utah778/iStock via Getty Images The following segment was excerpted from the Alger SICAV - Alger Dynamic Opportunities Fund Q4 2025 Commentary. For the quarter, the portfolio's average long exposure was 80.88% and the average short exposure was -32.28%. The portfolio's average cash exposure was 51.40%. Among long positions, the Information Technology and Health Care sectors were the largest absolu...
utah778/iStock via Getty Images The following segment was excerpted from the Alger SICAV - Alger Dynamic Opportunities Fund Q4 2025 Commentary. For the quarter, the portfolio's average long exposure was 80.88% and the average short exposure was -32.28%. The portfolio's average cash exposure was 51.40%. Among long positions, the Information Technology and Health Care sectors were the largest absolute sector weightings, while the Health Care and Communication Services sectors were the largest relative sector weightings. During the quarter, long positions, in aggregate, detracted from both absolute and relative performance. Short positions, in aggregate, detracted from both absolute and relative performance. Long positions MongoDB, Inc. ( MDB ), Natera, Inc. ( NTRA ), and Alphabet Inc. ( GOOG ) were among the top contributors to performance. Alphabet is the parent of Google and a global leader in digital advertising, cloud computing, and AI-driven consumer services. Shares contributed positively during the quarter as investors increasingly recognized improving execution across the company's AI strategy, supported by strong engagement trends and rising AI-related workloads. Google Cloud was a key driver, with management highlighting accelerating usage, including increased AI token processing and continued momentum in the Gemini ecosystem. Sentiment was further supported by strengthening cloud demand and new customer wins, as well as reports that Google may broaden access to its TPU capabilities, including potential deployments beyond Google Cloud. Natera is a specialty diagnostics laboratory that provides high-value genetic testing across three core franchises: reproductive health (including non-invasive prenatal testing for chromosomal conditions such as trisomy 13, 18, and 21), oncology (led by Signatera, which measures circulating tumor DNA to assess treatment response and detect molecular residual disease and cancer recurrence), and transplant (tests used to monitor...
mustafaU/iStock via Getty Images Quantum Stocks Among Hardest Hit in Tech Selloff After soaring in 2025, pure-play quantum computing stocks have been on a downward spiral, with the four most popular falling more than 30% on average in the past month, amid a rotation away from highly speculative tech investments. Elevated bearish positioning continues to frame the backdrop as investors grow increas...
mustafaU/iStock via Getty Images Quantum Stocks Among Hardest Hit in Tech Selloff After soaring in 2025, pure-play quantum computing stocks have been on a downward spiral, with the four most popular falling more than 30% on average in the past month, amid a rotation away from highly speculative tech investments. Elevated bearish positioning continues to frame the backdrop as investors grow increasingly concerned about stretched valuations while paths to profitability remain unclear. Data by YCharts Quantum computing stocks have been a focal point for investors amid an ongoing debate over the technology’s long-term upside. Backers argue that quantum computers are poised to revolutionize the tech sector by solving problems millions to trillions of times faster than classical counterparts. Skeptics doubt the technology is capable of scaling to a meaningful level. Traditional computers solve problems using “bits,” which represent information as 1 or 0. Quantum computers, in contrast, use “qubits,” which can exist as 0, 1, or a combination of both at the same time, a property known as superposition. Citing the disruptive power of the technology, Jefferies projects that the quantum market could reach $198B by 2040, up from roughly $1B today. “A classical computer is like reading every book in the library one by one to find an answer. A quantum computer is like being able to read all the books at once,” Jefferies analysts wrote in a note to clients . “As quantum moves from lab to applied pilots, a specialized industry is emerging for components, such as cryogenics (dilution refrigerators), lasers/optics, and control electronics, that increasingly supplies multiple hardware stacks.” Wall Street expectations may be high around market penetration, but none of the most prominent pure-play quantum stocks showcase Seeking Alpha Quant Buy ratings due to stretched valuations, lack of profitability, and worsening momentum. Quantum Stocks Under The Quant Microscope I examine the fou...
deepblue4you/E+ via Getty Images Shares of ACV Auctions ( ACVA ) are at their lowest level on record as the company's FY26 outlook points to continued losses despite increased sales. The digital automotive marketplace saw revenue come in at the high end of its guidance range as marketplace and service revenue increased 15%, and marketplace GMV climbed by 2% from a year ago. This led to a 15% incre...
deepblue4you/E+ via Getty Images Shares of ACV Auctions ( ACVA ) are at their lowest level on record as the company's FY26 outlook points to continued losses despite increased sales. The digital automotive marketplace saw revenue come in at the high end of its guidance range as marketplace and service revenue increased 15%, and marketplace GMV climbed by 2% from a year ago. This led to a 15% increase in total sales to an above consensus $184M. However, the company’s profitability was undermined by increased costs associated with customer assurance, higher operations and technology costs, and increased depreciation and amortization charges, all of which resulted in a net loss of $19.6M, or a loss of $0.11 per share, 5 cents better than last year and a penny better than anticipated. Taking out costs associated with depreciation and amortization, stock-based compensation expenses, interest expense, provision for income taxes, and any other one-time, non-recurring items, adjusted EBITDA increased by 35% to $7.62M and more than doubled in FY25 to $58.75M. Although adjusted operating income improved, investors were unsettled by guidance calling for an unadjusted first-quarter loss of $12M to $14M and a full-year FY26 loss of $50M to $54M. This overshadowed revenue growth of 9% to 12% in the first quarter, translating to a range of $200M and $204M versus $201.2M estimates. For FY26, ACV Auctions ( ACVA ) sees revenue increasing by 11% to 13% to a range of $845M and $855M versus $848.7M estimates. More on ACV ACV Auctions Inc. (ACVA) Q4 2025 Earnings Call Transcript ACV Auctions Inc. 2025 Q4 - Results - Earnings Call Presentation ACV Auctions: Stock Price Unlikely To Move Up In The Near Term ACV Auctions expects 28% adjusted EBITDA growth in 2026 while accelerating AI-driven product launches ACV GAAP EPS of -$0.11 beats by $0.01, revenue of $184M beats by $2.04M
Richard Drury/DigitalVision via Getty Images Investment Strategy A long/short hedged equity strategy seeking long-term capital appreciation and lower volatility by primarily investing in long and short positions in equity securities. Highlights During the fourth quarter of 2025, the largest portfolio sector weightings were Information Technology and Health Care. The largest sector overweight was H...
Richard Drury/DigitalVision via Getty Images Investment Strategy A long/short hedged equity strategy seeking long-term capital appreciation and lower volatility by primarily investing in long and short positions in equity securities. Highlights During the fourth quarter of 2025, the largest portfolio sector weightings were Information Technology and Health Care. The largest sector overweight was Health Care and the largest sector underweight was Information Technology. The Health Care sector contributed the most to relative performance while the Communication Services sector that detracted the most from relative performance. Market Environment U.S. equities ended the fourth quarter on a firm footing, with the S&P 500 Index returning 2.7%, extending the steady grind upward that characterized 2025, after the tariff announcements. Investor confidence was supported by a familiar trio: corporate earnings that came in better than expected, a Federal Reserve (Fed) that pushed further into an easing stance, and a macroeconomic backdrop that — despite mounting cross-currents — remained resilient in the aggregate. Market sentiment also benefited from improving clarity on trade policy, including an extension of the U.S. – China truce and selective tariff relief aimed at easing consumer affordability pressures. At the same time, the quarter was defined by widening dispersion beneath the index-level surface. The market's biggest tailwind — continued investment tied to artificial intelligence (AI) — was increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with the capital deployed. Macroeconomic risks also remained in play: labor market softening became harder to ignore, consumers appeared more cautious and bifurcated across income cohorts, and housing stayed under pressure. Complicating the read-through, a prolonged government shutdown reduced economic data visibility, amplify...
Protara Therapeutics ( TARA ) lost ~22% on Tuesday after the company posted updated interim data from a mid-stage trial for its lead candidate TARA-002 in patients with non-muscle invasive bladder cancer. Citing a Jan. 28 data cut of its Phase 2 ADVANCED-2 trial, the company said that patients with Bacillus Calmette-Guérin (BCG)-unresponsive NMIBC indicated a complete response rate of 68.2% and 33...
Protara Therapeutics ( TARA ) lost ~22% on Tuesday after the company posted updated interim data from a mid-stage trial for its lead candidate TARA-002 in patients with non-muscle invasive bladder cancer. Citing a Jan. 28 data cut of its Phase 2 ADVANCED-2 trial, the company said that patients with Bacillus Calmette-Guérin (BCG)-unresponsive NMIBC indicated a complete response rate of 68.2% and 33.3% after six months and 12 months of therapy, respectively. In the BCG-naïve cohort, CR rates at six months and 12 months reached 66.7% and 57.9%, respectively, compared to 69% and 50% of CR rates recorded in a Nov. 7 data cut. According to the company, the cell-based therapy continued to show a favorable safety and tolerability profile with no Grade 3 or greater treatment-related adverse events. Looking ahead, Protara ( TARA ) reaffirmed its plans to begin its ADVANCED-3 registrational trial for TARA-002 in BCG-naïve patients in H2 2026. The enrollments in the BCG-unresponsive registrational cohort of the ADVANCED-2 are also expected to conclude later this year. More on Protara Therapeutics Protara Therapeutics, Inc. (TARA) Presents at 44th Annual J.P. Morgan Healthcare Conference - Slideshow Protara Therapeutics, Inc. (TARA) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript Protara Therapeutics: End Of 2025 Proving Eventful Indeed Protara, CeriBell rise on FDA breakthrough designations Protara Therapeutics slumps 12%, raises $75M equity at $5.75 per share
Seems like the stock market is not the only thing experiencing a volatility storm lately. Last week my friends, family and I were in Park City, Utah, and a massive 2-foot snow storm hit that made for some amazing glade skiing. Sure enough on the way back home, a massive nor'easter hit that closed many of the major East Coast airports. It's been a cold, snowy winter here in upstate New York and wit...
Seems like the stock market is not the only thing experiencing a volatility storm lately. Last week my friends, family and I were in Park City, Utah, and a massive 2-foot snow storm hit that made for some amazing glade skiing. Sure enough on the way back home, a massive nor'easter hit that closed many of the major East Coast airports. It's been a cold, snowy winter here in upstate New York and with just one week until March, it's hard to believe we'll begin looking forward to the spring thaw. I'm also seeing early signs that the market's volatility storm — despite all the global macro and AI capex fears — may be approaching a thaw of its own. As a money manager who focuses on active portfolio management for informed investors (like CNBC Pro readers), even I am starting to get a case of motion sickness from all the back and forth price volatility that has gone nowhere! The Nasdaq 100 is trading at the same price as Oct. 2, 2025! There is so much talk of the great rotation out of growth/technology and into value and defensive areas, yet the Nasdaq 100 is only 4.5% off its all-time highs and still 51% from its 2025 lows. Context is key to prevent those costly emotions driving portfolio decisions. Looking at the Vanguard Growth (VUG) / Vanguard Value (VTV) ratio going back about 20 years we see a clear uptrend into Covid. After that the volatility comes in, but a trained eye will notice a pivot/decision zone in the chart at 2.30-2.10. We're testing this pivot zone for the fifth time. I'm wondering if it will again act as support setting up another period of growth outperformance to value. Another ratio we need to consider is Consumer Discretionary (XLY) / Consumer Staples (XLP) ratio. This chart goes back only 10 years (compared with the 20-year chart above). There is a similar pivot zone and uptrend line (red dashed) just below us at around 1.25-1.20. If this support line holds, it sets up a period of consumer discretionary outperformance to consumer staples. Included ...
The US president fights 1970s battles in a financialised age. America faces not a payments crisis but a slow erosion of industrial and technological power When the US supreme court voted 6-3 last Friday to strike down Donald Trump’s tariffs, he was incandescent . Two judges he had elevated – Neil Gorsuch and Amy Coney Barrett – were suddenly recast as traitors to the cause. Both were, he insinuate...
The US president fights 1970s battles in a financialised age. America faces not a payments crisis but a slow erosion of industrial and technological power When the US supreme court voted 6-3 last Friday to strike down Donald Trump’s tariffs, he was incandescent . Two judges he had elevated – Neil Gorsuch and Amy Coney Barrett – were suddenly recast as traitors to the cause. Both were, he insinuated, under the sway of foreign interests. The court ruled that the tariffs overstepped the powers the US Congress granted under the 1977 International Emergency Economic Powers Act. Mr Trump responded by reaching for a 1974 trade law, invoking “international payments problems” to slap on a 10% tariff for 150 days. Mr Trump was moulded by the 1970s. His political DNA was formed in that era’s crises and he governs as if America were still in the Nixon era of shock politics . In some ways there are parallels. The political mobilisation around economic insecurity echoes that period, as does distrust in elite authority. This explains why many populist politicians on the right reach for the 1970s, which fits the mood of decline and rivalry and offers a narrative of “restoring strength”. Internationally, Mr Trump also sees the world through the 1970s lens of industrial rivalry and trade grievance. But the world today is in a far more financialised and interdependent state. Continue reading...
Huw Pill warns combined effect of national insurance and minimum wage hikes hit youth employment in particular The negative effect of a combined increase in employers’ taxes and minimum wages has been “particularly acute” for young people, the Bank of England’s chief economist has warned. Huw Pill said on Tuesday that the increase in national insurance contributions (NICs) from April last year and...
Huw Pill warns combined effect of national insurance and minimum wage hikes hit youth employment in particular The negative effect of a combined increase in employers’ taxes and minimum wages has been “particularly acute” for young people, the Bank of England’s chief economist has warned. Huw Pill said on Tuesday that the increase in national insurance contributions (NICs) from April last year and the government’s efforts to equalise the “national living wage” had caused a particular issue for young people trying to find jobs. Continue reading...