Donny DBM/iStock via Getty Images Summary The global convertible market closed out a strong year with a modest fourth quarter advance, returning 23.3% and 1.6%, respectively, as measured by the FTSE Global Convertible Index. Calamos Global Convertible ( CXGCX ) Strategy gained 19.09% (gross of fees) for 2025, marking its strongest year since a gain of 40.92% (gross) in 2020. Although the strategy'...
Donny DBM/iStock via Getty Images Summary The global convertible market closed out a strong year with a modest fourth quarter advance, returning 23.3% and 1.6%, respectively, as measured by the FTSE Global Convertible Index. Calamos Global Convertible ( CXGCX ) Strategy gained 19.09% (gross of fees) for 2025, marking its strongest year since a gain of 40.92% (gross) in 2020. Although the strategy's advance was certainly strong in absolute terms, our focus on maintaining a balanced risk-reward profile, along with some mean reversion in our selection, precluded the strategy from capturing the full measure of the market's upside for both the quarter and the year. Global issuance of $166.5 billion was extremely robust, nearly matching 2001's record issuance of $166.7 billion. Investment Manager Discussion As we have discussed in our past commentaries, convertible securities vary in their levels of equity and fixed-income sensitivity. The most equity-sensitive convertibles offer higher levels of upside but also greater exposure to downside. In contrast, more pronounced fixed income characteristics provide a greater cushion against downside in exchange for less upside opportunity. In Calamos Global Convertible Fund, our goal is lower-volatility participation in the global equity market over the long term. We position the portfolio with the aim of capturing the majority of equity upside while still maintaining downside resilience. This risk-management philosophy, combined with our bottom-up security approach, led to a strong absolute return for the year, capturing most of the global convertible market's advance. Although the strategy trailed the index a bit during 2025, we believe our dual focus on achieving returns and mitigating risk will serve the strategy well. As we look to 2026, we see reason for optimism, supported by tailwinds that can sustain economic growth: short-term rates are more likely to move lower than higher, and the AI data center buildout is unleashing ...
It's an understatement to say that FMC (FMC 6.03%) investors have had a rough year. During this time frame, shares in the agricultural chemicals company have fallen by around two-thirds. Blame this on poor fiscal results and challenging industry conditions. Yet while this turn of events has been frustrating for existing investors, for those who have yet to enter a position, making FMC a bottom-fis...
It's an understatement to say that FMC (FMC 6.03%) investors have had a rough year. During this time frame, shares in the agricultural chemicals company have fallen by around two-thirds. Blame this on poor fiscal results and challenging industry conditions. Yet while this turn of events has been frustrating for existing investors, for those who have yet to enter a position, making FMC a bottom-fisher's buy may not be such a bad idea. Expand NYSE : FMC FMC Today's Change ( -6.03 %) $ -0.84 Current Price $ 13.09 Key Data Points Market Cap $1.6B Day's Range $ 13.04 - $ 13.95 52wk Range $ 12.17 - $ 44.78 Volume 14M Avg Vol 4.2M Gross Margin 33.93 % Dividend Yield 13.90 % Consider that this stock, despite its troubles, has not one but two catalysts that could potentially play out over the next year. Various factors weigh on FMC shares Industry- and company-specific factors have both contributed to FMC's worsening fiscal performance and stock price performance. The agricultural chemicals business, which spans insecticides, herbicides, and fungicides to crop nutrition and seed treatment products, is in a slump. Weak demand and oversupply have dampened sales and squeezed margins. Furthermore, FMC is facing patent expirations for many of its products. As a result, the company has experienced a meaningful drop in revenue and earnings since 2024. All figures below are adjusted for FMC's sale of its India division last year. 2025 2024 % Change Revenue $3.9 billion $4.2 billion (8%) Adjusted EBITDA $843 million $906 million (7%) Adjusted Earnings per Share (EPS) $2.96 $3.48 (15%) With earnings and cash flow dwindling, FMC's management has had to make some tough decisions for the long-term sake of the company. These have included a dividend cut, and, more recently, plans to consider "strategic alternatives," including a possible sale of the company. Both these developments led a negative reaction from investors. The dividend cut of 86% led to a big sell-off among dividend-focused...
Both the Schwab U.S. Dividend Equity ETF (SCHD 0.65%) and the ProShares S&P 500 Dividend Aristocrats ETF (NOBL 1.30%) target dividend-focused U.S. equities, but SCHD stands out for its lower cost and higher yield, while NOBL offers a more diversified sector mix. The ETFs take distinct approaches: SCHD tracks the Dow Jones U.S. Dividend 100 Index, whereas NOBL invests at least 80% of its total asse...
Both the Schwab U.S. Dividend Equity ETF (SCHD 0.65%) and the ProShares S&P 500 Dividend Aristocrats ETF (NOBL 1.30%) target dividend-focused U.S. equities, but SCHD stands out for its lower cost and higher yield, while NOBL offers a more diversified sector mix. The ETFs take distinct approaches: SCHD tracks the Dow Jones U.S. Dividend 100 Index, whereas NOBL invests at least 80% of its total assets in component securities of its index, with a minimum of 40 equally weighted stocks and no single sector comprising more than 30% of index weight. Snapshot (cost & size) Metric SCHD NOBL Issuer Schwab ProShares Expense ratio 0.06% 0.35% 1-yr total return (as of 2026-03-21) 13.8% 5.7% Dividend yield 3.5% 2% Beta 0.65 0.76 AUM $98.2 billion $10.9 billion Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. SCHD comes in as the more affordable option, charging just 0.06% annually versus NOBL’s 0.35%. SCHD also delivers a higher dividend yield, which may appeal to income-focused investors looking for a stronger payout. Performance & risk comparison Metric SCHD NOBL Max drawdown (5 y) -16.82% -17.91% Growth of $1,000 over 5 years $1,267 $1,229 What's inside NOBL holds around 70 stocks, with no single sector allowed to exceed 30% of the portfolio. The fund’s largest sector exposures are industrials (22.5%), consumer defensive (22.09%), and financial services (13.08%). Top holdings as of March 20 include Chevron (CVX +0.12%), ExxonMobil (XOM +0.95%), and Linde (LIN 0.34%), each making up less than 2% of assets. The fund has a 12.4-year track record. This equally weighted approach aims to reduce concentration risk and maintain broad exposure to established dividend growers. In contrast, SCHD holds 101 names, leaning more heavily on energy (19.88%), consumer defensive (18.5%), and healthcare (16.2%). Its largest positions are ConocoPhillips (COP +0.66%), Lockh...
Hong Kong will implement the revised HK$2 (26 US cents) transport fare scheme next Friday, under which elderly and disabled residents will only enjoy the flat rate for journeys costing HK$10 or less. Authorities said on Monday that the new “HK$2 flat rate or 80 per cent discount” model would be implemented on April 3. Beneficiaries under the revised scheme will only enjoy the HK$2 rate for journey...
Hong Kong will implement the revised HK$2 (26 US cents) transport fare scheme next Friday, under which elderly and disabled residents will only enjoy the flat rate for journeys costing HK$10 or less. Authorities said on Monday that the new “HK$2 flat rate or 80 per cent discount” model would be implemented on April 3. Beneficiaries under the revised scheme will only enjoy the HK$2 rate for journeys where the adult fare is HK$10 or less, and will have to pay 20 per cent of fares that exceed that threshold. Advertisement Financial Secretary Paul Chan Mo-po first announced the planned changes in his budget speech last year, in a bid to scale back spending amid concerns about the scheme’s ballooning costs as the city’s ageing population grew. Secretary for Labour and Welfare Chris Sun Yuk-han on Monday said the original HK$2 concessionary fare aimed to build a caring and inclusive society by encouraging the elderly and people with certain disabilities to participate more in community activities. Advertisement “The ‘HK$2 flat rate or 80 per cent discount’ adjustment preserves the policy intent of the scheme while striking a balance between enhancing the sustainability of the scheme and minimising impacts on beneficiaries,” he said.
While scientists are still working out exactly why the Earth has accumulated so much extra heat over the past decade or so, they have no doubt that heat-trapping greenhouse gases such as carbon dioxide (CO2) are the root cause of the imbalance.
While scientists are still working out exactly why the Earth has accumulated so much extra heat over the past decade or so, they have no doubt that heat-trapping greenhouse gases such as carbon dioxide (CO2) are the root cause of the imbalance.
Artificial intelligence (AI) stocks have been among the market's best performers in the past couple of years. However, that surge has also pushed the companies' valuations to extreme highs, increasing the risk of a correction in the coming months. Software stocks have already wiped out more than $1 trillion in market value earlier in 2026 amid concerns that AI could disrupt the industry. But, even...
Artificial intelligence (AI) stocks have been among the market's best performers in the past couple of years. However, that surge has also pushed the companies' valuations to extreme highs, increasing the risk of a correction in the coming months. Software stocks have already wiped out more than $1 trillion in market value earlier in 2026 amid concerns that AI could disrupt the industry. But, even after that sell-off, some AI stocks are trading at stretched valuations that appear disconnected from the fundamentals. Wall Street analysts now see further downside in these two stocks, with some price targets implying declines of more than 55%. Palantir Technologies Palantir (PLTR 3.29%) is a prominent enterprise AI stock that some Wall Street analysts believe investors should consider selling, despite its strong recent performance. Jefferies analyst Brent Thill is one of them. He has maintained an "Underperform" rating for the stock with a $70 price target, nearly 55% lower than the stock's last closing price (as of March 19, 2026). The concern is about the company's expensive valuation even after its latest results. Palantir trades at roughly 84.1 times forward earnings, leading some analysts to argue that the stock price has run far ahead of its fundamentals. Expand NASDAQ : PLTR Palantir Technologies Today's Change ( -3.29 %) $ -5.12 Current Price $ 150.56 Key Data Points Market Cap $360B Day's Range $ 149.09 - $ 156.60 52wk Range $ 66.12 - $ 207.52 Volume 1.4M Avg Vol 48M Gross Margin 82.37 % However, Palantir's recent performance has been exceptionally strong. In the fourth quarter of fiscal 2025 (ending Dec. 31, 2025), the company's revenues surged 70% year over year to $1.4 billion, driven largely by strong demand for its artificial intelligence platform (AIP). The company also closed contracts worth roughly $4.3 billion in Q4, up 138% year over year. The accelerating adoption of AIP is driving customers to sign larger deals. This momentum is helping boost the co...