primeimages/E+ via Getty Images Key Takeaways Markets: US equities, as measured by the Russell 1000 Index, fell during the quarter, on both fears about the impact spiking energy prices would have on the global economy following the closure of the Strait of Hormuz and on concerns about potential artificial intelligence disruption in a range of businesses. Value-oriented parts of the market which ar...
primeimages/E+ via Getty Images Key Takeaways Markets: US equities, as measured by the Russell 1000 Index, fell during the quarter, on both fears about the impact spiking energy prices would have on the global economy following the closure of the Strait of Hormuz and on concerns about potential artificial intelligence disruption in a range of businesses. Value-oriented parts of the market which are less exposed to potential AI disruption performed more strongly. Contributors: Stock selection in utilities and real estate bolstered relative performance. Individual contributors included energy companies EOG Resources, SLB and Chevron. Detractors: Security selection in information technology, consumer staples and industrials detracted from relative results. Among the detractors were a position in Estee Lauder, Adobe and Apollo Global Management. Outlook: We remain focused on identifying opportunities to acquire stocks at attractive valuations based upon our assessment of fundamental value. Our process of finding underappreciated and misunderstood companies with identifiable catalysts to unlock shareholder value may provide meaningful upside potential and possible downside risk management during turbulent periods. Performance Review The Fund (Class Z without sales charges)( MUTHX ) underperformed its benchmark, the Russell 1000 Value Index, for the quarter ended March 31, 2026. US-based beauty company Estee Lauder ( EL ) detracted from relative performance on news it was exploring a merger with Spain-based Puig. Estee Lauder is in the middle of a turnaround with notable momentum, and the merger carries integration and execution risks, which weighed on the shares after the news. Media and marketing software firm Adobe ( ADBE ) detracted from relative results amid ongoing worries about what the increasing use of artificial intelligence will mean for its business. We own Adobe for its franchise position with creators and the optionality that new technology drives total addr...
French power prices soared on concerns that scorching summer temperatures will lead to potential nuclear curtailments as well as lower hydro availability. Month-ahead prices jumped as much as 11.7%, to the highest level since late March, according to data from EEX. Northwest Europe is reeling under the first heat wave of the summer and daytime temperatures in Paris are likely to touch 33C on Tuesd...
French power prices soared on concerns that scorching summer temperatures will lead to potential nuclear curtailments as well as lower hydro availability. Month-ahead prices jumped as much as 11.7%, to the highest level since late March, according to data from EEX. Northwest Europe is reeling under the first heat wave of the summer and daytime temperatures in Paris are likely to touch 33C on Tuesday. Previous hot summers have halted French nuclear reactors as the temperatures of the river water cooling them rose. Last year, some coastal reactors were disrupted as marine heat waves resulted in jellyfish clogging filter drums. Read More: Deadly Heat Wave Breaks May Records Across Northwest Europe France’s nuclear fleet is the backbone of Europe’s power market, meaning any change in output affects not just domestic electricity prices, but also the wider region. For nuclear plants, the main concern is low river levels and unusually high water temperatures, which can disrupt reactor cooling. The reactors most exposed are those using the Rhône and Garonne rivers in southern France — including Bugey, St. Alban, Cruas, Tricastin and Golfech, according to William Peck, senior European power analyst at Energy Aspects Ltd. Water temperatures in the Rhône are already rising sharply. In Geneva, the river reached a May record of 21.3C this weekend, up from just 13C a week earlier, according to data by Swiss authorities. If hot weather forecasts for the second half of June materialize, Peck sees the first significant bullish impact from nuclear outages, weaker hydro output and higher power demand to emerge by the end of the month. French Month-ahead prices were trading 8.7% higher at €33.65 per megawatt-hour at 12:00 p.m. local time. The contract for the third quarter also rose as much as 6.1%. In comparison, equivalent front-month prices in Germany , Europe’s biggest market, rose as much as 6.2%.
尽管近期发生多轮袭击，但投资者对中东和平谈判仍持乐观态度，叠加人工智能带动芯片股走强，美国股指期货周二创下历史新高。 美国国务卿马尔科・鲁比奥周二表示，与伊朗的协议谈判可能 “还需数日”；而美国总统唐纳德・特朗普周一在 Truth Social 发文称，美伊谈判进展 “顺利”。 布伦特原油期货涨幅一度达 3%，全球股市则震荡上行。市场仍不确定能否达成协议以恢复霍尔木兹海峡的航运通行。 Capita...