多个联合国机构的代表10日在记者会上表示，中东地区近来的战火引发多方面后果，包括油库遭袭导致有毒“黑雨”、大规模人口流离失所、供应链受影响等。 当天在日内瓦举行的记者会上，联合国人权事务高级专员办事处发言人拉维娜·沙姆达萨尼说，以色列和美国对伊朗首都德黑兰油库的袭击导致有毒污染物扩散，她对由此造成的健康和环境后果表示担忧。 世界卫生组织发言人克里斯蒂安·林德迈尔警告说，德黑兰遭袭后降下的“黑雨”和“酸雨”对伊朗人构成切实危险。世卫组织在监测大量有毒碳氢化合物、硫氧化物和氮化合物释放到空气中带来的健康风险。林德迈尔表示，另有报道称巴林和沙特阿拉伯的石油设施遭袭，这也引发了人们对“更广泛区域污染暴露”的担忧。 联合国难民事务高级专员公署驻黎巴嫩代表卡罗利娜·林德霍尔姆·比林说，此次黎巴嫩人民流离失所的速度比2024年黎以冲突时更快。据介绍，在黎巴嫩，过去24小时内，以色列的袭击等因素已导致大量民众流离失所，使本次冲突导致流离失所的总人数达到约70万。 世界粮食计划署有关粮食和营养分析事务的负责人让-马丁·鲍尔说，冲突影响了霍尔木兹海峡和曼德海峡这两个全球供应链的关键节点，航运公司被迫改道，物流运输成本上升。(新华社)

OGULCAN AKSOY/iStock Editorial via Getty Images Introduction The last time I covered Abercrombie & Fitch ( ANF ), I highlighted their double-digit buyback yield, excellent financial health, and strong performance while developing despite ongoing macro headwinds. Following yet another solid quarter and good 2026 guidance, ANF is upgraded back to a Strong Buy, as the company’s financials remain very strong, with a spotless balance sheet that supports their double-digit buybacks, standing to benefit from a potential recovery in the broader industry while coming at a more attractive valuation following the recent falls. Internal Developments Abercrombie & Fitch IR ANF reported a strong Q4 and 2025 overall, with the quarter beating the market’s non-GAAP EPS estimates and delivering $1.67 billion in revenue (in line with expectations), continuing the strong performance seen in recent years and delivering record Q4 sales for the 13th consecutive quarter of net sales growth. Regarding the guidance, we can see ANF expecting between 3% and 5% growth in net sales in 2026, an EPS between $10.2 and $11.00, but a drop in operating margin to about 12% to 12.5% (from 13% in 2025), including a ~$40 million impact from tariffs (at the rate after the post-Supreme Court decision increase), while recently announcing a new collection for babies and toddlers (expanding sizes to include newborn to 5T), which I believe has very significant potential in the long term. Meanwhile, ANF expects around 30 net store openings in 2026 (55 openings, 25 closures) and 70 remodels, while CAPEX would reach between $200 million and $225 million, a solid decrease compared to ~$240.77 million in 2025 as the company is adapting to the environment. Abercrombie & Fitch IR Financially, based on ANF’s latest report , we continue to see an excellent position, with the current assets covering their current liabilities, virtually no long-term debt, and also a very strong ~$760 million in cash and equivalents that s...

This article first appeared on GuruFocus. Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) shares rose 1.24% in pre-market after the company reported strong sales growth at the start of the year. The company said revenue for January and February totaled NT$718.9 billion ($22.6 billion), up 30% from a year earlier. February sales increased 22% year over year, though the comparison was affected by the timing of the Lunar New Year, which fell in January 2025 and shifted production schedules. TSMC manufactures chips for companies including Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD), and Broadcom (NASDAQ:AVGO) and is often seen as a barometer for global semiconductor demand, particularly in artificial intelligence infrastructure. The figures capture demand through February, before the US-Israel strike on Iran introduced new uncertainty around the pace of global data center construction, particularly in the Gulf region. Major technology companies including Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), and Microsoft (NASDAQ:MSFT) have collectively earmarked more than $650 billion in capital spending this year to expand AI infrastructure. At the same time, investors continue to debate whether the rapid buildout could eventually lead to overcapacity as the industry scales.

Source: Bloomberg, 4:59

The latest tally of analyst opinions from the major brokerage houses shows that among the components of the S&P 500 index, Duke Energy is now the #158 analyst pick, moving up by 3 spots. This rank is formed by averaging the analyst opinions for each component from each broker, and then ranking the 500 components by those average opinion values. Looking at the stock price movement year to date, Duke Energy is showing a gain of 10.8%. VIDEO: S&P 500 Analyst Moves: DUK The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

jetcityimage/iStock Editorial via Getty Images One of the most misunderstood companies i n the market right now, I believe, is Shoe Carnival, Inc. ( SCVL ). This footwear retailer has experienced a lot of downside in recent months. In fact, since I upgraded the stock from a "Buy" to a "Strong Buy" last September, shares have fallen 22.4%, while the S&P 500 is up 4.5%. This return disparity suggests that the market believes that the company is in trouble. But operationally speaking, I think the picture is more nuanced than that. Yes, certain financial metrics have worsened over the last year. However, this has been largely because management is putting the company through a major transformation that, in the long run, should create additional value for investors. Given its rock-solid balance sheet, management’s plans to monetize excess inventories, and how cheap the stock is on both an absolute basis and relative to similar companies, I firmly believe that it is compelling enough to maintain as a "Strong Buy" pick. Of course, the picture could change as new data comes in. It just so happens that, later this month, on a date not yet announced but likely somewhere around March 20, management will be announcing financial results for the final quarter of the 2025 fiscal year. As was the case throughout the rest of 2025, financial performance is likely to worsen. But with 2026 underway and the prospect of a return to growth in 2027, I believe that it's only a matter of time before the market starts rewarding shareholders appropriately. A Great Business At this time, the newest data that we have regarding Shoe Carnival covers through the third quarter of the company's 2025 fiscal year . Year over year, revenue for the company contracted, falling from $306.9 million to $297.2 million. Some of this drop was structural, with management focusing on shutting down underperforming locations. In fact, the number of stores in operation dropped from 431 to 428. But in addition to thi...

JFB Construction ( JFB ) announces a 2-for-1 stock split , which becomes effective on March 20, 2026, for shareholders of record as of March 19, 2026. The company says the stock split will not change its market capitalization or shareholders’ ownership, as each existing share converts into two shares, doubling total outstanding shares to about 14.03M. The split is intended to improve trading liquidity and prepare for its $1.5B all-stock merger with XTEND, an Israeli-founded AI-based drone company. After the merger closes, the combined company will be renamed XTEND AI Robotics and trade under the ticker “XTND.” However, JFB Construction shares will continue to trade under the same ticker after March 19. More on JFB Construction Holdings JFB announces delivery of tactical drones under defense contract worth up to $25 million JFB Construction expects 2025 revenue of $32 million Financial information for JFB Construction Holdings

grynold/iStock via Getty Images Thesis The war in Iran has affected the energy market the way big political conflicts usually do. It pushed oil prices ( CO1:COM ) ( CL1:COM ) up quickly. And energy company stocks went up with them. For a few weeks, investors started worrying about a worst-case scenario. They feared that oil supplies moving through the Strait of Hormuz, a key shipping route, could be interrupted. If that happened, the market expected oil prices could rise sharply, possibly reaching $150 per barrel. Perhaps higher . Seeking Alpha While this boosted the entire energy sector, Exxon Mobil Corporation, aka ExxonMobil ( XOM ), and Occidental Petroleum Corporation ( OXY ) quickly stood out to me. As the conflict became more serious, their stock prices rose quickly. The current backdrop is signaling that maybe the market got a little ahead of itself. It wouldn't be the first time for it to account for the worst fears about a war. Yet the latest developments have quickly changed the tone. Oil prices briefly spiked near $120 per barrel and then dropped back to around $90 (Brent) and the mid-$80s (WTI) within about a day after President Donald Trump signaled that the conflict might be nearing an end. CL1:COM Crude Oil Futures (Seeking Alpha) This kind of quick, massive reversal brings up a key point. Much of the recent strength in energy stocks had more to do with fear than the actual underlying business fundamentals. Since oil prices are already dropping quickly on signs that the war may be winding down, rather than focus on the worst-case nightmare scenarios, I argue that XOM will perform better if oil prices fall back toward normal levels. Geopolitical Context As you know, the conflict involving Iran began in late February, when United States and Israeli military strikes took place. These attacks quickly caused oil tanker traffic through the Strait of Hormuz to stop, and OPEC oil-producing countries responded by cutting their oil production. Because the Stra...

The key question before the Queen Mother Champion Chase at Cheltenham on Wednesday is which version of Majborough will turn up. If it is the Majborough that powered 19 lengths clear of Marine Nationale, the Champion Chase winner last year but sadly absent this time, at Leopardstown in February, his likely price of around 5-6 will look like one of the bets of the meeting. Majborough’s failure to justify short odds in the Arkle here 12 months ago is still painfully raw for his backers, however, and Willie Mullins’s chaser could be a favourite to take on, given the unforgiving nature of a race in which a single mistake can end a runner’s chance. Il Etait Temps, a stable companion of the market leader, was the favourite for the race on Wednesday before his run in the Clarence House Chase at Ascot, but he was already soundly beaten before taking a crashing fall two out and it remains to be seen if that has left a mark. The novice Irish Panther is an interesting contender for a race which is wide open if the favourite disappoints, but the proven course form of L’Eau Du Sud (4.00) could tip the scales in his favour. Dan Skelton’s grey was an impressive winner of the Shloer Chase over track and trip in November, and while he was disappointing behind Il Etait Temps in the Tingle Creek at Sandown next time, that race came just three weeks later. L’Eau Du Sud, who has often shown his best form when fresh, arrives back at Cheltenham after a 95‑day break and on ground that suits, and is a live contender for championship honours at around 9-2. Cheltenham 1.20 The four British-trained runners filled the first four places in the Supreme Novice Hurdle on Tuesday and that increases confidence that Paul Nicholls’ No Drama This End will have the measure of the Irish challenge. Cheltenham 2.00 The biggest field for this race since the mighty Denman beat 16 rivals in 2007, and Kaid D’Authie could be the pick of Mullins’ six runners. The six-year-old arrives with a similar profile to Fact...

格隆汇3月10日｜新兴市场货币和股票有望创下自2022年11月以来最大涨幅。

多伦多股票指数涨幅扩大，上涨1%。 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

Another Tesla executive has announced plans to leave the company. Chris Carlson/Associated Press file photo Another executive is parting ways with Tesla Inc. Sendil Palani, vice president of finance, is leaving after 17 years with the Austin automaker, the latest departure in a series of exits in recent months. Advertisement Article continues below this ad Palani said in a post on X that his time with Tesla been “fulfilling.” Over the years, he has held roles as manufacturing project manager and director of engineering finance, which included a focus on product development for vehicle products and Autopilot’s hardware and software. Palani has been VP of finance since 2021. He started at the automaker shortly after investors committed $40 million to help the company out of financial trouble in November 2008. At that time, Tesla was boasting it had delivered more than 50 Roadsters, the vehicle that came before the Model S debuted in 2012 and attracted sales that helped Tesla turn its first quarterly profit. Statesman Logo Want more Statesman? Make us a Preferred Source on Google to see more of us when you search. Add Preferred Source Reflecting on the earlier days of Tesla, Palani wrote that it “barely survived Christmas 2008.” Advertisement Article continues below this ad “I started a few days later in our Finance team, under an ongoing ‘Tesla Deathwatch.’ I slept under my desk in San Carlos, CA at least once, and I wasn’t the only one,” Palani wrote. “There are many companies with hard-working and talented employees, but few have the level of commitment and collaboration of the Tesla team.” That commitment is perhaps wavering as the company has struggled in its core automaking business. Last month, Victor Nechita, vehicle program manager for Cybercab, announced his departure just ahead of planned production of the purpose-built robotaxi. Also in February, Vice President Raj Jegannathan announced his departure from Gigafactory Texas after 13 years with the company. L...

新兴市场外汇、股票有望创2022年11月份以来最大单日涨幅。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。

josephmok/iStock Unreleased via Getty Images Considering all that has happened in financial markets in the last week and in geopolitics, many of my readers may be looking for a safer port in the storm so today's article focuses on insurance and a stock that really stood out to me for its resilience among volatility over time and that was Canada-based Manulife Financial Corporation ( MFC ), a company with a $56B market cap and besides insurance it is also in the wealth and asset management segments. In the turbulence over the last 5 days, its stock only pulled back around 4% (as of Friday's close), and since my strong buy rating in July 2023, it is actually up an impressive +73%. In subsequent ratings, I continued to be either bullish or neutral, and some key drivers of my confidence have been this firm's sustainable liquidity and capital. Recently, in February, what is notable about Manulife is that it made financial news for apparently selling the largest life insurance policy ever when "Guinness World Records certified its $300 million life insurance policy in Singapore as the most valuable ever issued." Manulife recently had earnings results on Feb. 11th, where it beat estimates, so for this follow-up article, I considered some data from those results and also several other factors, both fundamental and technical, to bring you my updated review below. Thesis Summary Based on my follow-up research, I'm reaffirming my last rating of buy from Dec. 2024, and my worksheet below visualizes what factors I reviewed and how they impacted the score: MFC - rating worksheet (author) My follow-up thesis argues that upside strength can come from recent business acquisitions and organic insurance growth, as well as strong profit margins in its peer group, a muted balance sheet risk profile, future share price upside forecasts, and a strong dividend growth case. This is overwhelmed by some headwinds, including recent market shocks and geopolitical conflicts. It also agrees with ...

Bitcoin climbed back above $71,000 on Tuesday after a choppy week of trading that saw it spike, retreat and spike again. But the messy price action is obscuring a quieter story: Wall Street keeps building around crypto regardless. Last Wednesday’s 8% surge to $74,000 reminded investors that Bitcoin’s gains arrive in sudden, unforeseeable bursts that punish anyone trying to time them. This week’s rebound — fueled by President Donald Trump’s suggestion that Middle East tensions would resolve “very soon” — is landing against a backdrop of institutional scaffolding being quietly assembled whether prices are rising or not. None of that guarantees the rally holds. But beneath the volatility, a bull thesis is taking shape — one that doesn’t depend on short-term momentum to ring true. Start with the burst. Bitcoin surged last Wednesday to its highest level in nearly a month, with Ether following sharply higher. Most of that gain evaporated just as fast. The people who held through both moves are the ones now positioned to benefit from Tuesday’s recovery. That is not luck — it is the math of an asset whose long-run returns can be concentrated in a handful of sessions each year. Miss them and the returns collapse. The only reliable way to catch them is to already be there. For beaten-up bulls who held through months of losses, the volatility over the past week was the argument made in real time. “Bitcoin is 15-16 years in existence and over any rolling period Bitcoin has outperformed every asset class,” Tom Lee of Fundstrat said at the Future Proof conference in Miami Beach. “You’ve never lost money holding Bitcoin for three years.” Read more: Bull Case for Bitcoin Is Hiding in the $1 Trillion Wreckage Then there is the velocity of the move itself. Sharp swings in both directions are, for crypto advocates, not just price events — they are signals. They are evidence that the market is alive again: that two-sided liquidity has returned, that traders are willing to take risk in ...

Trafigura Group secured a new $3 billion credit facility to provide a liquidity buffer against sharp swings in commodity markets, which can leave traders exposed to huge margin calls. The company set up the new facility in conjunction with a $5.8 billion revolving credit line, and will tap it as required during periods of heightened market volatility, the company said in a statement . Commodity traders use bank credit to finance the cargoes of commodities they ship around the world. When prices rise, the value of those cargoes goes up, increasing their need for financing. Most immediately, sudden jumps in prices can trigger large margin calls on their positions in futures markets. While oil prices have fallen sharply from a high of almost $120 a barrel on Monday, traders are preparing for the potential for further surges if the Strait of Hormuz remains closed. It’s an echo of what happened during the last major spike in energy prices in 2022, when several large traders rushed to secure additional credit facilities with their banks.

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里一堆专业术语不知道算利好还是利空？请看财联社公司新闻部 《速读公告》 栏目，我们派驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 财联社3月10日讯（记者 朱万平） 得益于产品结构升级和成本优化， 重庆啤酒 （600132.SH）去年在营收微增的情况下，实现了净利润的双位数增长，符合公司此前的业绩预告，公司对2026年啤酒行业维持了“谨慎乐观”的态度，但未给出具体目标指引。 今日晚间，重庆啤酒发布公告，2025年公司实现营业收入147.22亿元，同比增长0.53%；归属于上市公司股东的净利润12.31亿元，同比增长10.43%；扣除非经常性损益后的归母净利润11.88亿元，同比下降2.78%。 在销量方面，去年重庆啤酒整体啤酒销量达299.52万千升，同比微增0.68%。在全国规模以上啤酒产量同比微降1.1%的行业背景下，这一销量表现好于行业整体表现。其中，国际品牌（嘉士伯、乐堡等）整体销量同比增长了5.27%；本土品牌（乌苏啤酒、山城啤酒等）整体销量下滑了1.22%。 图片来源：财联社记者 朱万平/摄 分产品来看，2025年重庆啤酒高端产品销量同比增长3.23%，销售收入达87.80亿元，同比增长2.19%，均好于公司整体产品销售表现。而主流和经济产品去年销售收入均出现下滑。重庆啤酒称，在消费升级趋势下，去年公司持续优化产品结构，推出曜享大师系列、新疆酒花精酿等高端新品，同时发力1L装差异化产品，成为非现饮渠道核心增长动力，覆盖精酿、茶啤等多个品类，精准契合消费者“喝得好、喝得精”的需求变化。 在成本控制方面，去年重庆啤酒营业成本同比下降3.97%。公司称，这主要得益于原料成本优化及供应链效率提升，有效对冲了销售费用、管理费用同比增长带来的压力。 在股东回报方面，此次重庆啤酒推出颇为慷慨的分红方案，拟合计派发现金红利12.10亿元（含税），占归母净利润比例高达98.30%。公司表示，未来将在经营稳健前提下保持高分红率，有条件时增加分红频次。 而对于2026年的经营计划，重庆啤酒并未给出具体的目标指引，仅表示对2025年宏观经济和啤酒行业前景持谨慎乐观态度，其认为随着外部环境逐步改善和稳增长政策持续推出，中国啤酒行业有望获得更为有利的发展环境。

Russian and Ukrainian officials are making contradictory claims of battlefield successes in their four-year-old war, with Ukraine saying it has pushed Moscow’s forces back in some places on the front line but the Kremlin insisting that Russia’s invasion of its neighbour is making progress. At the same time, Russia’s almost daily aerial attacks on civilian areas of Ukraine continue. Three powerful glide bombs struck the centre of the eastern Ukrainian city of Sloviansk, killing four people, the head of the Donetsk regional military administration, Vadym Filashkin, said on Tuesday. At least 16 other people, including a 14-year-old girl, were wounded. Advertisement Overnight drone strikes on three other Ukrainian cities wounded at least 17 people, including two children, emergency services said on Tuesday. Ukraine’s air force said that it shot down 122 out of 137 drones that Russia launched during the night. Advertisement US-brokered talks between Russia and Ukraine are on hold as Washington’s attention is gripped by the Iran war, which has drawn the international spotlight from Ukraine’s plight as it strives to hold back Russia’s bigger army.

Iraq’s oil production has fallen to 1.2 million barrels a day because of the Iran war and Baghdad is pushing to restart export flows of its Kirkuk grade from the north of the country to help compensate. Output has dropped to from 4.3 million a day previously because of the closure of the Strait of Hormuz, which led to storage tanks filling up, oil ministry spokesman Sahib Al-Hasnawi said. The current rate of production is fractionally lower than what people familiar with the matter said earlier. What oil the country does produce will go to local refineries for domestic consumption, Hasnawi said. The ministry is studying alternative options to export oil including shipping it by trucks to the Jordanian port of Aqaba. Kirkuk oil is shipped from the north of the country via a port in Turkey. Al-Hasnawi said the cuts to production resulted in a drop of associated gas output that in part is used for power generation. The government is supplying the electricity ministry with gas oil to make up for the shortage of dry gas used for power generation. There is no shortage of liquefied petroluem gas as a cooking fuel, he said.

It might seem like a daunting time to buy more stocks. The S&P 500 looks historically expensive at 29 times earnings, and the intensifying macro headwinds and geopolitical conflicts could spark a rotation toward more conservative investments. However, one stock that is still worth buying in this turbulent market is Realty Income (O +0.68%), one of the world's largest real estate investment trusts (REITs) with more than 15,500 properties across the U.S., the U.K., and seven European countries. Let's review the four key reasons it's an evergreen play for income-seeking investors. 1. High occupancy rates in a rough market As an equity REIT, Realty Income acquires a large portfolio of properties, leases them to businesses, and distributes that rental income to its investors. It must pay out at least 90% of its pre-tax income as dividends to maintain a lower tax rate. To support those dividends, Realty Income needs to maintain high occupancy rates across its portfolio. Its occupancy rate has never dipped below 96% since its IPO in 1994, and its year-end occupancy rate hit 98.6% in 2023, 98.7% in 2024, and 98.9% in 2025. It achieved that expansion even as several of its top tenants struggled with store closures. Expand NYSE : O Realty Income Today's Change ( 0.68 %) $ 0.44 Current Price $ 65.38 Key Data Points Market Cap $61B Day's Range $ 64.35 - $ 65.38 52wk Range $ 50.71 - $ 67.94 Volume 1.4M Avg Vol 6.7M Gross Margin 48.73 % Dividend Yield 4.98 % 2. Reliable monthly dividends Realty Income is one of the few REITs that pay monthly dividends instead of quarterly ones. It's also raised its payout 133 times since its IPO, and currently pays a high forward yield of 5%. REITs gauge their profitability with their adjusted funds from operations (AFFO) per share rather than their earnings per share (EPS). Realty Income's AFFO per share rose 2% in 2023, 5% in 2024, and 2% to $4.28 in 2025. For 2026, it expects its AFFO per share to grow another 2%-3% to $4.38-$4.42. That will e...

Key Points Realty Income pays steadily rising monthly dividends. Its high yield, low valuation, and stable growth make it an evergreen play. 10 stocks we like better than Realty Income › It might seem like a daunting time to buy more stocks. The S&P 500 looks historically expensive at 29 times earnings, and the intensifying macro headwinds and geopolitical conflicts could spark a rotation toward more conservative investments. However, one stock that is still worth buying in this turbulent market is Realty Income (NYSE: O), one of the world's largest real estate investment trusts (REITs) with more than 15,500 properties across the U.S., the U.K., and seven European countries. Let's review the four key reasons it's an evergreen play for income-seeking investors. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » 1. High occupancy rates in a rough market As an equity REIT, Realty Income acquires a large portfolio of properties, leases them to businesses, and distributes that rental income to its investors. It must pay out at least 90% of its pre-tax income as dividends to maintain a lower tax rate. To support those dividends, Realty Income needs to maintain high occupancy rates across its portfolio. Its occupancy rate has never dipped below 96% since its IPO in 1994, and its year-end occupancy rate hit 98.6% in 2023, 98.7% in 2024, and 98.9% in 2025. It achieved that expansion even as several of its top tenants struggled with store closures. 2. Reliable monthly dividends Realty Income is one of the few REITs that pay monthly dividends instead of quarterly ones. It's also raised its payout 133 times since its IPO, and currently pays a high forward yield of 5%. REITs gauge their profitability with their adjusted funds from operations (AFFO) per share rather than their earnings per share (EPS). Realty Inco...

karandaev/iStock via Getty Images Main Thesis and Background The purpose of this article is to evaluate the Nuveen New York AMT-Free Quality Municipal Income Fund ( NRK ) as an investment option at its current market price. This is a closed-end fund with an objective "to provide current income exempt from regular federal income tax and the alternative minimum tax applicable to individuals and New York income tax and to enhance portfolio value." It does this by investing in muni bonds issued by the state of NY, the city of NYC, and other issuers backed by revenue sources within those jurisdictions. I initiated coverage on NRK last year and have had a favorable view on the fund since that time. Back in November I reiterated a "buy" call, and this outlook has definitely been the right one since then: Fund Performance (Seeking Alpha) NRK, and munis more broadly, have certainly been a good place to shelter while the equity market tests a new wave of volatility. And, in fairness, this could continue. But the premise of this review today is to manage expectations. NRK has been shooting higher of late, and I see a smoothing out of this performance. Munis will face some pressure as the fixed-income market reacts to higher oil prices and - in my view - the unlikelihood of further interest rate cuts by the Fed as a result. Further, this CEF is heavily reliant on return of capital (ROC) to pay its distribution, and its discount to NAV has narrowed sharply since my first article. These factors taken together have convinced me a rating of "hold" is now more appropriate, and I will explain why in detail below. The Valuation Is Less Attractive Than Before A big part of the reason I am less bullish going forward has to do with valuation. My followers know I love CEFs at a discount - and the bigger the discount, the better! That is still the case, and NRK still does sport one. So this should hopefully explain why I don't feel a "sell" is the correct rating. But this fund's discount i...

syahrir maulana/iStock via Getty Images The AMG GW&K Small Cap Value Fund (Class N) returned 1.14% in the fourth quarter of 2025, compared with a 3.26% return for its benchmark, the Russell 2000® Value Index. For the 12-month period ending December 31, 2025, the Fund returned 3.00% compared to a 12.60% return for its benchmark. Please note that this Fund has multiple share classes. Market Overview Could a play written in the early 1600s be the perfect theme for the 2025 stock market? All's Well that Ends Well, Shakespeare's tragicomedy, is probably as apt a description of the past investment year as we are going to find. It was a year more colorful than most and contained a few moments when things looked bleak as investor storylines potentially veered toward tragedy. However, the end result included all-time highs among many stock indexes and above average U.S. market returns. The comedic storyline stayed mostly intact, with even beleaguered U.S. small cap indexes finishing with double-digit returns. Average Annual Returns (%) 2 (as of 12/31/25) Q4 YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception SKSEX (Class N) 1.14 3.00 3.00 10.18 8.52 7.86 10.88 3 SKSIX (Class I) 1.15 3.18 3.18 10.40 8.73 — 6.67 4 SKSZX (Class Z) 1.20 3.25 3.25 10.46 8.79 — 6.74 4 Russell 2000®Value Index 3.26 12.60 12.60 11.73 8.88 9.27 — Click to enlarge SKSEX (Class N) Expense Ratio (Gross/Net) 5 : 1.19%/1.15% SKSIX (Class I) Expense Ratio (Gross/Net) 5 : 0.99%/0.95% SKSZX (Class Z) Expense Ratio (Gross/Net) 5 : 0.94%/0.90% 1 Prior to December 4, 2020, the Fund was known as the AMG Managers Skyline Special Equities Fund, and had different principal investment strategies and corresponding risks. Performance shown for periods prior to December 4, 2020 reflects the performance and investment strategies of the Fund's previous subadviser, Skyline Asset Management, L.P. The Fund's past performance would have been different if the Fund were managed by the current subadviser and strategy, and the Fund's prior...

Barely more than two months into 2026, signs of a sector rotation are emerging. As of March 5, consumer discretionary and technology, which are homes to an array of growth stocks, are in the red year to date and are two of the worst-performing sectors in the S&P 500. On the other hand, energy, industrials, and materials, all of which are value destinations, are three of the top-performing sectors. Defensive sectors, which can exhibit value traits, such as consumer staples and utilities, are getting in the act, too. All of that is good news for dividend-income investors because defensive and value sectors often offer yields above those of their growth counterparts and the broader market. Dividend durability and the value resurgence are also highlighting high-dividend exchange-traded funds such as the WisdomTree U.S. High Dividend Fund (DHS 0.07%). When value matters, DHS shines Value investing isn't a get-rich-quick methodology. Its biggest rewards accrue over long holding periods, but with that in mind, the WisdomTree ETF deserves credit for trouncing rivals tracking the Russell 1000 and S&P 500 value indexes since the start of 2026. Investors should consider why the $1.43 billion ETF is beating some of its rivals. Some of that outperformance boils down to the fact that the now-lagging communication services and technology investors that led much of this bull market now call traditional value indexes home. Believe it or not, some "Magnificent Seven" stocks are prominently displayed in old-guard value gauges such as the S&P 500 Value Index. This dividend ETF avoids that pitfall by emphasizing payouts. In fact, its underlying index weights components by projected payouts for the coming year. That's a nifty forward-looking methodology and one that can benefit investors at a time when high-dividend value stocks are in favor. This ETF features other important differentiating factors. It may seem beneficial that some traditional value indexes now feature larger-than-expec...

Key Points The WisdomTree U.S. High Dividend Fund offers a more pure approach to value investing. If market breadth continues widening, this fund could benefit from that trend. Income-focused investors will appreciate the monthly dividend that the ETF provides. 10 stocks we like better than WisdomTree Trust - WisdomTree U.s. High Dividend Fund › Barely more than two months into 2026, signs of a sector rotation are emerging. As of March 5, consumer discretionary and technology, which are homes to an array of growth stocks, are in the red year to date and are two of the worst-performing sectors in the S&P 500. On the other hand, energy, industrials, and materials, all of which are value destinations, are three of the top-performing sectors. Defensive sectors, which can exhibit value traits, such as consumer staples and utilities, are getting in the act, too. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » All of that is good news for dividend-income investors because defensive and value sectors often offer yields above those of their growth counterparts and the broader market. Dividend durability and the value resurgence are also highlighting high-dividend exchange-traded funds such as the WisdomTree U.S. High Dividend Fund (NYSEMKT: DHS). When value matters, DHS shines Value investing isn't a get-rich-quick methodology. Its biggest rewards accrue over long holding periods, but with that in mind, the WisdomTree ETF deserves credit for trouncing rivals tracking the Russell 1000 and S&P 500 value indexes since the start of 2026. Investors should consider why the $1.43 billion ETF is beating some of its rivals. Some of that outperformance boils down to the fact that the now-lagging communication services and technology investors that led much of this bull market now call traditional value indexes home....