Thanadon Naksanee/iStock via Getty Images Executive Summary Thrivent Mid Cap Stock Fund underperformed the Russell Mid Cap Index over the three- and 12-month periods ending March 31, 2026. The energy sector was the most significant underperforming sector over the first quarter. The information technology sector was the largest underperformer over the 12-month period. Industrial sector investments ...
Thanadon Naksanee/iStock via Getty Images Executive Summary Thrivent Mid Cap Stock Fund underperformed the Russell Mid Cap Index over the three- and 12-month periods ending March 31, 2026. The energy sector was the most significant underperforming sector over the first quarter. The information technology sector was the largest underperformer over the 12-month period. Industrial sector investments provided relative outperformance for both the three- and 12-month periods. Performance factors Thrivent Mid Cap Stock Fund underperformed the Russell Mid Cap Index for the three- and 12-month periods ending March 31, 2026. The energy, information technology, and communication services sectors led the underperformance during the first quarter, while the industrial and financial sectors provided a partial offset. Within the energy sector, Devon Energy ( DVN ) provided significant relative performance as most energy stocks soared in price after the war in Iran began. However, having no exposure to the refining and transportation industries within energy created a significant performance drag. The information technology sector performance was a tale of two cities: companies exposed to the artificial intelligence ( AI ) data center build outs, including Onto Innovation ( ONTO ), Monolithic Power Systems ( MPWR ), Lumentum ( LITE ), and Nokia ( NOK ), all significantly outperformed; companies whose business models were threatened by AI or needed to buy components used in the AI data center buildout significantly underperformed. Companies in the latter category included Monday.com ( MNDY ) , Trimble ( TRMB ), and Zebra Technologies ( ZBRA ). Finally, communication services companies Reddit ( RDDT ) and Roblox ( RBLX ) trailed as investors grew concerned that a lack of daily average user growth would impair both companies' business models. The outperforming industrial companies fell in two main categories – those providing the power or infrastructure build out to support the AI dat...
J. Michael Jones/iStock Editorial via Getty Images One company that I have been quite bearish about over the last couple of years now has been Winmark Corporation ( WINA ). For the uninitiated, it operates as a high-margin franchisor of niche retail concepts. The most successful example of this is Plato’s Closet. However, the company does have other concepts. These include Once Upon A Child, Play ...
J. Michael Jones/iStock Editorial via Getty Images One company that I have been quite bearish about over the last couple of years now has been Winmark Corporation ( WINA ). For the uninitiated, it operates as a high-margin franchisor of niche retail concepts. The most successful example of this is Plato’s Closet. However, the company does have other concepts. These include Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round. This diversification is a strength in and of itself. But the real source of value generation for shareholders is the fact that the company does not operate the stores itself. Instead, it franchises them out. This means that it generates cash from the sale of each location. And because overall costs are quite low, profit margins on those cash receipts are massive. This certainly is appealing for investors who are drawn to retail in general. But in the past, I have been bearish solely because of the valuation of the company. Since I last reaffirmed the business as a "Sell" candidate in January of this year, shares have dropped 18.8%. Over that same window of time, the S&P 500 is up only 3.5%. But that's not all. Since I originally downgraded it from a "Hold" to a "Sell" in May 2024, the stock has risen only 3.5%. The market, meanwhile, is up 38%. The recent downside that we have seen is almost certainly the result of a decline in revenue and profitability. However, I would argue that, even with that sizable drop that we experienced in its share price, it is not cheap enough to justify a bullish outlook at this time. In fact, I don't even think upgrading it to a "Hold" makes sense here. Instead, I have decided to maintain it as a "Sell" candidate. Looking at Winmark Corporation’s weakness The newest data that investors have regarding Winmark Corporation covers through the first quarter of the company's 2026 fiscal year . During that time, revenue for the company came in at just $20.8 million. That was down from the $21.9 milli...
Lundin Gold press release ( LUGDF ): Q1 GAAP EPS of $1.13. Revenue of $567.38M (+59.2% Y/Y) misses by $9.92M . Gold production totaled 119,742 oz in the quarter, with gold sales of 115,308 oz at an average realized gold price¹ of $4,951 per oz, resulting in revenues of $567 million. EBITDA 1 totaled $424 million while income from mining operations was $421 million. Cash operating costs¹ and all‑in...
Lundin Gold press release ( LUGDF ): Q1 GAAP EPS of $1.13. Revenue of $567.38M (+59.2% Y/Y) misses by $9.92M . Gold production totaled 119,742 oz in the quarter, with gold sales of 115,308 oz at an average realized gold price¹ of $4,951 per oz, resulting in revenues of $567 million. EBITDA 1 totaled $424 million while income from mining operations was $421 million. Cash operating costs¹ and all‑in sustaining costs¹ were $987 per oz and $1,114 per oz sold, respectively. Lundin Gold remains on track to meet its 2026 production and cost guidance and continues to advance its growth pipeline through early‑stage development at FDNS, the mine-to-mill expansion study, and the largest exploration program in the Company's history. The company generated cash from operating activities of $370 million and free cash flow 1 of $349 million, or $1.44 per share, resulting in a cash balance of $704 million at March 31, 2026. Outlook: Following strong performance during the first quarter of 2026, the Company is on track to meet its production guidance of 475,000 to 525,000 oz and AISC 1 guidance of $1,110 to $1,170 per oz sold. More on Lundin Gold Inc. Lundin Gold Inc. 2025 Q4 - Results - Earnings Call Presentation Lundin Gold: Moderately To Generously Valued Stock, But With Ascent (Upgrade) Lundin Gold Inc. (LUG:CA) Q4 2025 Earnings Call Transcript Lundin Gold beats top-line estimates; initiates FY26 outlook Historical earnings data for Lundin Gold Inc.
onurdongel/iStock via Getty Images Investment Thesis One of the main arguments regarding Energy Transfer ( ET ) is that "AI requires not only chips, but also terawatts of energy." In spite of the conservative valuation of the midstream sector, this is becoming an essential part of the computing infrastructure value chain. If a year ago we discussed how companies like ET would grow thanks to the de...
onurdongel/iStock via Getty Images Investment Thesis One of the main arguments regarding Energy Transfer ( ET ) is that "AI requires not only chips, but also terawatts of energy." In spite of the conservative valuation of the midstream sector, this is becoming an essential part of the computing infrastructure value chain. If a year ago we discussed how companies like ET would grow thanks to the development of AI and the emergence of new data centers, then today we can expect the first realistic figures to reflect the growth in electricity consumption and the gas needed to generate it. The report for Q1 2026 confirmed that the company remains in an active phase of scaling up, resulting in record revenue of $27.77 billion. Meanwhile, implementation of new projects will lay the groundwork for expanding LNG exports for decades to come. The question remains, though: Will ET be able to withstand further pressure from geopolitical instability and rising inflation expectations? Data from the previous quarter already showed a significant decline in net margin, regardless of revenue growth. Previous Theses The previous theses I presented regarding the "Buy" recommendation for ET can be divided into two parts. Part one is devoted to the company’s results for the previous quarter, affirming the positive momentum in revenue and EBITDA. Its financial profile and strategic growth catalysts demonstrate ET’s "moat," which is increasing its role in the development of energy infrastructure for computing facilities. Part two is devoted to an analysis of key risks arising from events in the Middle East. My opinion is that the operational efficiency of companies like ET requires moderate growth in energy prices, not an aggressive increase to historical levels. What's more, a large part of the price included a geopolitical premium, carrying additional risks for macroeconomic stability. That's why, although I maintain my "Buy" recommendation, my current valuation of ET is more conservative...
A solar power plant in Vietnam's Tay Ninh Province. Singapore's central bank is backing bio-energy and solar projects in Southeast Asia via its Green Investments Partnership. Tan Dao Duy | Moment | Getty Images The Asian Development Bank $70 billion plan , backing new energy and digital infrastructure in the region, is set to boost Southeast Asia the most. The program includes a pan-Asia power gri...
A solar power plant in Vietnam's Tay Ninh Province. Singapore's central bank is backing bio-energy and solar projects in Southeast Asia via its Green Investments Partnership. Tan Dao Duy | Moment | Getty Images The Asian Development Bank $70 billion plan , backing new energy and digital infrastructure in the region, is set to boost Southeast Asia the most. The program includes a pan-Asia power grid initiative, connecting national and subregional power systems, and an Asia-Pacific digital highway to close the infrastructure gap in the region, according to ADB that has set 2035 as the deadline for funding projects. "Energy and digital access will define the region's future," said ADB President Masato Kanda said in a statement on Sunday. That connectivity will build the systems Asia and the Pacific need to grow, compete, and connect, Kanda said. "By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people." While the funds are for the entire Asia-Pacific region, experts say that Southeast Asia is expected to be the major beneficiary of ADB's connectivity push. The bank typically leans toward developing member countries based on growth needs, project readiness and mandate, beyond sheer market size, said Greg Statton, vice president and chief technology officer for Asia Pacific and Japan at AI-powered data security firm Cohesity. Statton noted that unlike Southeast Asia, China has largely moved away from ADB financing with its own finance institutions and policies in place. India has strong access to capital markets and runs many domestically financed projects, even though it still receives a fair amount of funding from ADB, while Japan itself is a major funder of ADB. "Larger economies such as China, India, and Japan already have more established domestic capital markets, deeper infrastructure financing channels, and greater fiscal capacity to fund large...
Gunmen on motorbikes in India’s West Bengal ambushed and killed a political aide from the ruling Hindu-nationalist party days after it swept state elections, police said on Thursday. Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) won a resounding victory on Monday in the eastern state of more than 100 million people, taking 207 of the 294 assembly seats, for its first-ever state victo...
Gunmen on motorbikes in India’s West Bengal ambushed and killed a political aide from the ruling Hindu-nationalist party days after it swept state elections, police said on Thursday. Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) won a resounding victory on Monday in the eastern state of more than 100 million people, taking 207 of the 294 assembly seats, for its first-ever state victory in West Bengal. Chandranath Rath, 41, a close aide of West Bengal’s BJP chief Suvendu Adhikari,...