kentoh/iStock via Getty Images Quarterly commentary Financial assets experienced mixed returns in the first quarter. The fund underperformed the benchmark. Asset allocation was the primary driver of the modest shortfall, while underlying manager performance contributed. Market review and outlook The world financial markets, after performing well in the first two months of the year on continued opt...
kentoh/iStock via Getty Images Quarterly commentary Financial assets experienced mixed returns in the first quarter. The fund underperformed the benchmark. Asset allocation was the primary driver of the modest shortfall, while underlying manager performance contributed. Market review and outlook The world financial markets, after performing well in the first two months of the year on continued optimism about trends in economic growth and interest rates, turned lower following the start of the conflict in the Middle East in early March. The ensuing spike in oil prices, together with concerns about possible shortages of other commodities caused by disrupted supply chains, dampened the growth outlook and led to a sharp rise in inflation expectations. The deteriorating inflation picture, in turn, dashed optimism that central banks could continue cutting rates. In combination, these developments led to a surge in global government bond yields that erased the positive total returns achieved in the first two months of the year. The conflict also fueled a sizable downturn in major global equity indexes in March, sending stocks into the red. With this said, the majority of the negative return for equities stemmed from weakness in the growth style in general, and mega-cap U.S. technology stocks in particular. Conversely, the value style, dividend payers, and more defensive companies generally produced positive returns, benefiting diversified investors. We're encouraged by the broadening of leadership away from the "Magnificent Seven" group of U.S. tech companies, as it provided a tailwind for our diversified positioning. Contributors and detractors The fund's modest underperformance was almost entirely due to its overweight position in equities and its corresponding underweight in bonds. On the positive side, we benefited from having an underweight in U.S. large caps in favor of an overweight in U.S. mid caps. Underlying manager performance contributed, highlighted by relativ...
ayo888/iStock via Getty Images I first wrote about Vanguard Value ETF ( VTV ) in October, saying it wasn't a good value and rating it a Sell. In February, I reiterated the Sell rating as I instructed readers that they should exit the ETF . It has increased just slightly since then, lagging the S&P 500, and, after giving it further analysis, I am downgrading it to a Strong Sell. VTV Has Set Another...
ayo888/iStock via Getty Images I first wrote about Vanguard Value ETF ( VTV ) in October, saying it wasn't a good value and rating it a Sell. In February, I reiterated the Sell rating as I instructed readers that they should exit the ETF . It has increased just slightly since then, lagging the S&P 500, and, after giving it further analysis, I am downgrading it to a Strong Sell. VTV Has Set Another All-Time High Like the stock market, this ETF has moved to all-time highs. In fact, it set that all-time high on Thursday and fell much less than the S&P 500 when the market sold off hard on Friday, June 5th: Schwab Think or Swim I see support near $206, which is below the first open gap in trading but above the rising 50-day moving average, as well as near $198, which is near where the 150-day moving average is currently and would fill that second open gap from early in Q2. An Updated Look at VTV Vanguard launched VTV in early 2004, and it is a passive fund in the Large Value category. The ETF has an expense ratio of just 0.03% (lowered earlier this year from 0.04%). The fund has an asset value of $182 billion, which has increased substantially since my last article on this ETF in February. Along with the mutual fund Vanguard Value Index Fund Admiral Shares ( VVIAX ), the total assets are approximately $247 billion. VTV is a large-cap value ETF, living up to its name. It tracks the CRSP U.S. Large Cap Value Index, which was acquired by Morningstar and will be renamed soon. Vanguard provides a website for VTV . The fund held 309 stocks as of the end of April. Here are the top 10: Vanguard Vanguard has shared information about the ETF's sectors as of the end of April: Vanguard I am most cautious on the Technology sector, and I like that VTV had so much less Technology at the end of April than the S&P 500's exposure. Vanguard 500 Index ETF ( VOO ), the largest ETF ever, had 35% exposure to Technology at the end of April. Here is the complete comparison of these two ETFs: Ala...
FG Trade/E+ via Getty Images Introduction When the market turns its back on certain REITs or industries, my attention gets drawn in. As a (contrarian) REIT analyst that loves analyzing out-of-favor REITs, I have been covering both Healthpeak Properties ( DOC ) and Alexandria Real Estate ( ARE ). Since ARE is a pure life science REIT and DOC is a healthcare REIT that has a meaningful exposure towar...
FG Trade/E+ via Getty Images Introduction When the market turns its back on certain REITs or industries, my attention gets drawn in. As a (contrarian) REIT analyst that loves analyzing out-of-favor REITs, I have been covering both Healthpeak Properties ( DOC ) and Alexandria Real Estate ( ARE ). Since ARE is a pure life science REIT and DOC is a healthcare REIT that has a meaningful exposure towards the life science sector, my readers wanted me to put the two against each other to see which one is the better pick right now. Let's begin. A sector in recovery mode The life science sector has been struggling with a post-COVID oversupply for the past two years or so. Many investors remember the days back during COVID-19 when Alexandria Real Estate was one of the favorite REITs here on Seeking Alpha. I thought that the dividend yield was too low back then, and thankfully this superficial reason to skip the stock prevented me from making a massive investment mistake. In between 2021 and 2026, ARE dropped from $217 all the way to $40. Because the U.S. life science market is approaching a turning point, according to a research report from CBRE, it is no coincidence that both REITs have seen their share price going up pretty meaningful. The most important data from the CBRE research were the following: Construction is at a 10-year low Capital is re-engaging (and has historically preceded a rise in lab demand) Lab facility investments have reached unprecedented levels But there are also risks worth mentioning. China is expanding its role in global R&D, which will create both opportunities (onshoring) and risks (fierce competition). Because China and the U.S. are each other's adversaries, I think that competition from outside the U.S. will ultimately be beneficial for U.S. landlords in the life science space, because the U.S. will (excluding the current administration perhaps) protect this vital sector against threats from outside. The U.S. population is aging, which makes it ...
Mesut Uzman, Chief Nuclear Construction Officer of Fermi Inc. (NASDAQ:FRMI) , disclosed the sale of 158,541 shares across direct and indirect accounts on June 3, 2026, for a transaction value of approximately $1.0 million according to a SEC Form 4 filing . Transaction and post-transaction values based on SEC Form 4 weighted average reported price ($6.31). Fermi Inc. develops energy and data center...
Mesut Uzman, Chief Nuclear Construction Officer of Fermi Inc. (NASDAQ:FRMI) , disclosed the sale of 158,541 shares across direct and indirect accounts on June 3, 2026, for a transaction value of approximately $1.0 million according to a SEC Form 4 filing . Transaction and post-transaction values based on SEC Form 4 weighted average reported price ($6.31). Fermi Inc. develops energy and data center infrastructure to support the needs of to-be-built AI infrastructure, and operates as a regulated electric utility. Continue reading