Richard Drury/DigitalVision via Getty Images At a glance Performance The Portfolio returned -2.59% (gross) and the MSCI World Gross TR returned -3.47%. Contributors/detractors Stock selection in information technology, particularly companies tied to artificial intelligence (AI) infrastructure, aided relative performance. Exposure to companies caught in AI disruption fears detracted, along with min...
Richard Drury/DigitalVision via Getty Images At a glance Performance The Portfolio returned -2.59% (gross) and the MSCI World Gross TR returned -3.47%. Contributors/detractors Stock selection in information technology, particularly companies tied to artificial intelligence (AI) infrastructure, aided relative performance. Exposure to companies caught in AI disruption fears detracted, along with minimal energy exposure. Outlook Geopolitical shocks underscore sustainability's resilience. We continue to invest in companies with pricing power, durable franchises, and exposure to long-duration themes positioned to navigate volatility and compound through-cycles. Portfolio management Hamish Chamberlayne, CFA Aaron Scully, CFA Investment environment The first quarter delivered a volatile start to 2026, with global equity markets declining. Markets moved higher over the first two months of the year but fell heavily in March as the U.S./Israel conflict with Iran escalated. The year began constructively, supported by economic data including a robust labor market, easing inflationary pressures, and steady consumer spending. U.S. markets reached record highs by mid-January on the back of expectations for continued earnings growth. In early March, however, U.S. and Israeli strikes on Iran escalated, and in retaliation, Iran closed the Strait of Hormuz – the chokepoint through which approximately 20% of global oil is shipped – resulting in the largest sudden oil-supply disruption on record. Brent crude oil prices surged from approximately $80 in February to over $113 by late March. European natural gas prices nearly doubled, and Asian liquefied natural gas (LNG) jumped approximately 48% amid frantic competition for replacement fuel. The energy price-shock rippled across the global economy, boosting inflation expectations, squeezing consumers, and prompting emergency government interventions. Aside from geopolitical developments, AI continued to dominate market sentiment during the...
Two AI chip giants, one retirement portfolio slot, and a clear question: Should income-focused investors own NVIDIA (NASDAQ:NVDA) or Broadcom (NASDAQ:AVGO) right now? Both ride the same secular wave: hyperscaler CapEx pouring into AI infrastructure. But they monetize it very differently, and that difference matters more for retirees than the headline growth numbers suggest. Here ... NVIDIA vs. Bro...
Two AI chip giants, one retirement portfolio slot, and a clear question: Should income-focused investors own NVIDIA (NASDAQ:NVDA) or Broadcom (NASDAQ:AVGO) right now? Both ride the same secular wave: hyperscaler CapEx pouring into AI infrastructure. But they monetize it very differently, and that difference matters more for retirees than the headline growth numbers suggest. Here ... NVIDIA vs. Broadcom: Which Is the Better Long-Term AI Chip Bet?
Exuberant market reaction to a celebrity lawyer’s surprise victory in Colombia’s first-round election Sunday is sowing expectations for an investment rebound in the resource-rich Andean country. Abelardo de la Espriella — who calls himself “The Tiger” — is known for hawking his own brands of menswear and rum in the brash style of Donald Trump . He’s vowing to kickstart the Colombian economy after ...
Exuberant market reaction to a celebrity lawyer’s surprise victory in Colombia’s first-round election Sunday is sowing expectations for an investment rebound in the resource-rich Andean country. Abelardo de la Espriella — who calls himself “The Tiger” — is known for hawking his own brands of menswear and rum in the brash style of Donald Trump . He’s vowing to kickstart the Colombian economy after years of waning investment under outgoing leftist president Gustavo Petro . From oil to financial services and health care, Colombia may be primed for an economic jolt, analysts say, if the populist frontrunner can overcome Petro’s ideological heir Iván Cepeda in the June 21 runoff. Petro, who is not eligible for reelection, is leaving behind a sluggish economy. Foreign direct investment plummeted by a third to $11.5 billion in 2025 from $17.2 billion in 2022 when he took office. Among the key sectors that took a beating was hydrocarbons, after Petro banned new drilling and quashed fracking plans in a bid to wean the country off fossil fuels. Crude production stagnated and a natural gas deficit deepened. De la Espriella regularly bashes Petro’s green agenda, vowing a comeback akin to the Trump administration’s “drill, baby, drill” mantra. Shares in Colombia’s state-controlled oil company Ecopetrol SA jumped 9% Monday. “In the Tiger’s government, we will exploit the subsoil to the maximum,” the candidate declared at a recent campaign rally . Although he has been less vocal on Colombia’s shrinking coal industry, such rhetoric suggests he would ease pressure on Glencore -owned mine Cerrejón , which Petro’s government exhorted to deliver closure and transition plans. But De la Espriella has also said he embraces “neither climate denialism nor dogmatic environmentalism,” suggesting room for moderation. On gold and other minerals, the law-and-order politician has vowed to support legal mining and impose an “iron fist” on illegal ones, part of his wider security focus. His striden...
Marvell Technology stock surged Tuesday, on pace for a record closing high, after getting a big endorsement from Nvidia CEO Jensen Huang, who reckons the chips-and-networking company can achieve a market value of more than $1 trillion. Marvell currently has a market capitalization of around $249 billion. Nvidia’s Huang suggested Marvell’s shares could rise fivefold while speaking at the Computex c...
Marvell Technology stock surged Tuesday, on pace for a record closing high, after getting a big endorsement from Nvidia CEO Jensen Huang, who reckons the chips-and-networking company can achieve a market value of more than $1 trillion. Marvell currently has a market capitalization of around $249 billion. Nvidia’s Huang suggested Marvell’s shares could rise fivefold while speaking at the Computex conference in Taiwan alongside Marvell CEO Matt Murphy.
Investing.com -- Goldman Sachs CEO David Solomon said Tuesday that there is sufficient capital available as major artificial intelligence companies prepare to enter public markets.
Investing.com -- Goldman Sachs CEO David Solomon said Tuesday that there is sufficient capital available as major artificial intelligence companies prepare to enter public markets.
Anecdonet Com/iStock via Getty Images Credo Technology Group Holding Ltd. ( CRDO ) reported Q4 earnings after the close Monday, and shares are selling off as investors assess the company's growth and take profits after a steep run-up. I think the results reaffirm the Credo bull case, and I will be adding to my position. Data by YCharts In my last piece on CRDO, I discussed the company's product po...
Anecdonet Com/iStock via Getty Images Credo Technology Group Holding Ltd. ( CRDO ) reported Q4 earnings after the close Monday, and shares are selling off as investors assess the company's growth and take profits after a steep run-up. I think the results reaffirm the Credo bull case, and I will be adding to my position. Data by YCharts In my last piece on CRDO, I discussed the company's product portfolio and how it was preparing to capture future data center capex, rating the stock a Strong Buy. That article can be read here . It has since risen by more than 40% relative to 7.5% for the S&P 500 ( SPY ) and is up by nearly 120% since my initial call in February. We now return to the stock in the midst of elevated volatility and conflict narratives— on one side, the market appears disappointed by Credo's quarterly report as the stock trades down 3% on Tuesday as I write this (though it was down as much as 12% after hours on Monday); on the other side, Marvell ( MRVL ) is up 23%, and the AI networking sector is running as Nvidia ( NVDA ) CEO Jensen Huang talked up the former and said it could be "the next trillion-dollar company." While this is high praise, and I'm certainly bullish on the sector as well, I should note that Huang and Nvidia do own an equity stake in MRVL and are likely simply talking their book, as it were. Regardless, this is the current state of market sentiment, so with that context, let's quickly recap Credo's Q4 2026 report : Credo Q4 2026 Press Release As expected, the AI data center build-out gave Credo's operating results a substantial boost as revenue of $437 million grew by 157% YoY and 7.4% QoQ, non-GAAP gross margin expanded to 68.3% (+90 bps YoY/-30 bps QoQ), and non-GAAP EPS came in at $1.16 (+230% YoY/+8.4% QoQ). Active electrical cables (AECs) remain the core of the business as they continue their dominance in 100G-per-lane (800G) deployments and maintain viability within 200G-per-lane (1.6T) deployments in the intra-rack domain as well...
Earnings Call Insights: Citi Trends (CTRN) Q1 2026 Management View "Simply stated, we had an excellent quarter" with "strong momentum early in Q2 as well with quarter-to-date comps in the high single digits" (CEO & Chairman Kenneth Seipel). "In Q1, we generated $13.9 million of EBITDA" and "exceptional comparable store sales growth of 13.9%" with a "2-year stack of 23.8%" (CEO Seipel). "Our gross ...
Earnings Call Insights: Citi Trends (CTRN) Q1 2026 Management View "Simply stated, we had an excellent quarter" with "strong momentum early in Q2 as well with quarter-to-date comps in the high single digits" (CEO & Chairman Kenneth Seipel). "In Q1, we generated $13.9 million of EBITDA" and "exceptional comparable store sales growth of 13.9%" with a "2-year stack of 23.8%" (CEO Seipel). "Our gross margin rate expanded by 40 basis points" while "SG&A was well controlled and leveraged by 250 basis points versus last year" (CEO Seipel). "Family footwear continued its momentum" and in footwear, "off-price and extreme value strategy continues to gain momentum"; men’s delivered "a very strong quarter"; children’s "had another strong quarter"; and women’s apparel remains "a significant opportunity" as Citi Trends "continue[s] to reposition" the business (CEO Seipel). "Total sales for the first quarter were $230.9 million" and "gross margin increased 40 basis points versus last year to 40%"; freight was "higher than planned due to rising fuel surcharges" and "we expect that headwind to continue throughout the year" (CFO Heather Plutino). "Our balance sheet remains healthy with $81.1 million in cash at the end of the quarter, no debt and no drawings on our $75 million revolver" (CFO Plutino). Outlook "We are updating our outlook for fiscal 2026" to "comparable store sales growth of 8% to 10%" and "total sales" growth of "9% to 11%" (CFO Plutino). "Gross margin is expected to expand approximately 50 to 70 basis points compared to 39.6% in fiscal 2025" and the company said its "revised expectation for freight expense drove the decrease from our prior outlook of 100 basis points of margin rate expansion" (CFO Plutino). "Adjusted SG&A leverage" is now expected at "140 to 160 basis points versus fiscal 2025, higher than previous outlook of 70 to 100 basis points of leverage" (CFO Plutino). "Adjusted EBITDA is expected to be in the range of $35 million to $40 million" and "capital ...
A screen of communications services ( XLC ) stocks with market capitalizations between $300M and $2B highlights Emerald Holding ( EEX ), IDT ( IDT ), and Shenandoah Telecommunications Company ( SHEN ) among the market's least attractive names based on their valuation grades. The valuation grade compares how expensive or inexpensive a stock is relative to others in its sector. It is based on a comb...
A screen of communications services ( XLC ) stocks with market capitalizations between $300M and $2B highlights Emerald Holding ( EEX ), IDT ( IDT ), and Shenandoah Telecommunications Company ( SHEN ) among the market's least attractive names based on their valuation grades. The valuation grade compares how expensive or inexpensive a stock is relative to others in its sector. It is based on a combination of valuation metrics, such as P/E, PEG, price-to-sales, and price-to-cash-flow ratios, using both current and forward estimates. The overall valuation grade is derived from a comparison of all underlying metrics and reflects how attractively a stock is priced relative to its sector peers. The least attractively valued communications services stocks by valuation grade (market capitalizations between $300M and $2B) are: Emerald Holding ( EEX ): valuation grade F IDT ( IDT ): valuation grade D- Shenandoah Telecommunications Company ( SHEN ): valuation grade D- Sify Technologies ( SIFY ): valuation grade D- Anterix ( ATEX ): valuation grade D Newsmax ( NMAX ): valuation grade D Nextdoor Holdings ( NXDR ): valuation grade D Ibotta ( IBTA ): valuation grade D+ Marcus Corp ( MCS ): valuation grade D+ Reservoir Media ( RSVR ): valuation grade D+ More on Communication Services Select Sector SPDR Fund The Higher They Climb: 3 Non-Chip ETFs Exposed To An AI Stock Meltdown A Subtle Change Took Place For The Capex Story After A Chaotic Q1, I'm Buying XLK And XLC As The Market Exhales Iridium Communications, Telephone and Data Systems lead list of least attractively valued mid-cap communications services stocks EA, Fox lead list of least attractively valued large-cap communications services stocks
Pla2na A screen of U.S. REITs with market capitalizations between approximately $2B and $10B highlights several mid-cap companies among the market's most expensive names based on valuation grades. Seeking Alpha's valuation grade compares how expensive or cheap a stock is relative to others in its specific sector. The score is calculated using a comprehensive combination of underlying valuation met...
Pla2na A screen of U.S. REITs with market capitalizations between approximately $2B and $10B highlights several mid-cap companies among the market's most expensive names based on valuation grades. Seeking Alpha's valuation grade compares how expensive or cheap a stock is relative to others in its specific sector. The score is calculated using a comprehensive combination of underlying valuation metrics—including P/E, PEG, EV/Sales, EV/EBITDA, EV/EBIT, Price/Sales, Price/Book, Price/Cash Flow, and dividend yield—factoring in both current and forward estimates. The overall valuation grade is derived from a comparison of all underlying metrics and reflects how attractively the stock is priced compared to its sector peers. Least attractive U.S. mid-cap REIT stocks by valuation grade: American Healthcare REIT ( AHR ): Valuation Grade F Curbline Properties ( CURB ): Valuation Grade F Janus Living ( JAN ): Valuation Grade F Terreno Realty ( TRNO ): Valuation Grade F First Industrial Realty Trust ( FR ): Valuation Grade D- Fermi Inc. ( FRMI ): Valuation Grade D- Vornado Realty Trust ( VNO ): Valuation Grade D- Acadia Realty Trust ( AKR ): Valuation Grade D InvenTrust Properties ( IVT ): Valuation Grade D The Macerich Company ( MAC ): Valuation Grade D More on American Healthcare REIT, Curbline Properties Corp., etc. Vornado Realty Trust: Comprehensive Analysis Of The Company And Its Financial Instruments Fermi Inc. (FRMI) Shareholder/Analyst Call Prepared Remarks Transcript American Healthcare REIT Is Capitalizing On Extremely Favorable Fundamentals Macerich sets 2028 FFO target at $1.80-$2.00 per share Janus Living announces public offering of 25M Class A-1 common stock shares