Group 1 - The Company has 168,498,967 ordinary shares of 1 pence each in issue as of December 31, 2025 [1] - None of the shares are held in treasury, indicating all shares are available for trading [1] - The total number of voting rights in the Company is equal to the number of shares issued, which is 168,498,967 [1]

Core Viewpoint - Tonner Drones has signed a contract to sell part of its shareholding in Donecle for approximately €1.25 million, aiming to maintain a 5% stake in the company due to positive future expectations [1][2]. Group 1: Financial Impact - The sale will result in a book gain for Tonner Drones, strengthening its equity position [1]. - Donecle's current book value is reported to be less than €20,000 in Tonner Drones' financial statements [1]. Group 2: Strategic Outlook - The transaction is seen as a step forward in the development of Tonner Drones and enhances its financial position [2]. - The company maintains a positive outlook for its assets, including Donecle, Elistair, and Diodon, particularly in the context of the current dynamics in the drone sector [2]. - Tonner Drones plans to focus on further growth and profitability in 2026 [2]. Group 3: Company Profile - Tonner Drones develops technologies for the logistics sector and holds stakes in promising French drone manufacturers [3]. - The company's strategy involves increasing the value of its shareholdings through active asset management and generating additional revenues from patents [3]. - Tonner Drones does not intend to own a factory but is committed to retaining R&D in France [3].

Core Viewpoint - The media and telecom sectors have experienced significant events over the past year, including tariff threats and megamergers, indicating a dynamic landscape that is expected to continue into the next year [1] Group 1 - The year has been marked by notable developments in media and telecom stocks, suggesting a volatile market environment [1] - Anticipation for further changes and events in the upcoming year is high, reflecting ongoing transformations within the industry [1]

Core Viewpoint - Bagmane Prime Office REIT, backed by Blackstone and Bagmane Group, is set to launch an IPO worth ₹4,000 crore, consisting of a fresh issue and an offer for sale [1] Group 1: IPO Details - The IPO will include a fresh issue of ₹3,000 crore and an offer for sale (OFS) component of ₹1,000 crore [1] - The net proceeds from the IPO will be used to acquire Luxor at Bagmane Capital Tech Park for ₹1,775 crore and to partially fund the acquisition of a 93% stake in Bagmane Rio for up to ₹1,025 crore [2] Group 2: Portfolio and Occupancy - Bagmane Office REIT has a portfolio of six premium Grade A+ business parks totaling 20.3 million sq ft, with 16.1 million sq ft completed and 0.7 million sq ft of two under-construction hotels [3] - As of June 30, 2025, the portfolio boasts a committed occupancy rate of 97.9% [3] Group 3: Tenants and Asset Value - The REIT features prominent tenants such as Google, Amazon, and Nvidia, with 95.8% of the 6.3 million sq ft leased to existing tenants between April 2022 and June 2025 [4] - The gross asset value (GAV) of the REIT is ₹38,790 crore as of June 30, 2025 [4] Group 4: Market Context - The Indian REIT market is experiencing growth, with the sector expanding rapidly since the first listing in 2019, outperforming peers in Singapore, Japan, and Hong Kong with a five-year annualized price return of over 8.9% [5] - Another Blackstone-backed entity, Horizon Industrial Parks, has also filed for a ₹2,600 crore IPO [6]

Core Insights - Tetragon has released its Monthly Factsheet for November 2025, providing updates on its financial performance and key metrics [1]. Company Overview - Tetragon is a Guernsey closed-ended investment company, with non-voting shares listed on Euronext in Amsterdam and traded on the Specialist Fund Segment of the London Stock Exchange [3]. - The investment manager for Tetragon is Tetragon Financial Management LP [3]. Financial Performance - The Net Asset Value (NAV) of Tetragon is reported at $3,877 million [5]. - The Fully Diluted NAV per Share stands at $41.85 [5]. - The current share price (TFG NA) is $18.35 [5]. - The Monthly NAV per Share Total Return is -0.6% [5]. - The Monthly Return on Equity is -0.2% [5]. - The most recent quarterly dividend is $0.11, resulting in a dividend yield of 2.4% [5].

Company Overview - Universal Technical Institute (UTI) is a leading provider of technical education, focusing on training for automotive, diesel, and related skilled trades, leveraging a national campus network and partnerships with manufacturers to deliver industry-aligned curricula [6] - As of November 13, 2025, UTI's stock price was $29.38, with a market capitalization of $1.60 billion, revenue of $835.62 million, and net income of $63.02 million [4][10] Financial Performance - UTI ended its 2025 fiscal year with revenue of $835.6 million, reflecting a strong 14% year-over-year increase, while net income rose to $63 million, representing a 50% year-over-year growth [10] - Despite strong fiscal performance, UTI's stock price declined due to anticipated net income drop of about 33% year-over-year for the 2026 fiscal year as the company invests in expanding its business [11] Investment Activity - Needham Investment Management LLC increased its position in UTI by 239,000 shares during the third quarter, raising its total stake to 550,000 shares valued at $17.90 million, a net increase of $7.36 million from the previous quarter [2][3] - The increased stake represents 1.2% of Needham's 13F reportable assets under management (AUM) [3] Market Performance - UTI shares have increased by 44.5% over the past year, outperforming the S&P 500 by 33.3 percentage points [3] - The stock price experienced a decline to a 52-week low of $21.29 in November, despite the company's strong revenue growth [7]

Group 1: Merger of Teck Resources and Anglo American - The Canadian federal government has approved the merger between Teck Resources Limited and Anglo American, forming a new company called Anglo Teck [1] - The merger was agreed upon by both companies on December 9, and Anglo Teck will focus on becoming a global player in critical minerals [1] - Anglo Teck has committed to invest $4.5 billion in Canada over the next five years [1] Group 2: MNP's Expansion in Quebec - Professional services firm MNP is expanding in the Lanaudière region of Quebec by merging with Boisvert et Chartrand, a chartered professional accounting firm [2] - The merger will be effective from January 1, and will increase MNP's presence to 36 offices in the province [2] - Following the expansion, MNP will have a total of 234 partners and over 1,500 team members in Quebec [2]

Group 1 - Federal contracts have played a significant role in the success of Tesla and SpaceX, as highlighted by investor Ross Gerber [1][2] - Over the past two decades, Tesla and SpaceX have received more than $38 billion in federal contracts, subsidies, or loans [3] - SpaceX has utilized a legal tax benefit to offset future taxable income, saving over $3 billion by using more than $5 billion in losses incurred by the end of 2021 [5] Group 2 - SpaceX was a frontrunner in the Golden Dome missile defense system and received $119 million in funding from Montana for its Starlink service [4] - Tesla's sales were boosted by the $7,500 Federal EV Credit, which was recently scrapped [6] - Elon Musk criticized Senator Bernie Sanders, emphasizing that his wealth is tied to the performance of Tesla and SpaceX [7]

Group 1 - The article highlights the potential of the ongoing commodity supercycle, emphasizing the importance of discovering high-impact investment opportunities in the natural resources sector [1] - Wall Street predicts a significant supply surplus in the oil market next year, with oil prices currently trading below $60 per barrel, suggesting a need to explore undervalued opportunities in the oil and gas sector [2] - Laurentian Research, a veteran in the resource industry, aims to assist members in uncovering undervalued opportunities in energy and mining sectors, focusing on multi-bagger potential and dividend growth opportunities [2] Group 2 - Members of The Natural Resources Hub receive various benefits, including weekly newsletters, in-depth analyses, trade alerts, model portfolios, and access to a community of investors for sharing ideas [2]

Core Insights - Indian equities are experiencing their largest underperformance against Asian peers in nearly 30 years, driven by a weak rupee and significant foreign outflows [1][2] - Foreign funds withdrew $1.7 billion in December, leading to a record annual outflow of $17.9 billion [1] - The NSE Nifty 50 Index is on track for its biggest annual underperformance since the late 1990s, with a 0.8% decline in December [3] Market Performance - Despite recent challenges, India's stock market is set to achieve a 10th consecutive year of gains, supported by local institutional investments of approximately $81 billion in 2025 [3] - The Nifty 50 Index has historically shown a tendency to decline in January, averaging a loss of 1.1% [4] Future Outlook - Strategists from Nomura and Citigroup anticipate further gains for Indian equities in 2026, contingent on improving corporate earnings and effective domestic demand policies [4] - The IPO market is expected to remain robust, with forecasts suggesting proceeds will exceed $25 billion in the upcoming year [5]