We Are/DigitalVision via Getty Images Thesis We last covered the PIMCO Multisector Bond Active Exchange-Traded Fund ( PYLD ) almost a year ago, when we articulated why we still found the ETF to be an enticing proposition. The fund has performed well since, with a total return of roughly 6% and an AUM which has continued to expand: Data by YCharts The ETF has surpassed the $10 billion AUM mark, wit...
We Are/DigitalVision via Getty Images Thesis We last covered the PIMCO Multisector Bond Active Exchange-Traded Fund ( PYLD ) almost a year ago, when we articulated why we still found the ETF to be an enticing proposition. The fund has performed well since, with a total return of roughly 6% and an AUM which has continued to expand: Data by YCharts The ETF has surpassed the $10 billion AUM mark, with assets now clocking in at $12.54 billion. The fund has done quite well in gathering cash in the past two years, as we can see from the graph above. In today's article we are going to revisit the name in light of today's macro environment and showcase the current holdings. We were the first service to cover this name on the Seeking Alpha platform back in 2023, and we own the ETF. Multi-Sector Fund The ETF takes a multi-sector approach, which has not changed: Holdings (Fund Website) Securitized products represent 36% of the holdings, followed by investment-grade credit at 19% and government-related securities at 17%. The high-yield bucket has been decreased to 6.8% from 11% the last time we covered the name. The fund falls in the intermediate duration category, with an effective duration of 4.7 years and an effective maturity of 8.4 years. Remember that duration takes into account the discounting of cash flows, while the maturity profile is a static representation of the principal repayment schedule. The fund does a good job of breaking down other sensitivities as well: Mortgage spread duration: 2.6 years Corporate spread duration: 3.1 years EM duration: 0.44 years The fund contains a high segment of non-rated assets, but in terms of the securities which have a rating, the composition is overweight investment grade. This puts the name as most sensitive to intermediate rates, followed by credit spreads. More Volatile Than Its Peers One of the issues with PYLD has been its higher volatility when compared to peers: Drawdowns (Asset Analyzer) We are comparing PYLD to a cohort o...
Wachiwit/iStock Editorial via Getty Images Investment Thesis While not a direct competitor in the AI race, Apple Inc. ( AAPL ) could benefit from the advances in AI technology. This is especially true in the hardware segment, where demand has increased with the rise of intelligence in local AI models. The company's devices are the preferred cost-effective option, largely due to unified memory, whi...
Wachiwit/iStock Editorial via Getty Images Investment Thesis While not a direct competitor in the AI race, Apple Inc. ( AAPL ) could benefit from the advances in AI technology. This is especially true in the hardware segment, where demand has increased with the rise of intelligence in local AI models. The company's devices are the preferred cost-effective option, largely due to unified memory, which gets rid of GPU and VRAM bottlenecks that restrict most systems. These devices are also at reasonable consumer price points, making them the most cost-effective solution for developers or companies looking to run AI locally. This allows Apple to benefit from the AI boom without burning cash on developing its own models. New breakthroughs are occurring more frequently, such as Alphabet/Google's ( GOOG ) TurboQuant, which improves model performance on local hardware. The company is also known for its privacy, giving it strong positioning in industries like healthcare, legal services, and government, where cloud-based AI solutions face compliance issues. With fully local inference and access to secure cloud solutions, this allows for compliant AI solutions in sensitive industries. As local AI adoption continues to expand, the Apple ecosystem also becomes difficult to exit. With the devices tuned to the user's preferences around data, workflows, and communication, it makes it more costly to switch to a competitor like Windows, which would require starting over. The AI-driven demand also encourages higher-memory configurations, which could increase the average purchase price for Mac devices. Although Apple is not a direct player in the AI race, its devices carry the most capability for local AI, something which continues to improve by the day. I believe this growth isn't fully baked into the valuation, which is why I'm rating Apple a Buy with a 12-month price target of $295. Unified Memory A key reason why Macs are the preferred option for local AI is unified memory. On most ...
Jonathan Kitchen Wall Street rallied and closed higher on Wednesday after President Donald Trump agreed to pause planned strikes on Iran for two weeks, contingent on the reopening of the Strait of Hormuz. The tech-focused Nasdaq Composite ( COMP:IND ) added +2.8%, while the benchmark S&P 500 ( SP500 ) popped +2.5%, and the blue-chip Dow ( DJI ) climbed +2.8%. Here are the three stocks to watch on ...
Jonathan Kitchen Wall Street rallied and closed higher on Wednesday after President Donald Trump agreed to pause planned strikes on Iran for two weeks, contingent on the reopening of the Strait of Hormuz. The tech-focused Nasdaq Composite ( COMP:IND ) added +2.8%, while the benchmark S&P 500 ( SP500 ) popped +2.5%, and the blue-chip Dow ( DJI ) climbed +2.8%. Here are the three stocks to watch on the day: ImmuCell ( ICCC ) gained 5.02% to $6.70 in after-hours trading after reporting strong first-quarter 2026 results. The animal health company posted sales of $10.4 million, up 28.4% year-over-year from $8.1 million, driven primarily by domestic sales of $9.7 million, which surged 35.7%. The Tri-Shield product line led the quarter with $7.9 million in revenue, a 38.5% increase fueled by seasonal demand from the cow-calf segment. Costco Wholesale Corporation ( COST ) declined 0.52% to $1,024.92 in postmarket trading despite reporting solid March retail month figures. Net sales for the five-week period reached $28.41 billion, an 11.3% increase from $25.51 billion a year ago, with comparable sales rising 9.4% and e-commerce comparable sales jumping 23.3%. The warehouse retailer, which now operates 928 locations globally, has seen its shares climb more than 18% on a year-to-date basis. Constellation Brands, Inc. ( STZ ) came under modest pressure in after-hours trade following the release of its fiscal fourth-quarter results and a softer-than-expected outlook. The parent company of Corona and Robert Mondavi winery earned $1.90 per share, beating estimates by $0.19, while comparable sales declined 11% to $1.92 billion but topped expectations by $40 million. However, the company issued fiscal 2027 earnings guidance of $11.20 to $11.90 per share, below the $12.36 Wall Street estimate, citing a dynamic operating environment and limited near-term visibility. More on related stocks Costco: Not Attractive For New Investors Costco Stock Deep Dive: Vibecession Winner Or Overpriced...
PTX Metals ( PTX:CA) announced on Wednesday that it intends to complete a non-brokered private placement totaling $3M and that it has arranged and confirmed participation from several substantial investors for the private placement. The private placement financing will issue units of the company at a price of $0.11 per unit to raise aggregate gross proceeds of up to $1.5M, resulting in the issuanc...
PTX Metals ( PTX:CA) announced on Wednesday that it intends to complete a non-brokered private placement totaling $3M and that it has arranged and confirmed participation from several substantial investors for the private placement. The private placement financing will issue units of the company at a price of $0.11 per unit to raise aggregate gross proceeds of up to $1.5M, resulting in the issuance of 13.64M units. Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one additional common share at a price of $0.18 for a period of 36 months from the date of issuance, the company said. The warrants will be subject to an acceleration provision, whereby the company may accelerate the expiry date of the warrants if the closing price of the company's common shares on the TSX Venture Exchange is at or above $0.40 for more than 20 consecutive trading days, in accordance with the terms of the warrants. The company intends to use the proceeds from the issuance of the units for general corporate expenses and working capital purposes. Concurrent with the HD offering, the company plans to complete a private placement consisting of flow-through shares at a price of $0.125 per FT share to raise aggregate gross proceeds of up to $1.5M, resulting in the issuance of 12M FT shares. The gross proceeds from the issuance of the FT Shares will be used to incur eligible "Canadian exploration expenses." The qualifying expenditures will be incurred on or before December 31, 2027, and will be renounced by the company to the purchasers with an effective date no later than December 31, 2026, in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares. The closing of the offering may occur in multiple tranches, with the first closing expected to occur on or about April 14, 2026. Source: Press Release More on PTX Metals Inc. Financial information for PTX Metals Inc.
Tesla’s (TSLA) recent drop has investors asking the tough questions, but Morgan Stanley analyst Andrew Percoco has a clear response. The bank reiterated an equal-weight rating on the stock while keeping its $415 price target, a 17% upside from current levels. Tesla stock, though, has been ...
Tesla’s (TSLA) recent drop has investors asking the tough questions, but Morgan Stanley analyst Andrew Percoco has a clear response. The bank reiterated an equal-weight rating on the stock while keeping its $415 price target, a 17% upside from current levels. Tesla stock, though, has been ...
Good morning . Washington plans direct talks while Iran says its ceasefire deal with the US was violated. Galeries Lafayette is taking another look at its China business. And Singapore’s new worker dorm tests the government’s public-health pledge. Listen to the day’s top stories . Market Snapshot S&P 500 6,782.81 +2.5% WTI Futures $94.41 -16% Bloomberg Dollar Spot Index 1,201.51 -0.8% Market data ...
Good morning . Washington plans direct talks while Iran says its ceasefire deal with the US was violated. Galeries Lafayette is taking another look at its China business. And Singapore’s new worker dorm tests the government’s public-health pledge. Listen to the day’s top stories . Market Snapshot S&P 500 6,782.81 +2.5% WTI Futures $94.41 -16% Bloomberg Dollar Spot Index 1,201.51 -0.8% Market data as of 05:17 PM ET. Data is subject to provider delays. Iran claimed a ceasefire agreement was violated less than 24 hours after it was reached as fighting continued in the Middle East, punctuated by Israel’s largest-ever attack on Hezbollah in Lebanon. The Strait of Hormuz remained largely blocked as hundreds of ships wait to leave amid the fragile truce. Some progress may be made this weekend, with the US sending Vice President JD Vance to Pakistan to hold direct talks with Tehran. The initial easing of tensions sent a wave of optimism through global financial markets, with US stocks surging. West Texas Intermediate oil settled below $95 a barrel, easing concerns about an energy crisis. As the haven bid waned, the dollar erased its advance for the year. Polymarket Iran Bets Draw Fresh Dispute and Insider Scrutiny Read more Asian nations are assessing the fallout from the war, with Japan and Australia calling attention to North Korea’s latest missile launch as a reminder of the security challenges in the Indo-Pacific region while the world focuses on the Mideast. Indian households are bracing for a sharp pickup in inflation over the next three months, RBI surveys showed, reflecting concerns over the conflict. The war is hitting automakers hard, too. Hyundai Motor has started rerouting ships around Africa to avoid Hormuz, as part of a broader plan to rework operations and insulate the company from supply shocks, tariffs and geopolitical tension. In more car news, BYD is stepping up hiring from rivals including Porsche to bolster its Denza line in Europe as it tries to break ...
The SPDR S&P 500 ETF Trust ( SPY ) received mixed signals following the March jobs report , which showed employers added 178,000 jobs last month—far exceeding the consensus estimate of 51,000 to 59,000 and marking the strongest gain since December 2024. The unemployment rate fell to 4.3% from 4.4% a month ago. Despite the strong headline numbers, analyst sentiment remains decidedly mixed, with man...
The SPDR S&P 500 ETF Trust ( SPY ) received mixed signals following the March jobs report , which showed employers added 178,000 jobs last month—far exceeding the consensus estimate of 51,000 to 59,000 and marking the strongest gain since December 2024. The unemployment rate fell to 4.3% from 4.4% a month ago. Despite the strong headline numbers, analyst sentiment remains decidedly mixed, with many characterizing the underlying labor market picture as “muddled” rather than unambiguously positive. What Do Seeking Alpha Analysts Say About SP500’s Future? Buyers po i nte d to the report as evidence of economic resilience, highlighting a significant “bounce back” from February’s weakness. The healthcare sector alone added 76,000 jobs—well above its twelve-month average of 29,000. Manufacturing employment rose by 15,000, the most since November 2023 , while construction added 26,000 positions, both suggesting firming fundamentals in goods-producing industries. Skeptics, how ever, highlighted troubling details beneath the surface. Labor force participation fell to 61.9%, its lowest level since November 2021, as 396,000 workers dropped out of the labor force entirely. The Household Survey actually showed a loss of 64,000 jobs in March, and the U-6 underemployment rate rose to 8.0%. Average hourly earnings grew just 0.2% month-over-month, bringing year-over-year wage growth to 3.5%—the weakest since May 2021. Meanwhile, February’s already weak report was revised down further to a loss of 133,000 jobs. Here’s a breakdown of what some analysts had to say: Mike Zaccardi, CFA, CMT, Rating: Buy: “The March jobs report was much better than expected. The three-month average number of jobs created is now 68,000, above the perceived breakeven level required to keep the unemployment rate steady.” — Massive March Jobs Beat: Stock Futures And Bonds Trade Lower On Good Friday MTS Insights, Rating: Hold: “While payroll growth and the decline in the unemployment rate suggest resilience, s...