The US Supreme Court ruled Donald Trump's tariffs under the IEEPA as illegal, but was silent on the issue of refunds. That decision is likely to go back to the US Court of International Trade says Janet Whittaker, Senior International Arbitration and Disputes Partner at Clifford Chance. She says the hundreds of businesses that have already taken legal action seeking refunds may face further litiga...
The US Supreme Court ruled Donald Trump's tariffs under the IEEPA as illegal, but was silent on the issue of refunds. That decision is likely to go back to the US Court of International Trade says Janet Whittaker, Senior International Arbitration and Disputes Partner at Clifford Chance. She says the hundreds of businesses that have already taken legal action seeking refunds may face further litigation. Whittaker joined Lizzy Burden on 'Bloomberg Daybreak Europe'. (Source: Bloomberg)
ismagilov/iStock via Getty Images LRGF strategy iShares US Equity Factor ETF ( LRGF ) was launched on 4/28/2015 and tracks the STOXX US Equity Factor Index. LRGF has a portfolio of 297 stocks, a 30-day SEC yield of 1.12%, and an expense ratio of 0.08%. As described in the prospectus by iShares , the methodology starts from the STOXX USA 900 Index, then selects and weights stocks with an optimizati...
ismagilov/iStock via Getty Images LRGF strategy iShares US Equity Factor ETF ( LRGF ) was launched on 4/28/2015 and tracks the STOXX US Equity Factor Index. LRGF has a portfolio of 297 stocks, a 30-day SEC yield of 1.12%, and an expense ratio of 0.08%. As described in the prospectus by iShares , the methodology starts from the STOXX USA 900 Index, then selects and weights stocks with an optimization process based on five factors: momentum, quality, value, low volatility, and size. The momentum score is calculated from price momentum, earnings momentum, and earnings announcement drift. The quality score is calculated from gross profitability, share dilution, accruals, changes in net operating assets, carbon emissions, and greenhouse gas reduction targets. The value score is calculated from book value-to-price ratio, dividend yield, earnings yield, and cash flow yield. The low volatility score is calculated from the 12-month standard deviation of daily return. Constraints are applied on sector and constituent weights for diversification purposes. The portfolio turnover rate in the most recent fiscal year was 20%. I will use as a benchmark the Russell 1000 Index, represented by iShares Russell 1000 ETF ( IWB ). Portfolio The fund is almost exclusively invested in U.S. companies (99% of asset value), mostly in large and mega caps (71%). The sector breakdown is very close to the benchmark’s, as reported on the next chart. Information technology weighs 32.8%, while other sectors are below 14%. LRGF sector breakdown, % of assets (Chart: author; data: iShares) The portfolio is quite concentrated. The top 10 holdings, listed in the next table, represent 32.7% of asset value, and the largest one (Nvidia) weighs 7.4%. The same top name has almost the same weight in IWB (7%). Ticker Name Sector Weight% NVDA NVIDIA CORP. Information Technology 7.43 AAPL APPLE INC. Information Technology 6.33 MSFT MICROSOFT CORP. Information Technology 4.59 AMZN AMAZON.COM INC. Consumer Discretio...
European stocks fell as President Donald Trump’s latest tariff moves sowed fresh confusion over the outlook for global trade. Shares in Novo Nordisk A/S slumped after its next-generation obesity shot drug fell short of Eli Lilly & Co.’s rival blockbuster in a trial. The Stoxx Europe 600 Index was down 0.5% at the close. Financial services, media and travel stocks were among the biggest laggards, a...
European stocks fell as President Donald Trump’s latest tariff moves sowed fresh confusion over the outlook for global trade. Shares in Novo Nordisk A/S slumped after its next-generation obesity shot drug fell short of Eli Lilly & Co.’s rival blockbuster in a trial. The Stoxx Europe 600 Index was down 0.5% at the close. Financial services, media and travel stocks were among the biggest laggards, along with trade-related sectors including autos and industrials. The personal care as well as the utilities sector outperformed. The European Parliament’s main political groups said Monday they’ll suspend legislative work on approving the US trade deal. That comes after Trump responded to the US Supreme Court striking down his global tariffs by imposing a new global levy and vowing to use other powers to maintain his signature tariff policies. On Saturday, he said he would raise that rate to 15%. After the Supreme Court ruling, “it appears options are now limited and less severe,” which should be good for sectors like consumer stocks, said Andrea Gabellone , head of global equities at KBC Securities. Still, “the question is whether other market participants are willing to stand the certain ‘volatile’ tariff newsflow coming up,” he said. The tariff news adds further complexity for investors already grappling with worries over stretched valuations and disruption from artificial intelligence. They are also monitoring developments over Iran, before talks resume with the US on Thursday as the two sides look for a diplomatic solution to the standoff over Tehran’s nuclear program. In individual stocks, Novo Nordisk slumped 16% to a 2021 low after its CagriSema obesity shot delivered less weight loss than Eli Lilly’s tirzepatide. Johnson Matthey Plc shares slumped 16% after the chemicals firm agreed to sell Catalyst Technologies to Honeywell International Inc. at a lower price than originally planned. Belimo Holding AG dropped 10% after analysts expressed concerns over the heating ...
U.S. stocks ended the week on a high note after the Supreme Court threw out President Trump’s sweeping tariffs. The S&P 500 advanced 1.1% for the week, and the Dow industrials added 0.3%. The Nasdaq composite rose 1.
U.S. stocks ended the week on a high note after the Supreme Court threw out President Trump’s sweeping tariffs. The S&P 500 advanced 1.1% for the week, and the Dow industrials added 0.3%. The Nasdaq composite rose 1.
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis I reiterate my previously calculated buy rating for Fastenal ( FAST ) based on a quantitative analysis of financial reports, recent corporate events, and market sentiment. This company represents a benchmark of stability for me and is an extremely attractive long-term asset. Not much has changed since my previous review , and I'm still ...
JHVEPhoto/iStock Editorial via Getty Images Investment Thesis I reiterate my previously calculated buy rating for Fastenal ( FAST ) based on a quantitative analysis of financial reports, recent corporate events, and market sentiment. This company represents a benchmark of stability for me and is an extremely attractive long-term asset. Not much has changed since my previous review , and I'm still pursuing this quality asset for an ideal entry point. Thesis Explanation As usual, my proprietary 8-parameter rating model allows me to quickly determine a business's attractiveness. In my previous article, I called Fastenal a first-rounder, analogous to the NHL draft (company ads are often seen at stadiums and on broadcasts). There have been no major changes over the year - business feels confident and stable. However, I clarified the rating of two parameters as "close to ideal," so FAST received an 85/100 in the updated calculation, making it an A-tier stock. Are there any financial metrics worth highlighting? Probably not. Fastenal is a high-margin business with an adequate debt load. Although its net margin of 15.35% is below my desired 20% threshold for outstanding profitability, this metric, like many others, makes the company stand out among its peers. Seeking Alpha But what's especially valuable about Fastenal's business for me is the growth track and stability. Last time, I used the figure of a 7.5% net income 3Y CAGR. Looking at the metric today, it's lower: 5% for net income and 4.87% for diluted EPS (which is included in the model). Despite this, I'd still consider the growth factor a positive. Why? After five consecutive poor quarters, the business has returned to growth, averaging 12% YoY quarterly profit in 2025. Author 's calculations The average growth rate over a longer 12-quarter period is 4.8% with a standard deviation of 6%, leading me to a value of 0.81 for their ratio, which I call the Stability Ratio. This is close to my ideal value of 1 and indicate...
Italy’s utility company Enel ( ENLAY ) unveiled a €53B ($63B) three-year investment plan through 2028, prioritizing renewables expansion in the U.S. and Europe. This marks a €10B increase over its prior strategy, focusing on wind power, battery storage, greenfield projects, and repowering existing assets. It builds on prior plans like the 2025-2027 outline, which allocated €43B total with heavy gr...
Italy’s utility company Enel ( ENLAY ) unveiled a €53B ($63B) three-year investment plan through 2028, prioritizing renewables expansion in the U.S. and Europe. This marks a €10B increase over its prior strategy, focusing on wind power, battery storage, greenfield projects, and repowering existing assets. It builds on prior plans like the 2025-2027 outline, which allocated €43B total with heavy grid investments. About half of investments will be dedicated to power grids and roughly 38% to renewables. The state-controlled group forecasts earnings per share of €0.80-€0.82 in 2028, compared with around €0.69 expected in 2025, implying annual growth of about 6%. More on Enel SpA Enel: Still A Buy With Balance Sheet Optionality Enel For 2026: I Consider This To Be 'Done' Enel announces $1.18B share buyback ahead of strategic update Seeking Alpha’s Quant Rating on Enel SpA Historical earnings data for Enel SpA
A lot of people like to complain that their monthly Social Security checks are pretty stingy. But this year's maximum monthly benefit is actually pretty generous. In 2026, the largest monthly benefit Social Security will pay is $5,251. That's around $63,000 annually, which is not a bad retirement paycheck -- especially if you have nice savings to supplement it. Image source: Getty Images. Continue...
A lot of people like to complain that their monthly Social Security checks are pretty stingy. But this year's maximum monthly benefit is actually pretty generous. In 2026, the largest monthly benefit Social Security will pay is $5,251. That's around $63,000 annually, which is not a bad retirement paycheck -- especially if you have nice savings to supplement it. Image source: Getty Images. Continue reading
zimmytws/iStock via Getty Images Nomura National High-Yield Municipal Bond Fund Institutional Class shares underperformed the Fund's benchmark by 114 basis points, returning 0.42% versus 1.56% for its benchmark, the Bloomberg Municipal Bond Index, for 2Q25. Nomura National High-Yield Municipal Bond Fund Institutional Class shares underperformed the median return within the Fund's Lipper peer group...
zimmytws/iStock via Getty Images Nomura National High-Yield Municipal Bond Fund Institutional Class shares underperformed the Fund's benchmark by 114 basis points, returning 0.42% versus 1.56% for its benchmark, the Bloomberg Municipal Bond Index, for 2Q25. Nomura National High-Yield Municipal Bond Fund Institutional Class shares underperformed the median return within the Fund's Lipper peer group (High Yield Municipal Debt Funds) by 102 basis points. (One basis point equals one-hundredth of a percentage point.) Average annual total returns (%) as of December, 2025 Expense ratio Share Class 4Q25 1 YTD 1 1 year 3 year 5 year 10 year Lifetime Inception date Gross Net 2 Institutional 0.42 0.38 0.38 4.79 1.22 3.36 6.36 12/31/2008 0.60% 0.60% A (at NAV) 0.35 0.18 0.18 4.57 0.98 3.10 5.55 09/22/1986 0.85% 0.85% A (at Offer) 3 -4.15 -4.34 -4.34 2.97 0.06 2.63 5.42 Bloomberg Municipal Bond Index 1.56 4.25 4.25 3.88 0.80 2.34 — Lipper High Yield Municipal Debt Funds Average (median) 1.44 2.75 2.75 4.97 1.10 2.78 — Click to enlarge 1. Returns for less than one year are not annualized. 2. Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from December 30, 2025 through December 29, 2026. Please see the fee table in the Fund's prospectus for more information. Expenses are from the Fund's prospectus that is effective as of the date of this commentary indicated above. 3. Includes maximum 4.50% upfront sales charge. For Class A shares, a 1% contingent deferred sales charge is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $250,000 or more that are subsequently redeemed within 18 months of purchase. The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance...
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. After months of boasting about a preferential trade deal with America, and the special relationship, Britain now risks being the biggest loser from Trump’s tariffs. The President is planning a 15% global tariff rate for all countries after the Supreme Court struck down his ear...
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. After months of boasting about a preferential trade deal with America, and the special relationship, Britain now risks being the biggest loser from Trump’s tariffs. The President is planning a 15% global tariff rate for all countries after the Supreme Court struck down his earlier levies. That may mean the UK loses its advantageous 10% deal . If all goes ahead, Britain will see the largest increase globally, according to Global Trade Alert, while China, India and Brazil stand to benefit the most. To put it into perspective: the changes would impact 40,000 British companies that ship goods to America — from scotch whisky to toys — and raise export costs by as much as £3 billion, according to the British Chambers of Commerce. Unsurprisingly, the government is trying to broker an exemption. US Trade Representative Jamieson Greer has said current deals won’t be unravelled, but it’s all a bit unclear. The lesson? Uncertainty is certain with the Trump administration. More on that from my colleague Sam below. What’s your take? Ping me on X , LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching Industrials conglomerate Honeywell slashed its price for Johnson Matthey ’s Catalyst Technologies, which makes enzymes for industrial processes, from £1.8 billion to £1.33 billion . Honeywell had been mulling walking away, partly due to regulatory worries, which would have been a blow to JM’s efforts to turn the unit around. A salvaged deal, at a not so sweet price. Johnson Matthey shares slumped 16%. Privately held bank OakNorth has named a new chief financial officer, Gergely Zaborszky, to start from July. He currently holds the same role at Virgin Money UK, and will replace the incumbent Rajesh Gupta who is retiring after more ...
PM Images/DigitalVision via Getty Images In 1Q26, the Large Cap Value, Large Cap Blend, and Mid Cap Growth styles earn an Attractive-or-better rating. Our style ratings are based on a normalized aggregation of our fund ratings for every ETF and mutual fund in a given style. Our fund ratings are based on aggregations of the ratings of the stocks they hold. Investors looking for style funds that hol...
PM Images/DigitalVision via Getty Images In 1Q26, the Large Cap Value, Large Cap Blend, and Mid Cap Growth styles earn an Attractive-or-better rating. Our style ratings are based on a normalized aggregation of our fund ratings for every ETF and mutual fund in a given style. Our fund ratings are based on aggregations of the ratings of the stocks they hold. Investors looking for style funds that hold quality stocks should focus on the Large Cap Value, Large Cap Blend, and Mid Cap Growth styles. Figures 4 through 7 provide more details on the ratings of overall styles, underlying assets, and individual funds. The primary driver behind an Attractive fund rating is good portfolio management, or good stock-picking, with low total annual costs. Attractive-or-better ratings do not always correlate with Attractive-or-better total annual costs. This fact underscores that (1) cheap funds can dupe investors and (2) investors should invest only in funds with good stocks and low fees. See Figures 4 through 13 for a detailed breakdown of ratings distributions by investment style. Figure 1: Ratings for All Investment Styles Image created by author with data from company and fund filings Note: beginning in 4Q25, All Cap Growth and All Cap Value ETFs and mutual funds were reclassified into the Large, Mid, and Small Cap styles that most closely match their holdings. To earn an Attractive-or-better Predictive Rating, an ETF or mutual fund must have high-quality holdings and low costs. Only the top 30% of all ETFs and mutual funds earn our Attractive-or-better rating. Euclidean Fundamental Value ETF ( ECML ) is the top-rated Large Cap Value fund. It gets our Very Attractive rating by allocating over 64% of its value to Attractive-or-better-rated stocks. Conestoga Discovery Fund ( CMIRX ) is the worst-rated Small Cap Growth fund. It gets our Very Unattractive rating by allocating over 62% of its value to Unattractive-or-worse-rated stocks. Figure 2 shows the distribution of our Predictiv...