Two Democratic secretaries of state said they were told the Trump administration isn’t planning to send federal immigration enforcement agents to polling locations during November’s congressional elections. State officials were told during a call Wednesday with federal authorities that Immigration and Customs Enforcement agents won’t be waiting outside voting locations, said Maine Secretary of Sta...
Two Democratic secretaries of state said they were told the Trump administration isn’t planning to send federal immigration enforcement agents to polling locations during November’s congressional elections. State officials were told during a call Wednesday with federal authorities that Immigration and Customs Enforcement agents won’t be waiting outside voting locations, said Maine Secretary of State Shenna Bellows . She told reporters that the comment was welcome, but she added that “it would be completely unlawful and unconstitutional should the answer be anything different.” State and federal officials have repeatedly clashed in the past year over President Donald Trump ’s immigration crackdown and concern is mounting that the upcoming elections will be a major flash point. Meanwhile, the federal government is suing more than 20 states for refusing to turn over current voter roll data. “ICE is not planning operations targeting polling locations,” the Department of Homeland Security, which includes the agency, said in a statement. “ICE conducts intelligence-driven targeted enforcement, and if an active public safety threat endangered a polling location, they may be arrested as a result of that targeted enforcement action.” However, Bellows said that, when pressed, federal officials wouldn’t agree to tell the public that states were in charge of elections. “I did not walk away from this meeting reassured the federal government wouldn’t try to interfere in state sovereignty over the election,” she said. The Justice Department didn’t immediately respond to a request for comment on Wednesday’s call and state officials’ comments about it. The statement sent by DHS didn’t address a question about state control of elections. Arizona Secretary of State Adrian Fontes , a Democrat, said the most unsettling aspect of the call was that neither agency “would help acknowledge that states run elections in America.” A fellow secretary of state asked for assurances, but received no...
Australia advises dependants of officials in Israel and Lebanon to leave amid vast US military buildup in the region More countries have told citizens to leave Iran and the surrounding region as airlines scale back flights amid mounting tensions between Washington and Tehran. As a day of critical talks over Iran’s nuclear programme was set to begin, and as a vast US military buildup continued in t...
Australia advises dependants of officials in Israel and Lebanon to leave amid vast US military buildup in the region More countries have told citizens to leave Iran and the surrounding region as airlines scale back flights amid mounting tensions between Washington and Tehran. As a day of critical talks over Iran’s nuclear programme was set to begin, and as a vast US military buildup continued in the Middle East, the Trump administration warned of drastic consequences if Iranian negotiators failed to make significant concessions. Continue reading...
Gary Yeowell/DigitalVision via Getty Images The SRH Total Return Fund ( STEW ) has performed exceptionally well in the past 5 years, despite its relatively conservative exposure to dominant US growth themes like AI. It remains sensitive to interest rates, but otherwise retains the defensive capabilities it inherits from Berkshire Hathaway (almost a third of the holdings) and a collection of high q...
Gary Yeowell/DigitalVision via Getty Images The SRH Total Return Fund ( STEW ) has performed exceptionally well in the past 5 years, despite its relatively conservative exposure to dominant US growth themes like AI. It remains sensitive to interest rates, but otherwise retains the defensive capabilities it inherits from Berkshire Hathaway (almost a third of the holdings) and a collection of high quality compounders. STEW is well set to continue its relatively resilient total return path (i.e. similar returns at lower volatility) in 2026, as growth markets consolidate and AI and mega cap themes allow earnings to grow into valuations . This is not the time for the best returns in STEW as overall market conditions are subdued, but it is likely to weather storms better and still perform well in a stable interest rate regime ahead. Portfolio and Performance Indications At the heart of STEW is a highly concentrated, value-tilted portfolio with heavy exposure to financials and capital allocators. The portfolio is ~36% Berkshire Hathaway. The second highest holding in the active portfolio is JP Morgan - even that is a significant ~13%. The overall holdings comprise companies that are well-established and strong cash generators. Top 10 Holdings - STEW (STEW Website) Apart from financials and capital allocators, the portfolio has material exposure in industrials and cyclicals and a lower high single digit exposure in technology. The technology exposure is mostly in defensive cash compounders like Microsoft and Cisco. There is also a decent exposure in energy (Enterprise Products Partners) and cash-generating consumer brands like Walmart and Yum! Brands. This allocation therefore indirectly bets on financial strength, a stable interest rate regime, capital discipline (over growth at any cost), real asset cash flows, and economic growth. Sector Allocations - STEW (Seeking Alpha) Although highly concentrated, STEW diversifies into very different themes at the same time. On one h...
ipopba/iStock via Getty Images The equity portion of the Fund rose (gross of fees) but underperformed its benchmark, the NASDAQ Biotechnology Index. 1 Performance was held back by several stock-specific setbacks. Among these, uniQure ( QURE ) detracted as regulatory uncertainty resurfaced around its Huntington's disease gene therapy after the FDA raised concerns over the acceptability of the natur...
ipopba/iStock via Getty Images The equity portion of the Fund rose (gross of fees) but underperformed its benchmark, the NASDAQ Biotechnology Index. 1 Performance was held back by several stock-specific setbacks. Among these, uniQure ( QURE ) detracted as regulatory uncertainty resurfaced around its Huntington's disease gene therapy after the FDA raised concerns over the acceptability of the natural history comparator, clouding filing timelines despite earlier durability data. Mereo BioPharma Group ( MREO ) underperformed sharply after its Phase III osteogenesis imperfecta trial failed to meet its primary endpoint, representing a material break in the investment case. Korro Bio ( KRRO ) also detracted after clinical data fell short of expectations, prompting concerns over the translational effectiveness of its ribonucleic acid ('RNA')-editing platform and weighing on sentiment towards early-stage biotechnology. Positive contributions were led by Regeneron Pharmaceuticals ( REGN ), which benefited from improving investor confidence in the durability of its core franchises, robust Dupixent demand and easing concerns around retinal competition as Eylea High Dose gained traction. Dyne Therapeutics ( DYN ) outperformed after encouraging clinical updates that reinforced confidence in its muscle-targeted delivery platform, alongside a broader re-rating of innovation-focused SMID-cap biotechnology stocks. Arrowhead Pharmaceuticals ( ARWR ) also contributed positively as investors reassessed the strategic value of its RNA interference platform, supported by partnership validation, business development activity and improved visibility across its pipeline. Market review The U.S. healthcare sector in 2025 was marked by frustration followed by a gradual shift towards cautious optimism. The sector lagged the broader market as investors favored large-cap technology and artificial intelligence-driven growth, while healthcare faced persistent policy, reimbursement, and regulatory un...