syahrir maulana/iStock via Getty Images Commentary as of 12/31/25 The fund posted returns of 0.70% (Institutional shares) and 0.64% (Investor A shares, without sales charge) for the fourth quarter of 2025. High-quality investment-grade holdings in the longer end of the yield curve (maturities in a range of 15-25 years) drove performance, while high yield positions were the largest detractor. The f...
syahrir maulana/iStock via Getty Images Commentary as of 12/31/25 The fund posted returns of 0.70% (Institutional shares) and 0.64% (Investor A shares, without sales charge) for the fourth quarter of 2025. High-quality investment-grade holdings in the longer end of the yield curve (maturities in a range of 15-25 years) drove performance, while high yield positions were the largest detractor. The fund's allocations were concentrated in securities maturing in 20-25 years. Holdings were predominantly in high-quality positions in the tax-backed, school district, local government, and utilities sectors. The fund had an underweight exposure to state debt given increased concern about state budget deficits, while it had overweight positions in alternative minimum tax (AMT) bonds, due to their yield advantage, and prepaid gas debt. Contributors Detractors Positions in securities maturing in 18-25 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, AMT bonds performed well as spreads compressed versus non-AMT securities. High yield and below-investment-grade holdings detracted notably, mainly projects in the transportation sector. The tobacco sector also hampered performance, driven by negative expectations around future consumption, along with some forced selling from high yield bondholders into year-end. Despite attractive income accrual, prepaid gas debt lagged as issuance surged towards the end of 2025, which caused spreads to widen. Click to enlarge 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 year-end munic...
Gulf Firms Seek Millions In Political Violence Coverage Amid Rising Tensions Companies across the Gulf are rushing to purchase political violence insurance as regional fighting intensifies, seeking protection for major infrastructure and commercial properties against the growing risk of attacks and collateral damage, according to FT . Insurers and brokers say they have received hundreds of inquiri...
Gulf Firms Seek Millions In Political Violence Coverage Amid Rising Tensions Companies across the Gulf are rushing to purchase political violence insurance as regional fighting intensifies, seeking protection for major infrastructure and commercial properties against the growing risk of attacks and collateral damage, according to FT . Insurers and brokers say they have received hundreds of inquiries in recent days from asset owners looking for coverage that protects against war-related threats. The policies typically cover damage caused by terrorism, missile debris, civil unrest, strikes, riots and other forms of political instability. Demand has surged as the conflict in the Middle East expands, with Iran and allied groups launching missile and drone strikes against Israel and nearby countries following a joint U.S.–Israeli bombing campaign. Investors and businesses in Gulf states including Saudi Arabia and Oman are increasingly concerned about the possibility that the violence could spill over into neighboring economies. Industry experts say the financial impact of the conflict could be unusually large. Fergus Critchley, global head of terrorism and political violence at broker WTW, warned the current crisis could produce losses “significantly larger and more catastrophic” than those seen in recent years. FT writes that much of the new demand is coming from Western companies operating in the Gulf, which insurers say are often considered more likely targets. Raj Rana, who leads war and terrorism coverage at broker Bowring Marsh, said his firm alone has fielded more than 50 requests for political violence coverage since last weekend. Requests have come from a range of sectors, including renewable energy and hospitality. Solar projects in Saudi Arabia and hotels in Bahrain and Qatar have all sought protection as companies worry about both direct attacks and indirect damage such as falling shrapnel from intercepted missiles. Digital infrastructure has also faced threa...
Investors are paying the most since July 2024 to protect against turbulence in Indian shares after years of domestic liquidity-fueled calm. Implied volatility has soared this month as the benchmark NSE Nifty 50 Index joined a global selloff sparked by the Iran war. But unlike in other markets, the gauge of option prices for India is now much higher than realized volatility, indicating that traders...
Investors are paying the most since July 2024 to protect against turbulence in Indian shares after years of domestic liquidity-fueled calm. Implied volatility has soared this month as the benchmark NSE Nifty 50 Index joined a global selloff sparked by the Iran war. But unlike in other markets, the gauge of option prices for India is now much higher than realized volatility, indicating that traders are expecting more turmoil than in recent weeks. Indian equities had been particularly calm, with the India NSE Volatility Index reaching a record low in December. While concerns ranging from a slowing economy to the lack of artificial intelligence players had started to weigh on the market, pushing foreigners to flee, a gush of domestic funds had buffered the declines. Then came the Middle East conflict that sent oil prices surging. The Nifty 50 tanked 4.6% this month through the last close before rebounding 0.8% Tuesday. “Implied volatility doesn’t spike without a reason — it’s the market’s insurance premium going up,” said Maurya Ghelani , derivatives strategist at Kai Securities in Mumbai. “Investors are preparing for a regime shift. The options market is clearly pricing in the risk that calm conditions won’t last.” Demand for protection has accelerated as investors grapple with India’s exposure to the escalating tensions in the Middle East. The nation is the world’s third-largest oil consumer and sources about 40% of its crude imports through the Strait of Hormuz, a government official has said. The India VIX slipped 3.6 points on Tuesday after ending Monday at its highest level since June 2024 — up more than 14 points from the record low. Its ratio against the Cboe Volatility Index is near its highest since last May. Meanwhile, the cost of hedging against declines in the Nifty 50 in the next three months has also jumped. India’s $4.8 trillion equity market had enjoyed years of mutual fund flows into stock funds via recurring monthly investment plans, with local insti...
MAX Power Mining ( MAXXF ) has announced a private placement offering with a goal of raising between C$4M and C$20M. This offering will consist of approximately 15.38M units at a price of C$1.30 per unit, managed by Hampton Securities Limited as the lead agent. The money raised will be used for several purposes: conducting analytical testing and resource estimation for the Lawson Natural Hydrogen ...
MAX Power Mining ( MAXXF ) has announced a private placement offering with a goal of raising between C$4M and C$20M. This offering will consist of approximately 15.38M units at a price of C$1.30 per unit, managed by Hampton Securities Limited as the lead agent. The money raised will be used for several purposes: conducting analytical testing and resource estimation for the Lawson Natural Hydrogen Discovery in Saskatchewan, acquiring seismic data for various targets, drilling additional wells, and covering general corporate costs, including administrative and marketing expenses. Each unit includes one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to buy a common share for C$1.80, valid for up to 24 months after the closing of the offering. The lead agent has an option to sell an additional 15% of the units to address over-allotments, which can be exercised up to two business days before the offering closes. The offering is expected to close around March 20, 2026, pending necessary regulatory approvals. More on Max Power Mining Corp. Seeking Alpha’s Quant Rating on Max Power Mining Corp. Financial information for Max Power Mining Corp.
Options show that traders aren’t ready to prune back bearish bets against the lira even as US President Trump signaled the war with Iran could end soon. The premium on three-month options to sell the lira versus the dollar, rather than to buy the Turkish currency — known as 25 Delta risk reversal — rose to 14.2% in the latest surge in market volatility across global markets triggered by the war in...
Options show that traders aren’t ready to prune back bearish bets against the lira even as US President Trump signaled the war with Iran could end soon. The premium on three-month options to sell the lira versus the dollar, rather than to buy the Turkish currency — known as 25 Delta risk reversal — rose to 14.2% in the latest surge in market volatility across global markets triggered by the war in Iran. That’s the highest level since July. The Iran war has fueled risk aversion, sending emerging-market currencies and other assets lower in March, while also spurring concerns that the rise in energy costs may put Turkey’s disinflation program at risk and derail the rate-cutting cycle. Turkish bonds and stocks faced a steep selloff, while the lira was among the best performing EM currencies last week thanks to Turkey’s efforts to defend it, including dollar sales to deter volatility. Read more: Turkey Spends $12 Billion to Defend Lira From War-Fueled Turmoil Trump signaled on late Monday that the US war on Iran could be ending soon, sending oil prices plunging for the first time since the conflict began. Emerging-market assets also gained. Abstracting from recent volatility, “underlying dollarisation pressure is limited and much lower than in the first half of 2024, when the TCMB began its cutting cycle,” Goldman Sachs economists Clemens Grafe and Basak Edizgil wrote in a report. The lira was trading 0.1% lower at 44.0775 per dollar as of 8:09 a.m. in Istanbul.
(RTTNews) - TSMC (TSM) reported February net revenue, on a consolidated basis, of approximately NT$317.66 billion, a decrease of 20.8 percent from January 2026 and an increase of 22.2 percent from February 2025. For January through February 2026, revenue was NT$718.91 billion, an increase of 29.9 percent compared to the same period in 2025. The company is listed on the Taiwan Stock Exchange under ...
(RTTNews) - TSMC (TSM) reported February net revenue, on a consolidated basis, of approximately NT$317.66 billion, a decrease of 20.8 percent from January 2026 and an increase of 22.2 percent from February 2025. For January through February 2026, revenue was NT$718.91 billion, an increase of 29.9 percent compared to the same period in 2025. The company is listed on the Taiwan Stock Exchange under ticker number 2330, and its American Depositary Shares are traded on the New York Stock Exchange under the symbol TSM. TSMC is currently trading at NT$1,850.00, up 2.21%. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.