Core Viewpoint - Kirr Marbach has established a new position in the Invesco BulletShares 2031 Corporate Bond ETF, acquiring 466,959 shares valued at approximately $7.80 million, indicating a strategic investment in defined-maturity corporate bonds [1][2]. Fund Overview - The Invesco BulletShares 2031 Corporate Bond ETF has an AUM of $1.52 billion and a current price of $16.64, reflecting a 3% increase over the past year [4][3]. - The ETF offers a dividend yield of 4.7% and a 1-year total return of 8.76%, appealing to investors seeking income and growth [4]. Investment Strategy - The ETF targets U.S. dollar-denominated investment grade corporate bonds maturing in 2031, aiming to match the performance of a defined-maturity index [8]. - The portfolio includes bonds maturing from 2026 to 2031, providing a staggered maturity structure that enhances cash flow management and reduces duration risk [7][10]. Portfolio Composition - The fund primarily holds investment grade corporate bonds, with significant exposure to large, well-known corporate issuers, ensuring a balanced risk profile [10][11]. - Despite the bond focus, the largest positions in the portfolio are in industrials and mega-cap equities, indicating a balanced approach rather than a defensive strategy [11].

Core Viewpoint - Kirr Marbach has established a new position in the Invesco BulletShares 2030 Corporate Bond ETF, acquiring 653,537 shares valued at approximately $11.06 million, indicating a strategic move towards fixed income investments [1][2]. Group 1: Investment Details - The acquisition represents 2.11% of Kirr Marbach's reported 13F assets under management (AUM) as of December 31 [3]. - The ETF's shares were priced at $16.87 as of January 23, reflecting a 3% increase over the past year [3][4]. Group 2: ETF Overview - The Invesco BulletShares 2030 Corporate Bond ETF targets investment-grade corporate bonds maturing in 2030, providing a structured approach for fixed income portfolio construction [6][9]. - The ETF offers a yield of 4.6% and a one-year total return of 8.2%, appealing to both institutional and individual investors seeking predictable cash flows [4][6]. Group 3: Investment Strategy - The ETF employs a sampling methodology to replicate an index of U.S. dollar-denominated investment-grade corporate bonds, focusing on bonds maturing in 2030 [9]. - The fund's effective duration is just under four years, with a yield to maturity around 4.4%, which is significant in a market where cash yields may decline faster than longer-dated credit [11]. Group 4: Portfolio Implications - The addition of the 2030 corporate bond sleeve is seen as a deliberate strategy to extend duration and lock in yield, rather than a defensive measure [10]. - This move complements existing exposures to other maturities, suggesting a strategy aimed at building a staggered income profile rather than focusing on a single fund [11].

Core Viewpoint - Kirr Marbach has increased its stake in the Invesco BulletShares 2029 Corporate Bond ETF (NASDAQ:BSCT) by purchasing 226,705 shares, valued at approximately $4.27 million, indicating confidence in the fund's strategy and performance [1][2]. Fund Overview - The Invesco BulletShares 2029 Corporate Bond ETF targets investment-grade corporate bonds maturing in 2029, providing a structured approach to fixed income investments with defined maturity dates [6][9]. - As of January 23, the ETF's price was $18.80, reflecting a 2.5% increase over the previous year, with a total return of 7.7% over the past year [3][4]. Financial Metrics - The ETF has an Assets Under Management (AUM) of $2.59 billion and offers a yield of 4.5% [4]. - Following the recent purchase, BSCT now constitutes 2.3% of Kirr Marbach's 13F reportable assets, which total $523.16 million [3]. Investment Strategy - BSCT's investment strategy focuses on U.S. dollar-denominated investment-grade corporate bonds, with at least 80% of its assets allocated to securities in its underlying index [9]. - The fund is designed to liquidate around December 2029, mimicking a bond ladder approach, which provides a cleaner risk profile compared to longer-duration bond funds [11]. Portfolio Context - The position in BSCT is part of a broader portfolio that includes large industrial and mega-cap equity holdings, suggesting it serves as a ballast rather than a defensive retreat [12]. - The defined-maturity bonds in the portfolio act as a counterweight to volatility and provide predictable cash flow amidst a landscape of cyclical stocks and growth exposure [12].

Early signs of a political backlash against utilities played out in New Jersey and New York this week, in a preview of what could be a rocky year for the sector. In this article PEG CEG VST New Jersey's residential electricity rates increased by 42% in the past five years, based on the latest government data. (KENA BETANCUR/AFP via Getty Images) ...

Summary of Investment Grade Utilities Conference Call Industry Overview - The report focuses on the Investment Grade (IG) Utilities sector, analyzing performance metrics and bond issuance trends within the utilities industry. Key Points Performance Metrics - IG Utilities performed in line with the market last week, returning **0.3%** [7] - Best performing HoldCo credits included: - Dominion Energy Inc 4.60% Sr Unsecured notes due 2049 (+1.2%) - American Water Capital Corp 4.30% Sr Unsecured notes due 2042 (+1.2%) - Worst performing HoldCo credits included: - Southern Co. 6.375% Jr Subordinated notes due 2055 (-0.7%) - NextEra Energy Capital Holdings Inc 6.750% Company Guarant notes due 2054 (-0.4%) [2] Operational Company (OpCo) Performance - Best performing OpCo credits included: - Northern States Power Company 3.60% Secured notes due 2046 (+3.1%) - Southern California Gas Co. 4.450% Secured notes due 2044 (+2.5%) - Worst performing OpCo credits included: - Wisconsin Electric Power Company 4.30% Senior notes due 2048 (-0.7%) - Nevada Power Company 6.750% Secured notes due 2037 (-0.6%) [3] Equity Performance - Best performing IG Utility equities were: - PCG (+3.8%) - EIX (+3.1%) - Worst performing IG Utility equities were: - BKH (-7.1%) - VST (-4.2%) [3] Bond Issuance - No utility bond issuance occurred last week - Utilities have issued **$14.1 billion** so far in Q4 - Year-to-date issuance of **$117.5 billion** is ahead of last year's YTD issuance of **$110.2 billion** [4] Sector Indices and Spreads - IG Utility spreads remain **7 basis points** wide of the IG Index [8] - Average spreads by maturity and rating for OpCos show a tight band within rating categories, with the total average spread for 5-10 year bonds at **56 basis points** [10] HoldCo Comp Summary - HoldCo comps trade at a median spread of **6.9 basis points** for <5 year bonds and **9.2 basis points** for 5-10 year bonds [29] Additional Insights - The report indicates a potential conflict of interest as BofA Securities may do business with issuers covered in its research reports [6] - The report emphasizes the importance of considering multiple factors in investment decisions, highlighting the need for comprehensive analysis [6] Conclusion The Investment Grade Utilities sector shows stable performance with a slight increase in bond issuance compared to the previous year. The analysis of both HoldCo and OpCo credits reveals varied performance, indicating potential investment opportunities and risks within the sector.

Group 1 - The article presents a theory that various factors including Trump Tariff wars, AI/data centers, climate change, OPEC, and the Big Beautiful are driving natural gas prices higher, indicating a potential reconnection with global markets [1] - The author emphasizes the importance of experience in analyzing diverse industries such as airlines, oil, retail, mining, fintech, and ecommerce, highlighting the impact of macroeconomic, monetary, and political drivers [1] - The author reflects on their extensive experience through multiple crises, including the dotcom bubble, 9/11, the great recession, and the Covid-19 pandemic, which provides a strong foundation for understanding various business models and innovations [1]

Investment Rating - The report maintains an "Overweight" rating for the nuclear energy sector in the U.S. and a "Buy" rating for specific companies such as KAP and CGN Mining [1][5][12] Core Insights - The expectation of electricity shortages in the U.S. is strengthening, with the PJM electricity market's recent capacity auction clearing at the maximum level, highlighting concerns over electricity supply and the need for base-load power sources [1][2] - The U.S. government, under the "AI National Policy," emphasizes the importance of energy infrastructure development, including nuclear fission and fusion technologies, positioning nuclear energy as a critical driver for economic growth and AI development [2][3] - Various stakeholders in the U.S. are increasingly supportive of new nuclear power projects, with significant announcements from energy developers and state officials indicating a shift from strong expectations to tangible developments in nuclear capacity [3] Summary by Sections Electricity Supply and Demand - The U.S. Department of Energy's report indicates an expected addition of 101 GW of electricity load by 2030, while only 22 GW of base-load capacity is planned, revealing a significant gap in electricity supply [1] - The PJM market's capacity auction results show a price of $329.17/MW-day for 134.3 GW of base-load power, a 22% increase from the previous year, reflecting heightened electricity shortage expectations [1] Nuclear Energy Development - The U.S. nuclear energy sector is poised for revival, with new projects and expansions being planned, including applications for new AP1000 reactors and commitments from major operators to advance nuclear projects [3][5] - The report highlights the strategic importance of nuclear energy in the context of U.S. economic and technological advancements, particularly in relation to AI [2] Investment Recommendations - Recommended stocks include CGN Mining and KAP, with additional mentions of companies across the nuclear energy supply chain, such as Cameco, Doosan Energy, and GE Vernova [5][8] - The report projects significant profit growth for KAP, with expected net profits of 649, 874, and 1,151 million for 2025-2027, respectively, and a target price of $58.91 per share [9]

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