wingedwolf/iStock via Getty Images BNY Mellon Strategic Municipals, Inc. ( LEO ) is a closed-end fund, primarily deploying their assets on municipal bonds, which typically are tax exempted in the hands of investors. The company is registered under the Investment Company Act, 1940 and has a core objective of maximizing current income to the extent possible while investing in muni bonds. The fund ha...
wingedwolf/iStock via Getty Images BNY Mellon Strategic Municipals, Inc. ( LEO ) is a closed-end fund, primarily deploying their assets on municipal bonds, which typically are tax exempted in the hands of investors. The company is registered under the Investment Company Act, 1940 and has a core objective of maximizing current income to the extent possible while investing in muni bonds. The fund has a fairly long operating history and currently manages around ~$498 million in net assets. However, due to the fund being able to exercise a certain amount of leverage in its investment mandate, the gross assets managed under the fund happen to be around ~$637 million. The present average effective duration stands at ~11.84 years and therefore the fund possesses a certain level of sensitivity to interest rates. Fund Facts (Author's Calculations - Public Info/Fund Webpages, Factsheets) The current SEC yield stands at ~4.81%, broadly in line with the fund's annualized distribution rate of ~4.96%. For a taxable investor, especially one in the maximum tax bracket, these correspond to taxable-equivalent yields of ~8.13% This makes them highly attractive versus other fixed-income vehicles. At the same time, however, considering the fact that long-term treasury rates also happen to be around ~4.96%, an investor who has a low taxable bracket or the prospect of holding securities in a tax-exempt account would be better off purchasing US Treasuries instead. The proposition to municipal bonds makes sense primarily on the basis of their tax status. In other words, credit spreads in these bonds do not provide any meaningful investment case, at large, for the issue. Tax Equivalent Yield (Fund Webpage) Portfolio & Recent Performances The portfolio of the fund primarily consists of municipal bonds issued by state and local governments, with a credit exposure spread across investment-grade (largely A and BBB) but also a meaningful allocation to certain lower-rated and not-rated issues. By ...
LewisTsePuiLung/iStock Editorial via Getty Images Summary On April 21, I wrote a bull case on Melco ( MLCO ), highlighting that its margins are resilient in the face of extreme competition in Macau. Melco's 1Q26 results proved my thesis correct, as its adjusted property EBITDA margins grew on a YoY basis, as management, while engaging in price competition, is usually not the most aggressive compar...
LewisTsePuiLung/iStock Editorial via Getty Images Summary On April 21, I wrote a bull case on Melco ( MLCO ), highlighting that its margins are resilient in the face of extreme competition in Macau. Melco's 1Q26 results proved my thesis correct, as its adjusted property EBITDA margins grew on a YoY basis, as management, while engaging in price competition, is usually not the most aggressive compared to peers. As Macau GGR growth continues to slow in 2026, those operators with new property launches this year will likely be the winners in terms of market share and earnings growth. Melco will be the only operator to launch a new hotel in 2H26, which I believe will be an earnings catalyst. Melco's key properties are in Macau MLCO is a global operator of integrated gaming resorts with properties in Macau, the Philippines, Cyprus, and Sri Lanka, with the majority of earnings coming from Macau, 88% of adjusted property EBITDA in 1Q26 compared to 85% in 2025 . The company's integrated resorts in Macau include the properties City of Dreams, Studio City, Altira, and Mocha Clubs. City of Dreams is Melco's highest-earning property and was approximately 56% of total group adjusted property EBITDA in 1Q26. Overall, Melco's product offering caters to the higher-spending premium player. Melco's ex-Macau properties include City of Dreams Manila and City of Dreams Cypress. Together these two properties comprised roughly 12% of group adjusted property EBITDA in 1Q26 compared to 15% of group adjusted property EBITDA in 2025. In addition, Melco operates the hotel and gaming operations of City of Dreams Sri Lanka and earns around 50% of the property's adjusted EBITDA. However, during 1Q26, Sri Lanka recorded no EBITDA during the quarter. All of these properties outside of Macau are geared towards the premium customer. Key highlight of 1Q26 earnings: margin growth One key metric to highlight from Melco's 1Q26 results is its hold-adjusted property EBITDA in Macau. This metric assumes a nor...
Tesla Inc. (NASDAQ:TSLA) recently ramped up its Robotaxi operations in Texas, providing unsupervised Robotaxi rides in Dallas and Houston, while it was already providing rides in Austin. While the ramp-up in Cybercab production could provide another boost in its Robotaxi exploits, Tesla remains far behind its rival Alphabet Inc.‘s (NASDAQ:GOOGL) (NASDAQ:GOOG) Waymo. Tesla Vs Waymo On Thursday, Ele...
Tesla Inc. (NASDAQ:TSLA) recently ramped up its Robotaxi operations in Texas, providing unsupervised Robotaxi rides in Dallas and Houston, while it was already providing rides in Austin. While the ramp-up in Cybercab production could provide another boost in its Robotaxi exploits, Tesla remains far behind its rival Alphabet Inc.‘s (NASDAQ:GOOGL) (NASDAQ:GOOG) Waymo. Tesla Vs Waymo On Thursday, Electrek reported that Tesla had increased the size of its unsupervised Robotaxi fleet to 25 across the
Investing.com -- Emerging-market equities are currently outperforming expectations of a conflict-driven downturn, with the MSCI Emerging Markets Index rebounding to all-time highs.
Investing.com -- Emerging-market equities are currently outperforming expectations of a conflict-driven downturn, with the MSCI Emerging Markets Index rebounding to all-time highs.
vadishzainer/iStock via Getty Images Three developments stand out from last week. First, all five G10 central banks that met delivered some form of hawkish holds. The Bank of Japan was the least convincing, and the swap market barely changed the extent of the anticipated tightening this year. The year-end projection rose by about 22 bp in Canada, 19 bp for the ECB, and 15 bp for the Bank of Englan...
vadishzainer/iStock via Getty Images Three developments stand out from last week. First, all five G10 central banks that met delivered some form of hawkish holds. The Bank of Japan was the least convincing, and the swap market barely changed the extent of the anticipated tightening this year. The year-end projection rose by about 22 bp in Canada, 19 bp for the ECB, and 15 bp for the Bank of England. The projected year-end Fed funds rate rose by about 10 bp, but the Fed is the only major central bank where the market is still pricing in a chance of a cut (albeit small). Second, many pixels have been used to explain the implications of the three dissents, wanting the FOMC to adopt a more neutral stance. Yet rather than a substantive disagreement seems more procedural. While other members seemed sympathetic, the question was over timing and given the significance of the uncertainties about the scale and duration of the war on Iran, a majority favored waiting. A change in the statement, arguably, would fit better with the updated Summary of Economic Projections in June. Third, the BOJ appears to have sold dollars to support the yen last week. Even though it did not signal a policy shift, it seemed effective in halting the market's efforts to push the yen lower. The action will reinforce the significance of the JPY160 area, though unlike earlier this year, when the US participated in verbal intervention, the US Treasury did not appear to comment or support Japan's effort. Aside from unpredictable Middle East developments, there are three highlights in the week ahead. First, the Reserve Bank of Australia meets Tuesday and is likely to hike rates for the third time this year. The Australian dollar reached new four-year highs before the weekend, in part, anticipating the hike. Second, the UK holds local elections on May 7. A poor showing for labour will keep Prime Minister Starmer on the defensive, following the appointment and departure of Lord Mandelson. Third, at the end...
⚽ All the latest going into Sunday’s big games ⚽ Scores | Tables | Follow us on Bluesky | Mail Emillia How the top of the Premier League table looks following Arsenal’s huge win against Fulham… Mikel Arteta said his Arsenal team had played some of their best football of the season in Saturday’s 3-0 home win over Fulham and demanded that they take the positive feelings into the return leg of their ...
⚽ All the latest going into Sunday’s big games ⚽ Scores | Tables | Follow us on Bluesky | Mail Emillia How the top of the Premier League table looks following Arsenal’s huge win against Fulham… Mikel Arteta said his Arsenal team had played some of their best football of the season in Saturday’s 3-0 home win over Fulham and demanded that they take the positive feelings into the return leg of their Champions League semi-final against Atlético Madrid on Tuesday. Continue reading...
Japan’s prime minister is set to arrive in Australia to strengthen ties with one her country’s strongest allies as she seeks to build on an updated regional strategy laid out in Vietnam. Prime Minister Sanae Takaichi is scheduled to touch down late Sunday local time in Canberra for the three-day visit, which will focus on defense, critical minerals and broader economic security . The two countries...
Japan’s prime minister is set to arrive in Australia to strengthen ties with one her country’s strongest allies as she seeks to build on an updated regional strategy laid out in Vietnam. Prime Minister Sanae Takaichi is scheduled to touch down late Sunday local time in Canberra for the three-day visit, which will focus on defense, critical minerals and broader economic security . The two countries have grown increasingly concerned about the changing security and economic environment in the region, with Japan taking a more assertive military stance and looking to build economic ties and stable supply chains with nations such as Vietnam. With the US focusing elsewhere and China becoming stronger, the two nations’ militaries are holding frequent joint exercises and are now looking to share technology — including Australia’s decision to purchase Japanese naval vessels. The multi-billion dollar deal, which Japan sees as the potential foundation of exports to nations such as New Zealand or India, is the symbol of the relationship and shows how Japan’s defense posture has shifted in the past 10 years. The security environment in the Asia-Pacific region is “increasingly severe,” Shinjiro Koizumi , Japan’s defense minister, said last month. “We will pursue multilayered cooperation between Japan and Australia with an open mindset, not only in frigates, but also in areas such as unmanned systems, cyber and space, as well as joint production of defense equipment,” he said while standing on the front deck of a Japanese warship in Melbourne. “As uncertainty in our surrounding security environment continues to grow, the need for Japan and Australia to work together and pool our wisdom to contribute to regional peace and stability is greater than it has been at any point in the past 50 years,” Koizumi said. Japan’s Takaichi Lays Out Revamped Indo-Pacific Vision in Speech Japan, Australia Warn of Asia Security Vacuum With Focus on Iran Why China and Japan Are in a Growing Standoff: ...