kentoh/iStock via Getty Images Quarterly commentary Financial assets experienced mixed returns in the first quarter. The fund posted a positive absolute return and outperformed the benchmark. Asset allocation and underlying manager performance each contributed positively. Market review and outlook The world financial markets, after performing well in the first two months of the year on continued o...
kentoh/iStock via Getty Images Quarterly commentary Financial assets experienced mixed returns in the first quarter. The fund posted a positive absolute return and outperformed the benchmark. Asset allocation and underlying manager performance each contributed positively. Market review and outlook The world financial markets, after performing well in the first two months of the year on continued optimism about trends in economic growth and interest rates, turned lower following the start of the conflict in the Middle East in early March. The ensuing spike in oil prices, together with concerns about possible shortages of other commodities caused by disrupted supply chains, dampened the growth outlook and led to a sharp rise in inflation expectations. The deteriorating inflation picture, in turn, dashed optimism that central banks could continue cutting rates. In combination, these developments led to a surge in global government bond yields that erased the positive total returns achieved in the first two months of the year. The conflict also fueled a sizable downturn in major global equity indexes in March, sending stocks into the red. With this said, the majority of the negative return for equities stemmed from weakness in the growth style in general, and mega-cap U. S. technology stocks in particular. Conversely, the value style, dividend payers, and more defensive companies generally produced positive returns, benefiting diversified investors. We're encouraged by the broadening of leadership away from the "Magnificent Seven" group of U. S. tech companies, as it provided a tailwind for our diversified positioning. Contributors and detractors Asset allocation made a strong contribution to relative performance in the quarter. We benefited from having an underweight position in U. S. large-cap stocks and a corresponding overweight in defensive equities. The real assets portfolio, which was boosted by the strong showing for its holdings in energy stocks (and, to a less...
Both sides can use each other’s expertise, Ukrainian president stresses; more Russian oil facilities burning after attacks. What we know on day 1,559 Continue reading...
Both sides can use each other’s expertise, Ukrainian president stresses; more Russian oil facilities burning after attacks. What we know on day 1,559 Continue reading...
Tim Robberts/DigitalVision via Getty Images WildBrain Quarterly Update WildBrain ( WILD:CA ) ( WLDBF ) reported third-quarter earnings on Wednesday, May 13th. Since the Peanuts sale closed on March 2nd, there has been a lot of noise in the numbers, particularly between continuing and discontinued operations. Fortunately, there are only a couple of numbers that really matter here, and they're all g...
Tim Robberts/DigitalVision via Getty Images WildBrain Quarterly Update WildBrain ( WILD:CA ) ( WLDBF ) reported third-quarter earnings on Wednesday, May 13th. Since the Peanuts sale closed on March 2nd, there has been a lot of noise in the numbers, particularly between continuing and discontinued operations. Fortunately, there are only a couple of numbers that really matter here, and they're all good. I have some updated thoughts since my last article on the company. However, I continue to believe this stock can double or triple over the next year or two. Segment Review The company has not completed the resegmenting of the business post the Peanuts sale. That will be finished when they report fiscal year '26 Q4 numbers in August/September. However, the current segments are sufficient to point the direction of the higher multiple licensing businesses (Strawberry Shortcake and other characters plus the Consumer Product Licensing Group) versus the more volatile and lower multiple studio business. Licensing revenue grew 35% to $25.1 million versus $18.7 million in Q3 '25. The last data point we have on Strawberry Shortcake was 115% retail revenue growth in Q1 '26. I have heard no indication Strawberry is weakening, so it almost certainly contributed a lot to licensing strength this quarter. Licensing strength contrasts with Content Creation and Audience Engagement revenue decreasing 33% to $36.1 million compared to $54.2 million last year. The company attributed the decline to "the timing of live-action production revenue, as well as lower Audience Engagement revenue in the quarter." On the call, the company called out several production projects the studio had booked in last year's Q3 and Q4 that either did not repeat this year or were pushed into '27. However, the company specifically said on the call: the pipeline is filling out in a really positive way for fiscal year '27. And to be specific, there was a project last year that was live action, it was Finding Her Edg...