Ignatiev/E+ via Getty Images Thesis The upside here is that Voyager Technologies ( VOYG ) is going to be quite dependent on their positioning. Defence spending cycles are accelerating, especially with regard to space and missile defence. We're seeing strong demand across areas like propulsion and advanced space electronics, which is what's currently driving their record backlog growth. It gives us...
Ignatiev/E+ via Getty Images Thesis The upside here is that Voyager Technologies ( VOYG ) is going to be quite dependent on their positioning. Defence spending cycles are accelerating, especially with regard to space and missile defence. We're seeing strong demand across areas like propulsion and advanced space electronics, which is what's currently driving their record backlog growth. It gives us some revenue visibility into 2026, with a $266 million backlog and about a $1.6 billion pipeline tied to programs like Golden Dome. So overall, I think the company is well placed to benefit from a multi-year shift from development into higher-volume production. This should then support sustained top-line acceleration. I also see some other, somewhat speculative catalysts, such as Starlab. If we do see development here move forward, then there is clearly a high upside with long-duration optionality. I previously covered Voyager back in December last year. I gave an overview of the business and their main revenue streams back then. However, I am choosing to cover Voyager again now, primarily due to earnings but also because of the new backlog visibility, as I will explain. FY25 review Voyager is in a pretty aggressive growth and investment phase currently. There’s clearly some momentum in demand, but we’re still seeing continued pressure on profitability. Revenue growth was solid, with FY25 net sales hitting $166.4 million, up about 15% year over year. 4Q25 sales actually hit a record $46.7 million, and we can put this growth mainly down to the Defence and National Security segment, which surged about 59% annually and 63% in 4Q25 alone. As you know, many companies with strong defence exposure are seeing good tailwinds going into 2026. So with Voyager, the step up in 4Q25 performance just goes to show how strong the positioning is in programs like missile defence and next-generation interceptor systems is becoming. Voyager Technologies, Inc. However, the strength in their def...
JHVEPhoto/iStock Editorial via Getty Images Background Boston Scientific Corporation ( BSX ), which has been around for four and a half decades and is one of the preeminent institutions in the medical devices terrain, hasn’t done a great deal of good for its shareholder base over the past year. BSX has anyway never paid a compensatory dividend, but in a year when other healthcare stocks from the S...
JHVEPhoto/iStock Editorial via Getty Images Background Boston Scientific Corporation ( BSX ), which has been around for four and a half decades and is one of the preeminent institutions in the medical devices terrain, hasn’t done a great deal of good for its shareholder base over the past year. BSX has anyway never paid a compensatory dividend, but in a year when other healthcare stocks from the S&P 500 have remained roughly flat (on average) and other medical device stocks have contracted by a little over -8%, BSX has fared a lot worse, losing ground by over 30%. Total returns over 1 year ( YCharts ) This isn’t my first review of BSX, and I had last gauged its prospects just before its Q3 earnings in October 2025. Back then, while I felt encouraged by BSX’s efforts at the operating level, I also didn’t feel a long position was going to be too fruitful on account of slowing topline growth, gross margin pressures, and unappealing valuations, and thus proceeded to go with a hold rating. 5 months after my relatively neutral stance, am I tempted to change my perspective on BSX? Yes, and here’s what's driving my more optimistic stance on BSX at this juncture. Growth Poised to Pick Up The last time we wrote about BSX, we had highlighted how the company was in the midst of experiencing a slower pace of organic growth across each quarter. While a declining pace of organic growth will likely persist in the current quarter as well (management has guided to a range of 8.5-10% , down from the 12.7% growth seen in Q4-25), it’s fair to say that the company is not far from a turnaround, as organic growth expectations for FY26 as a whole (10.5%) also suggest that H2-26 growth trends could be a lot better, inching closer to the 11% levels. Organic growth YoY (Prepared by the writer using data from BSX) By the end of H1, some pressures felt in BSX’s endoscopy segment, due to the removal of certain sizes of their AXIOS Stents and systems, would no longer be present. Besides, H2-26 wil...
mustafaU Indian refiners have reportedly bought about 60 million barrels of Russian oil for delivery next month, easing supply concerns as the Middle East war chokes flows. The cargoes were booked at premiums of $5 to $15 a barrel to Brent, according to a report by Bloomberg News. The volume is similar to the amount of purchases for this month but more than double that for February, the report sai...
mustafaU Indian refiners have reportedly bought about 60 million barrels of Russian oil for delivery next month, easing supply concerns as the Middle East war chokes flows. The cargoes were booked at premiums of $5 to $15 a barrel to Brent, according to a report by Bloomberg News. The volume is similar to the amount of purchases for this month but more than double that for February, the report said, citing data intelligence firm Kpler. India's Reliance Industries, operator of the world's biggest refining complex, has meanwhile purchased 5 million barrels of Iranian crude, days after the U.S. temporarily removed sanctions on the oil, three sources familiar with the matter told Reuters . The Indian refiner bought the oil from the National Iranian Oil Co., two of the sources said . One of them said the crude was priced at a premium of about $7 a barrel to ICE Brent futures. It was not immediately clear when the oil would be delivered. The United States earlier this month issued a 30-day waiver to India for purchasing crude from Moscow as the Iran war upends global supplies. The waiver on purchasing Russian oil is expected to help ease global supply worries, with India being the world’s fourth-biggest refiner and fifth-largest exporter of petroleum products. More on iShares MSCI India ETF, United States Oil Fund LP ETF, etc. 3 Asset Classes And 3 Industries Already In Bear Markets Private Credit: Why It's Not 2008 Soaring Bond Yields, Falling Yen, And Big Wage Gains Leave BOJ In A Dither Asian markets surge as U.S.-Iran peace plan tumbles oil prices Crude oil slides as U.S. reportedly has sent proposal to Iran to end Middle East war
Ciprian Alexandru/iStock via Getty Images Quarterly commentary Most asset categories produced positive returns in the final three months of 2025, reflecting the favorable backdrop for the world financial markets. The fund posted a gain but slightly underperformed its benchmark. Asset allocation contributed to performance, while underlying manager results detracted. Market review and outlook Global...
Ciprian Alexandru/iStock via Getty Images Quarterly commentary Most asset categories produced positive returns in the final three months of 2025, reflecting the favorable backdrop for the world financial markets. The fund posted a gain but slightly underperformed its benchmark. Asset allocation contributed to performance, while underlying manager results detracted. Market review and outlook Global equities registered solid gains in the fourth quarter, helping the major, broad-based indexes record their third consecutive year of double-digit returns. Performance was uneven over the first half of the quarter due to concerns that AI-related stocks were in a bubble, but the market staged an impressive rebound and went on to achieve new all-time highs by year end. A continued decline in inflation enabled the U.S. Federal Reserve to enact two quarter-point interest rate cuts, boosting sentiment. In addition, corporate earnings were robust and world economic growth remained positive. Emerging- and developed-market international equities outperformed the United States, continuing a trend that was in place for the full year. Within the U.S. market, the value style outpaced growth as investors rotated toward opportunities outside of AI-related stocks. Global bonds logged only slightly positive total returns amid a growing consensus that most central banks were largely finished easing policy. Credit-oriented market segments continued to outperform, primarily as a result of their yield advantage. Contributors and detractors The majority of the benefit from allocation came from the fund's overweight in developed-market international equities and corresponding underweight in the United States. We have favored the non-U.S. markets for some time based on their attractive relative valuations, and this aspect of our positioning paid off in both the quarter and the year. The fund's real assets portfolio also contributed to relative performance, primarily as a result of a position in m...
Philippine Airlines President Richard Nuttall says the carrier has secured enough fuel "to take us until the end of June." However, he noted that the company has no clear outlook for fuel supplies past that point. He spoke with Bloomberg's Danny Lee on "Insight with Haslinda Amin." (Source: Bloomberg)
Philippine Airlines President Richard Nuttall says the carrier has secured enough fuel "to take us until the end of June." However, he noted that the company has no clear outlook for fuel supplies past that point. He spoke with Bloomberg's Danny Lee on "Insight with Haslinda Amin." (Source: Bloomberg)
The moment I stepped into English National Ballet’s studio, I stopped being just a patient. Among fellow spirits, I have rediscovered my sense of joy and agency Fourteen years ago, a neurologist told me: “You have Parkinson’s.” I remember his face before I remember his words: calm, certain, kind. Parkinson’s: a progressive neurological disease. No cure. In my mind, it was an old person’s disease. ...
The moment I stepped into English National Ballet’s studio, I stopped being just a patient. Among fellow spirits, I have rediscovered my sense of joy and agency Fourteen years ago, a neurologist told me: “You have Parkinson’s.” I remember his face before I remember his words: calm, certain, kind. Parkinson’s: a progressive neurological disease. No cure. In my mind, it was an old person’s disease. Something that happened to other people, later in life. Not to a single man in his early 50s who believed there was still time for romance, adventure, reinvention. What terrified me most wasn’t the tremors or the stiffness. It was the imagined future. I pictured a partner signing up not for love, but for care. I thought: who would choose that? Who would choose me, knowing this? Continue reading...
Israel Seeks To Disrupt Russian-Iranian Arms Transfer Route In The Caspian Sea Russia and Iran have long had positive bilateral relations, which deepened in the context of the Ukraine war, and now in the midst of Trump's Operation Epic Fury, where Moscow is said to be sharing vital intelligence and targeting information with Tehran. Fresh reporting in The Wall Street Journal suggests that recent l...
Israel Seeks To Disrupt Russian-Iranian Arms Transfer Route In The Caspian Sea Russia and Iran have long had positive bilateral relations, which deepened in the context of the Ukraine war, and now in the midst of Trump's Operation Epic Fury, where Moscow is said to be sharing vital intelligence and targeting information with Tehran. Fresh reporting in The Wall Street Journal suggests that recent large-scale Israeli attacks in the Caspian Sea could mean flirting with WW3 and potential attacks on Russian interests and assets. "An Israeli strike on a naval outpost in the Caspian Sea targeted Russia’s support for Iran in the war, hitting a supply line that the countries have used to move ammunition, drones and other weaponry, people familiar with the matter said," WSJ writes late in the day Tuesday. Illustrative: Prior Iranian Navy Caspian Sea drills "Last week's strike was Israel’s first ever on the world’s largest inland sea," the report continues to point out. It was "Far beyond the reach of the U.S. Navy, the sea connects Russian and Iranian ports about 600 miles apart, giving the countries a place to freely swap weapons along with goods such as wheat and oil." While Western media has labeled this as a 'smuggling route' - Moscow would see this as more simply legitimate bilateral trade on defense and other items. According to more details : The route has become especially important for transferring Iran’s Shahed drones— now made in both countries —which Russia has used to bombard Ukrainian cities and Tehran has used to strike airports, energy facilities and U.S. bases across the Persian Gulf. Cooperation between the two countries has expanded during the war , with Russia sharing satellite imagery and improved drone technology to help Iran attack U.S. assets and other targets across the Gulf, people familiar with the matter have said. Again, that Iran and Russia exercise transfer of goods under their mutual economic and defense pacts should come as no surprise. What s...