I don't think I need to tell you that things are getting a little chaotic out there in the world. The Russia-Ukraine war is raging into its fifth year. There might be a ceasefire in the war between Iran, the United States, and Israel, but it's tenuous at best. Who knows what will happen next? I certainly don't. Maybe we'll be extremely lucky and countries around the world will finally give peace a...
I don't think I need to tell you that things are getting a little chaotic out there in the world. The Russia-Ukraine war is raging into its fifth year. There might be a ceasefire in the war between Iran, the United States, and Israel, but it's tenuous at best. Who knows what will happen next? I certainly don't. Maybe we'll be extremely lucky and countries around the world will finally give peace a chance. Probably not. But a guy can hope, right? The best thing you can do for your portfolio right now is hedge it against the chaos across the world and across the markets with Rheinmetall (OTC: RNMBY) , which is shaping up to be one of the best defense industry plays for an uncertain future. Continue reading
sankai/E+ via Getty Images Market Commentary Global fixed income markets moved sharply lower during March 2026 as the conflict in Iran disrupted what had been a broadly constructive start to the quarter. Higher energy prices rekindled inflation concerns, pushing yields higher and presenting a challenging policy environment for central banks around the world. Markets largely abandoned expectations ...
sankai/E+ via Getty Images Market Commentary Global fixed income markets moved sharply lower during March 2026 as the conflict in Iran disrupted what had been a broadly constructive start to the quarter. Higher energy prices rekindled inflation concerns, pushing yields higher and presenting a challenging policy environment for central banks around the world. Markets largely abandoned expectations of U.S. Federal Reserve rate cuts and began pricing in multiple rate hikes by the European Central Bank and Bank of England. The Reserve Bank of Australia began raising rates, while the Central Bank of Brazil moved in the opposite direction, cutting them. This divergence, driven by differing inflation dynamics and varying exposures to the Middle East, contributed to notable volatility across global rates and currencies. During the first quarter, the best-performing currencies were generally those of commodity exporters, such as the Australian dollar, Brazilian real, and Norwegian krone. Global credit markets were relatively resilient, with investment-grade spreads widening modestly but remaining near historically tight levels. Performance1 Total Returns (%) Average Annual Total Returns 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception (12/5/2012) Global Bond Fund — Class I -0.21 -0.21 7.22 6.70 3.24 4.88 3.75 Global Bond Fund — Class X -0.19 -0.19 7.40 6.78 3.30 4.91 3.77 Bloomberg Global Aggregate Bond Index (USD Hedged) -0.15 -0.15 3.49 4.07 0.81 2.05 2.41 Click to enlarge Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Mutual Fund performance changes over time and currently may be significantly lower than stated above. Performance is updated and published monthly. Current month-end performance can be obtained at dodgeandcox.com or by calling 800-621-3979. Portfolio Strategy Grounded in our valuation discip...
A lot of people breathe a sigh of relief when they sign up for Medicare, thinking that from that point onward, their healthcare costs will be minimal. But there are numerous costs associated with Medicare , including premiums for Part B (and sometimes Part D and Medicare Advantage), coinsurance, and deductibles. The problem is that while your monthly premiums may be fairly predictable (at least wi...
A lot of people breathe a sigh of relief when they sign up for Medicare, thinking that from that point onward, their healthcare costs will be minimal. But there are numerous costs associated with Medicare , including premiums for Part B (and sometimes Part D and Medicare Advantage), coinsurance, and deductibles. The problem is that while your monthly premiums may be fairly predictable (at least within each calendar year), it's hard to estimate your remaining costs. After all, you don't know what your healthcare needs will look like from year to year. But in some cases, you could be looking at thousands of dollars extra if you need a series of procedures or wind up admitted to the hospital. Image source: Getty Images. Continue reading
Earnings Call Insights: Koninklijke Philips N.V. (PHG) Q1 2026 Management View "We started '26 with a clear proof that our strategy is delivering, growth, margin expansion and strong order momentum despite the volatile environment" (President, CEO & Chairman of the Board of Management Roy Jakobs). "Order intake grew 6%" and "Comparable sales increased 4%" with "Adjusted EBITDA margin improved by 4...
Earnings Call Insights: Koninklijke Philips N.V. (PHG) Q1 2026 Management View "We started '26 with a clear proof that our strategy is delivering, growth, margin expansion and strong order momentum despite the volatile environment" (President, CEO & Chairman of the Board of Management Roy Jakobs). "Order intake grew 6%" and "Comparable sales increased 4%" with "Adjusted EBITDA margin improved by 40 basis points to 9%, despite higher tariffs" (President, CEO & Chairman of the Board of Management Jakobs). "We expect regulatory clearance in 2027" for "the industry's first helium-free 3.0T MR systems" and Philips said it had "installed more than 2,200 systems globally, saving over 6 million liters of helium" (President, CEO & Chairman of the Board of Management Jakobs). "This segment delivered another quarter of broad-based growth" and Philips cited "adding more than 3,000 distribution points in Europe" in Personal Health, alongside expanded retail listings (President, CEO & Chairman of the Board of Management Jakobs). "Adjusted diluted earnings per share from continuing operations were EUR 0.23" and "Free cash flow in Q1 was an inflow of EUR 28 million" (Executive VP, CFO & Member of Board of Management Charlotte Hanneman). "We ended the first quarter with EUR 2.6 billion in cash" and "Net debt was EUR 5.5 billion" (Executive VP, CFO & Member of Board of Management Hanneman). "In April, we signed a long-term strategic partnership with WellSpan Health in the U.S." and Philips also highlighted a "5-year enterprise service agreement" with AdventHealth (President, CEO & Chairman of the Board of Management Jakobs). Outlook Philips reiterated: "We expect comparable sales growth of 3% to 4.5%" for 2026 (Executive VP, CFO & Member of Board of Management Charlotte Hanneman). Philips reiterated: "we reiterate our full year adjusted EBITDA margin guidance range of between 12.5% and 13%" and "Our full year free cash flow outlook also remains unchanged at between EUR 1.3 billion an...
Earnings Call Insights: Amcor plc (AMCR) Q3 2026 Management View "Our financial performance in the third quarter was in line with expectations" and "Adjusted EPS of $0.96 per share was up 6% year-over-year," Peter Konieczny (CEO & Director) said, adding that the company is "making substantial progress" on divesting "noncore businesses" after the Berry combination. "We made important progress on ou...
Earnings Call Insights: Amcor plc (AMCR) Q3 2026 Management View "Our financial performance in the third quarter was in line with expectations" and "Adjusted EPS of $0.96 per share was up 6% year-over-year," Peter Konieczny (CEO & Director) said, adding that the company is "making substantial progress" on divesting "noncore businesses" after the Berry combination. "We made important progress on our portfolio optimization actions with 4 additional sale agreements reached over the last 3 months" and "The combined transaction value from these 6 divestitures is approximately $500 million," CEO Konieczny said. He added: "All cash proceeds will be used to reduce debt" and "the net impact on EPS is not expected to be material." On integration benefits, CEO Konieczny said, "Synergy delivery continues to accelerate, reaching $77 million in the quarter and $170 million for the first 9 months," and he stated, "we will deliver $270 million of synergies in fiscal 2026, ahead of our initial $260 million year 1 target." Addressing geopolitical and inflation concerns, CEO Konieczny said, "we're not expecting the Middle East conflict to have any material impact on our Q4 earnings," while also noting, "we have made choices about working capital management, primarily inventory through the fourth quarter" and "we now expect free cash flow to be in the range of $1.5 billion to $1.6 billion." Stephen Scherger (CFO & Executive VP) said, "We are confident that we will deliver $270 million in fiscal 2026 and $650 million cumulatively over 3 years," and added that "growth synergies continue to track well against our $280 million 3-year annualized revenue target with annualized revenue now exceeding $110 million." CFO Scherger announced reporting changes: "Effective in 2027, we will transition our fiscal year-end from June 30 to December 31" and "we will have a 6-month reporting period from July 1, 2026, through December 31, 2026." He also said, "beginning in 2027, we will initiate the migrat...
Earnings Call Insights: Strata Critical Medical (SRTA) Q1 2026 Management View "We're happy to report another great quarter with results ahead of our guidance for both revenue and adjusted EBITDA" (Co-CEO, CFO & Director William Heyburn), adding that "our 87% year-over-year revenue growth reflected organic growth of 32% in Logistics, coupled with a particularly strong contribution from our new Cli...
Earnings Call Insights: Strata Critical Medical (SRTA) Q1 2026 Management View "We're happy to report another great quarter with results ahead of our guidance for both revenue and adjusted EBITDA" (Co-CEO, CFO & Director William Heyburn), adding that "our 87% year-over-year revenue growth reflected organic growth of 32% in Logistics, coupled with a particularly strong contribution from our new Clinical business." "We began generating both operating cash flow and free cash flow before aircraft acquisitions this quarter" (Co-CEO, CFO & Director Heyburn), while stating that "our quality of earnings and cash conversion will only improve in the coming quarters as we clear the last remaining Passenger divestiture-related outflows." "We're delighted to announce the acquisition of Ohio Valley Perfusion Associates" (Co-CEO, CFO & Director Heyburn). He said, "The Ohio Valley transaction value is approximately $1 million, and we expect it to contribute approximately $100,000 of adjusted EBITDA for the remainder of this year," and described M&A economics as "mid-single-digit multiples of EBITDA" for targets. "We have significant balance sheet capacity to support this M&A strategy" (Co-CEO, CFO & Director Heyburn), citing "approximately $59 million of cash on hand," "an undrawn $30 million asset-based lending facility that could be upsized to $50 million," and "up to $45 million of contingent consideration from the Passenger sale transaction that's payable over the next year." "We recently expanded into the Midwest, launching a new combined Logistics and Clinical base in the very strategic city of Chicago" (Co-CEO, General Counsel, Corporate Secretary & Director Melissa Tomkiel), and said this "creates more cost-effective options" for recoveries across the region. "NRP [is] being performed on more than half of all DCD donors" (Co-CEO Tomkiel), and she tied demand to capacity constraints: "The recovery surgeon capacity that transplant centers used to keep in-house simply doesn't ...
SLR Investment ( SLRC ) shares dipped 13% during early trading hours on Wednesday after the company reported first-quarter results that came in below market expectations on both the top and bottom lines. The company reported Q1 net investment income per share of $0.33, missing market expectations by $0.07, while its total investment income of $49.29M was $4.72M below expectations. As of March 31, ...
SLR Investment ( SLRC ) shares dipped 13% during early trading hours on Wednesday after the company reported first-quarter results that came in below market expectations on both the top and bottom lines. The company reported Q1 net investment income per share of $0.33, missing market expectations by $0.07, while its total investment income of $49.29M was $4.72M below expectations. As of March 31, 2026, net asset value was $18.16 per share, compared to $18.26 per share at December 31, 2025. “The combination of geopolitical volatility, disruption to the software & technology industries, and light M&A transaction activity created a risk-off and wait-and-see stance across our investment pipelines in the first quarter,” said Michael Gross, Co-CEO of SLR Investment Corp. “As credit defaults continue to rise and dispersion manifests in private credit portfolios, we continue to believe the private credit industry is in the middle stages of a credit cycle and investment activity requires an even higher degree of underwriting selectivity than is typical and a heightened focus on capital preservation. While SLRC achieved solid total returns in Q1 from strong credit performance and a 100% performing portfolio, the manager voluntarily elected to permanently reduce the performance-based incentive fee to further align ourselves with our fellow shareholders.” The firm’s Co-CEO Bruce Spohler highlighted, “While we do see some evidence that investment activity and terms have improved, we will be patient and opportunistic in rebuilding the comprehensive portfolio over the remainder of the year. Additionally, we have been implementing growth initiatives across our specialty finance investment strategies that should further support portfolio growth.” More on SLR Investment SLR Investment: Resilient BDC, But Dividend Coverage Makes Me Cautious SLR Investment posts mixed Q4 results, NII marginally below dividend level Seeking Alpha’s Quant Rating on SLR Investment Historical earnings data...
Tanison Pachtanom Primoris Services ( PRIM ) shares plunged as much as 47% on Wednesday after the infrastructure contractor reported weaker-than-expected first-quarter results and sharply lowered its full-year outlook, overshadowing otherwise steady demand across its core markets. The provider of engineering, construction and maintenance services to utilities, energy and renewable infrastructure p...
Tanison Pachtanom Primoris Services ( PRIM ) shares plunged as much as 47% on Wednesday after the infrastructure contractor reported weaker-than-expected first-quarter results and sharply lowered its full-year outlook, overshadowing otherwise steady demand across its core markets. The provider of engineering, construction and maintenance services to utilities, energy and renewable infrastructure projects across North America, missed Wall Street expectations on both the top and bottom lines. The company, whose work spans power delivery, pipeline construction, utility-scale solar and communications infrastructure, reported revenue of about $1.6 billion, below the $1.61 billion consensus estimate. Adjusted earnings of $0.59 a share also fell short of expectations for $0.84. Net income fell to $17.4 million, or $0.32 a share, from $44.2 million, or $0.81 a share, a year earlier. Renewables trouble weighs on results The earnings miss was driven largely by operational issues in the company’s renewable energy business, where cost overruns and project delays eroded profitability. Primoris ( PRIM ) said certain solar and renewables projects faced redesign efforts, sequencing changes, labor productivity challenges and unfavorable weather, all of which drove higher costs and weaker margins. Revenue in the energy segment declined nearly 14%, while operating income in that business plunged more than 60%, reflecting both lower activity and rising expenses tied to troubled projects. Chief Executive Koti Vadlamudi acknowledged the pressure, saying, “Our first quarter financial results reflected cost pressures on a limited number of renewables projects.” The impact extended to profitability more broadly. Operating margin fell sharply to 1.6% from 4.3% a year earlier, while earnings before interest, taxes, depreciation and amortization declined significantly year over year. Guidance reset More troubling for investors was the company’s revised outlook. Primoris ( PRIM ) cut its 2026 a...
HJBC KKR ( KKR ) has exited the multibillion pound auction for Nestlé water brands including Perrier and San Pellegrino. Formal bids for a 50% stake in the Nestle division, which includes the Acqua Panna brand, are due in the first half of June, according to a Sky News report on Wednesday, which cited unidentified sources. KKR's ( KKR ) withdrawal leaves private equity firms including PAI Partners...
HJBC KKR ( KKR ) has exited the multibillion pound auction for Nestlé water brands including Perrier and San Pellegrino. Formal bids for a 50% stake in the Nestle division, which includes the Acqua Panna brand, are due in the first half of June, according to a Sky News report on Wednesday, which cited unidentified sources. KKR's ( KKR ) withdrawal leaves private equity firms including PAI Partners, Platinum Equity and Clayton, Dubilier & Rice as the remaining bidders. Butterfly Equity, a Los Angeles-based investor focused on the food sector, and Primavera, a Chinese investment firm expressed preliminary interest. KKR declined to comment to Sky News. Bloomberg reported in January that Nestlé ( NSRGY ) was moving ahead with the sale of a stake in its €5 billion ($5.8 billion) water business. More on Nestlé S.A. Nestle: Growth At A Reasonable Risk-Reward Nestlé S.A. (NEST:CA) Q1 2026 Sales/Trading Call Transcript Nestlé S.A. (NEST:CA) Q1 2026 Sales/ Trading Statement Call - Slideshow Nestlé to slash 180 jobs in France; stock jumps 4.68% post-Q1 results Nestlé S.A. Non-GAAP EPS of CHF 4.42, revenue of CHF 89.49B; initiates FY26 outlook