bigjom/iStock via Getty Images Key Takeaways Markets: The global fixed income market edged higher during the fourth quarter, supported by central bank rate cuts, resilient economic growth, and overall solid investor demand. These factors more than offset sticky inflation, chaotic tariff policies, and a 43-day government shutdown in the U.S. The U.S. Federal Reserve (Fed) lowered its benchmark inte...
bigjom/iStock via Getty Images Key Takeaways Markets: The global fixed income market edged higher during the fourth quarter, supported by central bank rate cuts, resilient economic growth, and overall solid investor demand. These factors more than offset sticky inflation, chaotic tariff policies, and a 43-day government shutdown in the U.S. The U.S. Federal Reserve (Fed) lowered its benchmark interest rate 0.25% (25 basis points) at its meetings in September, October, and December. The Bank of England cut rates 25 basis points (bps) in December, while the European Central Bank kept rates steady. The Bank of Japan raised rates 25 bps in December to 1.75%, the highest level in 30 years. The 10-year US Treasury yield rose, ending the quarter three basis points higher at 4.18%. U.S. investment-grade and high-yield credit both posted positive total returns, as did U.S. mortgage-backed securities. Finally, the emerging market debt asset class rallied in the fourth quarter, while emerging market currencies were mixed versus the U.S. dollar. Contributors: Emerging market sovereigns and high-yield credit. Detractors: U.S. duration and exposure to the Japanese yen. Outlook: Corporate credit fundamentals remain constructive, in our view. Fund Characteristics Fund Distribution Frequency Quarterly 30-Day SEC Yield (Class I)—With Waiver 7.73% 30-Day SEC Yield (Class I)—Without Waiver 7.73% Click to enlarge Performance Review Emerging market sovereign debt was the top contributor during the quarter, led by Mexico, Argentina, and Egypt. Investor sentiment toward emerging market debt remained constructive, supported by continued demand for carry, while improving external balances in several countries helped underpin performance. Energy-related quasi-sovereigns also added to returns, benefiting from firm commodity prices and disciplined balance sheet management across the sector. U.S. high-yield corporate credit performed well, supported by resilient corporate fundamentals and a supp...
Shares of alternative asset managers tumbled on Thursday after Blue Owl Capital Inc. restricted withdrawals from one of its retail-focused private credit funds, a fresh blow to a sector that’s faced heightened scrutiny in recent weeks. Read More: Blue Owl Halts Redemptions on Private Credit Retail Fund Blue Owl shares dropped as much as 9.4%, while peers Ares Management Corp. , Apollo Global Manag...
Shares of alternative asset managers tumbled on Thursday after Blue Owl Capital Inc. restricted withdrawals from one of its retail-focused private credit funds, a fresh blow to a sector that’s faced heightened scrutiny in recent weeks. Read More: Blue Owl Halts Redemptions on Private Credit Retail Fund Blue Owl shares dropped as much as 9.4%, while peers Ares Management Corp. , Apollo Global Management Inc. , Blackstone Inc. , KKR & Co Inc. and TPG Inc. also plunged . Blue Owl’s decision highlights a key risk for retail investors drawn to private credit: there’s less liquidity in such funds, and firms can block investors from cashing in. Investors have fretted about private credit in recent weeks as new artificial intelligence tools pose a threat to software companies and their creditors. Shares of Blue Owl, a prominent software lender, are down more than 17% so far this month. Read More: Private Credit Stocks Keep Falling as Software Wipeout Spreads Raymond James analyst Wilma Burdis called the share decline an “overreaction” in a note. “OBDC II redemptions have been halted since November, so there is no change,” she wrote on Thursday, referring to the Blue Owl fund. Shares of Blue Owl’s business development companies — funds that pool direct loans — also fell on Thursday. A day prior, they sold $1.4 billion of assets to institutional investors at 99.7% of par value. “It’s good that Blue Owl can validate 99.7% of par asset valuation in a sale, but, in a perfect world it would hold onto these assets and wouldn’t be placing restrictions on fund withdrawals,” said Bloomberg Intelligence analyst David Havens . “What they’re doing seems responsible to me from a credit perspective, but these actions reflect some current challenges in the markets,” he added. The selloff extended to Europe as big private equity players there tracked US peers lower in afternoon trading. CVC Capital Partners Plc fell as much as 4.5% in Amsterdam, while Switzerland’s Partners Group Holding AG...
Luis Alvarez/DigitalVision via Getty Images We are back to comment on Genuine Parts Company (NYSE: GPC ) following the Q4 release and its announcement "to Separate Automotive and Industrial Businesses Into Two Industry-Leading Public Companies". Here at the Lab, we already commented on GPC's Transformation Optionality , and it is now a reality. For our new readers, our investment in GPC has always...
Luis Alvarez/DigitalVision via Getty Images We are back to comment on Genuine Parts Company (NYSE: GPC ) following the Q4 release and its announcement "to Separate Automotive and Industrial Businesses Into Two Industry-Leading Public Companies". Here at the Lab, we already commented on GPC's Transformation Optionality , and it is now a reality. For our new readers, our investment in GPC has always been supported by an aging car population and increasing car complexity. Elliott’s $1 billion+ equity position has introduced potential catalysts, such as asset disposals or a structural separation, that could unlock additional shareholder value. This led to a sum-of-the-parts analysis suggesting the automotive segment continues to trade below peer multiples, leaving room for a re-rating. This is what has happened since our Q3 comment. Indeed, GPC's total return was up by 12.63% (Fig. 1). Mare Ev. Lab Rating Update Fig. 1 GPC Results And Our Take Q4 2025 was a challenging quarter for GPC, marked by weaker-than-anticipated operational performance and significant non-recurring charges that overshadowed the announcement of a transformative strategic pivot. Looking at the GPC release, from a financial standpoint, performance deteriorated sequentially. The company delivered Q4 top-line sales of $6.0 billion, down from $6.3 billion in Q3 (Fig. 2), and adjusted EPS fell to $1.55 from $1.98 in Q3. The weakness was concentrated in the Automotive segment, which experienced significant margin compression. In contrast, the Industrial segment continued to demonstrate resilience with expanding margins. Looking at the Wall Street analyst estimates, GPC slightly missed sales and delivered a larger EBIT miss. By segment, the auto division's top-line sales were approximately 0.7% expectations, with North America decelerating to 1.7%. In the industrial segment, GPC reported comparable sales growth of 3.4%, down from 3.7% in Q3 (consensus sales were estimated at 4.1%). GPC Q4 results in a Sna...
Indian Prime Minister Narendra Modi on Thursday invited leaders of some of the top artificial intelligence companies to gather on stage as part of a commitment to build more “inclusive and multilingual” AI around the world. Modi, host of the India AI Impact Summit in New Delhi, clasped hands with those closest to him — Altman to his left and Google CEO Sundar Pichai to his right — and beckoned all...
Indian Prime Minister Narendra Modi on Thursday invited leaders of some of the top artificial intelligence companies to gather on stage as part of a commitment to build more “inclusive and multilingual” AI around the world. Modi, host of the India AI Impact Summit in New Delhi, clasped hands with those closest to him — Altman to his left and Google CEO Sundar Pichai to his right — and beckoned all 13 tech leaders to lift their hands up in a chain, like theater actors at the end of a show.
Coeur Mining (NYSE: CDE) stock jumped 7.7% through 11:15 a.m. ET Thursday after beating on Q4 earnings last night. Heading into the report, analysts forecast earnings of $0.32 per share on $617.1 million in sales. The gold mining company actually earned $0.34 per share and reported sales of $678.8 million. Image source: Getty Images. Continue reading
Coeur Mining (NYSE: CDE) stock jumped 7.7% through 11:15 a.m. ET Thursday after beating on Q4 earnings last night. Heading into the report, analysts forecast earnings of $0.32 per share on $617.1 million in sales. The gold mining company actually earned $0.34 per share and reported sales of $678.8 million. Image source: Getty Images. Continue reading
spawns Lexicon Pharmaceuticals ( LXRX ) traded higher on Thursday after the company’s chairman, Raymond Debbane, bought more than $350K worth of shares of the Woodlands, Texas-headquartered biopharma. According to a regulatory filing on Wednesday, Debbane, who has served Lexicon ( LXRX ) as a director since 2007, has purchased roughly 268.5K shares of the company for an average price of $1.31 apie...
spawns Lexicon Pharmaceuticals ( LXRX ) traded higher on Thursday after the company’s chairman, Raymond Debbane, bought more than $350K worth of shares of the Woodlands, Texas-headquartered biopharma. According to a regulatory filing on Wednesday, Debbane, who has served Lexicon ( LXRX ) as a director since 2007, has purchased roughly 268.5K shares of the company for an average price of $1.31 apiece. The purchases valued at more than $352.9K were made via three transactions conducted over the past few days. Following the purchases. Debbane has increased his direct ownership in the company to more than 1.6M shares. The transactions came after Lexicon ( LXRX ) shares climbed in late January after the company disclosed a successful meeting with the FDA regarding late-stage development of pilavapidin, its experimental therapy for diabetic peripheral neuropathic pain. More on Lexicon Pharmaceuticals Lexicon Pharmaceuticals: 'Hold' As FDA Feedback Allows Pilavapadin For DPNP To Go Forward Lexicon Pharmaceuticals, Inc. (LXRX) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript Lexicon Pharmaceuticals Has Multiple Paths To Upside, But Formidable Hurdles As Well Lexicon Pharmaceuticals prices $94.6M share offering Lexicon Pharmaceuticals launches underwritten public stock offering
Earnings Call Insights: CRH plc (CRH) Q4 2025 Management View CEO Jim Mintern highlighted a “record financial performance for 2025 with another year of double-digit growth in adjusted EBITDA and our 12th consecutive year of margin expansion,” noting the results were driven by disciplined capital allocation and the company’s embedded growth strategy. He stated, “We are pleased to announce a record ...
Earnings Call Insights: CRH plc (CRH) Q4 2025 Management View CEO Jim Mintern highlighted a “record financial performance for 2025 with another year of double-digit growth in adjusted EBITDA and our 12th consecutive year of margin expansion,” noting the results were driven by disciplined capital allocation and the company’s embedded growth strategy. He stated, “We are pleased to announce a record financial performance for 2025 with another year of double-digit growth in adjusted EBITDA and our 12th consecutive year of margin expansion.” Mintern detailed $4.1 billion invested in 38 acquisitions and $1.7 billion in growth CapEx projects, emphasizing, “Our ability to deploy capital in high-growth markets, integrate at scale and deliver unique synergies through our connected portfolio is a key differentiator for our business.” The Board declared a quarterly dividend of $0.39 per share, a 5% increase over the prior year, and announced a new $300 million share buyback tranche. CFO Nancy Buese reported a “robust balance sheet with a net debt to adjusted EBITDA ratio of 1.8x at year-end,” and stated, “We generated $5 billion of adjusted free cash flow in 2025, a strong performance representing a conversion ratio of 130% of net income and consistent with our 2030 financial targets.” Buese also shared, “In 2025, we returned $1 billion in dividends, 6% ahead of the prior year on a per share basis and representing an increase of over 60% since 2019.” COO Randy Lake described the integration of Eco Material as “progressing well with some good early wins on commercial, operational and logistical synergies.” Outlook Mintern projected full-year 2026 adjusted EBITDA between $8.1 billion and $8.5 billion, net income between $3.9 billion and $4.1 billion, and diluted EPS between $5.60 and $6.05. He emphasized, “Assuming normal seasonal weather patterns and no major dislocations in the political or macroeconomic environment, we expect full year adjusted EBITDA to be between $8.1 billio...
Earnings Call Insights: Garrett Motion Inc. (GTX) Q4 2025 Management View CEO Olivier Rabiller described 2025 as “another fantastic year” marked by “strong operational performance in a complex industry environment,” highlighting growth in share of demand, portfolio expansion, margin improvement, and key wins in turbo, zero-emission, and industrial applications. Rabiller reported Q4 net sales of $8...
Earnings Call Insights: Garrett Motion Inc. (GTX) Q4 2025 Management View CEO Olivier Rabiller described 2025 as “another fantastic year” marked by “strong operational performance in a complex industry environment,” highlighting growth in share of demand, portfolio expansion, margin improvement, and key wins in turbo, zero-emission, and industrial applications. Rabiller reported Q4 net sales of $891 million and adjusted EBIT of $122 million with a 13.7% margin. Full year net sales reached $3.58 billion and adjusted EBIT was $510 million with a 14.2% margin. "Adjusted free cash flow for the year was $403 million, once again demonstrating our disciplined execution and operational rigor" (President, CEO & Director Olivier Rabiller). The company voluntarily repaid $50 million in term loans, repurchased $208 million of common stock, and paid $52 million in dividends during 2025. Rabiller noted plans for “another year of strong execution for 2026, as we anticipate further share of demand gains, margin expansion and strong free cash flow.” Rabiller emphasized new business wins in gasoline VNT applications, hybrid, range-extended electric vehicle platforms, and diesel applications for light commercial vehicles and trucks. Gasoline accounts for over 44% of sales and diesel for more than 23%. The CEO announced Garrett’s first series production awards for the largest turbo frame size (MEG) and aftermarket sales for this product line. He also highlighted a series production award for mobility E-cooling compressors with a leading Chinese bus and truck HVAC supplier and a new strategic collaboration with Trane Technologies to integrate Garrett’s next-generation oil-free, high-speed centrifugal compressors into Trane’s commercial HVAC applications. Rabiller stated, “Industrial cooling represent a significant growth vector for Garrett and is expected to scale quickly to more than 5% of our revenue by the end of the decade.” CFO Sean Deason stated, “We finished Q4 with net sales of ...
Earnings Call Insights: Madrigal Pharmaceuticals (MDGL) Q4 2025 Management View CEO William Sibold stated, "we ended our first full year on the market at nearly $1 billion in net sales and solidified Rezdiffra as the foundational therapy in MASH." Sibold highlighted that the U.S. MASH market is "up nearly 50% since the end of 2023 and growing at a double-digit pace." He emphasized the company's sw...
Earnings Call Insights: Madrigal Pharmaceuticals (MDGL) Q4 2025 Management View CEO William Sibold stated, "we ended our first full year on the market at nearly $1 billion in net sales and solidified Rezdiffra as the foundational therapy in MASH." Sibold highlighted that the U.S. MASH market is "up nearly 50% since the end of 2023 and growing at a double-digit pace." He emphasized the company's swift transition from a single asset launch to "a fast-growing biotech with a pipeline designed to extend our leadership for years to come." Sibold detailed the extension of Rezdiffra's patent exclusivity to 2045, initiation of ex-U.S. rollout in Germany, and the addition of oral GLP-1, late-stage DGAT-2 inhibitor, and six preclinical siRNA targets to the pipeline. He noted, "we are fundamentally a different company today than just 6 months ago." Sibold reported, "fourth quarter 2025 net sales of $321 million, more than tripling fourth quarter 2024," and "ending the fourth quarter with more than 36,250 patients on Rezdiffra, up from more than 29,500 at the end of the third quarter." CFO Mardi Dier stated, "Fourth quarter 2025 net sales totaled $321.1 million, reflecting another quarter of strong demand and bringing full year 2025 net sales to $958.4 million." Dier added, "We've made excellent progress contracting for first-line access in 2026... our gross to net impact increased from the third quarter to the fourth quarter." She confirmed, "We ended the fourth quarter of 2025 with $988.6 million in cash, cash equivalents, restricted cash and marketable securities." Outlook CFO Dier explained, "we expect our payer agreements to bring our full year 2026 gross-to-net impact into the high 30% range, consistent with specialty medicine analogs." Dier provided, "Looking ahead, we expect robust net sales growth in 2026 despite the step-up in gross to net from contracting that begins in Q1, plus the typical first quarter dynamics related to benefit plan changes and insurance reverific...
Girl, 15, and boy, 17, found dead at Little Eden holiday park in suspected carbon monoxide poisoning, police say Two teenagers have died at a holiday park on the Yorkshire coast in a suspected carbon monoxide poisoning. A 15-year-old girl and 17-year-old boy were found dead inside a rental property at Little Eden holiday park in Bridlington on Wednesday, police said. Continue reading...
Girl, 15, and boy, 17, found dead at Little Eden holiday park in suspected carbon monoxide poisoning, police say Two teenagers have died at a holiday park on the Yorkshire coast in a suspected carbon monoxide poisoning. A 15-year-old girl and 17-year-old boy were found dead inside a rental property at Little Eden holiday park in Bridlington on Wednesday, police said. Continue reading...
FY 2025 results Strong growth in revenues (+25%) and EBITDA (+40%) for the third consecutive year. Strong upturn in vessel orders since the fourth quarter of 2025. 2025 dividend at a record level of €8.94 per share.
FY 2025 results Strong growth in revenues (+25%) and EBITDA (+40%) for the third consecutive year. Strong upturn in vessel orders since the fourth quarter of 2025. 2025 dividend at a record level of €8.94 per share.
Résultats annuels 2025 Chiffre d’affaires (+25%) et EBITDA (+40%) en forte croissance pour la troisième année consécutive. Forte reprise des commandes de navires depuis le quatrième trimestre 2025. Dividende record en 2025 à 8,94€ par action.
Résultats annuels 2025 Chiffre d’affaires (+25%) et EBITDA (+40%) en forte croissance pour la troisième année consécutive. Forte reprise des commandes de navires depuis le quatrième trimestre 2025. Dividende record en 2025 à 8,94€ par action.