stanciuc/iStock via Getty Images This article updates my review of October 2025 in light of current holdings and recent performance. ICVT strategy iShares Convertible Bond ETF ( ICVT ) was launched on 06/02/2015 and tracks the Bloomberg Barclays U.S. Convertible Cash Pay Bond > $250MM Index. ICVT has 364 holdings, a 30-day SEC yield of 1.14%, a trailing 12-month distribution yield of 1.41%, and an...
stanciuc/iStock via Getty Images This article updates my review of October 2025 in light of current holdings and recent performance. ICVT strategy iShares Convertible Bond ETF ( ICVT ) was launched on 06/02/2015 and tracks the Bloomberg Barclays U.S. Convertible Cash Pay Bond > $250MM Index. ICVT has 364 holdings, a 30-day SEC yield of 1.14%, a trailing 12-month distribution yield of 1.41%, and an expense ratio of 0.20%. Distributions are paid monthly. As described by iShares , the underlying index targets cash-pay convertible bonds, a class of bonds allowing the holder of the bond an option to convert into a specified number of shares of the issuer’s common stock (conversion is not mandatory). Zero coupon, preferred, and mandatory convertible bonds are excluded. Eligible securities must be U.S. dollar-denominated, have at least 31 days until maturity, and have $250 million of outstanding face value. The index is weighted based on market capitalization and rebalanced on a monthly basis. The portfolio turnover was 30% in the most recent fiscal year and 25% in the previous year. Convertible bonds are often used by growth-oriented companies because optionality allows them to borrow money at a lower rate and possibly avoid paying the principal should the bond be converted. Optionality is also attractive for lenders willing to mix fixed income and speculation on share price. Convertible bonds are hybrid assets, with an expected behavior between equity and fixed income. P ortfolio The portfolio is almost exclusively invested in securities issued by U.S. companies (about 94% of asset value), mostly non-rated (73.6%). Only 19.7% of assets have an investment grade rating. The weighted-average yield to maturity is 1.98%, and the fund has a focus on short maturity, with a weighted average of 3.58 years and 77.3% of assets below 5 years. Interest rate risk is low, with an effective duration of 1.15 years. It means the portfolio's asset value would change by approximately 1.15% ...
"Shark Tank" investor Kevin O'Leary wants to build a massive AI data center in Utah that will generate more than double the power the state currently uses. Dubbed Stratos, the data center recently received Utah’s Military Installation Development Authority designation....
"Shark Tank" investor Kevin O'Leary wants to build a massive AI data center in Utah that will generate more than double the power the state currently uses. Dubbed Stratos, the data center recently received Utah’s Military Installation Development Authority designation....
Chemours shares slipped over 13% during early trading hours on Wednesday after the company reported mixed first-quarter results. The company reported Q1 non-GAAP EPS of $0.05, beating market estimates by $0.09, while its revenue of $1.38B was $20M below expectations. Its adjusted EBITDA was $169M in Q1, compared to $166M in the corresponding prior-year quarter. However, the firm’s net loss increas...
Chemours shares slipped over 13% during early trading hours on Wednesday after the company reported mixed first-quarter results. The company reported Q1 non-GAAP EPS of $0.05, beating market estimates by $0.09, while its revenue of $1.38B was $20M below expectations. Its adjusted EBITDA was $169M in Q1, compared to $166M in the corresponding prior-year quarter. However, the firm’s net loss increased year-over-year to $29M in the first quarter from $5M in the prior-year quarter. The company attributed the larger Q1 net loss to increased financing costs associated with a recent debt offering and higher selling, general, and administrative costs. As of March 31, 2026, consolidated gross debt was $4.2B. Debt, net of $563M in unrestricted cash and cash equivalents, was $3.6B. The company continues to expect 2026 net sales to grow in the range of 3% to 5% over 2025, with adjusted EBITDA between $800M and $900M. "Chemours exceeded overall expectations in the first quarter, achieving strong outcomes from both our TSS and TT businesses, paired with the more recent receipt of cash through the completion of a substantial portion of our Kuan Yin property sales, enabling us to reduce our debt," stated Denise Dignam, Chemours President and CEO. "These achievements demonstrate our dedication to our Pathway to Thrive strategy and highlight the importance we place on effective execution. While the wider economic landscape remains uncertain, Chemours continues to drive full-year growth while remaining steadfast in prioritizing flexible commercial and operational strategies to ensure Chemours is able to capitalize on opportunities in our key markets." More on Chemours Chemours: Thesis Materialization In 2026 (Rating Downgrade) Chemours: No Rush To Buy The Dip Given Non-AI Pressures (Downgrade) The Chemours Company (CC) Q4 2025 Earnings Call Transcript Chemours Non-GAAP EPS of $0.05 beats by $0.09, revenue of $1.38B misses by $20M Chemours Q1 2026 Earnings Preview
koyu/iStock via Getty Images I previously rated ON Semiconductor Corporation ( ON ) as a Buy in February 2026, thanks to the robust monetization prospects of its new portfolios across different end markets. In this article, I shall discuss why I am downgrading the ON stock to a Hold here, attributed to the minimal margin of safety from the overly done stock price rally. ON Is Overly Buoyed By The ...
koyu/iStock via Getty Images I previously rated ON Semiconductor Corporation ( ON ) as a Buy in February 2026, thanks to the robust monetization prospects of its new portfolios across different end markets. In this article, I shall discuss why I am downgrading the ON stock to a Hold here, attributed to the minimal margin of safety from the overly done stock price rally. ON Is Overly Buoyed By The Rising AI Tide ON 1Y Stock Price (TradingView) Since my last Buy rating, ON has already rallied by +44.4% compared to the wider market at +5.3%, with a similar rally observed in the wider semiconductor market entering the Q1'26 earnings season. 1. Demand Momentum Much of their tailwind is attributed to the top hyperscalers' outsized 2026 CapEx guidance at approximately $700 billion and the consequently durable, multi-year cloud supercycle, with the higher spending trends underscoring the infrastructure/semiconductor sector's robust growth prospects. The same has been highlighted by ON in the recent FQ1'26 earnings call, with the management reporting AI data center revenue growth by "more than 30% quarter-over-quarter , nearly double our expected growth rate entering the quarter, driven by a broader adoption across the power tree with multiple XPU vendors and all the leading hyperscalers." These reasons are also why the management has felt confident to guide their "AI data center revenue to double year-over-year in 2026," beyond the $250M reported in FY2025 (NA YoY) and the +40% YoY reported in FY2024 , significantly aided by the projected doubling in the global data center capacity by 2030. Expanded Data Center Opportunity (ON) Here is where ON's intensified investments "over the last year or so in order to capitalize on the content that the AI opportunity provides" have worked as intended, as observed in their expanded monetization opportunity from $9.5K per rack in 2025 to $50K per rack in 2027 and $105K in 2030 , thanks to the "addressable content increases as power dens...
Getty Images Cisco ( CSCO ) will be releasing its fiscal Q3 on Wednesday, May 13, and ahead of that release, I believe shares are trading near its highs with little breathing room. I provided coverage in February on CSCO’s Q2, and in that piece, I highlighted CSCO’s declining margins and the outlook for further declines in the quarters ahead as two reasons for my ‘hold’ rating on the stock. Shares...
Getty Images Cisco ( CSCO ) will be releasing its fiscal Q3 on Wednesday, May 13, and ahead of that release, I believe shares are trading near its highs with little breathing room. I provided coverage in February on CSCO’s Q2, and in that piece, I highlighted CSCO’s declining margins and the outlook for further declines in the quarters ahead as two reasons for my ‘hold’ rating on the stock. Shares have since gone on to gain 25% since that update. Much of that was over the past month, alone. Seeking Alpha - CSCO Share Price Performance Since Last Author Update Heading into Q3, I will be paying most attention to CSCO’s margin profile and its commentary around memory pricing. In addition, I will also be leaning into the outlook for CSCO’s Silicon One portfolio. In a recent bull note from Evercore ISI, analysts marked this as one forward catalyst for CSCO, and cited future strength here as one layer of support for a $110/share price. That would imply about 17% further upside from current trading levels. While I believe CSCO can likely attain this target, I would rather wait for a more competitive entry point before initiating new positioning. What Is The Outlook For CSCO Stock? In my view, CSCO’s Q2 showed that the demand side of the equation is positive and will likely continue to remain so in future quarters. Here’s why. CSCO is guiding its fiscal Q3 revenue to a midpoint of +$15.5B, with an EPS midpoint of $1.03/share. And for the full fiscal year, CSCO is expecting between +$61.2–$61.7B in revenue and $4.13–$4.17/share in EPS. If it hits these targets, that would mark CSCO’s strongest year ever. Revisiting Q2, product orders were up 18% YOY, networking orders grew more than 20% for the sixth straight quarter, and AI infrastructure orders from hyperscalers hit +$2.1B in Q2 alone. That already matched the entirety of fiscal 2025. In addition, Silicon One, optics, campus refresh cycles, industrial IoT, and sovereign AI infrastructure are all adding into what looks like...
Hiroshi Watanabe/DigitalVision via Getty Images Investment Philosophy: Purchase durable business franchises that are selling at a discount to their intrinsic value. Performance Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception Focused Global Equity (Gross) -4.96% -4.96% -1.38% 6.82% 4.09% 9.76% 9.22% Focused Global Equity (net) -5.10% -5.10% -1.99% 6.19% 3.51% 9.19% 8.66% iShares MSCI Wo...
Hiroshi Watanabe/DigitalVision via Getty Images Investment Philosophy: Purchase durable business franchises that are selling at a discount to their intrinsic value. Performance Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception Focused Global Equity (Gross) -4.96% -4.96% -1.38% 6.82% 4.09% 9.76% 9.22% Focused Global Equity (net) -5.10% -5.10% -1.99% 6.19% 3.51% 9.19% 8.66% iShares MSCI World ETF 2 -3.10% -3.10% 19.38% 17.11% 10.48% 12.04% 10.29% iShares MSCI ACWI ETF 2 -2.21% -2.21% 20.85% 16.98% 9.69% 11.58% 9.82% Click to enlarge Inception: May 17, 2013 Performance is preliminary and subject to reconciliation. Investment Process: We utilize a business owner's approach to investing, thoroughly investigating the economics of the business and the quality of the management team. Some of the characteristics of good businesses include strong recurring revenue and attractive returns-on-invested capital (ROIC). We have a strong orientation to low absolute and relative valuation, which are key to the execution of our investment strategy. A new idea will come from a variety of sources including company visits, screens, conferences, trade periodicals and general reading. All members of the research team are responsible for fundamental research. Once an investment opportunity is identified it is put through an extensive due diligence process, which typically includes management interviews and site visits. When an acceptable level of conviction is achieved, the appropriate weighting (considering liquidity, valuation, etc.) is discussed and determined. A new company purchased in the portfolio will usually have an initial position size of 5-8%. The portfolio generally consists of 10-15 companies and is diversified across industries. We are long-term investors, a typical holding period for our companies is three to five years, and portfolio turnover averages 20-40% per annum. Research Team PMC* Jonathan T. Bloom, CFA ✓ ✓ John S. Brandser ✓ Robert M. Helf, CFA ✓ Benjamin ...
America’s technology megacaps are reaching a limit in their ability to pull the entire market higher. The next leg up in US equities will need a broader set of drivers and real progress on the war front to be sustained. Tech stocks have helped take the Nasdaq 100 up over 20% from March lows and the S&P 500 roughly 15% higher. That surge brings US markets back in line with the trend since the 2022 ...
America’s technology megacaps are reaching a limit in their ability to pull the entire market higher. The next leg up in US equities will need a broader set of drivers and real progress on the war front to be sustained. Tech stocks have helped take the Nasdaq 100 up over 20% from March lows and the S&P 500 roughly 15% higher. That surge brings US markets back in line with the trend since the 2022 lows. The average 12-month drawdown for markets with leadership this narrow is 10%. At a minimum, we’re reaching the point where tech alone isn’t enough to lift the whole market. With the hyperscalers’ earnings behind us, attention will shift to peace negotiations and the impact of elevated energy prices on businesses and the economy. Big Tech seems impervious to oil The Nasdaq 100 performance through the hostilities in the Middle East looks like a checkmark — down mildly through March and then up massively after that, more than 20% from March 30. That stellar rally is only likely to extend if an agreement is reached between the US and Iran to reopen the Strait of Hormuz. Market guru Ed Yardeni recently estimated that with six of the seven Magnificent Seven companies having reported, the earnings surprise was 12.5%. All six companies also posted double-digit earnings growth. The US equity recovery has brought shares back close to the trendline established after the market had fully priced in the Federal Reserve’s post-pandemic rate hikes and bottomed in 2022. The overall message is the US economy is resilient . And that supports equities through the speed bumps, whether global tariffs or war. As Yardeni noted, if the energy and healthcare sectors finish the first quarter with positive year-on-year earnings growth, then it would be the first time in over four years that all 11 sectors of the US equity market grew. The problem is market breadth Still, this is a very narrow advance. Ben Snider, chief US equities strategist at Goldman Sachs Group Inc. told Bloomberg Television ...