OlekStock/iStock via Getty Images Performance The portfolio trailed its reference benchmark, the S&P 500 Index ( SP500 ). The portfolio has no exposure to Energy, which was by far the strongest performing sector over the period. This accounted for approximately one-third of the total relative underperformance and was also the main driver of negative sector allocation, as a lack of Energy exposure ...
OlekStock/iStock via Getty Images Performance The portfolio trailed its reference benchmark, the S&P 500 Index ( SP500 ). The portfolio has no exposure to Energy, which was by far the strongest performing sector over the period. This accounted for approximately one-third of the total relative underperformance and was also the main driver of negative sector allocation, as a lack of Energy exposure offset positive relative gains from the overweight to Industrials. Stock selection was negatively impacted by two trends: a de-rating of software companies and asset-light business models, and a de-rating of quality and growth as a result of rising bond yields. These trends were particularly felt in Information Technology, where, in addition to the above, market gains were concentrated in AI momentum plays such as semiconductors and peripheral equipment, whereas the portfolio maintains a more diversified set of holdings. Within Health Care, portfolio holdings were weaker as growth-oriented stocks de-rated. The portfolio also has limited exposure to those parts of the sector that performed well, such as hospitals, health care providers and pharmaceutical companies, which were favored as sectors perceived to be less likely to be disrupted by AI. The investment team believes these areas face significant regulatory risk and pricing pressure, however, and instead focuses on companies providing truly innovative solutions to healthcare challenges. On the other hand, Financials and Industrials holdings were areas of strength. Within Industrials, the portfolio was well positioned to capture renewed interest in energy security, energy efficiency and investment in more efficient data centers. Despite the challenging quarter, portfolio holdings have generally been delivering solid results, with earnings growth estimates trending above that of the index. Market overview US equity markets finished lower over the quarter, in what was a period of two distinct halves. Early support from sol...
Earnings Call Insights: Atkore (ATKR) Q2 fiscal 2026 Management View "We achieved net sales of $731 million and adjusted EBITDA of $81 million. Adjusted EPS came in at $1.23. All 3 metrics were sequentially better than our Q1 performance." (President, CEO & Director William Waltz) "After the quarter concluded, we completed the divestitures of our high-density polyethylene or HDPE business, and we ...
Earnings Call Insights: Atkore (ATKR) Q2 fiscal 2026 Management View "We achieved net sales of $731 million and adjusted EBITDA of $81 million. Adjusted EPS came in at $1.23. All 3 metrics were sequentially better than our Q1 performance." (President, CEO & Director William Waltz) "After the quarter concluded, we completed the divestitures of our high-density polyethylene or HDPE business, and we also just announced the sale of our surface protection and powder coating business in Belgium." (President, CEO & Director Waltz) "The combined proposed settlement for the 2 punitive classes is $136.5 million and is reflected in our second quarter results. We anticipate making payment within the third quarter." (President, CEO & Director Waltz) "This was the first quarterly increase in net sales since the fourth quarter of fiscal 2022." (VP & CFO John Deitzer) "We recorded a pretax liability of $136.5 million, which is reflected as a nonoperating expense in our second quarter results." (VP & CFO Deitzer) "Excluding the impact of our HDPE business, the electrical adjusted EBITDA margins would have been around 150 basis points higher in fiscal Q2." (COO & President of Electrical John Pregenzer) Outlook "For the full year, we expect net sales to be in the range of $2.9 billion to $2.95 billion." (VP & CFO Deitzer) "We continue to expect adjusted EBITDA in the range of $340 million to $360 million and adjusted EPS in the range of $5.05 and $5.55." (VP & CFO Deitzer) "As we look at end market demand, we expect our third quarter to grow sequentially in net sales, adjusted EBITDA and adjusted EPS from Q2 and then slightly grow sequentially from Q3 to Q4 in all 3 metrics." (VP & CFO Deitzer) Compared with last quarter’s revenue outlook range, management changed the full-year net sales range; "We are adjusting our expectation for net sales to reflect a reduction from our HDPE divestiture and the divestiture of the 2 facilities in Belgium." (VP & CFO Deitzer) Financial Results "Organ...
Earnings Call Insights: James River Group Holdings, Inc. (JRVR) Q1 2026 Management View CEO Frank D'Orazio said E&S results were hit by a legacy reinsurance item: "This quarter, our E&S results were negatively impacted by a sizable reinsurance reinstatement charge on a 2022 casualty treaty triggered by an individual claim, a disappointing development on an otherwise solid quarter." D'Orazio framed...
Earnings Call Insights: James River Group Holdings, Inc. (JRVR) Q1 2026 Management View CEO Frank D'Orazio said E&S results were hit by a legacy reinsurance item: "This quarter, our E&S results were negatively impacted by a sizable reinsurance reinstatement charge on a 2022 casualty treaty triggered by an individual claim, a disappointing development on an otherwise solid quarter." D'Orazio framed 2026 underwriting priorities around pricing and mix, stating, "For 2026, we feel our greatest opportunity to push rate remains in our Excess Casualty division and the greatest opportunities for overall growth reside in our specialty lines division as well as our small business unit." He also said "casualty rates were positive at 7.7% for the quarter" and added that the company is seeing "increasing competitive pressure in our primary general casualty department." On growth and portfolio actions, D'Orazio said "submission growth was strong at 4%" and that "for the first time in several quarters, we modestly grew gross written premiums across our E&S Casualty and Specialty portfolios." He also highlighted mix, saying "specialty lines were up 6%" and "excess casualty premiums increased 15%." CFO Sarah Doran reported the quarter’s headline loss and operating earnings: "This quarter, we reported a net loss to common shareholders of $10.9 million" and "Operating earnings were $5.8 million or $0.12 per diluted share." She attributed the key driver to reinsurance: "our results this quarter were negatively impacted by $6.7 million of reinsurance reinstatement premiums, largely related to a single E&S claim from 2022 that was booked and settled in the first quarter." On efficiency and technology, D'Orazio said "we also reduced G&A expenses across the group during the quarter by 11%" and described early deployment of new tools: "The rollout of AI-enabled underwriting workbench technology is already underway with our first 2 underwriting departments being rolled out this quarter." Out...
Earnings Call Insights: JELD-WEN Holding, Inc. (JELD) Q1 2026 Management view CEO William Christensen said the company operated in a soft macro backdrop and leaned into execution, stating, "The macro environment remained soft in the first quarter consistent with our expectations," while emphasizing that pricing actions taken in Q1 are expected to show up more in Q2 and beyond. Christensen highligh...
Earnings Call Insights: JELD-WEN Holding, Inc. (JELD) Q1 2026 Management view CEO William Christensen said the company operated in a soft macro backdrop and leaned into execution, stating, "The macro environment remained soft in the first quarter consistent with our expectations," while emphasizing that pricing actions taken in Q1 are expected to show up more in Q2 and beyond. Christensen highlighted operational and commercial priorities tied to customer retention and recovery, saying, "customers are very clear that consistent delivery and follow-through are what they value most," and added that JELD-WEN now expects "improved execution and service levels to contribute to incremental sales versus the 2026 expectations we shared in the fourth quarter results call." Christensen pointed to portfolio actions and liquidity optionality, stating, "we continue to progress the strategic review of our European business" and that the review "could provide meaningful liquidity and help further strengthen our balance sheet," while noting, "we have nothing to announce at this time." CFO Samantha Stoddard described the quarter’s profitability and balance sheet pressure, saying, "First quarter net revenue was $722 million, down 7% year-over-year" and "Adjusted EBITDA for the quarter was $6 million," while adding, "net debt leverage increased to 11.3x at the end of the first quarter" and, "we drew $40 million on our revolver." Outlook Christensen said the market view is largely unchanged from the Q4 framework, stating, "our view of the market has not meaningfully changed from what we outlined previously in our fourth quarter 2025 results call," and framed guidance around demand levels rather than a recovery. Christensen raised full-year 2026 revenue expectations while holding profit and cash assumptions, saying, "We now expect net revenue in the range of $3.05 billion to $3.2 billion, up from our prior range of $2.95 billion to $3.1 billion," and "The adjusted EBITDA range remains un...
Activists found guilty over break-in at Israeli defence firm’s UK site after jury deliberated for more than 14 hours Four out of six Palestine Action activists who stood trial over a break-in at an Israeli defence firm’s UK site have been convicted of criminal damage. Charlotte Head, 29, Samuel Corner, 23, Leona Kamio, 30, and Fatema Rajwani, 21 were all found guilty on Tuesday of smashing up prop...
Activists found guilty over break-in at Israeli defence firm’s UK site after jury deliberated for more than 14 hours Four out of six Palestine Action activists who stood trial over a break-in at an Israeli defence firm’s UK site have been convicted of criminal damage. Charlotte Head, 29, Samuel Corner, 23, Leona Kamio, 30, and Fatema Rajwani, 21 were all found guilty on Tuesday of smashing up property, including drones, manufactured by Elbit Systems and computers at its factory in Filton, near Bristol, on 6 August 2024. Continue reading...
Corpay ( CPAY ) announced on Tuesday that it has added blockchain-based settlement to its cross-border payments platform via agreements with JPMorgan Chase ( JPM ) and the stablecoin infrastructure provider BVNK. Mastercard ( MA ) has agreed to acquire BVNK for up to $1.8B. JP Morgan will provide infrastructure for Corpay's Kinexys private blockchain, while BVNK will provide it for stablecoin inte...
Corpay ( CPAY ) announced on Tuesday that it has added blockchain-based settlement to its cross-border payments platform via agreements with JPMorgan Chase ( JPM ) and the stablecoin infrastructure provider BVNK. Mastercard ( MA ) has agreed to acquire BVNK for up to $1.8B. JP Morgan will provide infrastructure for Corpay's Kinexys private blockchain, while BVNK will provide it for stablecoin interoperability. The corporate payments company said it now supports multiple global payment rails, and the current agreements expand its cross-border unit's multi-rail platform. "We are continuing to build a truly multi-rail global payments platform," said CEO Ron Clarke. More on Corpay Corpay, Inc. (CPAY) Presents at Wolfe Research FinTech Forum Transcript Corpay, Inc. (CPAY) Presents at 47th Annual Raymond James Institutional Investor Conference - Slideshow Corpay, Inc. (CPAY) Presents at 47th Annual Raymond James Institutional Investor Conference Prepared Remarks Transcript Corpay rolls out AI tools to speed up business spending Corpay projects 22% EPS growth for 2026 amid portfolio simplification and acquisition synergies
Presenting to over 1,000 institutional investors, hedge funds, family offices and high net-worth investorsPremier, highly curated event supporting pediatric cancer researchKey speakers include: Orlando Bravo, Marc Lasry, David Einhorn and Larry Robbins LOS ANGELES, May 05, 2026 (GLOBE NEWSWIRE) -- LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform ...
Presenting to over 1,000 institutional investors, hedge funds, family offices and high net-worth investorsPremier, highly curated event supporting pediatric cancer researchKey speakers include: Orlando Bravo, Marc Lasry, David Einhorn and Larry Robbins LOS ANGELES, May 05, 2026 (GLOBE NEWSWIRE) -- LiveOne (Nasdaq: LVO), an award-winning, creator-first music, entertainment, and technology platform and its subsidiary PodcastOne (Nasdaq: PODC) ), a leading podcast network and media platform, today
Intel (NASDAQ:INTC) is the chip story everyone is shouting about, with the stock up 159.57% year to date on a Lip-Bu Tan turnaround narrative wrapped around AI inference and a NVIDIA DGX Rubin host CPU win. But here is what you should actually be watching. The Intel Trade Is Already Crowded, and Cracked Intel just ... Forget Intel: Consider These Stocks Instead
Intel (NASDAQ:INTC) is the chip story everyone is shouting about, with the stock up 159.57% year to date on a Lip-Bu Tan turnaround narrative wrapped around AI inference and a NVIDIA DGX Rubin host CPU win. But here is what you should actually be watching. The Intel Trade Is Already Crowded, and Cracked Intel just ... Forget Intel: Consider These Stocks Instead
UK Gilt Yields Near 30-Year Highs As Political/Geopolitical Fears Spark Trussian Chaos Anyone has been in the bond markets for more than a minute remembers the fall of 2022 when UK PM Liz Truss was unceremoniously dumped by her own party after serving 45 days in office as the Gilts market collapsed at unprecedented speed amid economic chaos triggered by her 'mini-budget' (and multiple ministerial ...
UK Gilt Yields Near 30-Year Highs As Political/Geopolitical Fears Spark Trussian Chaos Anyone has been in the bond markets for more than a minute remembers the fall of 2022 when UK PM Liz Truss was unceremoniously dumped by her own party after serving 45 days in office as the Gilts market collapsed at unprecedented speed amid economic chaos triggered by her 'mini-budget' (and multiple ministerial resignations). The reason we reminisce is that this morning - after a long-weekend closed - UK Gilt yields are soaring once again... to their highest level since 1998 (and are a stunning 80bps above the Trussian highs) as worries intensified over local government elections and the impact of soaring energy prices on the economy. While bond investors around the world have signaled their discontent with faster inflation and potentially higher interest rates, the UK stands out as the most extreme example. As Bloomberg reports, the combination of Britain’s messy political landscape, with unpopular Prime Minister Keir Starmer likely to face a leadership challenge, feeble economy and strained government finances have made it a target for traders looking for a weak link. “The market has one eye on the fact that Starmer’s days are numbered, and if not numbered then a further move to the left of the political spectrum is inevitable in an attempt to head off support for the Green party,” said Lloyd Harris, head of fixed income at Miton Group. The UK 10-year yield has jumped 70 basis points since the start of the war, the biggest increase among a basket of developed markets tracked by Bloomberg over that period. The UK's problems are both domestic and foreign. This coming Thursday’s May local elections should keep focus high on the lingering risks of a flare-up in UK political or fiscal premium . Goldman Sachs traders believe that options markets are right to price-in relatively limited vol premium for the day itself. The larger risks are likely in the form of either leadership challen...
Our Western Digital (NASDAQ:WDC) call is straightforward: the AI-driven HDD upcycle still has room to run, and the stock’s parabolic move higher is supported by accelerating fundamentals. Our 24/7 Wall St. price target for Western Digital is $512.93, implying 15.95% upside from $442.36 over the next 12 months. We rate WDC a buy with high ... AI Boom Drives Western Digital Toward $500 Target
Our Western Digital (NASDAQ:WDC) call is straightforward: the AI-driven HDD upcycle still has room to run, and the stock’s parabolic move higher is supported by accelerating fundamentals. Our 24/7 Wall St. price target for Western Digital is $512.93, implying 15.95% upside from $442.36 over the next 12 months. We rate WDC a buy with high ... AI Boom Drives Western Digital Toward $500 Target