Donny DBM/iStock via Getty Images Amidst heightened volatility caused by the conflict in the Middle East, the MSCI Emerging Markets Index finished the first quarter of 2026 down -0.17%. Leading markets included oil and commodity rich nations, such as Brazil +19.10% and Peru +20.79% in Latin America, and Saudi Arabia +9.23% in the Middle East, which rose on higher commodities prices. Taiwan (+9.09%...
Donny DBM/iStock via Getty Images Amidst heightened volatility caused by the conflict in the Middle East, the MSCI Emerging Markets Index finished the first quarter of 2026 down -0.17%. Leading markets included oil and commodity rich nations, such as Brazil +19.10% and Peru +20.79% in Latin America, and Saudi Arabia +9.23% in the Middle East, which rose on higher commodities prices. Taiwan (+9.09%) and South Korea (+16.54%) gained on the back of large cap semiconductor and technology companies that benefited from continued artificial intelligence related investment and a cyclical recovery in memory and advanced logic chips. Meanwhile, economies heavily reliant on energy imports, such as India and Indonesia, saw their markets down 18.13% and 20.68%, respectively. China was also one of the bottom-performing markets, declining 8.94% on continued slow consumption growth and a weak real estate sector. The Active M Emerging Markets Equity Fund outperformed as a result of strong stock selection across a number of sectors with the largest value added coming through holdings in the consumer discretionary, communications services, information technology, materials and financials sectors. Performance was most challenged in the real estate sector, as an overweight and weak stock selection was a drag on returns. By country, the Fund added value in South Korea, Mexico, Peru and Turkey, as well as through an underweight to China and India. Conversely, an underweight to Taiwan and overweight to Indonesia proved detrimental, while holdings in Taiwan, China and India detracted from returns. Each of the Fund's sub-advisers outperformed the Fund's benchmark in the quarter. References MSCI Emerging Markets® Index is a free float-adjusted, market capitalization index that is designed to measure equity market performance in the global emerging markets. The index is calculated net of foreign tax withholdings. It is not possible to invest directly in an index. Northern Funds Active M Emergi...
Exports from Guinea’s Simandou iron ore project surged in May, six months after the first shipment to China, marking a milestone in the ramp-up of the high-grade mine that has the potential to reshape the global market. Shipments from the project’s Morebaya port hit 2.2 million tons in the month, according to ship tracking data from Kpler, much higher than April’s record of 1.3 million tons. This ...
Exports from Guinea’s Simandou iron ore project surged in May, six months after the first shipment to China, marking a milestone in the ramp-up of the high-grade mine that has the potential to reshape the global market. Shipments from the project’s Morebaya port hit 2.2 million tons in the month, according to ship tracking data from Kpler, much higher than April’s record of 1.3 million tons. This compares with just 0.6 million tons or less in each of the first three months of the year. Simandou has been touted as a game-changer for the iron ore industry with 120 million tons a year expected to be shipped once the project is at full capacity. The mine has four blocks, two owned by China-Singapore-led Baowu Winning Consortium Simandou (BWCS) and two by Simfer, a Rio Tinto Group and Chinalco joint venture. However, the so-called Pilbara Killer — a moniker that reflects worries it will displace supplies from the key producing region in Western Australia — has faced a series of challenges since shipping its first commercial tons late last year. In addition to logistics bottlenecks, a contract worker died in an incident at the SimFer mine in February, while unionized workers at BWCS went on strike in May seeking better pay. “The consensus at the start of the year was for a slow, constrained first half given the rail logistics bottleneck,” said Alexandre Claude, founder and CEO at DBX Commodities, which also tracks the project’s exports and had May’s figure at 2.3 million tons. “The May numbers suggest something has shifted, likely the improving loading cadence at Morebaya as port infrastructure matures.” Dry bulk advisory Ifchor Galbraiths said some of the increase in April and May could be due to a government push for the two consortiums to work more efficiently together. “It’s a way to optimize the royalty payment,” said Vincent Lemaitre , head of research. Data released by the Guinean government in late April showed BWCS was ahead in cumulative exports in the first qua...
The US is proposing new tariffs of at least 10% on imports from 60 trading partners following an investigation into goods allegedly produced by forced labor, as President Donald Trump seeks to rebuild the sweeping tariff wall struck down by the US Supreme Court. The 10% rate would apply to imports from Canada, Mexico, the European Union, Taiwan and the UK, among other places, according to a statem...
The US is proposing new tariffs of at least 10% on imports from 60 trading partners following an investigation into goods allegedly produced by forced labor, as President Donald Trump seeks to rebuild the sweeping tariff wall struck down by the US Supreme Court. The 10% rate would apply to imports from Canada, Mexico, the European Union, Taiwan and the UK, among other places, according to a statement from the Office of the US Trade Representative. Products from other major economies, including China, India, Japan, South Korea, Brazil and Switzerland, would be subject to a 12.5% levy. The trade office said it was imposing the lower rate on goods from economies that impose prohibitions on forced labor imports or have committed to doing so, while those “that have failed to impose and effectively enforce” them received a higher rate. The move is a major step in Trump’s push to reinstate the country-by-country tariffs he imposed during his first year in office before they were deemed unconstitutional. The recommended duties are a result of probes launched under a separate legal authority known as Section 301 of the Trade Act of 1974. “It’s very impactful because Section 301 is an extremely powerful tool, and it’s unlikely to be overturned,” said Deborah Elms , head of trade policy at the Hinrich Foundation in Singapore. “You’ve opened a door now for a whole lot of new tariff and non-tariff adjustments,” she added. Equities remained higher after the news. MSCI’s All Country World Index rose 0.1% to a record, with gauges in Asia and the US setting all-time highs. More broadly, the levies arrive at a pivotal time for the global economy with financial markets already on edge over the Iran war and a resultant spike in oil and gas prices. Those higher energy prices have fueled new fears about inflation, and in the US exacerbated affordability concerns among voters that threaten Trump’s Republican Party in November’s midterm elections. The levies won’t go into effect immediatel...
ferrantraite/E+ via Getty Images The market is at a tough crossroads midway through 2026. We're sitting at all-time highs, but the vast majority of those gains have been concentrated into a very small group of AI-linked semiconductor and hardware stocks. To me, it's a great opportunity for investors to reassess the value trade, especially in deeply sold-off sectors like software. That said, we do ...
ferrantraite/E+ via Getty Images The market is at a tough crossroads midway through 2026. We're sitting at all-time highs, but the vast majority of those gains have been concentrated into a very small group of AI-linked semiconductor and hardware stocks. To me, it's a great opportunity for investors to reassess the value trade, especially in deeply sold-off sectors like software. That said, we do have to be careful of fundamental decliners in the space and be very selective in terms of buying stocks that are trading at the right price while still performing well. VTEX ( VTEX ), an e-commerce software company that specializes in Latin America, no longer meets the second objective. The stock recently notched a rebound and is up modestly since the start of the year, giving us an excellent time to cash out of the position. Data by YCharts I last wrote a neutral article on VTEX in March, when the stock was trading under $4 per share. Since then, VTEX has rebounded modestly, even after initially falling after a disappointing Q1 earnings release in early May. I'm still anchored to the company's falling growth rates, and I think the recent rebound rally will reverse, leading me to downgrade my viewpoint on the stock to sell. In my view, there are now abundant risk factors in this stock that are impossible to ignore. The core red flags here are; Deeply slowing core growth metrics. The company's GMV has slowed to single-digit growth on an FX-neutral basis, meaning that the company's client storefronts are no longer that attractive of a growth story. At the same time, the company's acquisition of new large customers has also slowed down considerably. Erratic FX swings. The company primarily operates in Brazil, Argentina, and Mexico. At the moment, the sharp weakening of the U.S. dollar against these currencies has produced enormous benefits for VTEX and covered some of its organic slowdowns, due to the fact that the company reports in USD. However, currency trends are incredib...
Earnings Call Insights: Yesway, Inc. (YSWY) Q1 2026 Management View Chief Executive Officer Thomas Trkla framed the quarter as the company’s first as a public issuer, highlighting scale and footprint: “As of March 31, 2026, we operated 449 stores, making Yesway the 15th largest convenience store operator in the country.” Trkla emphasized the company’s differentiated food positioning anchored by Al...
Earnings Call Insights: Yesway, Inc. (YSWY) Q1 2026 Management View Chief Executive Officer Thomas Trkla framed the quarter as the company’s first as a public issuer, highlighting scale and footprint: “As of March 31, 2026, we operated 449 stores, making Yesway the 15th largest convenience store operator in the country.” Trkla emphasized the company’s differentiated food positioning anchored by Allsup’s: “Allsup’s is especially well known for its iconic deep-fried burrito... [and] serves as an important driver of customer traffic, repeat visits and loyalty for our combined store base.” Trkla described the IPO and uses of proceeds: “Inclusive of the full exercise of the greenshoe option, we raised approximately $322 million in net proceeds, which we have used to fully redeem our preferred equity and to repay $10 million of debt. An additional $20 million of debt repayment was made following the close of the offering.” Trkla pointed to Q1 performance and early Q2 trends: “Most notably, our profitability reached an all-time high with adjusted EBITDA increasing 112.9% year-over-year to over $59 million... we are also pleased to report that the positive momentum in our business has continued with same-store sales and gallons positive through the end of May.” Chief Financial Officer Ericka Ayles tied results to pricing actions and fuel execution: “Inside merchandise sales increased 9.5% year-over-year to $213.7 million or 4.5% on a same-store basis... driven primarily by pricing initiatives taken during Q4 2025 and Q1 2026.” Ayles attributed fuel margin benefits to volatility: “The geopolitical developments in the Middle East have increased fuel price volatility across the industry, benefiting retailer profitability.” Outlook Management introduced fiscal 2026 guidance and framed key uncertainty around fuel volatility: “Our outlook for fiscal 2026 reflects the strength of our first quarter performance and the momentum we have carried into the first 2 months of Q2. That sai...
Cliffwater Private Credit Fund Gates Investors For Second Straight Quarter After Redemption Requests Soar To 17% The market may be in full-blown face-ripping bubble mode, and software stocks are now gripped in by a category 5 gamma squeeze hurricane, but not even that is helping the ongoing debacle that is private credit. The flagship private credit fund of Cliffwater, a fund which has was slammed...
Cliffwater Private Credit Fund Gates Investors For Second Straight Quarter After Redemption Requests Soar To 17% The market may be in full-blown face-ripping bubble mode, and software stocks are now gripped in by a category 5 gamma squeeze hurricane, but not even that is helping the ongoing debacle that is private credit. The flagship private credit fund of Cliffwater, a fund which has was slammed by redemption requests in the past quarter as the private credit crisis came to a fore, has again gated investors by capping redemptions at 5% in the second quarter after investors looked to pull more than three times that amount, or 17% of shares, Bloomberg reported, in a sign of relentless pressure on the $1.8 trillion market. The $31 billion Cliffwater Corporate Lending Fund informed shareholders Tuesday that they’d get about one-third of their requested money back, according to a letter seen by Bloomberg. The prior quarter, investors got back around half of the roughly 14% they asked for, with the vehicle choosing to cap withdrawals at 7%. Shortly after Cliffwater’s decision in March, S&P Global Ratings lowered its outlook on the interval fund to negative from stable, warning that the 5% redemption threshold is “an important guardrail.” “Our repurchase program is intentionally designed to provide shareholders with periodic liquidity that aligns with the fund’s long-term investment strategy and its underlying assets,” Cliffwater CEI Stephen Nesbitt said in the letter to investors. And by periodic liquidity he meant far less liquidity than investors hoped to recovery. The firm previously said that the fund, which has delivered a roughly 9.4% annualized net return since it was formed in 2019, has enough liquidity to meet 5% redemptions for more than a year without selling a position or an asset. After a second straight quarter of gating that may be tested very soon. Cliffwater has become something of an unlikely giant in the private credit market by raising money at a rap...
Former first lady speaks about Biden’s decision to withdraw from the 2024 presidential race at event for her new memoir Jill Biden recalled the immense pressure that Joe Biden faced in the aftermath of his disastrous 2024 debate performance, saying he told her “Jilly, I had no choice,” following his decision to drop out of the presidential race. The former first lady made the comments during a Tue...
Former first lady speaks about Biden’s decision to withdraw from the 2024 presidential race at event for her new memoir Jill Biden recalled the immense pressure that Joe Biden faced in the aftermath of his disastrous 2024 debate performance, saying he told her “Jilly, I had no choice,” following his decision to drop out of the presidential race. The former first lady made the comments during a Tuesday book event coinciding with the release of her new memoir, View from the East Wing. The event was held at the 92nd Street Y in New York City, and moderated by comedian and co-host of The View, Whoopi Goldberg. Former president Biden was in attendance at the event and received two standing ovations from the crowd. Continue reading...
Florian Hettich, COO at Bizlink, discusses the company's business strategy and the impact from the AI boom. He speaks with Stephen Engle from the sidelines of Computex in Taipei. (Source: Bloomberg)
Florian Hettich, COO at Bizlink, discusses the company's business strategy and the impact from the AI boom. He speaks with Stephen Engle from the sidelines of Computex in Taipei. (Source: Bloomberg)