matejmo/iStock via Getty Images Performance Drivers The AMG GW&K ESG Bond Fund (Class N) returned 0.89% in the fourth quarter of 2025, compared with the 1.10% return of the Bloomberg U.S. Aggregate Bond Index. For the 12 months ending December 31, 2025, the Fund returned 7.26%, compared with the 7.30% return for the benchmark. Please note that this Fund has multiple share classes. Market Overview ...
matejmo/iStock via Getty Images Performance Drivers The AMG GW&K ESG Bond Fund (Class N) returned 0.89% in the fourth quarter of 2025, compared with the 1.10% return of the Bloomberg U.S. Aggregate Bond Index. For the 12 months ending December 31, 2025, the Fund returned 7.26%, compared with the 7.30% return for the benchmark. Please note that this Fund has multiple share classes. Market Overview The quarter began with a federal government shutdown, the longest in U.S. history, creating a lack of official data releases and reducing visibility around the Federal Reserve Board's (the Fed's) willingness to lower rates. Despite this uncertainty, the market looked to other available data sources to reinforce a view that a weakening jobs market overshadowed stubbornly high, but moderating inflation. Ultimately, the Fed delivered on their second and third consecutive cuts, stressing their priority to manage near-term labor market risks while striking a less hawkish policy path than feared. The third quarter earnings season broadly exceeded expectations, delivering the fourth consecutive quarter of double-digit growth, painting the picture of an economy that remains resilient. A backdrop of an accommodative Fed, strong corporate fundamentals, and the lowest rate volatility in four years, allowed front-end treasury rates to edge lower while boosting most risk markets. The Bloomberg Aggregate Bond Index returned 1.1% for the quarter, capping off the best annual return since 2020 at 7.3%. The securitized sector led the way with agency fixed rate mortgage-backed securities ('MBS') spreads outperforming, benefiting from the reduced volatility in rates markets. Investment grade corporates managed to produce positive excess returns by offsetting modest spread widening with their additional carry over treasuries. The treasury curve continued to steepen, led by lower front-end rates with the two- and five-year declining 13 and two basis points, respectively, while 10- and 30-year ra...
BARCELONA, Spain, March 5, 2026 /PRNewswire/ -- Viettel High Tech , the advanced technology arm of Viettel Group, today announced the establishment of strategic collaborations with Intel, AMD and ID Quantique at Mobile World Congress (MWC) 2026, while formally joining the global 6G alliance initiated by Qualcomm. These agreements mark a strategic milestone in Viettel High Tech's evolution from a l...
BARCELONA, Spain, March 5, 2026 /PRNewswire/ -- Viettel High Tech , the advanced technology arm of Viettel Group, today announced the establishment of strategic collaborations with Intel, AMD and ID Quantique at Mobile World Congress (MWC) 2026, while formally joining the global 6G alliance initiated by Qualcomm. These agreements mark a strategic milestone in Viettel High Tech's evolution from a large-scale 5G research, development and deployment leader to a co-architect of the global 6G architecture and technology roadmap. The collaboration focuses on joint development and validation of key 5G Advanced and 6G technologies. As the telecommunications industry advances toward highly automated, AI-integrated network infrastructures, Viettel High Tech is driving the development of 5G Advanced and 6G systems built on AI-native design principles, post-quantum security and energy-efficient architecture from inception. This approach extends beyond performance enhancement, contributing to the foundational standards and operational frameworks of future networks. The collaboration with Intel focuses on joint development and validation of key 5G Advanced and 6G technologies, including AI optimization within RAN architecture and cloud-native network systems. Early access to next-generation computing platforms enables Viettel High Tech to accelerate technology validation cycles and strengthen its position within the global AI-RAN ecosystem. With AMD, Viettel High Tech is advancing high-performance computing architectures for AI-driven networks and edge computing environments. The partnership targets scalable, cost-efficient and energy-optimized infrastructure capable of supporting large-scale 5G and 6G deployments. In parallel, cooperation with ID Quantique establishes a foundation for integrating quantum-safe cryptography into telecom infrastructure at the architectural level, preparing networks for long-term security requirements in the 6G era and cross-border connectivity scen...
GordZam/iStock Editorial via Getty Images Inflection Point Acquisition Corp. IV ( BACQ ) is a SPAC that announced a merger in August 2025 with Merlin Labs. This makes it a way to bet on Merlin and the opportunity of autonomous vehicles. In this case, however, we're not talking about cars. We're talking about aircraft of the US military. After a recent conference call with analysts, this is one las...
GordZam/iStock Editorial via Getty Images Inflection Point Acquisition Corp. IV ( BACQ ) is a SPAC that announced a merger in August 2025 with Merlin Labs. This makes it a way to bet on Merlin and the opportunity of autonomous vehicles. In this case, however, we're not talking about cars. We're talking about aircraft of the US military. After a recent conference call with analysts, this is one last, up-to-date assessment before the merger closes. Terms of the Merger Like most SPACs, this takes Merlin public, being an easy IPO. Beyond just simply taking Merlin public and giving it the SPAC's cash, there's quite a bit going on here. Let's lay it all out: $800M in pre-money equity $200M PIPE financing : Up to $200M, with $85M pre-funded and $120M more through preferred equity $300M in trust cash Redemption right of $10.39 158.7M shares outstanding on a fully diluted basis Ticker change from BACQ to MRLN Fully Diluted Shares Outstanding (Form S-4/A) The deal would take Merlin equityholders and convert them to a slight majority overall. With recent BACQ prices around $10.50, the effective market cap for the combined entity is about $1.7B. Business and Financials Merlin offers a fully autonomous aviation platform, consisting of hardware and software products, named Merlin Pilot. "Fully autonomous" for flight entails everything in operating an aircraft, from takeoff to touchdown. Currently they focus on military use cases, making the stock a defense play, as well as one on autonomous flying. March 2026 Investor Presentation Because of this, the business is one largely dependent on government contracts. This means they are safer from the typical cycles and macro factors that other rising businesses may face, but there can be risks related to things like government shutdowns or budget cuts. Net Income And Cash Flow (Form S-4/A) The Form S-4/A that was released last month shows the revenue they currently make. Only $8.5M was expected in revenue for 2025. Growth was projected ...
The Chinese government is prioritizing stability this year amid geopolitical shocks that threaten the global economy, former PBOC adviser and Tsinghua University Director David Li Daokui told Bloomberg's The China Show. China has set a growth target of 4.5%-5% for 2026, its most modest in more than three decades. (Source: Bloomberg)
The Chinese government is prioritizing stability this year amid geopolitical shocks that threaten the global economy, former PBOC adviser and Tsinghua University Director David Li Daokui told Bloomberg's The China Show. China has set a growth target of 4.5%-5% for 2026, its most modest in more than three decades. (Source: Bloomberg)
Alistair Berg/DigitalVision via Getty Images Overview BlackRock Enhanced International Dividend Trust ( BGY ) operates as a closed-end fund that aims to provide attractive total returns through its portfolio of global stocks. Global funds can be a great way to diversify your portfolio away from a reliance on U.S. markets, but these funds come with their own set of tradeoffs. When I previously cove...
Alistair Berg/DigitalVision via Getty Images Overview BlackRock Enhanced International Dividend Trust ( BGY ) operates as a closed-end fund that aims to provide attractive total returns through its portfolio of global stocks. Global funds can be a great way to diversify your portfolio away from a reliance on U.S. markets, but these funds come with their own set of tradeoffs. When I previously covered BGY, I issued a hold rating due to the inconsistent NAV growth over time. Since my last coverage, BGY has released an updated annual report, which prompted me to revisit the fund's value proposition for 2026. Looking at the performance over the last twelve months, we can see that BGY's share price has increased by about 7.1%. The fund has benefitted from the flow of capital into international ETFs. When including all distributions that were paid out to shareholders, the total return jumps up to nearly 19.5% over the same time frame. BGY now offers a starting dividend yield of 8.3% while issuing payouts on a monthly basis. However, I do remain cautious about the sustainability of payouts over a longer holding period. Data by YCharts Furthermore, BGY now trades at one of the least appealing price-to-NAV valuations over the last decade. Therefore, it becomes challenging to recommend the accumulation of shares here. The fund's structure currently reveals that its success is heavily dependent on net realized gains to fuel distributions, as well as its NAV growth. This can be fine during bull markets but becomes an issue during market declines. So let's start by reviewing the fund's portfolio strategy that it implements to generate earnings. Fund Strategy According to the latest fund overview , BGY has total net assets of $594.5M that are spread across 44 different positions. The fund's primary objective is to provide a high current income while also providing capital appreciation when possible. The fund specifically focuses on large-cap dividend-paying companies while puttin...
The war in Iran is forcing investors to reevaluate one of their most profitable stock strategies, leading some to conclude that the “ Sell America, Buy Asia ” trade has reached an inflection point. Despite a rebound Thursday, the MSCI Asia Pacific Index has tumbled 6% this week, compared with a 0.1% slide in the S&P 500. The swing indicates a reversal of a rotation by global funds into Asia and a ...
The war in Iran is forcing investors to reevaluate one of their most profitable stock strategies, leading some to conclude that the “ Sell America, Buy Asia ” trade has reached an inflection point. Despite a rebound Thursday, the MSCI Asia Pacific Index has tumbled 6% this week, compared with a 0.1% slide in the S&P 500. The swing indicates a reversal of a rotation by global funds into Asia and a renewed shift toward the US as a haven, a move also supported by a stronger dollar . The Iran war has impacted Asian stocks disproportionately, partly because of the region’s outsize reliance on fuel shipments through the Strait of Hormuz. There’s also growing concern that a sustained supply shock may trigger a global economic slowdown, undermining key export industries. As a result, investors are taking profits from the recent AI-driven rally, particularly in the outperformers in the past year: South Korea and Taiwan. “Capital doesn’t wait for certainty — it’s already rotating, and the dollar’s strength this week tells you everything about where the smart money is heading,” said Hebe Chen , senior market analyst at Vantage Global Prime. “China, Japan, Korea, and Taiwan are pure import dependents with no buffer, making this oil shock exponentially more corrosive for the region than for the West.” Asian equities had been favored for their AI hardware exposure, relatively cheap valuations and solid earnings growth. Oil Exposure The surge in Brent crude is now stoking fears of inflation, threatening to turn some of the region’s strengths into vulnerabilities. Even as stocks rebounded, the underlying dynamics remained: oil extended its rally for a fifth straight day even after US President Donald Trump expressed confidence in the military campaign. “For the AI capex story, stagflationary pressure is the ultimate kill switch — when the cost of capital rises and growth visibility collapses simultaneously, the region’s most ambitious infrastructure bets become the hardest to defen...
"We have changed the tables," Phoebe said. "We've taken ownership of what happened to us. And we've got rid of the shame that came with it. We've owned our story."
"We have changed the tables," Phoebe said. "We've taken ownership of what happened to us. And we've got rid of the shame that came with it. We've owned our story."
Alexander Armstrong in India 8pm, Channel 5 Mumbai is the first stop on an Indian odyssey for Alexander Armstrong – of the 90s and 00s comedy duo Armstrong and Miller. Estate agent Ravi shows him around a multimillion-pound apartment, and Raj takes him on a tour of the slum where he grew up. There’s also time to taste a food critic-approved “Mumbai burger” and visit the monumental waterfront Gatew...
Alexander Armstrong in India 8pm, Channel 5 Mumbai is the first stop on an Indian odyssey for Alexander Armstrong – of the 90s and 00s comedy duo Armstrong and Miller. Estate agent Ravi shows him around a multimillion-pound apartment, and Raj takes him on a tour of the slum where he grew up. There’s also time to taste a food critic-approved “Mumbai burger” and visit the monumental waterfront Gateway of India in Mumbai where in 1948 colonial rule ended. Hollie Richardson Tonight: Cars – What’s Driving Up Costs? 7.30pm, ITV1 Falling car ownership may be essential for environmental reasons, but it’s problematic if, in the absence of adequate public transport, people on the lowest incomes are being priced out of getting around. With the average cost of running a car now thought to be about £3,500 per year, Paul Brand investigates. Jack Seale Dragons’ Den 8pm, BBC One GP Catherine Fernando (a doctor for more than 10 years, businesswoman for only two) puts a beautiful and vegan spin on the traditional doctor’s bag. But will she leave the Den with a healthy investment? The Dragons are joined by returning guest Susie Ma and other pitches brought in include a DIY infusion drink. HR The Apprentice 9pm, BBC One View image in fullscreen Tycoon wannabes … Rothna Akhtar in The Apprentice. Photograph: BBC/Naked (A Freemantle Label) The remaining tycoon wannabes have made it to the halfway point of Alan Sugar’s increasingly dispiriting don’t-get-sacked race. Their reward for sucking up and hanging in there? Being shuttled off to Egypt, where they must come up with awaydays appealing enough for corporate clients to actually pay for them. Graeme Virtue Murder Case: The Hunt for Arlene Fraser’s Killer 9pm, BBC Two The closing part of a look at the strange case of Arlene Fraser’s disappearance in Moray, Scotland. Nearly three decades later, her family are still going through the courts for answers after two murder trials and an appeals process. Arlene’s sister Carol is campaigning to f...
'Charly still lives in pain and the hospital inquiry won't give us answers' Charly's dad says the public inquiry is not going to give patients and families the answers they are looking for.
'Charly still lives in pain and the hospital inquiry won't give us answers' Charly's dad says the public inquiry is not going to give patients and families the answers they are looking for.
In this article OWL CG ARES KKR BX Follow your favorite stocks CREATE FREE ACCOUNT The rush for the exits in private credit is prompting fresh scrutiny of the sector's less-liquid structures and its rapid expansion into the retail wealth space. Blackstone has become the latest fund manager to be hit by a surge in requests from investors to withdraw from its flagship private credit strategy. The as...
In this article OWL CG ARES KKR BX Follow your favorite stocks CREATE FREE ACCOUNT The rush for the exits in private credit is prompting fresh scrutiny of the sector's less-liquid structures and its rapid expansion into the retail wealth space. Blackstone has become the latest fund manager to be hit by a surge in requests from investors to withdraw from its flagship private credit strategy. The asset manager said this week it will meet 100% of redemption requests in its gigantic $82 billion Blackstone Private Credit Fund, or BCRED, after investors sought to pull a record 7.9% of assets from the fund, or about $3.8 billion. That came after Blue Owl Capital said last month it was ending regular quarterly liquidity payments in its Blue Owl Capital Corporation II fund, a semi-liquid private credit strategy aimed at U.S. retail investors. The private credit specialist will instead switch to periodic payouts funded by asset sales, earnings and other strategic deals. This spike in redemption requests is now putting the private market industry's courting of retail investors under closer scrutiny, and bringing the mismatch between non-publicly-traded, higher-yielding illiquid assets and retail-style access into sharper focus. 'A feature, not a bug' Blackstone — the world's biggest alternative investment manager, with $1.27 trillion in assets under management — said it was upping a previously-announced tender offer to 7% of total shares, with the firm and employees offsetting the remaining 0.9%, in order to meet the redemption requests in full. Blackstone Chief Operating Officer and President Jon Gray acknowledged that the risk of private credit firms failing to meet withdrawals, and potentially gating investors' money, is "not beneficial in the near term" for the sector. But speaking with CNBC's "Squawk On The Street" Tuesday, Gray said individual investors and financial advisors "in most cases do" understand the product. Stock Chart Icon Stock chart icon Blackstone. "What p...
Michael H/DigitalVision via Getty Images Investment Summary My previous investment thought on LKQ Corporation ( LKQ ) was a hold rating because I saw no strong catalyst that would result in multiples getting re-rated upwards. The setup is better than before, in my view. Specialty has clearly improved, and North America continues to take share in a weak market. However, I do not think LKQ has done ...
Michael H/DigitalVision via Getty Images Investment Summary My previous investment thought on LKQ Corporation ( LKQ ) was a hold rating because I saw no strong catalyst that would result in multiples getting re-rated upwards. The setup is better than before, in my view. Specialty has clearly improved, and North America continues to take share in a weak market. However, I do not think LKQ has done enough to justify an upgrade since organic growth remains weak, margins are still under pressure, and Europe is not fixed. 4Q25 Results Update LKQ's Q4 headline revenue number looked better than it really was. Total revenue grew 2.7% y/y on a reported basis, with total parts and services revenue up 2.2%, but that number included a 3.7% FX tailwind. Organically, parts and services revenue was down 1.7%. Splitting by regions, North America remains as the best-performing part (relatively) of the business. Parts and services revenue was down 0.7% organically here, while Europe's organic growth was down 4.8%. By segments, Specialty did really well with organic growth of 7.8%. Other than this, there weren't really any other positives. EBIT fell 40.9% y/y, while segment EBITDA was down to $321 million from $392 million. Net income from continuing operations was also down 50% y/y, and diluted EPS went from $0.58 to $0.29, while adj. diluted EPS fell to $0.59 from $0.78. Areas That Have Turned Better Looking ahead, there are reasons to turn optimistic. One of the negative points I made before is that there was no obvious near-term catalyst that could shift sentiment. That is no longer true. While management was not explicit that they would do it, they mentioned the possibility of a potential sale of the company (which is still in process to explore a sale of the Specialty segment). While the timing of this happening is virtually impossible to know, it does help with the stock sentiment (forming a valuation floor). On the part about the sale of Specialty, the value of it should have ...