Pla2na/iStock via Getty Images Commentary as of 12/31/25 The fund posted returns of 1.27% (Institutional shares)( MANLX ) and 1.21% (Investor A shares, without sales charge)( MDNLX ) for the fourth quarter of 2025. High-quality investment grade holdings in the “belly” of the yield curve (maturities in a range of 12-20 years) drove performance, while high yield positions were the largest detractor....
Pla2na/iStock via Getty Images Commentary as of 12/31/25 The fund posted returns of 1.27% (Institutional shares)( MANLX ) and 1.21% (Investor A shares, without sales charge)( MDNLX ) for the fourth quarter of 2025. High-quality investment grade holdings in the “belly” of the yield curve (maturities in a range of 12-20 years) drove performance, while high yield positions were the largest detractor. The fund had an overweight allocation to securities maturing in 12-20 years. Holdings were predominantly concentrated in high-quality positions in the tax-backed, utilities, and transportation sectors. The fund had an overweight exposure to prepaid gas debt, while it maintained a notable, albeit declining, allocation to shorter-call bonds to enhance dividend yield. Contributors Positions in securities maturing in 12-20 years benefited performance due to yield curve steepness, which contributed to marginal income, or carry, and price appreciation. High-quality positions in the tax-backed, utilities, and transportation sectors made solid gains. In the transportation sector, airport spreads continued to tighten, while within that space, alternative minimum tax (AMT) bonds performed well as spreads compressed versus non-AMT securities. Health care holdings focused in put bonds (bonds that give the holder the right to sell a security back to the obligor on a specified date) maturing in less than 10 years saw spread tightening. Detractors High yield and below investment grade holdings detracted, mainly projects in the transportation and charter school sectors. Despite attractive income accrual, the prepaid gas sector lagged as issuance surged into year-end, which caused spreads to widen. Further insight The market moved broadly sideways during the quarter, with a modest rally following what had been a sharp gain in September. The U.S. government shutdown drove uncertainty around data releases and interest rate expectations, while municipal bond supply and selling for tax purpose...
Manufactured homes have long faced stigma and been confined to trailer parks. But with updated designs – and zoning codes – more suburbs and cities are turning to them for affordable housing.
Manufactured homes have long faced stigma and been confined to trailer parks. But with updated designs – and zoning codes – more suburbs and cities are turning to them for affordable housing.
Delivery Hero SE ’s second-largest shareholder, Aspex Management , is threatening to try and replace the food delivery company’s management if it doesn’t push ahead with the sale of certain assets. “Our expectation is that you will identify all those assets where Delivery Hero is not the best owner and operator and the sale of such assets generates higher value,” Aspex wrote in a letter to Deliver...
Delivery Hero SE ’s second-largest shareholder, Aspex Management , is threatening to try and replace the food delivery company’s management if it doesn’t push ahead with the sale of certain assets. “Our expectation is that you will identify all those assets where Delivery Hero is not the best owner and operator and the sale of such assets generates higher value,” Aspex wrote in a letter to Delivery Hero’s Chief Executive Officer Niklas Östberg . Single country divestitures or minority stake sales in businesses would not go far enough, Hong Kong-based Aspex wrote in the letter seen by Bloomberg News. Aspex holds roughly 9.2% of Delivery Hero stock, the letter shows. Delivery Hero said in December that it’s evaluating options to improve finances and operations. Bloomberg News had reported previously that the company was facing pressure from investors including Aspex to conduct a strategic review amid increasing consolidation in the food-delivery industry, which operates on razor-thin margins. In its letter to Östberg, Aspex wrote that there is broad-based skepticism among shareholders about whether Delivery Hero is pursuing a strategic review with enough urgency or seriousness. “Absent a clear near-term commitment to these actions and a credible strategic reset that crystalizes value, we will assess all legal courses,” Aspex wrote. “This particularly includes initiating steps that aim at ultimately changing the leadership of the company.” Shares in Delivery Hero have fallen almost a third in Frankfurt trading over the last 12 months, giving the company a market value of about €5 billion ($5.8 billion). A representative for Berlin-based Delivery Hero didn’t immediately provide comment. Aspex also suggested that Delivery Hero’s profitability is lower that that of its peers because it’s active in too many countries. Delivery Hero, which operates in more than 70 countries according to its website , has previously tried and failed to shed regional businesses, including its...
Lovable Chief Executive Officer Anton Osika speaks to Bloomberg's Tom Mackenzie about the recent software selloff. He explains why letting anyone build software could erode tech monopolies, pressure incumbents to innovate and reduce their profits. Stockholm-based Lovable is one of a growing number of “vibe coding” startups that allow users to prototype apps and sites using plain-English prompts. (...
Lovable Chief Executive Officer Anton Osika speaks to Bloomberg's Tom Mackenzie about the recent software selloff. He explains why letting anyone build software could erode tech monopolies, pressure incumbents to innovate and reduce their profits. Stockholm-based Lovable is one of a growing number of “vibe coding” startups that allow users to prototype apps and sites using plain-English prompts. (Source: Bloomberg)
In this article MSFT AMZN Follow your favorite stocks CREATE FREE ACCOUNT Advocacy groups and community members protest laws surrounding data centers while outside the Texas Capitol in Austin Monday, Feb. 23, 2026. Austin American-statesman/hearst Newspapers | Hearst Newspapers | Getty Images The companies racing to build the massive infrastructure needed for the artificial intelligence boom are f...
In this article MSFT AMZN Follow your favorite stocks CREATE FREE ACCOUNT Advocacy groups and community members protest laws surrounding data centers while outside the Texas Capitol in Austin Monday, Feb. 23, 2026. Austin American-statesman/hearst Newspapers | Hearst Newspapers | Getty Images The companies racing to build the massive infrastructure needed for the artificial intelligence boom are facing growing backlash over electricity costs, as households and policymakers question whether data centers are driving up power bills. However, a recent report from SemiAnalysis, a semiconductor research firm, argued that the expansion of data centers is only part of the story, and claimed that market design and policy decisions play a greater role in these energy price increases than AI infrastructure growth alone. From rural Virginia to the Arizona desert, communities that once welcomed tech investment are now pushing back against data centers amid growing concerns that these facilities — built by so-called AI hyperscalers — are straining local power grids, raising costs for everyone else. Since 2020, residential electricity prices in the U.S. have risen by more than 36%, from 12.76 cents per kilowatt-hour to 17.44 cents per kilowatt-hour in February 2026, and are expected to hit 19.01 cents per kilowatt-hour by September 2027, according to the latest forecast by the U.S. Energy Information Administration. "Retail electricity prices have increased faster than the rate of inflation since 2022, and we expect them to continue increasing through 2026," the EIA said in a March 2025 report before the Iran War. U.S. President Donald Trump recently also acknowledged the problem for the industry, saying data centers " need some PR help ." Localized pricing mechanisms Retail electricity prices in the U.S. reflect the costs of generating, transmitting, and delivering power, along with other factors such as taxes and utility investments to upgrade aging infrastructure. SemiAnalysis ...
(RTTNews) - Sojitz (XEB.F, 2768.T) and Australia's Lynas Rare Earths (LYC.AX) have signed a MOU via Japan Australia Rare Earth to begin discussions for mineral exploration and new development of rare earths mines. The companies have agreed to expand the current product range and
(RTTNews) - Sojitz (XEB.F, 2768.T) and Australia's Lynas Rare Earths (LYC.AX) have signed a MOU via Japan Australia Rare Earth to begin discussions for mineral exploration and new development of rare earths mines. The companies have agreed to expand the current product range and
Kyivstar Group Ltd. press release ( KYIV ): Unadjusted net profit for 4Q25 was USD 90 mn. Revenue of $321M (+26% Y/Y) beats by $21.68M . More on Kyivstar Group Ltd. Kyivstar: An Overlooked GARP Opportunity Sphere Entertainment, EchoStar top communications services stocks in short interest; Kyivstar Group, Alphabet see the lowest exposure Sphere Entertainment, EchoStar top communications services s...
Kyivstar Group Ltd. press release ( KYIV ): Unadjusted net profit for 4Q25 was USD 90 mn. Revenue of $321M (+26% Y/Y) beats by $21.68M . More on Kyivstar Group Ltd. Kyivstar: An Overlooked GARP Opportunity Sphere Entertainment, EchoStar top communications services stocks in short interest; Kyivstar Group, Alphabet see the lowest exposure Sphere Entertainment, EchoStar top communications services stocks in short interest; Atlanta Braves, IHS see the lowest exposure Seeking Alpha’s Quant Rating on Kyivstar Group Ltd. Historical earnings data for Kyivstar Group Ltd.
(Good Boy) Amid the stylistic shifts of Blake’s seventh record come samples of Dusty Springfield and Dizzee Rascal: gripping distractions from some preachy sentiments Of all the things you might expect from a James Blake album – exquisite minimalism, plaintive vocal distortion, appearances from hip-hop’s great and good – chin-stroking socio0political commentary probably isn’t one of them. But as t...
(Good Boy) Amid the stylistic shifts of Blake’s seventh record come samples of Dusty Springfield and Dizzee Rascal: gripping distractions from some preachy sentiments Of all the things you might expect from a James Blake album – exquisite minimalism, plaintive vocal distortion, appearances from hip-hop’s great and good – chin-stroking socio0political commentary probably isn’t one of them. But as the title suggests, our current predicament is precisely what the 37-year-old aims to address on his seventh solo record. Unfortunately, preachy, banal sentiments (“Everyone’s getting different information / So how can we get on the same side?”) sit awkwardly amid the ethereal melancholia he long ago perfected as the poster boy for London’s 2010s indie-electronica scene. Subsequently, however, Blake became better known for collaborating with huge US rappers, including Kanye West: the pair recorded a succession of still-unreleased tracks in 2022. Through the High Wire – seemingly a repurposing of one of those songs – scans as a bold defence of his disgraced former colleague. “People love a story,” croons Blake, explaining that “whispers change” until “we all fall from glory”. Continue reading...