China’s $1.57 trillion sovereign wealth fund - long one of the biggest backers of private equity firms in the world - is considering new allocations to US money managers just months after reducing its exposure to the world’s biggest economy. As tensions between the superpowers thaw, China Investment Corp. has held talks in recent weeks with firms including Blackstone Inc. and TPG Inc., according t...
China’s $1.57 trillion sovereign wealth fund - long one of the biggest backers of private equity firms in the world - is considering new allocations to US money managers just months after reducing its exposure to the world’s biggest economy. As tensions between the superpowers thaw, China Investment Corp. has held talks in recent weeks with firms including Blackstone Inc. and TPG Inc., according to people familiar with the matter. Some of the discussions were paused after the US launched its attacks on Iran last month, engulfing one of China’s trading partners in war, the people said. There’s no assurance the fund will ultimately strike a deal with any of the US-based firms or that the money would be channeled toward investment opportunities in the US. Representatives for CIC didn’t reply to an emailed request seeking comment, while spokespeople for Blackstone and TPG declined to comment. Read More: CIC Close to Selling $1 Billion in US Private Equity Stakes The talks come just a few months after CIC unloaded about $1 billion in funds run by several managers, including Carlyle Group Inc. The sale was part of a broader retreat from the world’s largest economy, with CIC caught in the crosshairs as tensions with the US mounted. The fund has said in the past that its investment decisions are based on business and market considerations. The renewed discussions are the latest sign that some of the world’s largest sovereign funds have turned into a critical lever in geopolitical statecraft because their growing pools of capital can be directed as investments in friendly international markets to signal economic and political cooperation. Once a major player on Wall Street with big stakes in Blackstone and Morgan Stanley , CIC’s return would be a welcome addition for managers that are seeking new clients and spending longer times fundraising as higher interest rates and meager returns curb enthusiasm for private equity. Read More: Some PE Firms Are Doomed to Fail as Once-Hot...
Fertilizer supplies into Africa are coming under pressure as the Iran war disrupts global chains. Countries like Nigeria, which rely heavily on imports from China and Russia are already facing delays, with prices rising and availability tightening. Bloomberg's Jennifer Zabasajja explains on Horizons Middle East and Africa. (Source: Bloomberg)
Fertilizer supplies into Africa are coming under pressure as the Iran war disrupts global chains. Countries like Nigeria, which rely heavily on imports from China and Russia are already facing delays, with prices rising and availability tightening. Bloomberg's Jennifer Zabasajja explains on Horizons Middle East and Africa. (Source: Bloomberg)
Concentrix press release ( CNXC ): Q1 Non-GAAP EPS of $2.61. Revenue of $2.5B (+5.5% Y/Y). Adjusted EBITDA of $348.2 million, or 13.9% of revenue, compared with $374.2 million, or 15.8% of revenue in the prior year first quarter. Cash flow used in operations was $83.2 million in the quarter. Adjusted free cash flow was a use of $144.6 million in the quarter. Full Year 2026 Expectations: Full year ...
Concentrix press release ( CNXC ): Q1 Non-GAAP EPS of $2.61. Revenue of $2.5B (+5.5% Y/Y). Adjusted EBITDA of $348.2 million, or 13.9% of revenue, compared with $374.2 million, or 15.8% of revenue in the prior year first quarter. Cash flow used in operations was $83.2 million in the quarter. Adjusted free cash flow was a use of $144.6 million in the quarter. Full Year 2026 Expectations: Full year reported revenue of $10.035 billion to $10.180 billion vs. consensus of $10.17B . Based on current exchange rates, these expectations assume an approximate 60-basis point positive impact of foreign exchange rates compared with the prior year. The guidance implies constant currency revenue growth for the full year of 1.5% to 3.0%. Operating income of $636 million to $686 million and non-GAAP operating income of $1,240 million to $1,290 million. Non-GAAP diluted EPS of $11.48 to $12.07 vs. consensus of $12.10 , assuming approximately 60.6 million diluted common shares outstanding and approximately 4.9% of net income attributable to participating securities. The effective tax rate is expected to be approximately 25%. In addition, the company expects to generate approximately $630.0 million to $650.0 million of adjusted free cash flow in fiscal year 2026. More on Concentrix Concentrix: Deeply Undervalued With Improving Profitability Concentrix - Webhelp Write Off Sinks 2025, Where To Now? Concentrix Corporation (CNXC) Q4 2025 Earnings Call Transcript Concentrix Q1 2026 Earnings Preview Concentrix prices $600 million senior notes offering
JHVEPhoto Oracle ( ORCL ) was in focus on Tuesday as Bank of America reinstated coverage on the IT giant with a Buy rating and $200 price target. “We are reinstating coverage of Oracle ( ORCL ) with a Buy rating and a $200 PO (~30% upside potential), reflecting a balanced view of accelerating AI infrastructure demand against the timing, concentration, and capital requirements of Oracle’s transform...
JHVEPhoto Oracle ( ORCL ) was in focus on Tuesday as Bank of America reinstated coverage on the IT giant with a Buy rating and $200 price target. “We are reinstating coverage of Oracle ( ORCL ) with a Buy rating and a $200 PO (~30% upside potential), reflecting a balanced view of accelerating AI infrastructure demand against the timing, concentration, and capital requirements of Oracle’s transformation,” analyst Tal Liani wrote in a note to clients. “Oracle has large revenue potential ahead, supported by $553bn in RPO tied to long-duration AI training and cloud infrastructure commitments. This provides solid visibility for a meaningful growth opportunity, but the company will need to demonstrate it can deliver capacity, convert long-dated contracts into revenues, and manage a capital-intensive buildout.” Delving deeper, Liani said the three debates for Oracle over the coming years include the timing of the conversion of its current remaining backlog to revenue (57% of the $553B is beyond three years and 22% is beyond five years); how concentrated its customers are, especially since OpenAI ( OPENAI ) is responsible for a big chunk of its current remaining performance obligations; and how capital intensive the artificial intelligence buildout is, given it is spending hyperscaler-level amounts of money. “We believe the company holds solid plans on these fronts and discuss the opportunities with the risks,” Liani added. More on Oracle Oracle: Anthropic Surge Creates New Problems Oracle Is Successfully Handling The Global Shift Towards AI Cloud Infrastructure Oracle: Pros And Cons Of Buying Now After The Q3 Double Beat Microsoft, Oracle seen as benefiting from AI, while Adobe, Docusign at risk: Jefferies Oracle results, guidance indicate bearish concerns are 'easing,' Mizuho says
JHVEPhoto Oracle ( ORCL ) was in focus on Tuesday as Bank of America reinstated coverage on the IT giant with a Buy rating and $200 price target. “We are reinstating coverage of Oracle ( ORCL ) with a Buy rating and a $200 PO (~30% upside potential), reflecting a balanced view of accelerating AI infrastructure demand against the timing, concentration, and capital requirements of Oracle’s transform...
JHVEPhoto Oracle ( ORCL ) was in focus on Tuesday as Bank of America reinstated coverage on the IT giant with a Buy rating and $200 price target. “We are reinstating coverage of Oracle ( ORCL ) with a Buy rating and a $200 PO (~30% upside potential), reflecting a balanced view of accelerating AI infrastructure demand against the timing, concentration, and capital requirements of Oracle’s transformation,” analyst Tal Liani wrote in a note to clients. “Oracle has large revenue potential ahead, supported by $553bn in RPO tied to long-duration AI training and cloud infrastructure commitments. This provides solid visibility for a meaningful growth opportunity, but the company will need to demonstrate it can deliver capacity, convert long-dated contracts into revenues, and manage a capital-intensive buildout.” Delving deeper, Liani said the three debates for Oracle over the coming years include the timing of the conversion of its current remaining backlog to revenue (57% of the $553B is beyond three years and 22% is beyond five years); how concentrated its customers are, especially since OpenAI ( OPENAI ) is responsible for a big chunk of its current remaining performance obligations; and how capital intensive the artificial intelligence buildout is, given it is spending hyperscaler-level amounts of money. “We believe the company holds solid plans on these fronts and discuss the opportunities with the risks,” Liani added. More on Oracle Oracle: Anthropic Surge Creates New Problems Oracle Is Successfully Handling The Global Shift Towards AI Cloud Infrastructure Oracle: Pros And Cons Of Buying Now After The Q3 Double Beat Microsoft, Oracle seen as benefiting from AI, while Adobe, Docusign at risk: Jefferies Oracle results, guidance indicate bearish concerns are 'easing,' Mizuho says
Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Strategy lagged the Russell Midcap® Growth Index in the fourth quarter due to stock selection. The performance was in line with expectations for the full year. The firm believes […]
Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Strategy lagged the Russell Midcap® Growth Index in the fourth quarter due to stock selection. The performance was in line with expectations for the full year. The firm believes […]
If you haven't started working on your taxes yet, you're no doubt in good company. But if you're in line for a refund, you may be doing yourself a big disservice. The longer it takes you to file, the longer you'll have to wait for that money. As of March 6, the IRS had processed close to 60 million tax returns. It had also, by that date, issued almost 44 million refunds. And speaking of refunds, t...
If you haven't started working on your taxes yet, you're no doubt in good company. But if you're in line for a refund, you may be doing yourself a big disservice. The longer it takes you to file, the longer you'll have to wait for that money. As of March 6, the IRS had processed close to 60 million tax returns. It had also, by that date, issued almost 44 million refunds. And speaking of refunds, the average number as of March 6 may surprise you. Image source: Getty Images. Continue reading
For much of the last seven years, Wall Street's major stock indexes have been powering higher. With the exception of 2022, the benchmark S&P 500 (SNPINDEX: ^GSPC) has gained at least 16% each year since 2019. Meanwhile, the widely followed Dow Jones Industrial Average (DJINDICES: ^DJI) recently topped 50,000, and the growth-driven Nasdaq Composite (NASDAQINDEX: ^IXIC) briefly surpassed 24,000. But...
For much of the last seven years, Wall Street's major stock indexes have been powering higher. With the exception of 2022, the benchmark S&P 500 (SNPINDEX: ^GSPC) has gained at least 16% each year since 2019. Meanwhile, the widely followed Dow Jones Industrial Average (DJINDICES: ^DJI) recently topped 50,000, and the growth-driven Nasdaq Composite (NASDAQINDEX: ^IXIC) briefly surpassed 24,000. But if there's one near-constant on Wall Street, aside from the Dow, S&P 500, and Nasdaq Composite rising over multidecade periods, it's that when things seem too good to be true, they often are . Fed Chair Jerome Powell and members of the Federal Open Market Committee have a challenging road ahead. Image source: Official Federal Reserve Photo. Continue reading
As stocks staged a powerful rally on Monday after President Donald Trump eased off his threats on Iran, the message among some money managers was clear: don’t get comfortable just yet. Concern that more volatility may lie ahead was on display in Wall Street’s chief fear gauge, the VIX Index , which barely budged from its perch above 26 as the S&P 500 Index jumped almost 1.2% in its best day in a m...
As stocks staged a powerful rally on Monday after President Donald Trump eased off his threats on Iran, the message among some money managers was clear: don’t get comfortable just yet. Concern that more volatility may lie ahead was on display in Wall Street’s chief fear gauge, the VIX Index , which barely budged from its perch above 26 as the S&P 500 Index jumped almost 1.2% in its best day in a month. And a measure comparing the number of stocks moving up versus down on a second-by-second basis also hardly showed a mad dash for the asset class. While Trump’s decision to postpone strikes against Iran’s energy infrastructure eased a sense of panic that’s gripped Wall Street this month, traders say it’s too early to sound the all-clear on the market that’s still pricing, and re-pricing, the longer-term impact of the hostilities. With so much hanging in the balance, equity markets need more certainty that tensions won’t flare up again. S&P 500 futures were down 0.2% on Tuesday as traders grappled with a range of possible outcomes for the war. “Most of the folks I speak with are very worried about the duration of this conflict,” Tony Pasquariello , partner and global head of hedge fund coverage at Goldman Sachs Group Inc., wrote in a note to clients Monday. “The market has not yet priced a significant pinch to growth expectations.” The S&P 500 settled at 6,581, or 70 points below its session high in the morning, as traders assessed contradictory headlines from the Middle East . Trump said the US would postpone strikes against Iran’s energy infrastructure after what he called “productive conversations” with the country, in comments that spurred confusion over the participants in the talks and parameters of a deal — especially after officials in Iran denied any talks had occurred. The stock market is primed for a rally if tensions in the Middle East ease, according to Citadel Securities’ Scott Rubner . Many hedge funds, particularly multi-strategy firms that use short pro...
BofA reinstated coverage of CoreWeave ( CRWV ) with a Buy rating and a $100 price target, noting that evidence of diversification mitigates inherent risks. Shares of CoreWeave rose about 2% premarket on Tuesday. "We believe CoreWeave is well positioned to capture share of the $79bn AI infrastructure as a service (Iaas) market, given 1) sustained demand for AI compute; 2) its proprietary software o...
BofA reinstated coverage of CoreWeave ( CRWV ) with a Buy rating and a $100 price target, noting that evidence of diversification mitigates inherent risks. Shares of CoreWeave rose about 2% premarket on Tuesday. "We believe CoreWeave is well positioned to capture share of the $79bn AI infrastructure as a service (Iaas) market, given 1) sustained demand for AI compute; 2) its proprietary software optimized for AI workloads; and 3) strategic alliances with top-tier AI-native companies such as Nvidia and OpenAI," said analysts led by Tal Liani. The analysts noted that while risks exist, they believe the demand trajectory is solid in the foreseeable future. With agentic AI pushing up infrastructure needs, the company helps customers overcome supply, capacity, and power shortages, and we do not see the capacity demand/supply imbalance easing before 2029, the analysts added. More on CoreWeave CoreWeave: Deeply Undervalued Against Peers CoreWeave: Still Substantially Overpriced CoreWeave: The Market Is Overreacting To The Wrong Risks CoreWeave and Cerebras partner with BCE to run Canada's largest 'purpose-built AI data center' Oppenheimer initiates CoreWeave at Outperform as it eyes long-term potential
Stock futures held steady as oil climbed with fighting between the US-Israel alliance and Iran raging unabated . S&P 500 futures and Nasdaq 100 contracts were little changed as of 7:14 a.m. in New York. West Texas Intermediate crude rose about 2.6% to $90.41. Iran carried out overnight attacks on the Israeli cities of Tel Aviv, Eilat and Dimona, as well as on US bases in the Middle East. Israel la...
Stock futures held steady as oil climbed with fighting between the US-Israel alliance and Iran raging unabated . S&P 500 futures and Nasdaq 100 contracts were little changed as of 7:14 a.m. in New York. West Texas Intermediate crude rose about 2.6% to $90.41. Iran carried out overnight attacks on the Israeli cities of Tel Aviv, Eilat and Dimona, as well as on US bases in the Middle East. Israel launched a wave of strikes in western and central Iran, including Tehran. “We are not dealing with single decision-maker dynamics,” Helima Croft , RBC Capital Markets Head of Global Commodity Strategy, wrote in a note. “Unlike the case with tariffs or Greenland, multiple stakeholders have a say in how this war ends, and ships, not soundbites, will likely be what ultimately matters for physical markets.” Potentially adding to investor concerns, Apollo Global Management Inc. shares were down after the firm became the latest alternative asset manager to curb redemptions from one of its largest non-traded private credit funds for retail investors. Apollo Debt Solutions, a $25 billion business development company, capped withdrawals at 5% of outstanding shares after clients sought to redeem 11.2%. “We believe Apollo’s decision to ‘hold the line’ at 5% for the quarter and prorate redemptions is doing right by their investors and prevents incremental leverage, cash drawdowns, or forced asset sales,” Evercore ISI analyst Glenn Schorr wrote in a note. “While no investor or LP likes to see write-downs, investors have likely priced that, to some degree, into the parent company stocks.” In deals news, Estée Lauder Cos. says it’s in talks to buy Puig Brands SA, creating a cosmetics giant with about $20 billion in annual sales. Sectors to Watch Financials stocks with news Sumitomo Mitsui Financial Group Inc. was said to be working on plans for a potential takeover of Jefferies Financial Group Inc. Airline stocks as legislators in both parties were optimistic about reaching an agreement to ...
Tatrano/iStock via Getty Images Co-authored with Beyond Saving. Sing with me: "It's the end of the world as we know it. It's the end of the world as we know it. It's the end of the world as we know it. . . And I feel fine!" – R.E.M. We often get wrapped up in what is happening in the world, and more specifically, in how the world is changing. Today's world is unrecognizable from the world my grand...
Tatrano/iStock via Getty Images Co-authored with Beyond Saving. Sing with me: "It's the end of the world as we know it. It's the end of the world as we know it. It's the end of the world as we know it. . . And I feel fine!" – R.E.M. We often get wrapped up in what is happening in the world, and more specifically, in how the world is changing. Today's world is unrecognizable from the world my grandfather grew up in. In World War II, it was an amazing technological advancement for people to be able to go to the movie theater to get news updates on the war. These were generalized updates covering the major events. Fast-forward to today, and there are updates on every individual attack. We can pull up videos of almost everything that happens and even track the movements of warships at a level that WW2 generals could only dream about having in a classified briefing. As with all technology, it comes with its positives and negatives. It's good to be informed and know what is going on; it is rather unhealthy to sit there refreshing your page every 15 minutes to read about the next back-and-forth. Added to the speed at which information is relayed around the world today is the speed at which sometimes convincing videos can be created from nothing using AI. When you watch a video, you don't really know whether to believe your own eyes or not. We walk around in a world where we can access an enormous amount of information from our phones, which are rarely out of arm's reach. Unfortunately, we are also in a world where the quality of that information is highly questionable. Is it the "end of the world"? As we know it—yes. The world is changing, and with it comes turmoil in the markets. Yet as the world changes, there will be some things that will always be the same. Some investors will be gamblers, looking to make quick flips based on being faster to react to news than others. We see the oil markets gyrating in response to every attempted strike on oil-producing assets. Other i...
primeimages/iStock via Getty Images Market review Global equities maintained strong momentum, with emerging markets and developed non-U.S. leading the rally. The S&P 500 Index rose 2.66% for a 2025 gain of 17.88% compared with emerging markets, as measured by the MSCI Emerging Markets Index (Net), up 33.57%. Optimism around information technology capital expenditures seemed to take a back seat, as...
primeimages/iStock via Getty Images Market review Global equities maintained strong momentum, with emerging markets and developed non-U.S. leading the rally. The S&P 500 Index rose 2.66% for a 2025 gain of 17.88% compared with emerging markets, as measured by the MSCI Emerging Markets Index (Net), up 33.57%. Optimism around information technology capital expenditures seemed to take a back seat, as energy and industrials outperformed the benchmark, with consumer discretionary the worst off. Fixed income markets remained disperse as we saw fixed income markets bounce back mainly in credit as opposed to sovereigns. The U.S. 10-year Treasury yield started the quarter at 4.15% and closed at 4.17%, after trading as low as 3.95% in October, with the eurozone and Japan as relative underperformers, up 0.14% and 0.36%, respectively. Within credit, U.S. investment grade was up 0.84%, with high yield up 1.1% and emerging market debt up 2.4%. Precious metals stood out over the quarter. Gold closed the year at $4,319, up 65% (and 12% in the final quarter). Amid the U.S. government's shutdown in the fourth quarter, macroeconomic data remained sparse, though underlying activity remained robust. U.S. growth continued to exceed expectations, despite a weaker labor market leading the Federal Reserve (Fed) to cut two times in the fourth quarter—further loosening policy. Japan has remained an anomaly to the global easing cycle; with a strong expected rebound in gross domestic product and inflation moving above the Bank of Japan's target, it saw them finally hike. The eurozone continued resilience with moderate growth, supported by domestic demand, a strong labor market, and easing inflation. Emerging market growth was strong over the quarter, particularly in Latin America. Average Annual Total Returns (%) As Of 12/31/2025* 3 MONTH YEAR TO DATE 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE FUND INCEPTION (11/13/86)^ Index Asset Allocation Fund-Inst 1.89 11.75 11.75 14.58 7.79 9.23 8.85 Index Asset ...
PMI figure reveals impact on economy of rise in oil prices driven by Iran war Business live – latest updates The UK’s manufacturers have suffered the sharpest one-month acceleration in costs since the aftermath of Black Wednesday in 1992 , as conflict in the Middle East has driven up oil prices, new survey evidence shows. The closely watched purchasing managers’ index (PMI) lays bare the impact of...
PMI figure reveals impact on economy of rise in oil prices driven by Iran war Business live – latest updates The UK’s manufacturers have suffered the sharpest one-month acceleration in costs since the aftermath of Black Wednesday in 1992 , as conflict in the Middle East has driven up oil prices, new survey evidence shows. The closely watched purchasing managers’ index (PMI) lays bare the impact of the conflict on the UK economy, with growth slowing sharply across manufacturing and services and costs rising. Continue reading...
Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Strategy lagged the Russell Midcap® Growth Index in the fourth quarter due to stock selection. The performance was in line with expectations for the full year. The firm believes […]
Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Strategy lagged the Russell Midcap® Growth Index in the fourth quarter due to stock selection. The performance was in line with expectations for the full year. The firm believes […]
mdisk/iStock via Getty Images Sportradar Group AG ( SRAD ) launched a new iGaming brand called Playradar that is designed to offer a fully integrated ecosystem of cross-vertical gaming experiences for global operators. The company said the launch marks the next phase in the evolution of its iGaming business. Playradar combines Sportradar's ( SRAD ) live and historical sports data, AV streams, and ...
mdisk/iStock via Getty Images Sportradar Group AG ( SRAD ) launched a new iGaming brand called Playradar that is designed to offer a fully integrated ecosystem of cross-vertical gaming experiences for global operators. The company said the launch marks the next phase in the evolution of its iGaming business. Playradar combines Sportradar's ( SRAD ) live and historical sports data, AV streams, and casino content to create proprietary hybrid products. Key elements of the new brand include a 24/7 “Experience Center” where players can watch live sports streams and play games on the same screen, fostering community interaction and both engagement-only and real-money play. It will also offer live and historical sports/casino hybrid content that turns real sporting moments into interactive, event-driven gameplay, including a live prediction product powered by Sportradar’s data. In addition, the brand will provide premium iGaming content such as virtual sports, slots, table games, arcade titles, and crash games. Sportradar ( SRAD ) has appointed former Playtech Live CEO Edo Haitin to lead the division, leveraging his more than 20 years of experience in iGaming operations, live casino development, and executive leadership to accelerate growth. Looking ahead, Sportradar ( SRAD ) plans to scale Playradar using its existing game studio, sports data expertise, streaming capabilities, global distribution network, and marketing technologies, aiming to drive cross-sell, higher player value, and longer sessions for operators that already span both betting and iGaming. Playradar will operate only in regulated markets and will roll out games through 2026 across the UK, North America, and Latin America. "Playradar content is designed to provide optimized cross-sell between the worlds of sport and casinos, helping operators to increase player value and session length at a time when engagement and retention are key to operational sustainability," highlighted Sportradar ( SRAD ) CEO Carst...