China is ramping up efforts in the AI race, as tech giants Alibaba Group Holding and Huawei Technologies deploy massive computing clusters in the push to develop home-grown infrastructure. E-commerce giant Alibaba has announced the deployment of a 10,000-card intelligent computing cluster powered by the Zhenwu AI chips developed by its T-Head semiconductor design arm. Launched in collaboration wit...
China is ramping up efforts in the AI race, as tech giants Alibaba Group Holding and Huawei Technologies deploy massive computing clusters in the push to develop home-grown infrastructure. E-commerce giant Alibaba has announced the deployment of a 10,000-card intelligent computing cluster powered by the Zhenwu AI chips developed by its T-Head semiconductor design arm. Launched in collaboration with China Telecom in the Shaoguan data centre in Guangdong province, the “fully domestic” cluster was...
German bonds and their euro area peers surged after energy prices sank following a ceasefire between the US and Iran. Yields on 10-year German debt slid 18 basis points to 2.90%, while those on Italian peers slumped 33 basis points to 3.64%. Traders aggressively pared wagers on European Central Bank interest-rate hikes, pricing 51 basis points of monetary-policy tightening this year compared to 80...
German bonds and their euro area peers surged after energy prices sank following a ceasefire between the US and Iran. Yields on 10-year German debt slid 18 basis points to 2.90%, while those on Italian peers slumped 33 basis points to 3.64%. Traders aggressively pared wagers on European Central Bank interest-rate hikes, pricing 51 basis points of monetary-policy tightening this year compared to 80 basis points on Tuesday.
Jonathan Kitchen/DigitalVision via Getty Images Manager perspective and outlook Equities generally moved higher during the fourth quarter of 2025, seemingly fueled by continued optimism around artificial intelligence (AI) capital spending and lower interest rates. The health care sector outperformed the overall US equity market, led by pharmaceuticals, biotechnology, distributors and life sciences...
Jonathan Kitchen/DigitalVision via Getty Images Manager perspective and outlook Equities generally moved higher during the fourth quarter of 2025, seemingly fueled by continued optimism around artificial intelligence (AI) capital spending and lower interest rates. The health care sector outperformed the overall US equity market, led by pharmaceuticals, biotechnology, distributors and life sciences tools & services. We have been gaining more confidence in the health care sector and expect it to be an average performing sector relative to the overall market as we move into 2026. Improved clinical data and commercial product success were tailwinds for the biotechnology and pharmaceutical industries. Health care equipment pulled back following strong fundamental performance earlier in 2025 and in our view now faces tough year-over-year revenue comparisons. In life sciences tools & services, we have been seeing “green shoots” from increased biopharma spending. A cyclical turn in the economy could also help this industry; however, demand from China has remained weak. We are still positive on diagnostics and distributors but incrementally less positive on health care services. We remain bearish on the managed care segment. We invest in premier health care companies that we believe are positioned to compound multi-year growth. We combine in-depth health care experience with bottom-up fundamental analysis to evaluate company management, identify growth prospects and manage risk. Top issuers - (% of total market value) Fund Index Eli Lilly & Co 9.70 14.06 Boston Scientific Corp 6.53 2.33 AbbVie Inc 5.05 6.65 Cencora Inc 4.67 1.08 AstraZeneca PLC 4.24 0.00 Argenx SE 3.55 0.00 Gilead Sciences Inc 3.30 2.51 McKesson Corp 3.11 1.67 Welltower Inc 2.33 0.00 Tenet Healthcare Corp 2.21 0.29 Click to enlarge As of 12/31/25. Holdings are subject to change and are not buy/sell recommendations. Portfolio positioning At quarter end, the largest overweights relative to the index were biote...
China and Australia should intensify exchanges on energy security amid complex global geopolitics, Canberra said on Tuesday as spillover from the US-Israel war against Iran continues to endanger the world economy. In a phone conversation between Australian Prime Minister Anthony Albanese and Chinese Premier Li Qiang on Tuesday, the two leaders discussed the importance of energy security “in light ...
China and Australia should intensify exchanges on energy security amid complex global geopolitics, Canberra said on Tuesday as spillover from the US-Israel war against Iran continues to endanger the world economy. In a phone conversation between Australian Prime Minister Anthony Albanese and Chinese Premier Li Qiang on Tuesday, the two leaders discussed the importance of energy security “in light of the current global challenges” and agreed to increase government-to-government communication to...
halbergman/E+ via Getty Images Hub Group ( HUBG ) has gained 15.4% since my last report published last year but still underperformed the S&P 500’s 24% gain. As a freight and logistics company, the recent events would seemingly imply downward pressure on the stock. However, Hub Group stock retreated from its 52-week high of $52.36 following the disclosure of an accounting issue . The stock had alre...
halbergman/E+ via Getty Images Hub Group ( HUBG ) has gained 15.4% since my last report published last year but still underperformed the S&P 500’s 24% gain. As a freight and logistics company, the recent events would seemingly imply downward pressure on the stock. However, Hub Group stock retreated from its 52-week high of $52.36 following the disclosure of an accounting issue . The stock had already reached my base case price target of $42.43 and also the bullish price target of $50.16, indicating that a profit of 35%-50% has been locked when following the target guides. However, it is also a good moment to completely reassess the investment case for Hub Group. Hub Group Can’t Catch A Break Freight and logistics companies are highly sensitive to economic growth softening or events triggering supply and demand imbalances. During the pandemic, e-commerce shipping surged as people were sitting at home with no other way to spend money while the ability to transport was somewhat limited. Those were the golden times for freight and logistics companies. Once lockdowns eased, people started spending their money differently, meaning that freight and logistics providers were sized too big for the market. Inflation was already expected to rise, and the war in Ukraine further amplified that through higher energy costs, which hit demand as well as the cost of supply. The solution, of course, is to reduce capacity, but that also means loss of leverage, and so removing capacity from the market was a rather slow process as every company tried to wait for the competitor to cut capacity. Further economic softness also required additional cuts, with the global trade war casting more doubt on economic growth. The current situation in Iran has further increased concerns about economic growth, leading to Hub Group losing another 15% of its value. The Bull Case For Hub Group Is Now Shaky In early February, so before the war started, Hub Group stock fell over 20% after the company disclos...
Engineers and Planners Co. , a closely held company headed by the brother of Ghana’s president, won a bid to take over the Damang gold mine after Gold Fields Ltd.’s transfers the asset to the government. E&P beat three other bidders — Vortex Resources Mining Group, Maripoma Mining Services Ltd. and Heath Goldfields Ltd. — after they failed to meet all the criteria in an official tender, the Minist...
Engineers and Planners Co. , a closely held company headed by the brother of Ghana’s president, won a bid to take over the Damang gold mine after Gold Fields Ltd.’s transfers the asset to the government. E&P beat three other bidders — Vortex Resources Mining Group, Maripoma Mining Services Ltd. and Heath Goldfields Ltd. — after they failed to meet all the criteria in an official tender, the Ministry of Lands and Natural Resources said in a statement published on its website. Read More: Gold Fields Says Ghana Mines Embroiled in Contractor Dispute