mohd izzuan/iStock via Getty Images Dear Partners, While individual client returns may differ based on their inception dates, consolidated performance of all accounts for the period ending March 31, 2026 is as follows: Q1 2026 2025 2024 2023 2022 2021* White Falcon(net of fees) -6.1% 28.4% 14.4% 36.0% -9.3% -1.5% S&P 500 TR(CAD) -3.1% 12.2% 35.2% 23.2% -12.6% 3.3% MSCI AC TR(CAD) -0.6% 15.9% 26.3%...
mohd izzuan/iStock via Getty Images Dear Partners, While individual client returns may differ based on their inception dates, consolidated performance of all accounts for the period ending March 31, 2026 is as follows: Q1 2026 2025 2024 2023 2022 2021* White Falcon(net of fees) -6.1% 28.4% 14.4% 36.0% -9.3% -1.5% S&P 500 TR(CAD) -3.1% 12.2% 35.2% 23.2% -12.6% 3.3% MSCI AC TR(CAD) -0.6% 15.9% 26.3% 18.5% -11.9% 1.5% S&P TSX TR 4.0% 32.0% 21.7% 11.8% -5.8% -0.6% Click to enlarge *Performance is from Nov 8 - Dec 31, 2021 This was a tough and volatile quarter. While the headline numbers suggest a mild pullback, the picture beneath the surface was much harsher. Software and services led sector level declines. Our exposure in these groups was hit by broad multiple contraction as markets priced AI-related risks. In addition, our holdings in Ag Growth (AFN)( AGGZF ) and Ivanhoe Mines (IVN)( IVPAF ) faced company specific setbacks that further contributed to the drawdown. These pressures were partly offset by strong performance from New Flyer Industries (NFI) and our precious metals basket. Our focus is never on short-term performance. The White Falcon portfolio construction diverges significantly from popular market indexes and our primary benchmark for success is generating positive absolute returns adjusted for risk over a complete market cycle. The volatility during the quarter gave us an opportunity to add positions at more attractive valuations and also improve the overall quality of the businesses we own in the portfolio. As it happens, the market has since mounted a strong V-shaped recovery, and all accounts are now in the positive for the year. The software sector is at an interesting juncture. From here, it is either a fantastic long-term opportunity, or a potential value trap. We think it may be the former and have meaningfully increased our allocation. Below, we describe the framework guiding our investments in software: At its core, software is simply a business...
Nvidia (NASDAQ: NVDA) rallied sharply from a YTD pullback, which had dragged it down 11% for the year in late March and early April, when it hit $165. It surged to $202 at mid-month, but has started to sell off again. And, there is a good reason. Nvidia has repeatedly said it can’t make enough ... Nvidia’s Rally Is Over
Nvidia (NASDAQ: NVDA) rallied sharply from a YTD pullback, which had dragged it down 11% for the year in late March and early April, when it hit $165. It surged to $202 at mid-month, but has started to sell off again. And, there is a good reason. Nvidia has repeatedly said it can’t make enough ... Nvidia’s Rally Is Over
JulieanneBirch/E+ via Getty Images Cue Biopharma ( CUE ) announced on Wednesday that it will do a 1-for-30 reverse stock split, effective April 23, 2026, after the market closes to boost its stock price and meet Nasdaq Capital Market listing rules. E very 30 shares will become 1 share; total shares will drop sharply from ~97.7M to ~3.3M after the split, with no change in overall company value. The...
JulieanneBirch/E+ via Getty Images Cue Biopharma ( CUE ) announced on Wednesday that it will do a 1-for-30 reverse stock split, effective April 23, 2026, after the market closes to boost its stock price and meet Nasdaq Capital Market listing rules. E very 30 shares will become 1 share; total shares will drop sharply from ~97.7M to ~3.3M after the split, with no change in overall company value. The stock will trade on a split-adjusted basis from April 24 under the ticker “CUE.” However, stock options, warrants, and equity plans will be adjusted (fewer shares, higher exercise price), and no fractional shares—investors will get cash for leftovers; no action needed for most holders. Following the news, the CUE stock crashed ~25% at ~$0.51. Source: Press Release More on Cue Biopharma Cue Biopharma, Inc. (CUE) Discusses CUE-401 R&D Progress and Mechanism for Autoimmune and Inflammatory Diseases - Slideshow Cue Biopharma, Inc. (CUE) Discusses CUE-401 R&D Progress and Mechanism for Autoimmune and Inflammatory Diseases Transcript Seeking Alpha’s Quant Rating on Cue Biopharma Historical earnings data for Cue Biopharma Financial information for Cue Biopharma
Holly O’Neill, president of consumer, retail, and preferred banking at Bank of America, discusses the details of the firm’s latest consumer checkpoint. (Source: Bloomberg)
Holly O’Neill, president of consumer, retail, and preferred banking at Bank of America, discusses the details of the firm’s latest consumer checkpoint. (Source: Bloomberg)
tang90246 Qorvo ( QRVO ), Skyworks Solutions ( SWKS ), and Seagate Technology ( STX ) were upgraded at Barclays on Wednesday, while the firm also reinstated coverage on Qualcomm ( QCOM ) with a lower rating than it had previously. Qorvo and Skyworks were raised to Overweight from Equalweight, and their respective price targets were raised to $100 from $95, as Barclays analysts said the pair should...
tang90246 Qorvo ( QRVO ), Skyworks Solutions ( SWKS ), and Seagate Technology ( STX ) were upgraded at Barclays on Wednesday, while the firm also reinstated coverage on Qualcomm ( QCOM ) with a lower rating than it had previously. Qorvo and Skyworks were raised to Overweight from Equalweight, and their respective price targets were raised to $100 from $95, as Barclays analysts said the pair should benefit from some Apple ( AAPL ) decisions. “We called out a significant change in AAPL lower-end SKU launch timing, which likely dampens typically strong seasonal Sept./Dec.,” analysts at the firm wrote. “We now view this dynamic as a 'buy the cut event' with more positive catalysts in foldable iPhones, an [iPhone] 20 anniversary cycle likely to closely follow, and potentially content upgrades if we see all AAPL phones move onto a common internal modem.” Skyworks and Qorvo are in the process of merging . Seagate Seagate was raised to Overweight from Equalweight, as the firm upped its hard-disk drive market forecast. “We think $/TB for Mass Capacity drives can move +7%/+15% [year-over-year] in CY26/27, particularly given the recent run-up in Flash,” the analysts explained. “Given industry dynamics and commitment to lower capital spend we would also argue the re-rating is more permanent.” The firm also raised its price target on competitor Western Digital ( WDC ) to $405 from $325. Qualcomm Finally, for Qualcomm, the firm put an Underweight rating on the semiconductor company, citing a “difficult handset environment.” “Even when giving significant credit to both Auto and IoT the company can't more than offset the difficult handset environment (we est. QCOM Handsets down [low double-digits to mid-teens on a percentage base] over FY26-27) driven by memory headwinds,” the analysts wrote. “AI at the Edge is still several years away and the company's play in the [data center] is yet to be proved out. We wait for the [analyst day] to determine if QCOM is benefiting from the large...
Key Points Stewardship Advisors sold 276,000 shares of GOVI during Q1, with an estimated transaction value of $7.6 million based on quarterly average pricing.
Key Points Stewardship Advisors sold 276,000 shares of GOVI during Q1, with an estimated transaction value of $7.6 million based on quarterly average pricing.
Elbit Systems ( ESLT ) announced on Wednesday that the company was awarded several contracts in an aggregate amount of approximately $200M for the supply of advanced airborne munitions to the Israel Ministry of Defense during Operation “Roaring Lion.” Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems: "This series of contracts underscores Elbit Systems’ technological leadership in air‑l...
Elbit Systems ( ESLT ) announced on Wednesday that the company was awarded several contracts in an aggregate amount of approximately $200M for the supply of advanced airborne munitions to the Israel Ministry of Defense during Operation “Roaring Lion.” Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems: "This series of contracts underscores Elbit Systems’ technological leadership in air‑launched weapon systems. We are proud of our long‑standing partnership with the Israeli Ministry of Defense and our ongoing commitment to developing and delivering high‑precision, reliable solutions that are among the factors enabling the Israeli Air Force’s air superiority." More on Elbit Systems Elbit Systems: War Premium Builds, But Capacity Caps The Upside Elbit Systems Execution Remains Strong But Expectations Run High Elbit Systems Ltd. (ESLT) Q4 2025 Earnings Call Transcript Elbit moves toward Romania drone deliveries after delay dispute Elbit Systems wins $750M PULS rocket artillery contract with Greece
A lot of investors chasing double-digit yields end up in covered call ETFs. And while those can work, the trade-off is pretty clear. You’re capping your upside in exchange for income, and in strong markets, that can really drag on total return. But covered calls aren’t the only way to generate high yields. If you ... What the heck is an autocallable? A monthly income ETF yielding 15% without cover...
A lot of investors chasing double-digit yields end up in covered call ETFs. And while those can work, the trade-off is pretty clear. You’re capping your upside in exchange for income, and in strong markets, that can really drag on total return. But covered calls aren’t the only way to generate high yields. If you ... What the heck is an autocallable? A monthly income ETF yielding 15% without covered calls
Sundry Photography Broadcom ( AVGO ) is expanding a collaboration with Google Cloud ( GOOG ) ( GOOGL ) on their new Cloud Network Insights service enabled by AppNeta by Broadcom. Broadcom said Cloud Network Insights provides end-to-end network observability to help organizations manage application and network experience, detect issues, and diagnose root causes across complex, multi-cloud, hybrid, ...
Sundry Photography Broadcom ( AVGO ) is expanding a collaboration with Google Cloud ( GOOG ) ( GOOGL ) on their new Cloud Network Insights service enabled by AppNeta by Broadcom. Broadcom said Cloud Network Insights provides end-to-end network observability to help organizations manage application and network experience, detect issues, and diagnose root causes across complex, multi-cloud, hybrid, and agentic environments. Building on its existing partnership with Broadcom, Google Cloud developed Cloud Network Insights as a first-party offering exclusively for Google Cloud users. Cloud Network Insights provides a comprehensive picture of all aspects of network performance for a distributed cloud application, the companies added. AppNeta is an end-user experience monitoring solution designed to provide IT teams with visibility into network and application performance, specifically for cloud and Software as a Service, or SaaS, applications. "By bringing AppNeta’s comprehensive observability technologies into our Cloud Network Insights product, we are equipping customers with the end-to-end insights they need to proactively optimize agent, application, and network experiences and rapidly pinpoint network bottlenecks," said Rob Enns, vice president and general manager of Cloud Networking, Google Cloud. More on Alphabet and Broadcom Google Pushes Agentic AI Toward The Enterprise Mainstream Broadcom: Things Might Look Rosy, But I'm Not Buying The Growth Story Alphabet: Insane Performance, With Future Strength Broadcom expands collaboration with Google Cloud Google reveals pair of 8th-generation TPU chips as AI demand continues to soar
Sundry Photography Broadcom ( AVGO ) is expanding a collaboration with Google Cloud ( GOOG ) ( GOOGL ) on their new Cloud Network Insights service enabled by AppNeta by Broadcom. Broadcom said Cloud Network Insights provides end-to-end network observability to help organizations manage application and network experience, detect issues, and diagnose root causes across complex, multi-cloud, hybrid, ...
Sundry Photography Broadcom ( AVGO ) is expanding a collaboration with Google Cloud ( GOOG ) ( GOOGL ) on their new Cloud Network Insights service enabled by AppNeta by Broadcom. Broadcom said Cloud Network Insights provides end-to-end network observability to help organizations manage application and network experience, detect issues, and diagnose root causes across complex, multi-cloud, hybrid, and agentic environments. Building on its existing partnership with Broadcom, Google Cloud developed Cloud Network Insights as a first-party offering exclusively for Google Cloud users. Cloud Network Insights provides a comprehensive picture of all aspects of network performance for a distributed cloud application, the companies added. AppNeta is an end-user experience monitoring solution designed to provide IT teams with visibility into network and application performance, specifically for cloud and Software as a Service, or SaaS, applications. "By bringing AppNeta’s comprehensive observability technologies into our Cloud Network Insights product, we are equipping customers with the end-to-end insights they need to proactively optimize agent, application, and network experiences and rapidly pinpoint network bottlenecks," said Rob Enns, vice president and general manager of Cloud Networking, Google Cloud. More on Alphabet and Broadcom Google Pushes Agentic AI Toward The Enterprise Mainstream Broadcom: Things Might Look Rosy, But I'm Not Buying The Growth Story Alphabet: Insane Performance, With Future Strength Broadcom expands collaboration with Google Cloud Google reveals pair of 8th-generation TPU chips as AI demand continues to soar