MF3d/iStock via Getty Images Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund [CEF] market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving market...
MF3d/iStock via Getty Images Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund [CEF] market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of. This update covers the period through the third week of February. Be sure to check out our other weekly updates covering the business development company [BDC] as well as the preferreds/baby bond markets for perspectives across the broader income space. Market Action CEFs were mixed on the week, with Utilities and MLP funds leading the way. Systematic Income CEF discounts, in aggregate, remain relatively tight, particularly in the context of the previous decade. Systematic Income Market Commentary CLO Equity CEF CCIF reduced its distribution to $0.06 from $0.1050. That works out to 13.9% on the January NAV. The fund said the new distribution was 20% as of the latest price. It’s odd for the fund to specify or implicitly target a distribution yield on price. Interestingly, core NII was $0.32, which was slightly above the previous distribution. This suggests that the company is taking advantage of the fund’s wide discount to move the distribution rate well below its net income (so the yield on price still looks very high) to generate some retained earnings and boost the NAV. This is what we saw with other CLO Equity CEFs that have reduced their distribution this year to support the NAV. Sector NAVs have fallen sharply over the last year. Systematic Income CEF Tool MFS released distribution sources for their taxable CEFs. These monthly releases are good replacements for coverage notices, particularly as they are done on a monthly basis. The MFS taxable funds tend to skew to a higher quality allocation while having generous distributio...
Hong Kong entrepreneurs with operations in the Middle East are recalibrating their global footprints to hedge against mounting geopolitical instability and losses resulting from the widening conflict in Iran. The shift in business strategy followed the outbreak of the US-Israel war with Iran last week, prompting firms to draw up contingency plans by pivoting to Europe or Southeast Asia to de-risk ...
Hong Kong entrepreneurs with operations in the Middle East are recalibrating their global footprints to hedge against mounting geopolitical instability and losses resulting from the widening conflict in Iran. The shift in business strategy followed the outbreak of the US-Israel war with Iran last week, prompting firms to draw up contingency plans by pivoting to Europe or Southeast Asia to de-risk their portfolios and ensure supply chain continuity. The war escalated with Iran’s retaliation, heightening tensions across the region. Several Middle Eastern countries sustained damage from missile and drone strikes, with some reporting casualties as key embassies, economic engines and passageways closed, while tens of thousands of flights were cancelled. Advertisement “Our business is seriously affected by the war due to uncertainty over when shipments of our goods will resume,” Martin Zhu, CEO and co-founder of start-up i2Cool, said. Zhu’s company, set up at the Hong Kong Science Park, focuses mainly on electricity-free cooling technology for buildings through special paints and has expanded its business in different Middle East countries including the United Arab Emirates (UAE). Advertisement He noted that one-third of his company’s revenue came from the Middle East, where the war in Iran had halted shipments, leaving some goods stranded in mainland China.
The mobile industry buzzed with excitement over the artificial intelligence revolution showcased at MWC Barcelona 2026, but the optimism was overshadowed by the Middle East crisis and a memory crunch that could reshape the global smartphone supply chain. The AI showcase drew a large crowd, including King Felipe VI of Spain, to the booth of Chinese smartphone maker Honor, which displayed its “Robot...
The mobile industry buzzed with excitement over the artificial intelligence revolution showcased at MWC Barcelona 2026, but the optimism was overshadowed by the Middle East crisis and a memory crunch that could reshape the global smartphone supply chain. The AI showcase drew a large crowd, including King Felipe VI of Spain, to the booth of Chinese smartphone maker Honor, which displayed its “Robot Phone” with a built-in camera gimbal designed to become a companion to users. “This brings a certain level of excitement amid memory shocks,” said Ivan Lam, senior analyst at consultancy Counterpoint Research, who described the Robot Phone as “one of the biggest highlights” in smartphones at MWC. Advertisement “This product’s new form factor opens up a new experience for human-phone interaction,” Lam said, adding it could mark a promising step forward for consumers Just across the aisle in the same hall, Chinese telecoms gear giant ZTE showcased the China-exclusive Doubao AI agent phone powered by ByteDance’s large language model, as other Android rivals also announced new AI functions to build emotional and physical connections with users. Spain’s King Felipe VI visits a booth at MWC 2026. Photo: EPA
US Intelligence Community Assessed That Massive US Attack 'Unlikely' To Oust Iranian Regime: WaPo Even a massive military assault on Iran is unlikely to topple the Islamic Republic of Iran and its state system , according to a classified assessment produced by the US intelligence community shortly before the US and Israel launched their current 'shock and awe-style' military campaign on Tehran. Th...
US Intelligence Community Assessed That Massive US Attack 'Unlikely' To Oust Iranian Regime: WaPo Even a massive military assault on Iran is unlikely to topple the Islamic Republic of Iran and its state system , according to a classified assessment produced by the US intelligence community shortly before the US and Israel launched their current 'shock and awe-style' military campaign on Tehran. The Washington Post first reported it, perhaps based on some kind of leak or briefing by an anonymous intelligence official, and calls it — a sobering assessment as the Trump administration raises the specter of an extended military campaign that officials say has "only just begun." File image: Tulsi Gabbard is the United States Director of National Intelligence The report, compiled by the National Intelligence Council (NIC) roughly a week before the war began , concluded that Iran's political system is structured to survive even major leadership losses , The Washington Post reports. However, this should really come as no surprise to anyone awake and observant throughout the past two plus decades of America's 'nation building' efforts in the Middle East, from Afghanistan to Iraq to Libya. Already, Israel and the US have touted that 'all' of Iran's top leadership has been decimated, and yet clearly the governing system and its military - led specially by the elite IRGC - is not only in control but is still fighting back. According to the assessment, Tehran has long prepared for such contingencies - and likely there's an emergency plan now in place in the wake of Ayatollah's Khamenei's death . Intelligence officials say Iran long ago established clear succession protocols designed to maintain continuity of power even if senior leaders are killed . In other words, the death of Supreme Leader Ayatollah Ali Khamenei would likely trigger an internal transition process rather than cause the system to collapse - again, something which should be the obvious scenario. The intelligence ...
Key Takeaways: In this article, we highlight essential information about Apple (AAPL) Stock. – Wedbush raised Apple (AAPL) stock to a Street high $350 target with Outperform rating – Apple beat Q1 with EPS of $2.84 and revenue of $143.76 billion, up 15.7% – Bitcoin ETFs pulled $1.7 billion in one week as institutional money rotates into crypto – One pre-IPO crypto entry paying 204% yield draws the...
Key Takeaways: In this article, we highlight essential information about Apple (AAPL) Stock. – Wedbush raised Apple (AAPL) stock to a Street high $350 target with Outperform rating – Apple beat Q1 with EPS of $2.84 and revenue of $143.76 billion, up 15.7% – Bitcoin ETFs pulled $1.7 billion in one week as institutional money rotates into crypto – One pre-IPO crypto entry paying 204% yield draws the same buyers accumulating AAPL Apple (AAPL) stock just received the highest price target on Wall Street after Wedbush’s Daniel Ives raised his forecast to $350 with an Outperform rating, and for stock investors watching the M5 chip catalyst and the AI driven upgrade cycle, the setup looks strong on paper. But the most asymmetric entry available in 2026 may not be in equities at all, because the same institutional capital accumulating AAPL is quietly rotating into a corner of the crypto market that most stock investors do not know exists yet. Why Apple (AAPL) Stock Earned the Highest Price Target on Wall Street As MarketWatch reported, Wedbush’s $350 target implies 34% from $260, driven by M5 processors triggering an AI hardware upgrade cycle across 50% first time Mac buyers. Apple beat Q1 with EPS of $2.84 and revenue of $143.76 billion, up 15.7%, while Oppenheimer raised its stake 9% and Vanguard added 1.1%. As Fortune covered, JPMorgan lifted Apple (AAPL) stock to $325 with consensus at Moderate Buy averaging $306.12. But at $350, AAPL delivers 34% from a $3.85 trillion base, and the investors capturing the largest returns in 2026 are not finding them in stocks. Why Institutional Money Is Rotating From Stocks Into Crypto Infrastructure Think of it as a pre-IPO founding round, the kind Wall Street insiders access before a company goes public, except in crypto these rounds are open. Bitcoin ETFs pulled $1.7 billion in one week while Morgan Stanley and Citi build crypto custody, and the capital rotating into crypto is portfolio managers reallocating where the yield makes equ...
(RTTNews) - Saks Global Enterprises LLC, the multi-brand luxury retailer, is moving forward with its store portfolio optimization strategy by announcing the closure of an additional 12 Saks Fifth Avenue and 3 Neiman Marcus locations. These closures build on the initial round announced last month and are intended to sharpen the company's focus on its distinctive strengths while investing in opportu...
(RTTNews) - Saks Global Enterprises LLC, the multi-brand luxury retailer, is moving forward with its store portfolio optimization strategy by announcing the closure of an additional 12 Saks Fifth Avenue and 3 Neiman Marcus locations. These closures build on the initial round announced last month and are intended to sharpen the company's focus on its distinctive strengths while investing in opportunities to better serve luxury customers, drive stronger full-price sales, and enhance brand equity for its partners, the company said. In select markets, Saks Global will streamline operations to include either a Saks Fifth Avenue or Neiman Marcus store, depending on performance and customer preferences. However, both banners will continue to operate in leading luxury destinations that represent significant growth opportunities. The company confirmed that there will be no changes to the Bergdorf Goodman operational footprint. Aside from the closing locations, Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores, along with their ecommerce platforms, will continue to operate as usual. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Sundry Photography/iStock Editorial via Getty Images Introduction Capital One Financial ( COF ) is a large depositor bank that specializes in credit card lending. The bank grew in 2025 after its acquisition of Discover. Recently, shares sold off and have dropped nearly 20% year to date. I believe the bank is poised for earnings growth, and as such, the current share price represents an attractive ...
Sundry Photography/iStock Editorial via Getty Images Introduction Capital One Financial ( COF ) is a large depositor bank that specializes in credit card lending. The bank grew in 2025 after its acquisition of Discover. Recently, shares sold off and have dropped nearly 20% year to date. I believe the bank is poised for earnings growth, and as such, the current share price represents an attractive entry point for investors. Capital One Financial Earnings Lower interest rates have worked in Capital One’s favor over the last year. Despite lower interest rates, the company’s asset yield climbed to 11.3% in the third quarter before dropping by 24 basis points in the fourth quarter. Borrowing yields have been consistent with falling rates, declining by 14 basis points in the fourth quarter to 3.41% and down 40 basis points from a year ago. Company Financials Because of the nature of its business (a depositor bank with credit card loans), net interest spreads and net interest margins are much higher than what investors would expect from a typical bank. Despite net interest spread and net interest margin each declining by 10 basis points in the fourth quarter, both remain above pre-pandemic and pandemic levels. Company Financials From an income and expense standpoint, the numbers were affected by the second quarter acquisition of Discover Financial. In the fourth quarter, interest income edged down slightly from the third quarter by $76 million to below $16.7 billion. Interest expense dropped by a greater amount, declining by $138 million to $4.22 billion. These changes led to a $62 million increase in net interest income (interest income less interest expense) to $12.47 billion. Company Financials Changes in Loans and Deposits Just as in the case with interest income and expense, the changes in Capital One’s loans and deposits were affected by the second quarter acquisition of Discover. Typically, when a bank merges or acquires another bank, loans and deposits can come und...
Tilray Brands (TLRY +2.13%) is one of a handful of public marijuana companies. To be fair, the company's approach has shifted materially in the past few years, as it looks to become a brand manager. But if you want to invest in a high-risk sin stock that knows how to manage brands, you'll probably be better off with this cash-flow monster instead. Here's why. The problem with Tilray Brands Tilray ...
Tilray Brands (TLRY +2.13%) is one of a handful of public marijuana companies. To be fair, the company's approach has shifted materially in the past few years, as it looks to become a brand manager. But if you want to invest in a high-risk sin stock that knows how to manage brands, you'll probably be better off with this cash-flow monster instead. Here's why. The problem with Tilray Brands Tilray Brands started out as a marijuana company. There's no question that this has been a high-risk investment area, as early enthusiasm for the drug hasn't been supported by the financial results of marijuana companies. Tilray Brands, for example, has yet to turn a sustainable profit. To management's credit, it recognized that its marijuana focus wasn't working, and it refined its business model. To that end, it has gone on an acquisition spree, buying up brands in the marijuana, CBD, and alcohol spaces. In this way, it is starting to look like a consumer staples company. There's just one problem. The acquisitions that the company has been making have been funded with stock, diluting existing shareholders. The share count has exploded by more than 300% over the past five years, and the company still hasn't managed to turn a sustainable profit. In fact, it has already taken impairment charges across every segment of its business. That suggests that its new growth plan may not be working out as well as hoped. Expand NASDAQ : TLRY Tilray Brands Today's Change ( 2.13 %) $ 0.15 Current Price $ 7.21 Key Data Points Market Cap $840M Day's Range $ 6.86 - $ 7.30 52wk Range $ 3.51 - $ 23.20 Volume 2.7M Avg Vol 9.1M Gross Margin 21.79 % Altria has a better risk/reward balance Basically, Tilray Brands is a high-risk bet that the company manages to find a business model that sticks. In contrast, Altria (MO 0.70%) has a leading position in the U.S. tobacco market. Specifically, its Marlboro brand is the industry leader, with a 40.5% market share in 2025. Overall, the company has a cigarette m...
Key Points Tilray Brands started as a marijuana company, but has since expanded into CBD and alcohol. The money-losing business has been expanding its brand portfolio via acquisition. As an alternative, this "sin stock" has a huge yield, an industry-leading brand, and ample capacity to invest in new products. 10 stocks we like better than Tilray Brands › Tilray Brands (NASDAQ: TLRY) is one of a ha...
Key Points Tilray Brands started as a marijuana company, but has since expanded into CBD and alcohol. The money-losing business has been expanding its brand portfolio via acquisition. As an alternative, this "sin stock" has a huge yield, an industry-leading brand, and ample capacity to invest in new products. 10 stocks we like better than Tilray Brands › Tilray Brands (NASDAQ: TLRY) is one of a handful of public marijuana companies. To be fair, the company's approach has shifted materially in the past few years, as it looks to become a brand manager. But if you want to invest in a high-risk sin stock that knows how to manage brands, you'll probably be better off with this cash-flow monster instead. Here's why. The problem with Tilray Brands Tilray Brands started out as a marijuana company. There's no question that this has been a high-risk investment area, as early enthusiasm for the drug hasn't been supported by the financial results of marijuana companies. Tilray Brands, for example, has yet to turn a sustainable profit. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » To management's credit, it recognized that its marijuana focus wasn't working, and it refined its business model. To that end, it has gone on an acquisition spree, buying up brands in the marijuana, CBD, and alcohol spaces. In this way, it is starting to look like a consumer staples company. There's just one problem. The acquisitions that the company has been making have been funded with stock, diluting existing shareholders. The share count has exploded by more than 300% over the past five years, and the company still hasn't managed to turn a sustainable profit. In fact, it has already taken impairment charges across every segment of its business. That suggests that its new growth plan may not be working out as well as hoped. Altr...
由于专家会议大楼早前在空袭中被摧毁，此次选举将以线上形式进行。 伊朗媒体引述伊朗专家会议(Assembly of Experts)成员Ayatollah Mohammad Mozafari表示，将于未来24小时内举行会议选出最高领袖。不过，他表示，截至目前为止，有关会议和选举未公开举行，呼吁民众不要轻信谣言。 另有媒体指，由于专家会议大楼早前在空袭中被摧毁，此次选举将以线上形式进行。 早前有指哈梅...
由于专家会议大楼早前在空袭中被摧毁，此次选举将以线上形式进行。 伊朗媒体引述伊朗专家会议(Assembly of Experts)成员Ayatollah Mohammad Mozafari表示，将于未来24小时内举行会议选出最高领袖。不过，他表示，截至目前为止，有关会议和选举未公开举行，呼吁民众不要轻信谣言。 另有媒体指，由于专家会议大楼早前在空袭中被摧毁，此次选举将以线上形式进行。 早前有指哈梅内伊之子穆杰塔巴(Mojtaba Khamenei)将为新任最高领袖，惟据报14名专家会议成员抵制有关会议。美国总统特朗普早前曾称，穆杰塔巴是不可接受的人选，他必须亲自参与选定伊朗下一任领导人。
格隆汇3月8日｜伊朗媒体引述伊朗专家会议(Assembly of Experts)成员Ayatollah Mohammad Mozafari表示，将于未来24小时内举行会议选出最高领袖。不过，他表示，截至目前为止，有关会议和选举未公开举行，呼吁民众不要轻信谣言。另有媒体指，由于专家会议大楼早前在空袭中被摧毁，此次选举将以线上形式进行。 早前有指哈梅内伊之子穆杰塔巴(Mojtaba Khamenei...
格隆汇3月8日｜伊朗媒体引述伊朗专家会议(Assembly of Experts)成员Ayatollah Mohammad Mozafari表示，将于未来24小时内举行会议选出最高领袖。不过，他表示，截至目前为止，有关会议和选举未公开举行，呼吁民众不要轻信谣言。另有媒体指，由于专家会议大楼早前在空袭中被摧毁，此次选举将以线上形式进行。 早前有指哈梅内伊之子穆杰塔巴(Mojtaba Khamenei)将为新任最高领袖，惟据报14名专家会议成员抵制有关会议。美国总统特朗普早前曾称，穆杰塔巴是不可接受的人选，他必须亲自参与选定伊朗下一任领导人。
Lari Bat/iStock via Getty Images Introduction Potential closure of the Qatar LNG supply (19% of global supply) for an unspecified time could lead to a severe disruption in global prices, and thus I initially looked at EQT ( EQT ) and Expand Energy ( EXE ), which I have covered, but the US-produced natural gas price (HH or Henry Hub) is unlikely to increase nearly as much as the TTF (Europe) or JKM...
Lari Bat/iStock via Getty Images Introduction Potential closure of the Qatar LNG supply (19% of global supply) for an unspecified time could lead to a severe disruption in global prices, and thus I initially looked at EQT ( EQT ) and Expand Energy ( EXE ), which I have covered, but the US-produced natural gas price (HH or Henry Hub) is unlikely to increase nearly as much as the TTF (Europe) or JKM (Asia), which do not have the same level of local supply. I then searched for LNG producers with a sizable portion of production uncontracted, which led me to Venture Global ( VG ). This is a highly capital-intensive, levered company with poor corporate governance, and it also faces $4bn in lawsuits . Only a structural shift in global LNG prices may warrant more than a short-term hedge position. Consensus Operating Model & Valuation The current consensus model assumes substantial volume growth as VG completes and ramps up production capacity, with about a 44% increase in 2026 and more than doubling by 2028. However, EBITDA is forecast to be flat in 2026 and decline in 2027 as contracted volumes are at lower prices, which impacts margins. At the same time, capex is running at over $13bn a year, and the company needs $5bn to $9bn to fund its expansion, which will most likely be raised via equity every year. The long-term infrastructure build-out and integration, including ownership of pipelines, transport ships, and regasification facilities, does make sense but creates value at the end of the capex cycle, in my view. Created by author with data from Bloomberg Valuation Valuation based on the current operating forecast is expensive, and unless Qatar production is offline for much of 2026, this stock has significant downside due to lower-priced long-term contracts, heavy capex, and rising debt costs. The consensus price target of US$11 backs into a fair EV/EBITDA multiple of 12x, which is above peers such as Cheniere Energy ( LNG ) and Woodside Energy ( WDS ). Using the same ...