now owns 6,650,983 shares of the semiconductor company's stock valued at $1,506,389,000 after purchasing an additional 2,006,745 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Taiwan Semiconductor Manufacturing by 109.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,526,160 shares of the semiconductor company's stock worth $798,640,000 after purchasing an additional 1,842,951 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Taiwan Semiconductor Manufacturing by 268.2% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,499,677 shares of the semiconductor company's stock worth $566,152,000 aft...
Who will speak out for values and rights and my fellow democracy activist now that opposition has been silenced in Hong Kong? I say Britain should Nathan Law is a politician and activist from Hong Kong Waking up on Monday morning to the news of the pro-democracy activist Jimmy Lai’s 20-year prison sentence for national security offences felt surreal. I could have easily been in his position if I h...
Who will speak out for values and rights and my fellow democracy activist now that opposition has been silenced in Hong Kong? I say Britain should Nathan Law is a politician and activist from Hong Kong Waking up on Monday morning to the news of the pro-democracy activist Jimmy Lai’s 20-year prison sentence for national security offences felt surreal. I could have easily been in his position if I hadn’t fled Hong Kong right before the implementation of the notorious national security law (NSL), under which Lai has faced the harshest penalty ever given. In fact, Lai chose to stay and stand shoulder to shoulder with the people of Hong Kong in the face of an uncertain and repressive future. Now his family fears that he will die in prison. A mix of emotions filled my mind. I was immensely disgusted by the audacity and malevolence of such punishment. This sentence has a transparently political end, but the Hong Kong and Chinese governments make no bones about it. Their sole purpose is to silence critics, and they have succeeded: civil society and domestic media, which should be the watchdogs of individual rights and government overreach, are dead silent on criticising the trial. Nathan Law is a politician and activist from Hong Kong, and was leader of Demosistō from 2016 to 2018 Continue reading...
NEW YORK, Feb 10, 2026, 05:02 EST — Premarket Oracle (ORCL) shares rose 1.5% in premarket trading on Tuesday to about $158.95. The stock ended the prior session at $156.59. (Public) The early gains follow a roughly 9.7% surge on Monday, a sharp move for a mega-cap name that has been sliding for weeks. Traders have treated Oracle as a read-through on whether the market will keep funding big-ticket ...
NEW YORK, Feb 10, 2026, 05:02 EST — Premarket Oracle (ORCL) shares rose 1.5% in premarket trading on Tuesday to about $158.95. The stock ended the prior session at $156.59. (Public) The early gains follow a roughly 9.7% surge on Monday, a sharp move for a mega-cap name that has been sliding for weeks. Traders have treated Oracle as a read-through on whether the market will keep funding big-ticket data-center buildouts tied to artificial intelligence. (Investing) That debate traces back to OpenAI’s contract to buy about $300 billion in computing power from Oracle over roughly five years, the Wall Street Journal reported last September. The size of that commitment put a spotlight on execution risk and, more simply, who is paying for all the capacity. (Reuters) Oracle added to the scrutiny earlier this month when it said it expects to raise $45 billion to $50 billion in gross proceeds during calendar 2026, using a mix of debt and equity. The company said the plan is meant to support cloud growth while maintaining an investment-grade balance sheet. (Oracle) D.A. Davidson pushed the stock higher with an upgrade to “buy” and a $180 price target, analyst Gil Luria wrote. He argued Oracle Cloud Infrastructure (OCI) — Oracle’s cloud-computing unit — is “pure upside” once investors get more comfortable with the funding backdrop, and he pointed to what he called a clearer picture around OpenAI’s finances. (MarketWatch) Melius Research struck a different tone, cutting Oracle to Hold from Buy with a $160 price target. Analyst Ben Reitzes questioned what the shares should trade at with “no free cash flow until the 2030s” — free cash flow being the cash a business has left after capital spending. (TipRanks) Melius also flagged competitive risk in enterprise AI, saying Oracle “doesn’t generate cash” and warning there is “no guarantee that OpenAI beats Anthropic and Google.” (Investing) Oracle has another angle investors keep circling back to: its role in TikTok’s U.S. joint venture...
Deutsche Bank strategist Maximilian Uleer explains his preference for US over European equities in the next three to six months. He speaks on Bloomberg Television. (Source: Bloomberg)
Deutsche Bank strategist Maximilian Uleer explains his preference for US over European equities in the next three to six months. He speaks on Bloomberg Television. (Source: Bloomberg)
Robert Way/iStock Editorial via Getty Images Inventory buildup at AMD and NVDA I last analyzed NVIDIA Corporation (NASDAQ: NVDA ) on Dec 23, 2025. That article was titled " Nvidia: 2026 Is Likely To Be A Year Of Consolidation (Technical Analysis)”. The article rated the stock as a hold with an emphasis on its technical trading charts. Since then, there have been a few new catalysts surrounding AI ...
Robert Way/iStock Editorial via Getty Images Inventory buildup at AMD and NVDA I last analyzed NVIDIA Corporation (NASDAQ: NVDA ) on Dec 23, 2025. That article was titled " Nvidia: 2026 Is Likely To Be A Year Of Consolidation (Technical Analysis)”. The article rated the stock as a hold with an emphasis on its technical trading charts. Since then, there have been a few new catalysts surrounding AI chip companying. In the rest of this reexamination, I will focus on the top 3 on my radar: the recent FQ4 earnings report (ER) from close peer AMD, the new AI CAPEX plan announced by key hyperscalers for 2026, and finally NVDA’s own FQ4 ER expected on Feb 25, 2026. My central goal for this article is to explain why I believe AMD and NVDA current inventory buildup to be an indicator of growth pressure despite large hikes in AI CAPEX from key hyperscalers. Let me start with the FQ4 updates from AMD, NVDA’s closest competitor. In particular, I want to draw your attention to its inventory buildup as illustrated in the next chart. As seen, with the updated financials from AMD”s FQ4 ER, its DOI (days of outstanding inventory) is now 139.3 days, not only significantly above the historical average of 123 days but also is the highest level in at least 3 years. Seeking Alpha The inventory buildup is in stark contrast to the record-breaking AI capital expenditure ( CAPEX ) from hyperscalers. As seen in the next chart below, AI CAPEX from the top five hyperscalers (AMZN, GOOG, META, MSFT, and ORCL) have drastically exceeded consensus estimates in 2025. As a group, their AI CAPEX rose 64% YOY, compared to an expected growth of “only” 22% at the beginning of the year. Looking ahead to 2026, I expect another year of aggressive AI CAPXE increase from these hyperscalers judging by their latest FQ4 updates. For example, CAPEX from Amazon is projected to exceed $200 billion in 2026, and Google plans to almost double its 2026 CAPEX compared to the 2025 level. As I will show next, the divergenc...
Robert Way/iStock Editorial via Getty Images Inventory buildup at AMD and NVDA I last analyzed NVIDIA Corporation (NASDAQ: NVDA ) on Dec 23, 2025. That article was titled " Nvidia: 2026 Is Likely To Be A Year Of Consolidation (Technical Analysis)”. The article rated the stock as a hold with an emphasis on its technical trading charts. Since then, there have been a few new catalysts surrounding AI ...
Robert Way/iStock Editorial via Getty Images Inventory buildup at AMD and NVDA I last analyzed NVIDIA Corporation (NASDAQ: NVDA ) on Dec 23, 2025. That article was titled " Nvidia: 2026 Is Likely To Be A Year Of Consolidation (Technical Analysis)”. The article rated the stock as a hold with an emphasis on its technical trading charts. Since then, there have been a few new catalysts surrounding AI chip companying. In the rest of this reexamination, I will focus on the top 3 on my radar: the recent FQ4 earnings report (ER) from close peer AMD, the new AI CAPEX plan announced by key hyperscalers for 2026, and finally NVDA’s own FQ4 ER expected on Feb 25, 2026. My central goal for this article is to explain why I believe AMD and NVDA current inventory buildup to be an indicator of growth pressure despite large hikes in AI CAPEX from key hyperscalers. Let me start with the FQ4 updates from AMD, NVDA’s closest competitor. In particular, I want to draw your attention to its inventory buildup as illustrated in the next chart. As seen, with the updated financials from AMD”s FQ4 ER, its DOI (days of outstanding inventory) is now 139.3 days, not only significantly above the historical average of 123 days but also is the highest level in at least 3 years. Seeking Alpha The inventory buildup is in stark contrast to the record-breaking AI capital expenditure ( CAPEX ) from hyperscalers. As seen in the next chart below, AI CAPEX from the top five hyperscalers (AMZN, GOOG, META, MSFT, and ORCL) have drastically exceeded consensus estimates in 2025. As a group, their AI CAPEX rose 64% YOY, compared to an expected growth of “only” 22% at the beginning of the year. Looking ahead to 2026, I expect another year of aggressive AI CAPXE increase from these hyperscalers judging by their latest FQ4 updates. For example, CAPEX from Amazon is projected to exceed $200 billion in 2026, and Google plans to almost double its 2026 CAPEX compared to the 2025 level. As I will show next, the divergenc...
Rede Wealth LLC lessened its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 69.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,721 shares of the computer hardware maker's stock after selling 21,685 shares during the quarter. NVIDIA accounts for about 1.4% of Rede Wealth LLC's investment portfolio,...
Rede Wealth LLC lessened its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 69.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,721 shares of the computer hardware maker's stock after selling 21,685 shares during the quarter. NVIDIA accounts for about 1.4% of Rede Wealth LLC's investment portfolio, making the stock its 17th largest holding. Rede Wealth LLC's holdings in NVIDIA were worth $1,814,000 at the end of the most recent quarter. Other large investors have also recently added to or reduced their stakes in the company. Harbor Asset Planning Inc. acquired a new stake in NVIDIA in the second quarter valued at approximately $28,000. Winnow Wealth LLC acquired a new position in NVIDIA during the 2nd quarter worth $32,000. Longfellow Investment Management Co. LLC grew its stake in NVIDIA by 47.9% in the second quarter. Longfellow Investment Management Co. LLC now owns 207 shares of the computer hardware maker's stock worth $33,000 after purchasing an additional 67 shares in the last quarter. Spurstone Advisory Services LLC bought a new stake in shares of NVIDIA in the 2nd quarter valued at approximately $40,000. Finally, EDENTREE ASSET MANAGEMENT Ltd bought a new stake in NVIDIA during the second quarter valued at $54,000. 65.27% of the stock is currently owned by institutional investors and hedge funds. Get NVIDIA alerts: Sign Up Insiders Place Their Bets In related news, Director Harvey C. Jones sold 250,000 shares of the business's stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $177.33, for a total transaction of $44,332,500.00. Following the completion of the transaction, the director owned 6,933,280 shares of the company's stock, valued at approximately $1,229,478,542.40. The trade was a 3.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, wh...
Sage Mountain Advisors LLC boosted its holdings in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 14.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 192,725 shares of the computer hardware maker's stock after buying an additional 24,476 shares during the period. NVIDIA makes up about 2.1% of Sage Mountain Advis...
Sage Mountain Advisors LLC boosted its holdings in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 14.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 192,725 shares of the computer hardware maker's stock after buying an additional 24,476 shares during the period. NVIDIA makes up about 2.1% of Sage Mountain Advisors LLC's investment portfolio, making the stock its 10th biggest position. Sage Mountain Advisors LLC's holdings in NVIDIA were worth $35,959,000 at the end of the most recent quarter. A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NVDA. Harbor Asset Planning Inc. acquired a new stake in NVIDIA during the 2nd quarter worth $28,000. Winnow Wealth LLC acquired a new stake in NVIDIA in the 2nd quarter valued at approximately $32,000. Longfellow Investment Management Co. LLC raised its holdings in shares of NVIDIA by 47.9% in the second quarter. Longfellow Investment Management Co. LLC now owns 207 shares of the computer hardware maker's stock valued at $33,000 after purchasing an additional 67 shares during the last quarter. Spurstone Advisory Services LLC acquired a new stake in NVIDIA in the 2nd quarter valued at $40,000. Finally, EDENTREE ASSET MANAGEMENT Ltd acquired a new stake in shares of NVIDIA in the second quarter valued at about $54,000. Institutional investors own 65.27% of the company's stock. Get NVIDIA alerts: Sign Up Insiders Place Their Bets In related news, Director Harvey C. Jones sold 250,000 shares of the firm's stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $177.33, for a total transaction of $44,332,500.00. Following the completion of the sale, the director owned 6,933,280 shares of the company's stock, valued at $1,229,478,542.40. This trade represents a 3.48% decrease in their ownership of the stock. The transaction was dis...
Floyd Financial Group LLC lessened its holdings in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 8.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,924 shares of the computer hardware maker's stock after selling 4,732 shares during the period. NVIDIA accounts for approximately 7.4% of Floyd Financial Group LLC's portfolio, m...
Floyd Financial Group LLC lessened its holdings in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 8.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,924 shares of the computer hardware maker's stock after selling 4,732 shares during the period. NVIDIA accounts for approximately 7.4% of Floyd Financial Group LLC's portfolio, making the stock its 2nd largest holding. Floyd Financial Group LLC's holdings in NVIDIA were worth $9,967,000 at the end of the most recent quarter. Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Center for Financial Planning Inc. increased its holdings in shares of NVIDIA by 4.6% in the 2nd quarter. Center for Financial Planning Inc. now owns 8,429 shares of the computer hardware maker's stock valued at $1,332,000 after acquiring an additional 367 shares during the period. Atria Investments Inc grew its stake in NVIDIA by 3.2% in the second quarter. Atria Investments Inc now owns 942,208 shares of the computer hardware maker's stock valued at $148,859,000 after purchasing an additional 29,479 shares during the last quarter. Svenska Handelsbanken AB publ purchased a new stake in shares of NVIDIA during the third quarter valued at about $37,316,000. MADDEN SECURITIES Corp boosted its holdings in shares of NVIDIA by 3.2% in the 2nd quarter. MADDEN SECURITIES Corp now owns 81,322 shares of the computer hardware maker's stock valued at $12,848,000 after buying an additional 2,484 shares in the last quarter. Finally, Whalen Wealth Management Inc. grew its position in shares of NVIDIA by 20.3% in the 3rd quarter. Whalen Wealth Management Inc. now owns 36,490 shares of the computer hardware maker's stock worth $6,808,000 after buying an additional 6,162 shares during the last quarter. 65.27% of the stock is currently owned by hedge funds and other institutional investors. Get NVIDIA alerts: Sign Up NVIDIA Sto...