Vachilavit Sanameang/iStock via Getty Images Fund Highlights Seeks a high level of income consistent with reasonable risk by investing primarily in income producing securities Primarily invests in investment grade corporate bonds, high yield corporate bonds, preferred stocks, U.S. municipal bonds and U.S. Treasuries Actively manages the portfolio by rotating among asset classes and tactically hedg...
Vachilavit Sanameang/iStock via Getty Images Fund Highlights Seeks a high level of income consistent with reasonable risk by investing primarily in income producing securities Primarily invests in investment grade corporate bonds, high yield corporate bonds, preferred stocks, U.S. municipal bonds and U.S. Treasuries Actively manages the portfolio by rotating among asset classes and tactically hedging during various interest rate and market environments Seeks to identify relative value across asset classes and capture opportunities primarily within the corporate, U.S. Treasury, municipal and preferred security markets Analyzes and targets the portfolio's level of risk and interest rate sensitivity Selects individual positions based on security credit metrics and structures Focuses on liquid securities with transparent pricing and actively-traded capital structures Market Recap Both U.S. equities and fixed income posted negative returns in the first quarter of 2026. Geopolitical tensions in Iran drove volatility, as disruptions to oil exports through the Strait of Hormuz raised concerns around global energy supply and stagflation. The Federal Reserve (Fed) held rates steady in January and March, keeping the upper bound of the federal funds rate at 3.75%, citing uncertainty around inflation and economic impacts. Labor markets showed mixed signals, with unemployment at 4.3% in February (down from 4.5% in December) and nonfarm payrolls declining modestly overall versus fourth quarter 2025. Meanwhile, core PCE rose to 3.1% year-over-year in February (from 2.8% in December), and WTI crude surged from $57 to $101, adding inflationary pressure. The Fed reiterated a data-dependent stance, with markets pricing in only a low-to-moderate probability of rate cuts in 2026, consistent with the March dot plot median projection of 3.375%. Fixed income returns were negative. The Bloomberg U.S. Aggregate Bond Index declined -0.05%, investment grade (IG) corporates fell -0.54%, and pref...
“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and Stephen Engle give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and Stephen Engle give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
BING-JHEN HONG/iStock Editorial via Getty Images ASE Technology ( ASX ) reported unaudited consolidated net revenues of US$2B for May, up +2.2% from April and +26.1% year-over-year. ATM assembly, testing, and material business accounted for ~$1.34B (+35.2% Y/Y) of the revenue. More on ASE Technology ASE Technology: No Longer Just An OSAT, The LEAP Ramp Changes Everything ASE Technology: The Advanc...
BING-JHEN HONG/iStock Editorial via Getty Images ASE Technology ( ASX ) reported unaudited consolidated net revenues of US$2B for May, up +2.2% from April and +26.1% year-over-year. ATM assembly, testing, and material business accounted for ~$1.34B (+35.2% Y/Y) of the revenue. More on ASE Technology ASE Technology: No Longer Just An OSAT, The LEAP Ramp Changes Everything ASE Technology: The Advanced Packaging Story Is Believable, But The Valuation Might Be Stretched ASE Technology Holding Co., Ltd. (ASX) Q1 2026 Earnings Call Transcript Looking for under-the-radar value in the AI supply chain Foreign IT's strongest Quant picks are almost all semiconductors
fadfebrian/iStock via Getty Images Recent IPOs are driving securities lending revenues, with upcoming US listings likely to rebalance activity and support continued growth. Recent initial public offerings (IPOs) have played a notable role in shaping securities lending activity, with a small number of high-profile listings exerting a disproportionate influence on borrowing demand, fee levels and ov...
fadfebrian/iStock via Getty Images Recent IPOs are driving securities lending revenues, with upcoming US listings likely to rebalance activity and support continued growth. Recent initial public offerings (IPOs) have played a notable role in shaping securities lending activity, with a small number of high-profile listings exerting a disproportionate influence on borrowing demand, fee levels and overall revenue generation. The pattern observed over the past 12–18 months suggests that IPO-driven “specials” have become an increasingly important contributor to lending revenues, particularly where supply is constrained and positioning demand is elevated. Recent IPO Activity Among recent examples, CoreWeave ( CRWV ) stands out as a defining case. Following its 2025 listing, the stock generated substantial securities lending revenues, with approximately $759 million recorded in the last twelve months. Demand to borrow the stock intensified around key corporate events, including lock-up expirations, with borrowing fees rising sharply during periods of limited availability and strong investor positioning. This dynamic highlights how IPOs with limited free float and concentrated investor ownership can generate elevated fee environments, even if these conditions prove temporary. A similar, albeit less pronounced, effect has been observed in other IPOs such as Circle Internet Group Inc. ( CRCL ), along with additional new listings linked to digital assets, technology infrastructure, and energy transition themes. Market data indicates that several recent IPOs, including CoreWeave and Circle, ranked among the top U.S. equities by securities lending revenue during 2025, reflecting concentrated demand for short exposure or hedging activity. This clustering of revenue around a limited number of newly listed securities has reinforced the importance of event-driven opportunities in supporting lending income. In parallel, Asia-Pacific markets have emerged as a significant driver of glo...
PM Images/DigitalVision via Getty Images Market overview U.S. equities finished mixed to mostly lower in the first quarter of 2026, with the S&P 500 Index dropping 4.33%. Growth stocks broadly declined as highlighted by the Russell 1000 Growth Index's -9.78% return. Value and small-cap securities held up better, with the Russell 1000 Value Index gaining 2.10% and the Russell 2000 Index eking out a...
PM Images/DigitalVision via Getty Images Market overview U.S. equities finished mixed to mostly lower in the first quarter of 2026, with the S&P 500 Index dropping 4.33%. Growth stocks broadly declined as highlighted by the Russell 1000 Growth Index's -9.78% return. Value and small-cap securities held up better, with the Russell 1000 Value Index gaining 2.10% and the Russell 2000 Index eking out a positive 0.89% return. Markets moved higher to kick off the year, as continued economic resilience and strong corporate earnings outweighed geopolitical headlines around the U.S. ouster of Venezuela's president and President Trump's public desire to claim Greenland. Expectations for a continued strong economy and broadening earnings growth helped fuel a rotation into more cyclical and smaller-cap companies. Artificial intelligence (AI) remained in the spotlight, as its perceived potential to disrupt existing software companies weighed on these names. Additionally, there was ongoing focus on the Mag 7 stocks and the level of capital expenditures they were undertaking, with some market participants questioning the return on investment (ROI) of these investments. Top holdings (% of net assets) as of March 31, 2026 Verizon Communications 4.03 Constellation Brands 3.83 Epam Systems 3.78 Salesforce.com 3.64 American Tower 3.45 Freeport-McMoRan 3.45 Lowes Companies 3.32 CVS Health 3.18 Williams Companies 3.10 AES 3.04 Click to enlarge Top holdings exclude short-term holdings and cash, if applicable. Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top five contributors - Effect on return (%) as of March 31, 2026 TechnipFMC 1.34 Corning 1.25 Verizon Communications 0.82 Chevron 0.80 Marathon Petroleum 0.78 Click to enlarge Top five detractors - Effect on return (%) as of March 31, 2026 Epam Systems -1.22 Salesforce.com -1.09 Wells Fargo -0.38 Centene -0.37 Qualcomm -0.37 Click to enlarge The major st...
Fines might be needed to deter travellers from grabbing hand luggage, says official from airlines body Iata Business live – latest updates Air passengers are increasingly putting lives at risk by filming emergencies and retrieving bags instead of evacuating planes, industry experts have said, with some suggesting fines could be needed. Passenger aircraft are designed to be fully evacuated in 90 se...
Fines might be needed to deter travellers from grabbing hand luggage, says official from airlines body Iata Business live – latest updates Air passengers are increasingly putting lives at risk by filming emergencies and retrieving bags instead of evacuating planes, industry experts have said, with some suggesting fines could be needed. Passenger aircraft are designed to be fully evacuated in 90 seconds in an emergency – but people reaching for hand luggage can significantly increase that time, blocking exits and aisles as well as damaging slides or causing injury. Continue reading...
File photo: Workers build piers for a high-speed rail transit bridge at a railway infrastructure construction site in Changsha, Hunan province. Photo: VCG China’s economic engine has long relied on local governments to spend their way to growth, but recent data suggests this machinery is stalling. The slowdown in fixed-asset investment in April 2026 is not merely a blip; it exposes a profound stru...
File photo: Workers build piers for a high-speed rail transit bridge at a railway infrastructure construction site in Changsha, Hunan province. Photo: VCG China’s economic engine has long relied on local governments to spend their way to growth, but recent data suggests this machinery is stalling. The slowdown in fixed-asset investment in April 2026 is not merely a blip; it exposes a profound structural shift in how local governments manage their finances, deploy capital and grapple with mounting debt. A closer look at local investment figures reveals a stark divergence. In April, fixed-asset investment growth across Chinese municipalities decelerated, with only a handful of regions — such as Beijing, Shanghai, Hubei and Xizang — managing to maintain positive momentum. The primary culprit is a sharp contraction in infrastructure spending, particularly in provinces burdened by heavy debt and sluggish revenue, such as Qinghai, Hunan and Tianjin.
Rescuers searched the rubble on Tuesday of a collapsed building in the southern Philippine city of General Santos, the worst hit by a powerful earthquake that has killed at least 37 people and injured hundreds, to reach two people still believed to be trapped inside. Regional fire officer Edgar Tanawan, who was leading the operation, said two people had been pulled out alive from the commercial b...
Rescuers searched the rubble on Tuesday of a collapsed building in the southern Philippine city of General Santos, the worst hit by a powerful earthquake that has killed at least 37 people and injured hundreds, to reach two people still believed to be trapped inside. Regional fire officer Edgar Tanawan, who was leading the operation, said two people had been pulled out alive from the commercial building, housing a grocery store and other businesses, but a third was found dead. Scanners had so...