Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] Investment Focus - The company has diversified its investments across various sectors including banking, telecommunications, logistics, and hotels, indicating a strategic approach to portfolio management [1] - The entry into the US market in 2020 reflects a growing interest in international investments, particularly in sectors like banks, hotels, and logistics [1] Market Trends - The popularity of insurance companies in the Philippines since 2014 suggests a shift in investment preferences among local investors, moving towards more diversified financial products [1] - The trend of using platforms like Seeking Alpha for analysis indicates a growing reliance on data-driven insights for investment decisions in both the ASEAN and US markets [1]

Core Viewpoint - Gold prices are experiencing significant increases in 2025, the largest since the 1979 oil crisis, driven by portfolio diversification, expectations of further gains, and macroeconomic factors such as a weaker dollar and efforts to reduce the US current account deficit [1][2]. Gold Price Forecasts - Morgan Stanley predicts gold could reach $4,500 per ounce by mid-2026, while JP Morgan forecasts average prices to exceed $4,600 in Q2 2026 and rise above $5,000 by Q4 2026 [3]. - Metals Focus also anticipates gold reaching $5,000 by the end of 2026, with Nicky Shiels from MKS PAMP expecting an average of $4,500 in 2026 [3]. - Macquarie economists, however, expect a slower pace of gains, forecasting an average of $4,225 in 2026 due to more stable global conditions and improving economic growth [3]. Investment Opportunities in Gold Mining Companies - A list of the 13 best gold mining companies to invest in has been compiled based on stock screeners, financial media reports, and hedge fund sentiment data [6]. - The methodology involved ranking companies based on the number of hedge funds holding stakes as of Q3 2025 [6]. Company Highlights - **Eldorado Gold Corporation (NYSE:EGO)**: - Ranked among the best gold mining companies, with a price target increase from $38 to $47 by RBC Capital [9]. - Increased total proven and probable gold reserves by 5% to 12.5 million ounces, driven by the Kisladag mine and Lamaque Complex [12]. - Despite a price target increase from $28 to $29, BofA maintains an Underperform rating due to risks associated with the Skouries project [13]. - **AngloGold Ashanti plc (NYSE:AU)**: - Also ranked among the best, with price target increases from various firms, including Roth MKM raising it from $84 to $92 [14]. - Citi increased its price target from $90 to $105, and RBC Capital raised it from $85 to $104, maintaining Buy ratings [16].

Core Insights - International equities have historically served as an effective diversification tool and have demonstrated their value in the current year [1] Group 1: Investment Strategies - The iShares Core MSCI Total International Stock ETF (IXUS) is highlighted as a significant fund for international equity investment [1] - Binary Tree Analytics (BTA) focuses on providing transparency and analytics for capital market instruments, particularly in closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations [1] - BTA aims to deliver high annualized returns while maintaining a low volatility profile [1] Group 2: Company Background - BTA has over 20 years of investment experience and was founded by individuals with a finance major from a top university [1]

Core Insights - Investing in high-dividend yield ETFs can enhance portfolio diversification and provide steady income, appealing to long-term investors and those nearing retirement [1][2] - Quality high-yield ETFs typically consist of mature and financially stable companies, making them attractive for wealth compounding through reinvested dividends [2] Group 1: SPDR Portfolio S&P 500 High Dividend ETF - The SPDR Portfolio S&P 500 High Dividend ETF (SPYD) tracks the top 80 high-dividend-yielding companies in the S&P 500, trading at approximately $43 per share with a trailing 12-month dividend yield of about 4.5% [4][5] - The ETF has a low expense ratio of 0.07%, meaning a $10,000 investment incurs only $7 in annual fees, and it currently manages over $7.3 billion in net assets [4][5] - The fund's top sector exposures include real estate (21.4%), utilities (13.4%), financials (17.3%), and consumer staples (16.3%), with minimal tech sector exposure of less than 2% [5][6] - Since its inception in 2015, the ETF has delivered a total return of about 130%, significantly lower than the S&P 500's over 300% return in the same period [6] Group 2: Schwab US Dividend Equity ETF - The Schwab US Dividend Equity ETF (SCHD) trades around $28 per share with a yield of approximately 3.8%, aiming to mirror the Dow Jones U.S. Dividend 100 Index [9][10] - The ETF focuses on companies with strong balance sheets and consistent dividend payments, holding around 100 stocks, including major names like Bristol Myers Squibb and Coca-Cola [10][12] - With an expense ratio of 0.06%, the fund has nearly $73 billion in assets under management and has delivered a total return of over 200% over the last decade, translating to an annualized return of about 11% to 12% [12][13]

Core Insights - Mid-cap stocks are positioned to benefit from the next market rally as they are often priced more cheaply compared to large-cap stocks, despite holding similar growth potential [1] - Historically, mid-cap stocks have outperformed large-cap stocks, with the S&P 400 index gaining 2,679% since 1991 compared to the S&P 500's 2,021% [2] - If economic conditions remain favorable, mid-cap ETFs could yield annual returns of approximately 11% over the next few years [3] iShares Core S&P Mid-Cap ETF - The iShares Core S&P Mid-Cap ETF is the largest mid-cap core ETF, tracking the S&P 400 index, with an annual fee of 0.05% and a focus on profitable companies [5] - Its sector exposures include industrials (19.3%), consumer discretionary (15.3%), and financials (13.6%), providing diversification compared to the S&P 500 [6] - A total return of 35% for the iShares Core S&P Mid-Cap ETF over the next three years is considered reasonable if revenue growth and margin improvements occur [7] Vanguard Mid-Cap Value ETF - The Vanguard Mid-Cap Value ETF utilizes valuation metrics to ensure true value exposure, with a focus on financials and industrials, which typically perform well during economic growth [9][10] - The ETF's structure minimizes style drift, enhancing its potential for outperformance as market conditions improve [10] Invesco S&P MidCap Quality ETF - The Invesco S&P MidCap Quality ETF targets companies with strong fundamentals, such as return-on-equity and financial leverage, resulting in a concentrated portfolio of around 80 stocks [12] - This ETF aims to reduce downside risk while maintaining upside potential, making it suitable for investors concerned about mid-cap volatility [12][13] Overall Outlook for Mid-Cap Stocks - The outlook for mid-cap stocks remains positive due to good earnings growth, lower interest rates, and attractive valuations compared to large caps, suggesting a favorable investment environment over the coming years [14]

Core Insights - Costco has started selling 1-ounce gold bars, with prices for the PAMP Suisse and Rand Refinery bars at $1,979.99 and $1,949.99 respectively in late 2023, indicating strong initial demand [2] - By December 2025, the price of the PAMP Suisse bar surged to $4,119.99, reflecting a 108% increase, while the broader gold market rose approximately 65% during the same period [3] - The demand for gold remains robust, with Costco implementing purchase restrictions of one transaction per membership and a maximum of four units per 24 hours [4] Industry Trends - Gold is increasingly viewed as a means to preserve purchasing power and a safe haven during economic and geopolitical uncertainties, leading to heightened investor interest [5] - Current market conditions, characterized by tariff uncertainties and rising deficits, have contributed to gold's status as a strong investment option [6] - Experts, including Ray Dalio, emphasize the importance of gold in investment portfolios, especially during turbulent times, with gold prices peaking at $4,371.78 per ounce in October [7]

Core Insights - Bonhoeffer Fund is strategically selling slower-growth firms while acquiring durable, faster-growing firms in temporarily depressed sectors, aligning with long-term growth themes [3] - The portfolio is diversified with a focus on banks, insurance, natural resource royalties, logistics, housing, and specialty finance, with new investments expected to yield a growth rate of 30-40% [3][6] - The fund's performance in Q3 2025 showed a gain of 1.3%, underperforming compared to major indices like MSCI World ex-US and S&P 500 [6][7] Portfolio Overview - As of September 30, 2025, the portfolio's largest country exposures are the United States (71%), Canada (11%), South Korea (7%), Peru (7%), and Greece (3%) [8] - The largest industry exposures include distribution (52%), real estate/infrastructure/finance (62%), and consumer products (7%) [8][11] Investment Themes - The distribution theme includes high-velocity firms in car dealerships and building product distributors, with a focus on inventory turns [11] - The real estate/construction/finance segment is driven by infrastructure programs and housing development, with banks meeting specific growth criteria [15][16] - Public leveraged buyouts (LBOs) focus on firms that create growth through acquisitions, benefiting from operational leverage [18][19] Case Study: Fairfax Financial - Fairfax Financial utilizes insurance float to finance a balanced portfolio, with a decentralized business model allowing for strategic acquisitions [38][39] - The company has shown significant improvement in underwriting discipline, with combined ratios declining from 107% to 91% since 2009 [38] - Fairfax's investment portfolio, valued at $67.4 billion, primarily consists of bonds (74%) and equities (26%), generating a historical return of 7.7% per year [40] Financial Metrics - Fairfax's return on equity (RoE) target is 15%, with a current cost of float at -3.2% per year [33][40] - The company has four levers for earnings growth: acquisitions, expanding underwriting, investment portfolio growth, and stock repurchases [41] - The expected growth rate for Fairfax is estimated at 7% per year, with a target share value of $3,225, representing an 88% upside from current prices [53][58]

Core Insights - Investors are encouraged to diversify portfolios by adding international stocks alongside U.S. equities to enhance risk diversification as they approach 2026 [1] International Market Performance - The MSCI EAFE index has delivered a return of 30.48% year to date, outperforming the S&P 500, Nasdaq, and Dow Jones Industrial Average, which returned 17.2%, 21.5%, and 14.1% respectively [2] Earnings Growth and Valuation - A Charles Schwab report indicates that international stocks are expected to have a strong year in 2026, with double-digit earnings growth rates anticipated and these stocks currently attractively valued compared to the S&P 500 [3] Portfolio Recommendations - Adding overseas stocks can help investors tap into growth themes less correlated with U.S. markets, with Kinross Gold Corporation, Sony Group Corporation, and HSBC Holdings plc highlighted as strong additions for a resilient portfolio in 2026 [4] Kinross Gold Corporation (KGC) - Kinross Gold has diverse mining operations across several countries and reported third-quarter production of 504,000 ounces, with strong performance from high-quality assets [5][6] - The company has seen a 66% increase in free cash flow to $687 million and a net cash position of nearly $500 million, supporting development projects and shareholder returns [9] - KGC has an expected earnings growth of 147.1% for 2025, with shares up 211.5% year to date [10] Sony Group Corporation (SONY) - Sony has shifted towards an entertainment-focused strategy, with growth driven by PlayStation, which saw a 3% increase in monthly active users to 119 million [11][13] - The sales forecast for fiscal 2025 has been revised upward by 3%, supported by favorable forex movements and solid hardware sales [13] - SONY has a Zacks Rank of 2 (Buy) and shares have rallied 19.3% year to date [14] HSBC Holdings plc - HSBC is focusing on expanding operations in Asia and the Middle East, with net new invested assets in its Wealth business reaching $29 billion [15] - The bank's common equity tier 1 (CET1) ratio was 14.5% as of September 30, 2025, and it expects a dividend payout ratio of 50% for 2025 [17] - HSBC has an expected earnings growth of 14.92% for fiscal 2025, with shares surging 59.9% year to date [18]

2025 has been a remarkable year for precious metals, but one metal has truly stood out. Silver has surged more than 130% year-to-date, trading around $69 per ounce on Tuesday. This performance has far exceeded gold's 68%+ gain. • iShares Silver Trust stock is challenging resistance. Why is SLV stock breaking out?Also, for investors concerned about high valuations in booming tech sectors, this shift has brought attention back to tangible assets. These provide a safety net against market volatility and tap i ...

Gold (GC=F) and silver (SI=F) have been two of the biggest winners in financial markets this year as momentum in the precious metals trade pushed prices to all-time highs with just a handful of days left in 2025. Gold's year-to-date rally topped 70% on Monday, and on Tuesday the price of an ounce of gold briefly broke above $4,500. That set another record during a year that has seen the yellow metal hit 50 all-time highs. The price of silver has had an even stronger 2025, more than doubling since Januar ...