DNY59/E+ via Getty Images Market Review U.S. fixed income markets finished the year on a strong note, registering solid returns across various sectors. The bullish narrative surrounding markets centered on additional easing from the U.S. Federal Reserve (Fed) and a resilient macroeconomic and consumer backdrop. The Fed delivered an additional 50 basis points (bps) of rate cuts during the quarter, including a 25 bp December cut that occurred despite market odds falling sharply late in November. Real GDP increased a better-than-expected +4.3% annualized in Q3, with consumer spending acting as a strong catalyst for growth. Other tailwinds included better-than-expected corporate earnings and revision trends, sustained hyperscaler investment supporting the AI theme, and an improvement in trade dynamics. However, several headwinds, including signs of labor market softening and consumer affordability pressures, housing weakness, data uncertainty from the government shutdown, and relatively stretched investor sentiment, partially offset these positive themes. 1 U.S. leveraged loans exhibited solid returns over the quarter, gaining +1.22%. 2 Performance was primarily driven signs of a resilient U.S. economy, thin liquidity, an active primary, and a more dovish Fed outcome. Within the sector, higher-rated tiers outperformed, as BBs outgained both Bs and CCCs. Looking at sectors, Retail and Transportation led the way, while Chemical and Housing sectors lagged. 3 Gross issuance was also solid over the quarter with over $171bn in volume, led by repricing and refinancing activity. Default/LME activity in the loan index declined; including distressed exchanges, the par-weighted U.S. loan default rate finished the fourth quarter at approximately 2.87%, more than 40 bps lower than the prior period. 3 Fund Review The Fund returned +1.75%, reflecting performance at the net asset value (NAV) of Class I shares with all distributions reinvested for the quarter ended December 31, 2025. Th...

da-kuk/E+ via Getty Images Overview Strong economic growth and low inflation created a positive backdrop for Indian equities during the fourth quarter of 2025. In that environment, the benchmark MSCI India Investable Market Index (IMI) rose 3.66% for the quarter. The Wasatch Emerging India Fund—Investor Class returned 0.31% and underperformed the benchmark. While we were pleased to see India's broader market deliver positive performance in the fourth quarter, the Fund's stock selection in the consumer-discretionary, industrials and health-care sectors weighed on relative results. Weakness in our industrials was concentrated in small- and mid-cap holdings that may have been over-penalized as U.S. tariffs dampened sentiment toward India's export-oriented manufacturers. An additional source of underperformance in the Fund included its lack of exposure to the energy, information technology (IT) and communication services sectors, the highest-returning sectors of the Index in the quarter. Financials stood out as an area of strength in the Fund. Our financials outgained the financials in the Index, and overweight positioning in the sector also improved relative performance. Annual Overview As part of our fourth quarter commentary, we want to provide an update on performance for the 2025 calendar year. For the full year, the Fund posted a decline of -5.51% compared to the benchmark's 0.41% gain. These returns came amid wide dispersion in the underlying market. Large-cap stocks outperformed small-cap stocks in 2025 as small caps pulled back after sharp run-ups in 2023–2024 and investors sought the perceived safety of India's larger companies. At the same time, value stocks outpaced growth stocks. As a result, our growth-oriented investment approach and emphasis on smaller companies were headwinds for the Fund. Details of The Quarter The strongest contributor to Fund performance for the quarter was AU Small Finance Bank Ltd. The company primarily serves unbanked and underban...

narvo vexar/iStock via Getty Images Market review 2025 in review U.S. equities delivered a third consecutive year of positive returns in 2025, with gains once again concentrated in growth-oriented parts of the market. Stocks in the IT and communication services sectors remained central to index performance as investors continued to reward companies positioned to capture outsized demand from the buildout of artificial intelligence ( AI )—particularly those showing business momentum and pricing power. The year was also a reminder that markets can “climb a wall of worry” even when policy headlines are destabilizing. Early spring delivered the most dramatic test: The White House’s April 2 “Liberation Day” action jolted risk assets, reviving trade-war fears and forcing investors to reconsider inflation and margin assumptions. Over time, the tariff story became more iterative, marked by pauses and modifications that reduced the immediate sense of worst-case outcomes even as it remained a persistent overhang in corporate and consumer sentiment. Fundamentals ultimately mattered more than headlines. Earnings tied to end markets with strong demand—especially AI—proved resilient, helping offset macroeconomic crosscurrents that ranged from trade policy and politics to immigration debates and gradually cooling labor markets. At the consumer level, conditions looked increasingly uneven: Higher-income households continued to spend, while middle- and lower-income cohorts showed clearer signs of trade-down behavior amid ongoing affordability pressure. Against that backdrop, market breadth improved episodically, but overall performance remained heavily influenced by a concentrated set of large-cap winners—an important context for assessing the outlook as we move forward. Shifting leadership AI was a key economic driver in 2025, and leadership broadened within the AI complex. What began as a narrow story dominated by a handful of mega-cap winners increasingly expanded into the infrast...

arthon meekodong/iStock via Getty Images The following segment was excerpted from the Allspring Large Cap Growth Fund Q4 2025 Commentary. Performance and attribution Contributors argenx SE Johnson Controls S&P Global Inc. Microsoft Corp. McKesson Corp. ( MCK ) Detractors Oracle Corp. DoorDash, Inc. Apple Inc. Netflix, Inc. MercadoLibre, Inc. ( MELI ) The holdings identified do not represent all of the securities purchased or sold during the period shown and should not be construed as a recommendation to purchase or sell a particular security. Information on calculation methodology and a list showing the overall contribution of each holding in the account for the period shown are available upon request. Discussion of Contributors argenx SE ( ARGX ) is winning the battle against autoimmune diseases. As a commercial-stage biopharmaceutical company, argenx is focused on developing therapies for chronic immunological conditions. Its flagship treatment, VYVGART, targets the harmful antibodies causing disease without shutting down the entire immune system—giving patients strong results with fewer side effects compared with other treatments. Initially, VYVGART was administered intravenously at ambulatory or infusion centers but recently became available in prefilled dosages (PFS). Along with the existing IV usage, PFS has materially expanded the company’s addressable market by improving access for patients in communities without local infusion centers. As VYVGART gains traction with new patients, argenx continues to advance its pipeline, targeting additional autoimmune disorders to further broaden its impact. A new era for Johnson Controls International PLC ( JCI ). Johnson Controls is entering a transformative phase under new leadership, sharpening its focus on high-growth opportunities. The company is capitalizing on the surge in data center spending, turning its infrastructure offerings into a strategic growth engine. Beyond fire suppression and automation systems, Johns...

Worawith Ounpeng/iStock via Getty Images Market Overview Returns in the midstream master limited partnership (MLP) sector outperformed the broader stock market in the fourth quarter of 2025. The Alerian MLP Infrastructure Index (Benchmark Index) was up 3.13%, while the S&P 500® Index was up 2.65%. Additionally, energy commodities were mixed, with West Texas Intermediate crude prices down -7.94%, natural gas liquids up 11.60%, and natural gas (12-month average forward prices) down -1.08%. During the quarter, companies with exposure to natural gas differentials underperformed. We continue to see value for Cheniere ( LNG ), as most of capacity is contracted, and it has demonstrated effective execution. Over the last 18 months, natural gas distribution companies outperformed their midstream peers based on the potential for growing power demand from data centers. We believe that greater demand will increase the value of storage and pipeline distribution networks. Williams Cos. ( WMB ), Kinder Morgan ( KMI ), TC Energy Corp. ( TRP ), and DT Midstream ( DTM ) could be well positioned to benefit from this trend. Since the January raid in Caracas, President Trump has indicated that he expects U.S. oil companies such as ExxonMobil ( XOM ), Chevron Corp. ( CVX ), and ConocoPhillips ( COP ) to invest in Venezuela's oil production. Crude oil from Venezuela is heavy, so it does not act as a direct replacement to the light barrels coming from most domestic shale basins. We view this as neutral on midstream, with positive refining economics offsetting some of the weakness from Canadian transportation being replaced by Venezuelan barrels. Generally, midstream around the Gulf Coast will have the most offsets by serving waterborne crude imports and exporting naphtha (Venezuela requires blending imported naphtha). How the Fund Performed During the fourth quarter, the InfraCap MLP ETF (Fund) had a net return of +0.36%. This compares to a net return of +3.13% for the Fund's Benchmark Ind...

FG Trade/iStock via Getty Images Market review and outlook Global equities registered solid gains in the fourth quarter, helping the major, broad-based indexes record their third consecutive year of double-digit returns. Performance was uneven over the first half of the quarter due to concerns that AI-related stocks were in a bubble, but the market staged an impressive rebound and went on to achieve new all-time highs by year-end. A continued decline in inflation enabled the U.S. Federal Reserve to enact two quarter-point interest rate cuts, boosting sentiment. In addition, corporate earnings were robust and world economic growth remained positive. Emerging- and developed-market international equities outperformed the United States, continuing a trend that was in place for the full year. Within the U.S. market, the value style outpaced growth as investors rotated toward opportunities outside of AI-related stocks. Global bonds logged only slightly positive total returns amid a growing consensus that most central banks were largely finished easing policy. Credit-oriented market segments continued to outperform, primarily as a result of their yield advantage. Contributors and detractors The fund's overweight in equities versus bonds contributed to relative performance. The fund's overweight in developed-market international equities and corresponding underweight in the United States also contributed. We have favored the non-U.S. markets for some time based on their attractive relative valuations, and this aspect of our positioning paid off in both the quarter and the year. An overweight in emerging-market stocks, the best-performing segment of the global equity markets in the quarter, was a further plus. On the other hand, an overweight in U.S. mid caps also cost the fund some relative performance. Positioning in fixed income had a neutral effect on results. An allocation to emerging-market bonds performed very well, as the asset class strongly outperformed its develop...

Arron Jones/iStock via Getty Images Market Review With 2026 underway, a few factors are readily apparent across the global fixed income markets: the slow-going bull market remains in the sweet spot; attractive yield levels should continue to accrue into solid returns over the intermediate to longer term; and the unusual geopolitical backdrop and asynchronous central bank cycles should continue to create opportunities to add value through active management. Although events like Q1's tariff unveiling and accompanying market swoon created bumps along the way, the ongoing economic expansion with moderate growth and inflation has kept yields generally high and range bound—an environment where the highest-yielding sectors continued to post the highest returns. Although excess returns from spread products were once again positive in 2025—as they have been throughout the three years of the bull market—they were more muted. Spreads are narrower, and the bulk of the capital gains potential from narrowing spreads is well behind us at this point of the cycle. Thanks to the positive yield curve and a slight drop in yields, Treasuries finally outperformed cash and joined the bull market last year. Two prevailing themes from late 2025—renewed divergence across global monetary policy rates and the repricing of term premia—will likely remain at play within developed market rate complexes with 2026 underway. So, while we expect a smaller return contribution from spread product going forward, long-term fixed income should pick up a tailwind from the yield advantage and roll down benefits provided by the newly positive yield curves. In the U.S., the Fed's 25 bp rate cut in December carried a dovish tone, leading to a bull steepening along the curve with only slight movement in the 10-year yield. The narrow move on the 10-year underscored its prevailing low-volatility, range-bound conditions throughout 2025. The low-volatility conditions in the U.S. were further amplified by the selloff...

The Best Stocks to Buy With $1,000 Right Now The Globe and Mail

Demis Hassabis, Google DeepMind CEO, and James Manyika, Google and Alphabet's Senior Vice President, on AI's risks and potential (Source: Bloomberg)

Rio Tinto annual earnings flat as iron ore weakens, copper cushions blow Reuters

力拓2025全年基础盈利108.7亿美元，预估108.1亿美元，每股末期股息2.54美元。力拓仍预计2026年铜产量为80万至87万吨。（财联社）

Billionaire Microsoft co-founder pulls out of India’s AI Impact Summit to ‘ensure the focus’ remains on event’s ‘key priorities’ Bill Gates has pulled out of a keynote address at the AI Impact Summit in India as he continues to face questions over his relationship with the deceased child sex offender Jeffrey Epstein. The billionaire Microsoft co-founder travelled to India, where his foundation works with the government on delivering AI for social good, earlier this week and was advertised as speaking at the international summit shortly after the country’s prime minister, Narendra Modi. Continue reading...

The Best Stocks to Buy With $1,000 Right Now AOL.com

马斯克称X平台的“为你推荐”功能可能推迟至本周末发布。（财联社）

格隆汇2月19日｜印度券商游说团体致函市场监管机构，请求就央行针对银行向交易商放贷的新规定进行干预。

伊朗政府发言人法蒂玛·穆哈杰拉尼18日表示，谈判与备战是保护伊朗利益的两项互补战略，并称伊朗国防部队已进入全面战备状态。 同一天，伊朗外长阿拉格齐与国际原子能机构总干事格罗西通话时表示，伊朗正在制定谈判框架，以推进伊朗与美国后续的对话。 据伊朗方面18日消息，伊朗政府发言人法蒂玛·穆哈杰拉尼在谈及伊朗与美国最新一轮间接会谈时表示，谈判与备战是保障伊朗国家利益、维护安全、增强社会凝聚力的两项互补战略。穆哈杰拉尼还表示，伊朗国防部队已进入全面战备状态，其他必要准备工作也已提前部署到位。 伊朗外长：正制定谈判框架推动后续对话 据悉，阿拉格齐与格罗西在通话中回顾了伊朗与美国17日在日内瓦举行的最新一轮间接会谈的结果。阿拉格齐强调，伊朗正在起草一个“初步且连贯的框架”，以推进后续与美方的对话。格罗西对美伊会谈成果作出积极评估，并表示国际原子能机构愿意为伊朗制定谈判框架，提供支持与合作。 美国和伊朗第二轮间接谈判17日在瑞士日内瓦举行。美伊官员在谈判结束后均表示，尽管分歧仍存，但谈判较上一轮取得进展，双方同意继续接触。一名美方高级官员18日透露，伊朗方面预计将就如何解决当下僵局提交书面方案。

Thailand and Cambodia are battling for narrative control over their border dispute, with Cambodian Prime Minister Hun Manet alleging truce violations during a Washington trip – and Bangkok accusing its neighbour of spreading “distorted” information to the international community. The two nations intermittently clashed over demarcation points along their 817km (508-mile) border from last July until December 27, when a second ceasefire was reached. The fighting killed 149 people and displaced...

Seeking Alpha Seeking Alpha Seeking Alpha Seeking Alpha Seeking Alpha Seeking Alpha Seeking Alpha More on Occidental Petroleum Occidental Petroleum: Give It Time Occidental Petroleum: Buffett Overhang Still Exists Occidental Petroleum: Higher Gas Prices, Dividend Hike & Divestiture Tailwinds Ahead Top large-cap energy stocks ranked by lowest RSI Occidental Q4 earnings on deck as estimates trend lower

格隆汇2月19日｜力拓：全年净利润100亿美元，预估107亿美元；全年基础盈利108.7亿美元，预估108.1亿美元。2026年生产与销售指引以及资本投资指引与我们的资本市场日所发布的内容一致。

Triple Flag Precious Metals press release ( TFPM ): Q4 Non-GAAP EPS of $0.33 beats by $0.01 . Revenue of $118.9M (+60.2% Y/Y) beats by $3.98M . 2026 Guidance 1 GEOs Sales 2 95,000 to 105,000 GEOs Depletion $65 million to $75 million General Administration Costs $30 million to $32 million Australian Cash Tax Rate 3 ~25% 1 Assumed gold-to-silver price ratio of 64x in the first quarter, 70x in the second quarter, 75x in the third quarter and 80x in the fourth quarter. Click to enlarge More on Triple Flag Precious Metals Triple Flag: A Precious Metals Compounder At A Reasonable Price Triple Flag Precious Metals Q4 2025 Earnings Preview Seeking Alpha’s Quant Rating on Triple Flag Precious Metals Historical earnings data for Triple Flag Precious Metals Dividend scorecard for Triple Flag Precious Metals

There could be a consolidation within the industry when some software firms fail to transform their businesses for AI adoption, ServiceNow COO Amit Zavery tells Bloomberg Television. “There will be some software companies that will not be able to make the transformation to AI,” Zavery says in interview on sidelines of India AI Summit “If you’re not using the latest technology and driving the adoption to customers, you will be left behind,” Zavery says ServiceNow is positioning itself to offer full support for AI from security to solutions “AI without security is chaos. We are tying to make sure that you control AI versus AI controlling you” Note: AI Morphs Into Villain of Stock Market It Powered for Years

Ferguson Enterprises Inc. ( FERG ) declares $0.89/share quarterly dividend , in line with previous. Forward yield 1.37% Payable March 6; for shareholders of record March 6; ex-div March 6. See FERG Dividend Scorecard, Yield Chart, & Dividend Growth. More on Ferguson Enterprises Inc. Ferguson: Capitalizing On The Infrastructure Supercycle While We Wait For Housing Ferguson: Stay Buy Rated As The Earnings Growth Runway Remains Clear Ferguson Enterprises Inc. 2026 Q1 - Results - Earnings Call Presentation ClearBridge Appreciation Strategy adds LHX, BSX, and ASMIY; exits CP, LEN, and TXN among Q4 moves Ferguson outlines 5% revenue growth target for 2025 while expanding HVAC and capital project investments

Borr Drilling press release ( BORR ): Q4 GAAP EPS of $0.00 beats by $0.03 . Revenue of $259.4M (-1.4% Y/Y) beats by $19.34M . Total operating revenues consisted of $225.0 million in dayrate revenue, $23.6 million in bareboat charter revenue and $10.8 million in management contract revenue. Fourth Quarter Adjusted EBITDA of $105.2 million, a decrease of $30.4 million or 22% compared to the third quarter of 2025 Net cash provided by operating activities for the fourth quarter of 2025 was $34.8 million. More on Borr Drilling Borr Drilling Made Its Bet With A New Acquisition (Rating Downgrade) Borr Drilling Q4 2025 Earnings Preview James Grant says his best stock pick of 2025 may still be cheap Seeking Alpha’s Quant Rating on Borr Drilling Historical earnings data for Borr Drilling

空客2月19日发布2025财年业绩显示，营收734.2亿欧元，同比增长6%；净利润52.21亿欧元，同比增长23%；每股收益6.61欧元。空客2025年共交付793架飞机（2024年为766架），达成了年度交付指引。空客预计2026年目标交付约870架飞机。（财联社）

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