Pawel Kacperek/iStock via Getty Images The strategy pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are poised to rise but are temporarily out of favor relative to their history or peers. Fund Facts Investor Shares Institutional Shares Ticker PARWX PFPWX Net Expense Ratio 1 0.88% 0.65% Gross Expense Ratio 0.91% 0.71% Inception Date 04/29/2005 0...
Pawel Kacperek/iStock via Getty Images The strategy pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are poised to rise but are temporarily out of favor relative to their history or peers. Fund Facts Investor Shares Institutional Shares Ticker PARWX PFPWX Net Expense Ratio 1 0.88% 0.65% Gross Expense Ratio 0.91% 0.71% Inception Date 04/29/2005 04/30/2015 Benchmark Russell 1000 Value Index Asset Class U.S. large cap value Objective Capital appreciation Click to enlarge Market Review The Russell 1000 Value Index ended a strong year with solid gains in the fourth quarter and double-digit returns for the year as investors continued to focus on the ongoing megatrend in AI. This investment theme continues to surprise to the upside, demonstrating that it is likely here to stay. The Federal Reserve (Fed) cut interest rates for the third time in 2025, against the backdrop of a relatively steady economy with modest GDP growth, a relatively strong labor market and moderating inflation, although the benefits weren’t felt equally across the economy. These stable economic conditions and strong earnings growth also helped to boost markets. During the quarter, the best-performing sectors in the Russell 1000 Value Index were Information Technology, Communication Services and Health Care, while the Real Estate and Utilities sectors ended the quarter with slight losses. The strong returns across a range of sectors reflected the broadening of the AI theme, not just the continuation of it. Performance Annualized Returns (%) Annualized Returns (%) As of 12/31/2025 3 Mos. 1 Yr. 3 Yr. 5 Yr. 10 Yr. PARWX – Investor Shares 5.40 19.04 14.88 11.37 13.86 PFPWX – Institutional Shares 5.44 19.32 15.14 11.62 14.11 Russell 1000 Value Index 3.81 15.91 13.90 11.33 10.53 Performance data quoted represent past performance and are no guarantee of future returns. Current performance may be lower or higher than the performance data quoted, and current p...
Getty Images Rockwell Automation ( ROK ) is definitely a company worth following, as it offers exposure to attractive growth themes like robotics and industrial automation without too much hype. It does have some drawbacks, as it tends to suffer from revenue cyclicality. Even so, there is a clear long-term growth trend from secular tailwinds. This is particularly true in some of the key end market...
Getty Images Rockwell Automation ( ROK ) is definitely a company worth following, as it offers exposure to attractive growth themes like robotics and industrial automation without too much hype. It does have some drawbacks, as it tends to suffer from revenue cyclicality. Even so, there is a clear long-term growth trend from secular tailwinds. This is particularly true in some of the key end markets like data centers and warehouse automation. The last time we analyzed the company, about six months ago, we noted that the valuation was looking stretched. Since then, the recovery in many of its end markets appears to be gaining momentum, but the valuation continues to be quite demanding. Rockwell also held an investor day in November 2025 and reported Q4 and full-year 2025 results. Given these developments, it felt like a good time to take another in-depth look at Rockwell. Financials In the fourth quarter of fiscal 2025, there was a clear reacceleration in revenue growth. Sales increased almost 14% year-over-year, with over 13% growth being organic. Annual recurring revenue (ARR) rose 8% and is now more than 10% of total revenue. Lifecycle Services delivered -4% growth, but Discrete more than made up for it with ~20% growth. The Discrete segment benefited from strong growth in e-commerce and warehouse automation, where growth was approximately 70%. The fourth quarter also saw profit margin improvement from operating leverage and the ongoing cost efficiency measures. Adjusted earnings per share (EPS) in Q4 were $3.34, a 32% year-over-year increase. For the full year 2025, the adjusted earnings per share reached $10.53, up a more modest 7% compared to 2024. Data by YCharts Over the cycle, Rockwell is aiming to deliver total annual growth of between 6% and 9%. With modest operating leverage and increased recurring revenue, this could potentially result in double-digit EPS growth. Rockwell Automation Investor Presentation Macroeconomic Headwinds The macro backdrop remains ...
Morgan Stanley is pushing to expand its footprint in Asia, betting on a more favorable business outlook and growing opportunities in deregulated economies, according to Gokul Laroia , the firm’s chief executive officer for the region. Speaking in a Bloomberg Television interview, Laroia said the company is recruiting financial advisers, and in capital markets and commodities, with a particular foc...
Morgan Stanley is pushing to expand its footprint in Asia, betting on a more favorable business outlook and growing opportunities in deregulated economies, according to Gokul Laroia , the firm’s chief executive officer for the region. Speaking in a Bloomberg Television interview, Laroia said the company is recruiting financial advisers, and in capital markets and commodities, with a particular focus on markets that combine scale with regulatory liberalization. “There’s a bunch of markets in Asia that have scale, but also deregulated, so you can do more,” he said. “So as we can do more, we look to fill those footprint gaps with quality talent.” Morgan Stanley is pushing deeper into Asia as buoyant markets, a reviving Hong Kong IPO pipeline and rising trading volumes propelled the bank to a second consecutive record year in the region. The firm’s Asia revenue rose 23% to $9.4 billion last year. Morgan Stanley Boosts Bonuses in Asia, London After Bumper Year Overall, the New York-based firm reported record annual net income last year, while total investment-banking fees rose 47% amid a return in dealmaking. In Hong Kong, the firm ranked first in arranging share sales. Across trading desks, volumes are running high, including in China, driven by a mix of global uncertainty and local reallocation, Laroia said. Investors are moving money out of low-yielding bank deposits and bonds into higher-dividend equities, a shift previously seen in India and now being encouraged in Japan, he said. “When these volumes come to the market, they add up and it’s a pretty good environment,” he said. “And then on top of that, you’ve obviously got the geopolitics and the volatility associated with the geopolitics, and that adds to the mix. So it’s really a global local combination.” While technology has enabled the firm to handle far higher daily trading volumes without a proportional increase in headcount, growth in wealth management, new stock issuance and mergers and acquisitions is prom...