Core Insights - Voya Investment Management's "Voya MI Dynamic Small Cap Fund" experienced a strong recovery in equity markets during Q3 2025, rebounding from earlier volatility and finishing significantly higher than mid-year levels [1] - The fund underperformed the index on a NAV basis due to negative stock selection, despite growth outperforming value in the quarter [1] Fund Performance - The fund highlighted Uranium Energy Corp. (AMEX:UEC) as a key stock, which had a one-month return of 10.08% and a 52-week gain of 68.31% [2] - As of December 08, 2025, Uranium Energy Corp. closed at $13.65 per share with a market capitalization of $6.596 billion [2] Stock Contributions - Key contributors to the fund's performance included Primoris Services Corp., Uranium Energy Corp., and Cleveland-Cliffs Inc. [3] - The overweight position in Uranium Energy Corp. was maintained to balance risk exposures and contributed positively to performance, particularly after the announcement of expedited production at its Sweetwater Uranium Complex [3] Hedge Fund Interest - At the end of Q3 2025, 41 hedge fund portfolios held shares of Uranium Energy Corp., an increase from 32 in the previous quarter [4] - Despite the potential of Uranium Energy Corp., some analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - Voya Investment Management's "Voya MI Dynamic Small Cap Fund" experienced underperformance in Q3 2025, primarily due to stock selection issues despite a strong recovery in equity markets [1] - The fund's performance was negatively impacted by its holdings, with technology and communication services sectors outperforming while consumer staples lagged [1] Company Performance - Primoris Services Corporation (NASDAQ:PRIM) showed a one-month return of 7.25% and a significant 73.42% increase over the last 52 weeks, closing at $134.47 per share with a market capitalization of $7.266 billion on December 08, 2025 [2] - The company reported Q3 2025 revenue of nearly $2.2 billion, marking a 32% increase from the previous year, driven by strong growth in the Energy and Utility segments [4] Fund Strategy and Holdings - The fund's overweight position in Primoris Services Corporation positively contributed to its performance, supported by a favorable view of the stock and its volatility exposure, which helped balance risk in the portfolio [3] - Primoris Services Corporation was one of the main individual contributors to the fund's performance alongside Uranium Energy Corp. and Cleveland-Cliffs Inc. [3]

Core Points - SunCoke Energy, Inc. has announced a 3-year extension of its cokemaking agreement with Cleveland-Cliffs Inc., under which SunCoke will supply 500 thousand tons of metallurgical coke annually from its Haverhill facility starting January 1, 2026 [1][2] Company Overview - SunCoke Energy, Inc. supplies high-quality coke for steel production and foundry applications, primarily through long-term, take-or-pay contracts. The company also exports coke internationally and utilizes innovative heat-recovery technology in its operations [2] Operational Capacity - SunCoke operates facilities in Illinois, Indiana, Ohio, Virginia, and Brazil, with logistics terminals capable of mixing and transloading over 40 million tons of material annually, strategically located to serve various U.S. and international markets [2]

Market Overview - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by over 200 points on Monday, and trading up 0.47% to 46,407.15 on Tuesday [1] - The NASDAQ rose by 0.93% to 22,890.22, while the S&P 500 gained 0.61% to 6,704.61 [1] - Energy shares saw a notable increase of 1.2%, whereas consumer staples stocks slightly declined by 0.1% [1] Company Performance - Cleveland-Cliffs Inc. (NYSE:CLF) shares surged approximately 17% after reporting third-quarter 2025 results, with an adjusted loss of 45 cents per share, which was better than the expected 48-cent loss [2] - The company's revenue reached $4.73 billion, which, although below the consensus estimate of $4.90 billion, marked an increase from $4.57 billion in the same quarter last year [2] Notable Stock Movements - Replimune Group, Inc. (NASDAQ:REPL) shares skyrocketed by 105% to $9.31 following the FDA's acceptance of its Biologics License Application for RP1 [8] - Celcuity Inc. (NASDAQ:CELC) saw a 55% increase to $80.50 after presenting promising Phase 1 data [8] - GSI Technology, Inc. (NASDAQ:GSIT) shares rose by 70% to $8.64 due to advancements in AI application performance [8] - Conversely, MingZhu Logistics Holdings Limited (NASDAQ:YGMZ) shares plummeted by 78% to $0.1962, and Adaptimmune Therapeutics plc (NASDAQ:ADAP) fell by 71% to $0.0586 after announcing its delisting from Nasdaq [8] - United Homes Group, Inc. (NASDAQ:UHG) experienced a significant decline of 39% to $2.5944 following the conclusion of its strategic alternatives review and director resignations [4][8] International Markets - European shares showed positive movement, with the eurozone's STOXX 600 rising by 0.8% and Spain's IBEX 35 Index increasing by 1.4% [6] - Major indices in London, Germany, and France also reported gains, with London's FTSE 100 up by 0.4%, Germany's DAX 40 gaining 1.6%, and France's CAC 40 rising by 0.2% [6] - Asian markets closed higher, with Japan's Nikkei 225 gaining 3.37% and Hong Kong's Hang Seng index surging by 2.42% [9]

Core Viewpoint - Nucor Corporation (NUE) is currently facing a bearish trend in its stock performance, trading below key moving averages and experiencing significant price declines due to challenges in the steel industry [1][4][12]. Stock Performance - NUE stock has declined by 32.9% over the past year, underperforming the Zacks Steel Producers industry's decline of 19.4% and the S&P 500's increase of 9.1% [4]. - The stock is approximately 36% below its 52-week high of $203, reached on April 9, 2024 [6]. Financial Health - Nucor ended 2024 with strong liquidity, holding around $4.1 billion in cash and short-term investments, and generated cash from operations of roughly $4 billion [10]. - The company returned about $2.7 billion to shareholders through dividends and share repurchases in 2024, totaling around $12 billion since 2020 [10]. - NUE offers a dividend yield of 1.7% with a payout ratio of 25%, indicating a sustainable dividend policy [11]. Strategic Growth Initiatives - Nucor is investing $6.5 billion in eight major growth projects through 2027, including significant expansions in sheet and rebar production [8]. - Recent acquisitions, such as Southwest Data Products and Rytec Corporation, are aimed at diversifying its product offerings and enhancing cross-selling opportunities [9]. Market Challenges - A significant decline in U.S. steel prices, dropping over 40% from $1,200 per short ton at the start of 2024, has negatively impacted Nucor's profitability [13]. - The slowdown in global automotive production and high interest rates have further curtailed steel demand in key markets, including construction [14]. Valuation and Earnings Outlook - Nucor is currently trading at a forward 12-month earnings multiple of 14.79X, which is about 35% higher than the peer group average of 10.97X [17]. - The Zacks Consensus Estimate for NUE's 2025 earnings has been revised upward, although the first quarter estimate has seen a downward revision [18]. Conclusion - Nucor's strategic initiatives to expand production capabilities and diversify through acquisitions are positive, but the company remains vulnerable to ongoing challenges in the steel industry [19].

Market Overview - The current market environment is characterized by rising volatility, leading to a shift in investor behavior towards safer assets [1][2] - Institutional capital is seeking safety, as evidenced by the iShares S&P 500 Value ETF outperforming the broader S&P 500 by 1.5% in the past week [2] Cleveland-Cliffs Inc. (CLF) - Cleveland-Cliffs stock is forecasted to have a 12-month price target of $16.43, indicating a potential upside of 73.26% [4] - The stock is currently trading at 47% of its 52-week high, suggesting that worst-case scenarios may already be priced in [4] - Analysts project a consensus price target of $16.5 per share, implying a net rally of up to 52.8% from current levels [5] - Wall Street earnings per share (EPS) forecasts expect Cleveland-Cliffs to deliver $0.05 in EPS by Q4 2025, a significant improvement from a current net loss of $0.68 per share [6] ASML Holding (ASML) - ASML stock has a 12-month price forecast of $937, representing a 32.3% upside potential [8][11] - The stock is currently trading at 66% of its 52-week high, indicating a favorable risk-to-reward setup for investors [10] - J.P. Morgan Chase has a higher valuation target of $1,100 for ASML, suggesting an implied rally of 55.2% [11] - The stock is seen as a strong player in the chipmaking sector, particularly in the context of artificial intelligence development [11] Rocket Companies Inc. (RKT) - Rocket Companies is currently trading at $13.47, with a price target of $13.83, indicating potential for growth [12] - A decrease in mortgage rates could lead to increased activity and earnings for Rocket Companies, as the mortgage market index is at a 1996 low [13] - The company trades at a price-to-book (P/B) ratio of 3.4x, significantly higher than the mortgage industry's average of 1.8x, suggesting that the market may be overvaluing its growth potential [14]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported an adjusted EBITDA loss of $81 million, primarily due to weaker automotive demand and lagged pricing [33] - Total shipments in Q4 were 3.8 million tons, lower than Q3 due to the idling of the C6 furnace and seasonally weaker demand [37] - Q4 price realization was $976 per net ton, a decrease of $70 per net ton from the previous quarter, influenced by the inclusion of Stelco and its lower price mix [37] Business Line Data and Key Metrics Changes - Direct shipments to the automotive sector in Q4 were the lowest since the pandemic, reflecting a significant impact from weak demand [33] - The company expects to improve shipment levels above 4 million tons in Q1 2025 due to better demand and full utilization of Stelco [37] - The inclusion of Stelco is expected to reduce average costs by an additional $40 per net ton in 2025 [39] Market Data and Key Metrics Changes - The demand for steel in 2024 was the weakest since 2010, with significant declines in automotive and construction sectors [8] - The company noted a significant uptick in demand for automotive products as 2025 begins, indicating a recovery in market share [23] - The first quarter of 2025 is expected to see a price increase of at least $10 per ton compared to Q4 2024 due to increased automotive shipments [101] Company Strategy and Development Direction - The company is focused on leveraging tariffs to strengthen domestic production and reduce reliance on foreign steel imports [11][12] - The acquisition of Stelco is seen as a strategic move to enhance operational efficiency and cost structure [16][18] - The company aims to achieve $120 million in synergies from the Stelco acquisition by the end of 2025, with a strong focus on maximizing value from the combination [18][145] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing improvements in order books and rising steel prices as positive indicators [6][23] - The company is prepared for the implementation of tariffs, which are expected to bolster domestic demand and reduce competition from foreign producers [10][109] - Management emphasized a commitment to debt reduction and maintaining financial flexibility despite current leverage levels [41][132] Other Important Information - The company reported a total reportable incident rate of 0.9% for 2024, highlighting a strong safety record [26] - The company has $3 billion in liquidity and plans to use free cash flow for debt reduction [40][132] - Capital expenditures for 2025 are expected to be $700 million, down from $800 million in 2024 [46] Q&A Session Summary Question: Discussion on evolving tariff environment and implications for Stelco - Management stated that tariffs are necessary and will benefit the overall business, with minimal negative impact on Stelco due to its Canadian operations [54][55] Question: Clarification on reporting tariffs in adjusted EBITDA - Management confirmed that results will be reported as they are, without excluding tariffs from adjusted EBITDA [58][59] Question: Volume cadence and cost guidance for 2025 - Management indicated that only 30% to 35% of volumes will be under fixed pricing, with cost reductions expected to materialize more in the latter half of the year [76][78] Question: Update on capital expenditures and project timelines - Management outlined a clear CapEx plan for 2025, with specific allocations for legacy operations and ongoing projects [88][90] Question: Conditions for potential restart of C6 furnace - Management stated that the C6 furnace remains indefinitely idle with no current plans for a restart [141] Question: Synergies from Stelco acquisition - Management expressed confidence in achieving and potentially exceeding the $120 million synergy target from the Stelco acquisition [145] Question: Working capital expectations for Q1 - Management indicated that working capital build in Q4 was to prepare for improved demand in 2025, with benefits expected in subsequent quarters [114][115] Question: Possibility of equity issuance - Management confirmed there are no plans for equity issuance, focusing instead on debt reduction [128][132]