Under Shabana Mahmood’s proposals, wait for settled status would double to 20 years if public funds used while in work Families claiming in-work benefits face giving them up and enduring hardship to avoid being “punished” under a planned government migration crackdown, experts have said. More than 200,000 people living legally in the UK are on the 10-year route to settled status, which requires le...
Under Shabana Mahmood’s proposals, wait for settled status would double to 20 years if public funds used while in work Families claiming in-work benefits face giving them up and enduring hardship to avoid being “punished” under a planned government migration crackdown, experts have said. More than 200,000 people living legally in the UK are on the 10-year route to settled status, which requires legal migrants to renew 30-month visas four times – at a cost of £3,908.50 including healthcare costs per renewal – before they can apply for indefinite leave to remain (ILR). Continue reading...
Rachata Amnataree/iStock via Getty Images “We believe municipal credit conditions should continue to remain stable.” Market Review The municipal bond market extended its rally in the fourth quarter, outperforming U.S. Treasuries and corporate bonds, supported by relatively favorable technicals and two additional 25 bp Fed rate cuts. Despite two consecutive quarters of strength, municipal bonds tra...
Rachata Amnataree/iStock via Getty Images “We believe municipal credit conditions should continue to remain stable.” Market Review The municipal bond market extended its rally in the fourth quarter, outperforming U.S. Treasuries and corporate bonds, supported by relatively favorable technicals and two additional 25 bp Fed rate cuts. Despite two consecutive quarters of strength, municipal bonds trailed other fixed income sectors for the full year. On the supply side, new issuance accelerated in November and December after a soft October, bringing total 4Q25 issuance to $141 billion, up 12.5% from 4Q24, according to the Bond Buyer. Full-year supply set another new annual record of $580 billion, up 12.9% year over year, driven in part by front-running tax policy uncertainties, higher cost of capital expenditure due to higher inflation, and waning of pandemic-related funds. Taxable municipal issuance remained low at $33 billion in 2025, down 12.4% year over year. In 4Q25, investor demand remained robust and municipal funds saw strong inflows, especially into municipal ETFs. Per Investment Company Institute data, municipal open-ended mutual funds had net inflows of $13 billion, while ETFs gained $45 billion for the whole year 2025. Performance Summary For the quarter ended December 31, 2025, the Fund’s Class I shares ( DMBIX ) returned 1.66%, excluding sales charges. In comparison, the Fund’s unmanaged benchmark, the Bloomberg U.S. Municipal Bond Index, returned 1.56% for the same period. Average Annual Total Returns (12/31/25) Share Class / Inception Date 3 Month YTD 1 Year 3 Year 5 Year 10 Year Class A (NAV) 03/31/03 1.51% 3.14% 3.14% 3.84% 0.52% 2.01% Class A (4.50% max. load) -3.03% -1.51% -1.51% 2.27% -0.41% 1.54% Class I (NAV) 12/15/08 1.66% 3.48% 3.48% 4.13% 0.77% 2.27% Bloomberg U.S. Municipal Bond Index 1.56% 4.25% 4.25% 3.88% 0.80% 2.34% Click to enlarge The performance data quoted represents past performance, which is no guarantee of future results. Share pric...
As you plan, save, and invest for retirement, it can be good to take some time now and then to imagine what your life might be like in the future with your expected nest egg. Everyone is at different places in their nest-egg-building process, though, and you may be aiming for a different-sized war chest for your future. Let's see what retirement might look like if you retire with, say, $400,000. A...
As you plan, save, and invest for retirement, it can be good to take some time now and then to imagine what your life might be like in the future with your expected nest egg. Everyone is at different places in their nest-egg-building process, though, and you may be aiming for a different-sized war chest for your future. Let's see what retirement might look like if you retire with, say, $400,000. As you read this article, you may be able to make some adjustments to help it apply more accurately to your own financial situation. Image source: Getty Images. Continue reading
malerapaso/iStock via Getty Images One of the best ways to generate total return outperformance is to buy high-yielding dividend stocks that combine strong balance sheets with solid growth potential and favorable macro tailwinds yet are largely off the market's radar. In this article, I will detail two of these opportunities that look significantly undervalued right now and offer yields between 8%...
malerapaso/iStock via Getty Images One of the best ways to generate total return outperformance is to buy high-yielding dividend stocks that combine strong balance sheets with solid growth potential and favorable macro tailwinds yet are largely off the market's radar. In this article, I will detail two of these opportunities that look significantly undervalued right now and offer yields between 8% and 9%. Hess Midstream: 8%+ Yield Backed By Surging Free Cash Flow Hess Midstream ( HESM ) is a natural gas-focused midstream company ( AMLP ) that just delivered a solid fourth quarter . The company expects capex to decline sharply this year to the tune of 40% relative to 2025, with management guiding for even further capex declines in 2027 and 2028. This sharp decline in capex while still generating stable-to-growing volumes should lead to substantial free cash flow generation. Investor Presentation This, in turn, should drive continued mid-single-digit distribution per share growth each year, along with substantial excess cash flow available for stock buybacks and incremental distribution increases. Investor Presentation It was also reassuring to hear that for 2026, revenues are approximately 95% protected by minimum volume commitments, which provides a very stable cash flow outlook for the company. Management expects to generate between $850 million and $900 million of adjusted free cash flow this year, which would mark a 12% year-over-year increase, with 10% annualized growth expected in the next two years. Given that the market cap is currently just $7.6 billion at the midpoint, this implies an 11.5% forward free cash flow yield that will increase further at a pretty substantial clip in the next few years, leading to a near 14% free cash flow yield on current cost in 2028. What this means is that HESM should be able to continue paying out and growing its substantial 8.3% dividend yield at a strong pace for the foreseeable future, while also having significant increme...
Protesters were outside hotel in Washington demanding the release of political prisoners in Azerbaijan Bodyguards traveling with the Azerbaijani president, who was visiting Washington for the inaugural meeting of Donald Trump ’s Board of Peace, punched, kicked and chased protesters outside a Washington hotel on Thursday, video footage shows . Demonstrators calling for the release of political pris...
Protesters were outside hotel in Washington demanding the release of political prisoners in Azerbaijan Bodyguards traveling with the Azerbaijani president, who was visiting Washington for the inaugural meeting of Donald Trump ’s Board of Peace, punched, kicked and chased protesters outside a Washington hotel on Thursday, video footage shows . Demonstrators calling for the release of political prisoners were driven from the street near the motorcade of Ilham Aliyev, the Azerbaijani leader. Continue reading...
FG Trade/iStock via Getty Images Rank One Computing ( ROC ) initially traded higher on Friday after the facial recognition software provider went public. Shares opened at $6.30, 5% higher than the $6 offering price. The company, which initially expected to sell 3M shares in the offering, upsized it following investor demand. More on Rank One Computing Corporation Seeking Alpha’s Quant Rating on Ra...
FG Trade/iStock via Getty Images Rank One Computing ( ROC ) initially traded higher on Friday after the facial recognition software provider went public. Shares opened at $6.30, 5% higher than the $6 offering price. The company, which initially expected to sell 3M shares in the offering, upsized it following investor demand. More on Rank One Computing Corporation Seeking Alpha’s Quant Rating on Rank One Computing Corporation Financial information for Rank One Computing Corporation
On February 17, 2026, Battery Management disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 374,479 shares of Sprinklr (NYSE:CXM) , an estimated $2.85 million trade based on quarterly average pricing. According to a SEC filing dated February 17, 2026, Battery Management Corp. sold 374,479 shares of Sprinklr (NYSE:CXM) during the fourth quarter of 2025. The estimated t...
On February 17, 2026, Battery Management disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 374,479 shares of Sprinklr (NYSE:CXM) , an estimated $2.85 million trade based on quarterly average pricing. According to a SEC filing dated February 17, 2026, Battery Management Corp. sold 374,479 shares of Sprinklr (NYSE:CXM) during the fourth quarter of 2025. The estimated transaction value was approximately $2.85 million, calculated using the average closing price for the period. The fund’s quarter-end position in Sprinklr decreased in value by $2.75 million, a figure that captures both the impact of the share sale and any price movement during the quarter. Sprinklr operates at scale, positioning itself as a leading provider of enterprise customer experience software. The company's strategy centers on delivering a unified platform that connects and analyzes customer interactions across multiple channels, supporting digital transformation for large organizations. Its competitive edge lies in the breadth of its product suite and the ability to serve complex, global clients with integrated, data-driven solutions. Continue reading
Thapana Onphalai The U.S. economy could achieve 3% growth this year as the policy environment shifts dramatically in favor of expansion, according to Aditya Bhave, senior U.S. economist at Bank of America. “The policy backdrop is just so much more supportive for growth this year,” Bhave said in an interview with CNBC, pointing to easier fiscal policy, a Federal Reserve that has cut rates to neutra...
Thapana Onphalai The U.S. economy could achieve 3% growth this year as the policy environment shifts dramatically in favor of expansion, according to Aditya Bhave, senior U.S. economist at Bank of America. “The policy backdrop is just so much more supportive for growth this year,” Bhave said in an interview with CNBC, pointing to easier fiscal policy, a Federal Reserve that has cut rates to neutral or possibly accommodative levels, and reduced trade uncertainty compared to last year. While fourth-quarter GDP figures appeared soft, Bhave emphasized that the government shutdown skewed the results significantly. The shutdown alone accounted for 1.1 to 1.2 percentage points of lost growth. “Ex of that, you were at 2.5-2.6 [percentage points]. That’s totally fine in terms of GDP,” Bhave explained, noting that consumer momentum remained solid heading into the first quarter. Inflation remains a concern, with tariffs playing a notable role in elevated price readings. Bhave estimated that tariffs currently account for approximately 40 to 50 basis points of core PCE inflation. Without the tariff impact, inflation would be running at 2.5% to 2.6%— “better than 3%, obviously, but it’s still quite a bit above what the Fed targets,” he noted. Three key factors are driving the improved outlook for 2026: fiscal stimulus hitting the economy imminently, the Fed’s rate cuts to neutral territory, and the absence of major trade uncertainty shocks. Bhave suggested the economy could easily surpass 2.5% growth for the full year, with AI investment serving as a primary driver throughout 2026. The consumer picture, however, reveals a more complicated story beneath the positive aggregate data. Bhave characterized spending patterns as “k-shaped,” with Bank of America’s internal credit and debit card data showing strong acceleration among higher-income households while lower-income cohorts continue to struggle. “When I say the consumer’s fine, that’s definitely a comment about kind of aggregate...
Jazz musician whose virtuosic abilities with the clarinet and tenor saxophone straddled traditional and modern jazz The principal claim to jazz fame of Ken Peplowski, who has died suddenly aged 66, came from his mastery of the clarinet, an instrument that seemed to struggle for a role once bebop became the lingua franca of the genre. Clarinettists who could cope with both the harmonic and technica...
Jazz musician whose virtuosic abilities with the clarinet and tenor saxophone straddled traditional and modern jazz The principal claim to jazz fame of Ken Peplowski, who has died suddenly aged 66, came from his mastery of the clarinet, an instrument that seemed to struggle for a role once bebop became the lingua franca of the genre. Clarinettists who could cope with both the harmonic and technical demands of this more advanced genre were rare, as were opportunities, so much so that Peplowski seemed destined to follow a more traditonal route in Dixieland jazz, where good clarinet players were still in demand. Having arrived in New York as a 21-year-old from Cleveland, Ohio, and with a considerable reputation, he threw off these restrictions and flourished. His solo career blossomed, nationally and internationally, so much so that the BBC’s Russell Davies described him as “arguably the greatest living jazz clarinettist”, the evidence captured on over 70 “name” albums, and many more on which Peplowski appeared as a sideman. Continue reading...
Alex Cristi /iStock via Getty Images Cybersecurity stocks have been mostly volatile since November last year as AI fears took center stage in investors' minds. The losses suffered by three of them are charted below. Data by YCharts This thesis argues that the market may have unduly punished Japanese cybersecurity provider Trend Micro Incorporated (OTCPK: TMICY ), which has suffered the worst becau...
Alex Cristi /iStock via Getty Images Cybersecurity stocks have been mostly volatile since November last year as AI fears took center stage in investors' minds. The losses suffered by three of them are charted below. Data by YCharts This thesis argues that the market may have unduly punished Japanese cybersecurity provider Trend Micro Incorporated (OTCPK: TMICY ), which has suffered the worst because it rapidly introduced products with Generative AI capabilities, helping it enhance its product line in the face of competition and potential disruption. Also, in this period of uncertainty, the way it has streamlined operations and cut costs to boost profits demonstrates strength. First, it is important to explain the risks associated with AI disruption. Why Cybersecurity Stocks Are Volatile Coming back to the above chart, the initial period of volatility started last year in early November, just after the Nasdaq Composite index reached a peak, and was most likely due to AI bubble fears. Also, a weak demand forecast for firewalls likely impacted investor sentiment towards IT security products, resulting in CrowdStrike ( CRWD ) and Palo Alto ( PANW ) losing value. As for the Japanese company, its slide had started much earlier, in June, and was heavily influenced by the impact of the Digital River transition, as I detail below. Subsequently, AI startup Anthropic released Claude Cowork on January 12, exacerbating the pains of cybersecurity plays, accelerating their dips as shown above. The reason mostly lies in the speed at which it was developed using LLM (large language models), showing that the development of complex software functions that previously took months to develop using human programmers can now take much less time with AI. In this connection, cybersecurity companies are mostly software-based subscription businesses, and, as such, employ programmers. The problem is that a large portion of their work can rapidly be replicated by AI, potentially resulting in the...
A late-weekend storm could blanket parts of the Eastern Seaboard with snow, with several inches possible in New York and southern New England through Monday. A wave of warm, moist air from the US Gulf is expected to collide with cold air sweeping south from Canada. The resulting storm will be capable of producing gusty winds and coastal snow from Delaware to Cape Cod. The latest forecasts call for...
A late-weekend storm could blanket parts of the Eastern Seaboard with snow, with several inches possible in New York and southern New England through Monday. A wave of warm, moist air from the US Gulf is expected to collide with cold air sweeping south from Canada. The resulting storm will be capable of producing gusty winds and coastal snow from Delaware to Cape Cod. The latest forecasts call for up to 3.5 inches (9 centimeters) in Manhattan and 4 inches in Boston by Monday night. But those totals could fluctuate by wide margins in the coming days, said Frank Pereira, a meteorologist with the US Weather Prediction Center. “We’re highly uncertain, let’s put it that way,” Pereira said. “Any little shift in the track can result in significantly different impacts.” A separate storm system is expected to drop rain and slush across the Hudson Valley and heavy snow in New England through Saturday, with sleet building in upstate New York, according to the US National Weather Service. The East Coast has endured several rounds of bitter cold this winter, but temperatures are expected to remain mild before turning “chilly” early next week, Pereira said.
ZoltanFabian/iStock via Getty Images Investment Thesis Oxford Lane ( OXLC ) offers a unique proposition—private equity exposure that emphasizes total returns instead of capital gains. In the past article , I highlighted the uniqueness of the business model, noting that, in the long term, OXLC could generate positive returns in a buy-and-hold strategy setting, despite the declines in NAV and share ...
ZoltanFabian/iStock via Getty Images Investment Thesis Oxford Lane ( OXLC ) offers a unique proposition—private equity exposure that emphasizes total returns instead of capital gains. In the past article , I highlighted the uniqueness of the business model, noting that, in the long term, OXLC could generate positive returns in a buy-and-hold strategy setting, despite the declines in NAV and share price. The company's business model is also tied to this discussion on OXLC's Series N, O, and P preferred shares trading under the symbols ( OXLCN ), ( OXLCO ), and ( OXLCP ). These preferreds offer a high yield, a clear exit route with a defined redemption date, monthly dividends, and trade at a discount to par, an attractive proposition for income-oriented investors. Is the OXLC Business Model Sustainable? OXLC invests in the equity tranches of Collateralized Loan Obligations "CLOs." CLOs are loan portfolios bundled together for diversification. The CLO has tranches with different interest rates. The lower the interest rate, the higher priority a tranche is given to claims over the interest income of the CLO. The equity tranche gets paid the residual income when all other tranches are paid and theoretically provides the highest yield but bears the highest risk given its trailing rank in the CLO stack. Historically, the net change in NAV from operations has been positive. In other words, the income from OXLC's portfolio has generally exceeded the realized and unrealized capital losses. This is an indicator of value creation and, by extension, the sustainability of the business model. Also note that the net change in NAV from operations includes non-cash costs such as unrealized gains and losses on investments. Thus, on a cash basis, OXLC is more profitable than the chart below suggests. OXLC The question now is, how could investors reconcile the long-term price decline with this value creation? Why do OXLC shares seem to be in Perpetual Decline? OXLC's share price decline...
DNY59/E+ via Getty Images OBDC: The Market Has Already Priced In Deep Concerns, Regardless Of The Redemptions For me to say that the market has not been prepared for the upheavals that are taking place in the private credit space right now does not seem somewhat understated. After all, if you focus on the price action of the alternative asset managers that still own private credit businesses, I be...
DNY59/E+ via Getty Images OBDC: The Market Has Already Priced In Deep Concerns, Regardless Of The Redemptions For me to say that the market has not been prepared for the upheavals that are taking place in the private credit space right now does not seem somewhat understated. After all, if you focus on the price action of the alternative asset managers that still own private credit businesses, I believe the market has already made the judgment call that the previous high flyers in the financial sector are now facing a market reckoning of their own, and some could argue possibly of their own making. After all, there are always inherent risks to consider when (previously) drumming up the heartbeat of retail investors into what has traditionally been a more institutional space that is familiar to pension funds, insurance companies, and peers who arguably have a very long-term horizon and are not shaken up by market gyrations now and then. Notably, the retail public may not necessarily possess similar risk and time horizon characteristics and could even be more susceptible to gloomy narratives being pandered in the financial media (despite the resilience in the underlying portfolio of these BDCs). And these narratives have obviously made the previous merger between the publicly traded BDC unit in Blue Owl Capital Corporation ( OBDC ) and its non-publicly traded one in OBDC no longer feasible in the current market conditions. With market sentiments clearly souring and not seeing any fruitful respite, the pressure on management has intensified. And then when you consider the headwinds on portfolio visibility and construction, particularly in the AI-exposed software companies right now, you could guess why investors are now trying to flee and get away from companies that could potentially be exposed to AI disruption. We have already seen the impact and destructive way that has affected publicly listed software companies. Guess what. For privately held portfolios with much l...