Hapag-Lloyd Aktiengesellschaft logo Hapag-Lloyd Aktiengesellschaft (ETR:HLAG) executives outlined a signed merger agreement to acquire Israeli container carrier ZIM in an analyst and investor conference call, describing the strategic rationale, expected synergies, transaction structure, and funding plans. The call featured remarks from CEO Rolf Habben Jansen and CFO Mark Frese, followed by analyst questions. Deal terms and strategic rationale Habben Jansen said Hapag-Lloyd signed the merger agreement “ ...

Beckmann said core organic sales fell due to a 15% decline in single-family, a 20% decline in multifamily, and a 7% decline in repair and remodel as consumer uncertainty persisted. He reiterated several factors that reconcile single-family starts to the company’s sales performance, including an approximate three-month lag from start to first sale, lower value per start as home size and complexity have decreased, and pressure across the supply chain tied to affordability constraints. Based on these dynamics, ...

Core Insights - The company faced challenging market conditions in 2025, with a GAAP return on common equity of negative 14.6%, slightly better than the market average of negative 15% [5][2] - The company's NAV decreased from $7.00 per share on September 30 to $5.70 per share by year-end [5] - The company actively managed its CLO equity portfolio, completing 34 resets and 27 refinancings throughout 2025, which helped mitigate some of the negative impacts from market conditions [7][10] Financial Performance - The company recorded a net investment income (NII) of $0.23 per share, offset by realized losses of $0.49 per share, resulting in a total NII less realized losses of negative $0.26 per share for 2025 [17] - Total cash distributions amounted to $1.68 per common share during 2025, with a new monthly distribution rate set at $0.06 per share for 2026 [6][15] - The company reported a comprehensive loss attributable to common stock of $110 million, or $0.84 per share, for the fourth quarter [18] CLO Market Dynamics - The loan market saw strong demand, with total loan repayments reaching $294 billion, representing approximately 19% of the market in 2025 [22] - The trailing twelve-month default rate decreased from 1.5% in September to 1.2% by year-end, remaining below the long-term average of 2.6% [23] - CLO new issuance volumes rose to $209 billion for 2025, surpassing the previous year's record [24] Portfolio Management - The company selectively increased its exposure to credit assets beyond CLO equity, with non-CLO investments making up approximately 26% of the total investment portfolio by year-end [8][10] - The company achieved an average of 42 basis points in CLO debt cost savings across its portfolio due to its active reset and refinancing activities [7] - The weighted average remaining reinvestment period (WARP) of the portfolio remained stable at 3.3 years, reflecting the company's strategic investment decisions [7] Strategic Initiatives - The company launched a joint venture focused on regulatory capital relief transactions and invested over $40 million in its U.S. CLO collateral management platform [11][12] - The company plans to continue optimizing its capital structure, including the redemption of high-cost preferred stock and the issuance of lower-cost perpetual preferred stock [13][14] - The board is supportive of gradually increasing the allocation away from CLO equity as attractive opportunities arise in other credit asset classes [39][40]

There's a reason IRAs and 401(k)s are popular choices for building retirement savings. Retirement accounts like these give you a tax break on your contributions. They also allow your money to grow on a tax-deferred basis so you're not hit with a tax bill on capital gains year after year. But there's a problem with traditional IRAs and 401(k)s. If you tap your savings before turning 59 and 1/2, you risk a 10% penalty on whatever sum you withdraw. Will AI create the world's first trillionaire? Our team just ...

Meridian Funds, managed by ArrowMark Partners, released its fourth-quarter 2025 investor letter for “Meridian Hedged Equity Fund”. A copy of the letter can be downloaded here. U.S. equity markets experienced a quarter supported by optimism about potential monetary easing and caution regarding economic growth and valuations. Early gains were driven by strong AI-related earnings and the US Federal Reserve’s rate cut in October, which improved expectations for financial conditions. However, market sentiment c ...

The bosses across Wall Street’s six biggest banks all saw their pay jump after a banner 2025. CEOs for JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Morgan Stanley (MS), and Goldman Sachs (GS) all earned $40 million or more in total compensation last year. Collectively, their pay increase for 2025 rose by $45.3 million from the year before to $258 million, according to regulatory filings and Yahoo Finance’s tally. That combined increase was their second-highest ever, afte ...

Meridian Funds, managed by ArrowMark Partners, released its fourth-quarter 2025 investor letter for “Meridian Hedged Equity Fund”. A copy of the letter can be downloaded here. U.S. equity markets experienced a quarter supported by optimism about potential monetary easing and caution regarding economic growth and valuations. Early gains were driven by strong AI-related earnings and the US Federal Reserve’s rate cut in October, which improved expectations for financial conditions. However, market sentiment c ...

With manufacturing onshoring a continuing point of discussion in the industry, many pharma companies went the opposite way for R&D in 2025, deciding to conduct innovation overseas. According to a survey of pharma executives by consultancy firm Ayming UK, nearly half (47%) of the respondents said they offshored R&D last year. Companies cited collaboration opportunities with partners and proximity to new markets and customers as two of the primary motivating factors for their strategy. Firms also pointed to ...

Pat McGrath Labs has received $10 million in debtor in possession financing. The financing by GDA Luma was approved by a bankruptcy court. GDA Luma has also made a further commitment of at least $20 million in post-emergence working capital. More from WWD As part of the deal, upon exit, GDA Luma will hold a controlling equity interest, while founder Dame Pat McGrath will remain a significant equity owner and continue as chief creative officer. As previously reported by WWD, Pat McGrath Labs filed for C ...

Core Insights - U.S. equity markets in Q4 2025 were influenced by optimism regarding potential monetary easing and caution about economic growth and valuations [1] - The Meridian Hedged Equity Fund gained 0.08% in Q4 2025, underperforming the S&P 500 Index's 2.66% return and the CBOE S&P 500 BuyWrite Index's 6.53% return [1] - The firm is monitoring factors such as monetary policy and the sustainability of AI investments as it approaches 2026 [1] Company Analysis: Vistra Corp. (NYSE:VST) - Vistra Corp. is identified as a major performance detractor for the Meridian Hedged Equity Fund in Q4 2025 [2] - As of February 13, 2026, Vistra Corp. stock closed at $171.49 per share, with a one-month return of 5.65% and a twelve-month increase of 4.98% [2] - Vistra Corp. has a market capitalization of $58.105 billion [2] Performance and Positioning - Vistra Corp. is described as a U.S. power producer with a balanced portfolio of nuclear, natural gas, and renewable assets, along with a strong retail electricity business [3] - The company is positioned to benefit from increasing electricity demand driven by data centers and electrification trends [3] - Despite underperformance due to longer-term guidance falling short of expectations, the company has shown consistent execution, a strong balance sheet, and an increased share repurchase authorization [3]