undefined China’s mutual fund assets climbed above 39 trillion yuan ($5.7 trillion) for the first time at the end of April, as a rebound in domestic equities lifted fund valuations following a volatile first quarter. Total net assets in China’s mutual fund industry rose 4.9% from a month earlier to 39.36 trillion yuan, according to data from the Asset Management Association of China. Unit: trillio...
undefined China’s mutual fund assets climbed above 39 trillion yuan ($5.7 trillion) for the first time at the end of April, as a rebound in domestic equities lifted fund valuations following a volatile first quarter. Total net assets in China’s mutual fund industry rose 4.9% from a month earlier to 39.36 trillion yuan, according to data from the Asset Management Association of China. Unit: trillion yuan China’s Mutual Fund Assets Hit Record High Sources: Asset Management Association of China, CEIC 25 30 35 40 39.36 July April Hybrid funds led the gains, rising 10.4% to 4.16 trillion yuan, while equity funds increased 3.2% to 5.28 trillion yuan, their first monthly expansion this year.
CHUYN/iStock Unreleased via Getty Images Earlier this year, I decided to reiterate my sell rating on The Procter & Gamble Company ( PG ). While the stock and valuation saw a meaningful rebound, I concluded that this was due to premature optimism rather than being fundamentally driven. Organic sales were flat, margins saw contraction, and guidance wasn't overly encouraging either. Since the publica...
CHUYN/iStock Unreleased via Getty Images Earlier this year, I decided to reiterate my sell rating on The Procter & Gamble Company ( PG ). While the stock and valuation saw a meaningful rebound, I concluded that this was due to premature optimism rather than being fundamentally driven. Organic sales were flat, margins saw contraction, and guidance wasn't overly encouraging either. Since the publication of that update, Procter & Gamble has seen declines of around 7% as of this writing. That significantly underperforms the S&P 500's 8% gain over this period, and so my bearishness played out quite well. The Cincinnati-based consumer staples giant reported their most recent results late last month, and today I have decided to provide an update. Seeking Alpha Below, it is shown that Q3 was an overall encouraging quarter for the company. Organic growth bounced back, and productivity savings are making a real difference to profitability. However, Procter & Gamble's decision to leave full-year guidance unchanged shows that the recovery thesis remains premature. With that being the case, the premium valuation seems to be undeserved, and the fact that share buybacks are decreasing may be another hint that there is overvaluation. As a result, I have decided to reiterate my sell rating on the stock. Consumer Behavior P&G Q3 Slides At a first glance, the chart above looks very similar to the one that was shown in my previous article. However, if you take a closer look, you'll see that for the most recent data point, the monthly YoY value share change has turned positive. This isn't enough to conclude that consumer behavior has fundamentally shifted. If you take a look back at the results for FY'17 and FY'18, you can see that there have been occasional positive data points that were ultimately non-meaningful. Still, it is nice to see that consumers may be favoring their products again now over cheaper ones, particularly with consumer sentiment being where it is. Investors would be...
baona/iStock via Getty Images Investment Thesis As I continue my coverage of international ETFs, I want to take a close look at the iShares MSCI Intl Value Factor ETF ( IVLU ), a four-star gold-rated fund by Morningstar with a 0.31% expense ratio, 0.02% median bid/ask spread, and $4.3 billion in assets under management, per its website . Indeed, IVLU's 174% ten-year total return as of April 30, 20...
baona/iStock via Getty Images Investment Thesis As I continue my coverage of international ETFs, I want to take a close look at the iShares MSCI Intl Value Factor ETF ( IVLU ), a four-star gold-rated fund by Morningstar with a 0.31% expense ratio, 0.02% median bid/ask spread, and $4.3 billion in assets under management, per its website . Indeed, IVLU's 174% ten-year total return as of April 30, 2026, ranks #5/26 among the international large-cap value ETFs I track, while its 100% five-year total ranks #2/36. Needless to say, I expect to find something truly impressive. The Sunday Investor However, in the spirit of keeping fees reasonably low while still providing strong exposure to the value factor, this article explains why I believe the Schwab Fundamental International Equity ETF ( FNDF ) and the Invesco RAFI Developed Markets ex-U.S. ETF ( PXF ) are slightly better options. I hope you enjoy the read, and as always, I look forward to your questions afterward. IVLU Overview IVLU tracks the MSCI World ex USA Enhanced Value Index, whose Index fact sheet states that it provides "large and mid-cap representation across 22 Developed Markets countries exhibiting overall value style characteristics," as measured by a company's price-to-book value, price-to-forward earnings, and enterprise value-to-cash flow from operations ratios. Importantly, the Index makes sector-to-sector comparisons, and according to its methodology document , it accomplishes this by being sector-neutral with its parent Index, the MSCI World ex USA Index . Additional points from that document are summarized below. 1. The selection process begins with the MSCI World ex USA Index, which covers about 85% of the free-float market capitalization of 22 Developed Market countries (excluding the U.S.). 2. Each security is assigned a value score by combining the z-scores of three valuation ratios at equal weight: P/B, forward P/E, and EV/CFO. The Index makes exceptions for Financial sector securities (only P/...
Benchmark Treasuries retreated for the first session in six as fresh US strikes in the Persian Gulf spurred a rally in oil prices and fueled concern over faster inflation. US 10-year yields advanced five basis points to 4.53%, while their two-year equivalents added four basis points to 4.08% in Asia trading Thursday. Brent crude futures climbed more than 3% after American forces carried out out ai...
Benchmark Treasuries retreated for the first session in six as fresh US strikes in the Persian Gulf spurred a rally in oil prices and fueled concern over faster inflation. US 10-year yields advanced five basis points to 4.53%, while their two-year equivalents added four basis points to 4.08% in Asia trading Thursday. Brent crude futures climbed more than 3% after American forces carried out out air strikes on a military site, and struck other targets near the Strait of Hormuz. The Bloomberg Dollar Spot Index rose 0.3%. Treasuries had rallied in recent days on optimism a deal would be reached to end the US-Iran conflict. The lack of an agreement is threatening to prolong the oil supply disruption, raising expectations for inflation which has led to a climb in bond yields since late February. Central banks including the Federal Reserve are expected to raise interest rates in response.
Khanchit Khirisutchalual Mitsubishi Chemical Corporation and Accenture ( ACN ) have formed a joint venture to help the company use AI to improve operations and build a more sustainable business model, the companies said on Wednesday. The partnership aims to boost productivity and address ongoing efficiency challenges in Japan. The new company, Rix Business Partners, was established through DIA-RIX...
Khanchit Khirisutchalual Mitsubishi Chemical Corporation and Accenture ( ACN ) have formed a joint venture to help the company use AI to improve operations and build a more sustainable business model, the companies said on Wednesday. The partnership aims to boost productivity and address ongoing efficiency challenges in Japan. The new company, Rix Business Partners, was established through DIA-RIX, the wholly owned subsidiary of Mitsubishi Chemical Corporation from which the joint venture is being formed. Through the joint venture, the two companies will develop an AI-enabled digital platform to underpin Mitsubishi’s corporate functions—primarily general affairs, including administrative services and facilities management—across its domestic offices and manufacturing sites. More on Accenture Investors Playing Limbo With Accenture Accenture: A High-Quality Undervalued Dividend Growth Stock Amid AI Uncertainty What The AI-Transition Really Means For IT Services, And Why Accenture Seems All Set To Dominate HUMAIN and Accenture collaborate to accelerate AI adoption in Saudi Arabia Accenture Federal Services and OpenAI partner to accelerate federal AI adoption
FBI Arrests CIA Official With $40 Million in Gold Bars, $2 Million In Cash Stashed in His Home In what may be the most bizarre story of the week, if not all of 2026, the NYTimes reports that a senior CIA official was arrested last week after investigators found hundreds of gold bars worth over $40 million stashed in his Virginia residence, a non-fiat fortune that he apparently brought home from wo...
FBI Arrests CIA Official With $40 Million in Gold Bars, $2 Million In Cash Stashed in His Home In what may be the most bizarre story of the week, if not all of 2026, the NYTimes reports that a senior CIA official was arrested last week after investigators found hundreds of gold bars worth over $40 million stashed in his Virginia residence, a non-fiat fortune that he apparently brought home from work, according to court papers. The CIA official, David Rush, is being held in jail while he awaits a detention hearing in the coming days on charges of stealing public money by filling out fraudulent time sheets. But, as the NYT admits, the charging documents filed in Alexandria, Va., still leave a lot unanswered about his recent conduct. The only formal charge lodged against Rush is that he inflated his academic credentials and obtained military leave pay worth tens of thousands of dollars. The authorities say he falsely claimed to be a member of the Navy Reserve when he was discharged. In a 2009 application for a government position for which he was subsequently hired, Rush allegedly lied about obtaining a bachelor's degree from Clemson University and a master's degree from Rensselaer Polytechnic Institute, according to the affidavit. The investigation revealed that Rush never attended or obtained a degree from either institution, according to the affidavit. The court papers describe Rush as a “former senior executive service-level employee at a United States government agency.” According to NYT sources, he until very recently held a senior position at the CIA. In a joint statement, the CIA and FBI said the arrest occurred on May 19, after the agency alerted the bureau. “After a C.I.A. internal investigation identified potential violations of the law, C.I.A. Director John Ratcliffe referred the information to the F.B.I. for a law enforcement investigation,” the statement said. From last November to March, the court papers say, Rush asked for, and received, “a significant ...