winyoo08/iStock via Getty Images The iShares iBonds 2026 Tеrm High Yield and Incоme ETF ( IBHF ) is a spеcific type of bond ETF. Unlikе traditional bond ETFs that roll оver their hоldings indefinitely, IBHF has a fixеd mаturity dаte. All hоldings mаture within thе samе calеndar yеar, aftеr which thе fund is liquidаted and rеturns cаpital to investors — similar to hоlding аn individual bоnd directl...
winyoo08/iStock via Getty Images The iShares iBonds 2026 Tеrm High Yield and Incоme ETF ( IBHF ) is a spеcific type of bond ETF. Unlikе traditional bond ETFs that roll оver their hоldings indefinitely, IBHF has a fixеd mаturity dаte. All hоldings mаture within thе samе calеndar yеar, aftеr which thе fund is liquidаted and rеturns cаpital to investors — similar to hоlding аn individual bоnd directly. This structurе makes thеm attrаctive to invеstors whо wаnt the divеrsification of а fund but the prеdictability of а fixеd mаturity. iShаres iBоnds 2026 Term High Yield and Income ETF was issued on 11/10/2020. At the time of writing, the fund has close to $1.04 billion in assets under management. Its management fee is close to 0.35% (expense ratio 0.35%). The 5-year total return on NAV is close to 4.57%, and the 3-year total return is around 8.67%. As of 03/27/2026, there are 44,660,000 shares outstanding. IBHF portfolio characteristics (iShares site) Holdings IBHF has 241 holdings at the time of writing. The weighted average coupon of all is around 4.27%, and the effective duration is close to 0.38 years. The largest part of the fund is 16.07% in the "Consumer Cyclical" sector, 12.89% in the "Finance Companies," and 10.77% in "Communications." Sector allocation (iShares site) Almost all of the holdings (approximately 96.84%) have a maturity between 0 and 1 year, as you can see in the picture below. The weighted average maturity of IBHF is close to 0.39 years. 2.64% of the fund is in cash and derivatives. Maturity type (iShares) In the next screenshot, the credit quality of the fund is shown. The biggest percentages are in BBB-rated (34.02%) and BB-rated (45.79%). 7.56% of the holdings are B-rated, and 8.58% are CCC-rated. IBHF's holdings credit quality (iShares site) And here are the top 10 holdings of the fund: IBHF's top 10 holdings (iShares) IBHF's portfolio has an average weighted YTM of ~7.54%, which looks attractive for a short-term instrument with a maturity of 2...
Astrophysicist who studied the outer atmospheres of cool stars including the corona of the sun, visible during eclipses Dame Carole Jordan, who has died aged 84, was internationally renowned for her studies of the outer atmosphere of the sun and other cool stars. In 1994 she was appointed the first female president of the Royal Astronomical Society and she was a formidable advocate for women in sc...
Astrophysicist who studied the outer atmospheres of cool stars including the corona of the sun, visible during eclipses Dame Carole Jordan, who has died aged 84, was internationally renowned for her studies of the outer atmosphere of the sun and other cool stars. In 1994 she was appointed the first female president of the Royal Astronomical Society and she was a formidable advocate for women in science. When we glance at the sun we see a yellow zone at a temperature of 5,500C – the photosphere. When the light is spread out into all its wavelengths, myriad bright and dark lines appear, corresponding to electrons being emitted and absorbed by different atoms. The strongest lines in the visible spectrum come from a thin layer just above the visible surface, the chromosphere. Above this lies the corona, which extends for millions of kilometres and only becomes visible during eclipses. In this zone the temperature increases to 1 million degrees, and so the light and spectral lines mainly become visible at extreme ultraviolet (EUV) or soft X-ray wavelengths. Continue reading...
President Donald Trump’s Most Favored Nation (MFN) pricing policy for prescription medicines could be behind a growing trend among drugmakers to delay launches and withdraw their products in Europe, according to a new report. In May 2025, Trump signed an executive order directing the Department of Health and Human Services to implement the MFN policy in a bid to lower the U.S. prices of brand-name...
President Donald Trump’s Most Favored Nation (MFN) pricing policy for prescription medicines could be behind a growing trend among drugmakers to delay launches and withdraw their products in Europe, according to a new report. In May 2025, Trump signed an executive order directing the Department of Health and Human Services to implement the MFN policy in a bid to lower the U.S. prices of brand-name drugs to the levels in other developed countries. In a recent research report, market research firm GlobalData stated that the number of pharmaceutical launches in Europe has dropped 35% in the first 10 months since the introduction of International Reference Pricing (IRP), which was central to the MFN policy. The IRP models GENEROUS (GENErating cost Reductions fOr US Medicaid), GLOBE (Global Benchmark for Efficient Drug Pricing), and GUARD (Guarding US Medicare Against Rising Drug Costs) underpin the MFN policy. Many European countries are included in all three IRP models, which, according to GlobalData, could influence a company’s decisions on product launches, pricing strategy, and market prioritization, and even product withdrawals. “It is important to acknowledge that while other factors could have contributed to this drop, the trend could be seen as an early signal of the impact that the introduction of IRP in the US may have on European markets,” the research firm wrote. Average number of innovative medicines launches in Europe before and after MFN order (GlobalData) Additionally, the report suggests that during the ten months following Trump's executive order, the number of brands for which at least one pack has been withdrawn in the European market has risen 43% compared to the prior 10 months. While other reasons, such as production constraints, could contribute to withdrawals, the trend implies that the drugmakers could be facing a dilemma: whether to maintain access in lower-priced EU markets or ensure U.S. pricing integrity. Average number of brand withdrawals...
Nvidia's ( NVDA ) strategic investments in publicly traded companies over the past six months have totaled at least $18B as the tech titan continues to secure long-term partnerships while sustaining downstream supply and demand. The most recent, being announced today, was a $2B investment into Marvell Technology ( MRVL ). The two companies unveiled a strategic partnership to connect Marvell to the...
Nvidia's ( NVDA ) strategic investments in publicly traded companies over the past six months have totaled at least $18B as the tech titan continues to secure long-term partnerships while sustaining downstream supply and demand. The most recent, being announced today, was a $2B investment into Marvell Technology ( MRVL ). The two companies unveiled a strategic partnership to connect Marvell to the Nvidia AI factory and AI-RAN ecosystem through Nvidia's NVLink Fusion. Earlier this month, Nvidia revealed a $2B investment in the Dutch AI infrastructure provider Nebius ( NBIS ). T he partnership will help Nebius deploy more than 5 gigawatts of Nvidia systems by the end of 2030. Before that, Nvidia invested $2B each into the optical networking firms Lumentum ( LITE ) and Coherent ( COHR ). These will help the Jensen Huang-led company secure future access and capacity rights for advanced laser and optical networking products. In January, Nvidia invested $2B into CoreWeave ( CRWV ) to help the AI hyperscaler accelerate the buildout of over 5 gigawatts of AI factories by 2030. Nvidia ended 2025 with a massive $5B share purchase from Intel ( INTC ). "This historic collaboration tightly couples NVIDIA's AI and accelerated computing stack with Intel's CPUs and the vast x86 ecosystem—a fusion of two world-class platforms," Huang said. "Together, we will expand our ecosystems and lay the foundation for the next era of computing." Nvidia also invested $2B into Synopsys ( SNPS ) stock near the end of 2025 to integrate the strengths of Nvidia's AI and accelerated computing with Synopsys' engineering solutions. This is expected to enable research and development teams to design, simulate, and verify intelligent products with greater precision, speed, and at lower cost. In October, Nvidia announced a $1B investment in Nokia ( NOK ) to integrate each other's technologies, which will help them become frontrunners in AI-powered networking. Nvidia has also recently partnered with a wide ...
Sophie Park/Getty Images News Amidst the looming energy crisis that the U.S.-Iran War has hit the market, analysts galore are evoking the dreaded word “stagflation.” They fear that high oil prices, driven by the closure of the Strait of Hormuz by the Iranian military, will cause a double-whammy scenario in the economy where growth slows and inflation rises. This kind of scenario emerges during sup...
Sophie Park/Getty Images News Amidst the looming energy crisis that the U.S.-Iran War has hit the market, analysts galore are evoking the dreaded word “stagflation.” They fear that high oil prices, driven by the closure of the Strait of Hormuz by the Iranian military, will cause a double-whammy scenario in the economy where growth slows and inflation rises. This kind of scenario emerges during supply shocks, where the limiting factor for the growth component—in this case, crude oil—is not demand-based. Persistent and prolonged shortages cause strange behavior for prices, which usually rise even as the real (inflation-adjusted) output and purchasing power of market participants actively falls. At the extreme, past supply shocks have caused the U.S. to go into prolonged recession while experiencing double-digit inflation. It makes sense that historical parallels around the supply of oil reignite the fears of a repeat. Here's the decade of real stagflation, from 1972 to 1982, where both inflation and unemployment hit double digits twice. Note that at all points in this chart, both inflation and unemployment are higher than current levels. Data by YCharts So of course, you get this next kind of comparison sent around with little context, which no doubt raises the blood pressure of many investors. They fear current policy—fiscal, monetary, or both—will cause us to return to such conditions. But I consider this kind of thing an exercise in pareidolia at best. The underlying conditions are nothing alike. Leverage Shares Stagflation Fears Are Overblown I'm not here to say that economic fears are unfounded, because they rightfully are on many fronts. But there is a distinction between higher-than-expected inflation and stagflation. On one hand, yes, the Fed has been unable to get inflation below 2% for the last 63 months. That's true, even when we give them the benefit of the doubt by going with their preferred metric, core PCE. FRED What matters is the margin between the ta...
Marlon Trottmann/iStock Editorial via Getty Images I've kept Jones Lang LaSalle Incorporated ( JLL ) as a Buy -rated name. There's a mismatch between its growth outlook and equity valuations. JLL commands a forward one fiscal year P/E of 12 times. But it expects to widen its future earnings by an annualized rate of +16%. The favorable outlook for JLL's advisory-related operations and capital distr...
Marlon Trottmann/iStock Editorial via Getty Images I've kept Jones Lang LaSalle Incorporated ( JLL ) as a Buy -rated name. There's a mismatch between its growth outlook and equity valuations. JLL commands a forward one fiscal year P/E of 12 times. But it expects to widen its future earnings by an annualized rate of +16%. The favorable outlook for JLL's advisory-related operations and capital distributions was detailed in my previous September 9, 2025 update . New Financial Goal Suggests Stock Is Cheap At the mid-March " Investor Briefing " or " Analyst Day " , the company unveiled its objectives for the long run. The aim to deliver " +16% adjusted EPS growth through the cycle " caught my eye. That's the same as its actual bottom-line increase for FY2016-2025 on an annualized basis. The stock is trading at 12x FY27 earnings now as per S&P Capital IQ. That represents a 23% discount to listed comparable CBRE Group ( CBRE ). JLL's three -year mean forward P/E is also 28% higher at 15.3x. My take is that JLL's current valuations aren't fully reflective of its positive prospects. The firm's shares have an upside of +33% (16/12) benchmarked against a fair " Price-to-Earnings Growth/PEG" of 1.0. In the subsequent sections, I explain why it's likely to sustain a mid-teens bottom-line CAGR. I'm Impressed With Diverse Topline Levers Management has assumed a yearly 8% sales rise in setting the earnings/share target. I believe this is conservative. Its FY2025 and 4Q25 organic expansion rates were superior at +11% and +10%, respectively. JLL indicated in the investor slides that slightly over two -fifths of its 1,000 biggest accounts are "buying multiple services. " The same ratio for the group's top-100 customers is at the mid-80s percentage level. I infer from these numbers that the firm has substantial potential to capture further wallet share. You would think it's easier to market additional solutions to your existing base than to hunt for new ones. There are also untapped op...
May Lim/iStock via Getty Images U.S. real estate stocks have had a choppy month, with the sector pressured by higher mortgage rates, which kept borrowing costs elevated and weighed on property valuations. Below is a list of ten real estate stocks ranked by their one-month price performance percentage. The list includes companies from various real estate sub-sectors, including Self-Storage REITs, D...
May Lim/iStock via Getty Images U.S. real estate stocks have had a choppy month, with the sector pressured by higher mortgage rates, which kept borrowing costs elevated and weighed on property valuations. Below is a list of ten real estate stocks ranked by their one-month price performance percentage. The list includes companies from various real estate sub-sectors, including Self-Storage REITs, Data Center REITs, Office REITs, and Hotel & Resort REITs, with market capitalizations ranging from approximately $2.39 billion to over $94 billion. Each stock includes its Seeking Alpha Quant Rating. The list is topped by National Storage Affiliates Trust ( NSA ), with a one-month performance of 5.65% and a Quant Rating of Hold (2.73). Newmark Group, Inc. ( NMRK ) follows as the second-highest performer with a 1.10% gain and carries a Buy rating (3.92). Despite negative one-month performance, stocks like Weyerhaeuser Company ( WY ) and SL Green Realty Corp. ( SLG ) are included on the list, both carrying Strong Sell ratings. Host Hotels & Resorts, Inc. ( HST ) and COPT Defense Properties ( CDP ) round out the bottom of the list, though both maintain Buy ratings from the Quant system. Here is the list: National Storage Affiliates Trust ( NSA ), 1 month performance percentage: 5.65% Newmark Group ( NMRK ), 1 month performance percentage: 1.10% Weyerhaeuser Company ( WY ), 1 month performance percentage: -1.02% Equinix, Inc. ( EQIX ), 1 month performance percentage: -1.05% Digital Realty Trust, Inc. ( DLR ), 1 month performance percentage: -1.14% InvenTrust Properties Corp. ( IVT ), 1 month performance percentage: -1.44% National Health Investors, Inc. ( NHI ), 1 month performance percentage: -1.97% SL Green Realty Corp. ( SLG ), 1 month performance percentage: -2.63% COPT Defense Properties ( CDP ), 1 month performance percentage: -2.67% Host Hotels & Resorts, Inc. ( HST ), 1 month performance percentage: -3.22% Real Estate ETFs: ( VNQ ), ( XLRE ), ( IYR ), ( USRT ), and ( HO...
The dollar index (DXY00 ) fell from a 10.5-month high today and is down by -0.43%. The dollar retreated today after President Trump signaled he is willing to end the war in Iran. Also, today’s stock rally has curbed liquidity demand for the dollar. In addition, lower T-note yields today...
The dollar index (DXY00 ) fell from a 10.5-month high today and is down by -0.43%. The dollar retreated today after President Trump signaled he is willing to end the war in Iran. Also, today’s stock rally has curbed liquidity demand for the dollar. In addition, lower T-note yields today...