Group 1: Clinical Supply Chain Challenges - The clinical development landscape has evolved, yet many supply chains remain outdated, necessitating strategic adaptations for secure patient access, cost control, and high performance [1] - Modern clinical trial supply chains require technology and analytics to manage complexities such as cold storage for biologics and handling cell and gene therapies [1] Group 2: Importance of Partnerships - Strong relationships with Contract Manufacturing Organisations (CMO) and Contract Research Organizations (CRO) are increasingly vital for trial resilience and success in a changing geopolitical environment [2] - Effective communication strategies and the judicious use of technology can enhance oversight and efficiency in R&D [2] Group 3: Conference Insights - The 27th Annual Clinical Trial Supply (CTS) Europe conference will take place in Barcelona on February 24-25, focusing on clinical supply logistics, operations, technology, and innovation [3] - Keynote speaker Arnaud Dourlens from Sanofi will discuss the need for new models in clinical supply chain development due to increasing uncertainties [4] - Following the keynote, discussions will include Sanofi's interactive response technology (IRT) transformation and its impact on drug supply optimization and operational efficiency [5] - UCB's Maite Montes Vallina will address outsourcing challenges and the importance of effective Importer of Record (IOR) and Exporter of Record (EOR) management [6] - A case study on AI application in pharma supply chains will be presented by Sanofi's Landry Giardina, highlighting insights that drive measurable business outcomes [7]

Core Insights - SGA's Emerging Markets Growth Strategy experienced a significant divergence from the market in Q4 2025, with a portfolio return of 0.8% (Gross) and 0.6% (Net), compared to the MSCI EM Net TR Index return of 4.7% and the MSCI EM Growth Net TR Index return of 3.3% [1] - For the full year 2025, the portfolio achieved returns of 23.8% (Gross) and 22.8% (Net), lagging behind the indexes which returned 33.6% and 34.3% respectively [1] - The portfolio anticipates annual revenue growth of 13% and earnings growth of 16% over the next three years [1] Company Specifics - Gartner, Inc. (NYSE:IT) was highlighted in SGA's Q4 2025 investor letter, with a one-month return of -31.25% and a 52-week loss of 69.19% [2] - As of February 13, 2026, Gartner, Inc. had a stock price of $158.58 and a market capitalization of $11.17 billion [2] - SGA engaged with Gartner's Lead Independent Director and CFO regarding governance matters, including the Chairman/CEO split and executive compensation metrics [3]

Flowserve Corporation 2026 Conference Summary Company Overview - **Company**: Flowserve Corporation (NYSE: FLS) - **Industry**: Flow control products and services, including pumps and valves Key Points and Arguments Financial Performance and Targets - Flowserve achieved a **500 basis points margin improvement** over the last three years, exceeding the 2027 target framework set previously [4] - New long-range targets for 2030 include: - **Organic sales growth** of mid-single digits - **Margin expansion** of approximately **100 basis points per year**, aiming for **20% operating income** by 2030 - **Adjusted EPS growth** in double digits [5] Operational Excellence - The company has focused on **operational excellence** since 2018, enhancing productivity and reducing disruptive events that affect margins [11] - Significant training and competency improvements in manufacturing operations have been implemented [12] Portfolio Excellence - The **80/20 Program** was fully integrated across all product business units by 2025, focusing on high-potential products and customers [13] - The program aims to streamline operations and improve profitability while maintaining growth potential [31] Commercial Excellence - Flowserve is retraining its sales force to enhance commercial excellence, focusing on account segmentation and effective use of CRM systems [16][19] - Changes in incentive plans are designed to align sales efforts with strategic growth areas [20] Footprint Optimization - The company is actively consolidating manufacturing facilities, with plans for at least two consolidations each year [28] - This strategy aims to drive efficiencies and leverage existing capacity without significant new investments [30] Market Dynamics and Growth Areas - The company anticipates a **second half revenue acceleration** in 2026, driven by improved market conditions and project timing [40] - The aftermarket business is expected to grow at mid- to high-single digits, supported by a large installed base of pumps and valves [41][63] Nuclear and Power Markets - Flowserve has a strong position in the nuclear market, with equipment on **75% of all reactors** globally [96] - The company expects continued growth in nuclear bookings, particularly from life extensions and power re-rates [97] - Traditional power markets are also showing growth, with opportunities in coal and natural gas sectors [81] 3D Strategy: Diversify, Decarbonize, Digitize - The company has shifted its focus from upstream oil and gas to downstream and refining, reducing energy exposure from **40% to just over 30%** [84] - Flowserve is actively pursuing decarbonization projects and has seen success in carbon capture initiatives [88] - The **RedRaven** IoT technology is now profitable and expected to drive future growth through predictive maintenance and monitoring [120] Acquisition of Trillium - The acquisition of Trillium's valve division is expected to enhance Flowserve's nuclear offerings, increasing content per reactor by **15%-20%** [103] - This acquisition is anticipated to provide growth opportunities not only in nuclear but also in traditional power markets [111] Additional Important Insights - The company has reduced its supplier count by **50%**, improving supply chain efficiency and cost management [53] - Flowserve's focus on **selective bidding** for projects has led to improved margins, particularly in engineered pumps [56] - The company is optimistic about future growth in general industries, including water and mining applications [118] This summary encapsulates the key insights and strategic directions discussed during the Flowserve Corporation 2026 conference, highlighting the company's focus on operational and commercial excellence, market opportunities, and growth strategies.

Core Viewpoint - The AI trade is experiencing significant challenges this year, with major tech stocks (MAG 7) facing declines and a shift in market leadership towards other sectors, indicating a need for stock picking rather than passive investment strategies [2][3][4]. Market Performance - The S&P 500 is flat year-to-date, but there is notable dispersion in returns: 43% of the index is up over 10%, and nearly 18% is up 20% or more, while 17% are down double digits and 7% are down more than 20% [4][5]. - Energy, materials, and staples are leading the S&P 500 with double-digit gains, suggesting a potential defensive trade as investors seek stability amid uncertainty in the AI sector [5][7]. AI Trade and Market Dynamics - The current market sentiment reflects a "sell first, ask questions later" approach, leading to derating in the software sector, particularly affecting cybersecurity stocks [9][10]. - Analysts may need to adjust their expectations to align with the current price reactions, indicating a potential for a choppy market until clearer revenue trends emerge [11][12]. Spending and Growth Concerns - There is heightened scrutiny on big tech spending, with a balancing act between excessive capital expenditures (capex) on AI and the risk of slowing growth if spending is curtailed [13][14]. - A significant pullback in capex could negatively impact the growth backdrop of the U.S. economy, highlighting the delicate balance investors must navigate [14]. Sentiment and Positioning - A reset in sentiment narratives is occurring as momentum trades unwind, leading to increased volatility and potential outsized market moves [15][17]. - The influx of capital into narrow market segments has created a precarious situation, where any sudden shifts could lead to significant market corrections [16][17]. Emerging Markets - The company has maintained a strong overweight position in emerging markets, particularly in Latin America, due to diverse sector exposure and favorable geopolitical conditions [18][19]. - Recent profit-taking has occurred, but there is an intention to reinvest if market conditions allow for a pullback [19][20].

© 2026 Fluor. YEAR END 2025 RESULTS FEBRUARY 17, 2026 © 2025 Fluor. SUNOCO MARINER EAST LNG // PENNSYLVANIA, U.S.A. 1 SAFE HARBOR STATEMENT This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "plans," "intends," "continue," "anticipates," is "positioned" or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or ...

Rivian Automotive Inc (NASDAQ:RIVN) is one of the AI Stocks to Watch. Wall Street believes Rivian Automotive Inc (NASDAQ: RIVN) is not for the faint of the heart. On February 13, Deutsche Bank analyst Edison Yu upgraded Rivian Automotive Inc (NASDAQ: RIVN) to Buy from Hold, raising its price target to $23 from $16. Rivian stock is not for the faint of the heart and we certainly don’t expect a straight path forward but we see early signs that the company’s prospects are inflecting. The firm believes that ...

Core Viewpoint - Applied Materials (NASDAQ: AMAT) is gaining renewed interest from analysts, who believe the company is well-positioned for growth in both market-driven and share-driven scenarios [1]. Group 1: Analyst Insights - TD Cowen analyst Krish Sankar raised the price target for Applied Materials to $450.00 from $315.00 while maintaining a "Buy" rating [1]. - The research firm anticipates stronger semiconductor equipment demand in 2026, with over 20% system growth expected for both Applied Materials and Lam Research, surpassing competitors ASML and KLAC [2]. Group 2: Market Position - Applied Materials and Lam Research together account for approximately 30% of the global wafer fabrication equipment (WFE) market, raising questions about whether the overall WFE market will grow by 20% or if share gains will be driven by increased deposition and etch intensity due to DRAM node complexity and GAA foundry transitions [3]. - Regardless of the growth driver, Applied Materials is seen as well-positioned to benefit from these trends, with a price target set at $450 [3]. Group 3: Company Overview - Applied Materials, Inc. is a leader in materials engineering solutions, providing manufacturing equipment, services, and software to the semiconductor, display, and related industries [4].

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Core Viewpoint - AGNC Investment has shown strong performance in 2026, with shares up over 5% year to date, and offers a high dividend yield of 12.7%, significantly above the S&P 500's yield of approximately 1.2% [1]. Company Overview - AGNC Investment is a mortgage REIT that focuses exclusively on investing in Agency MBS (residential mortgage-backed securities protected by government agencies against credit risk) [5]. - The company has maintained its monthly dividend payment for over five consecutive years, demonstrating stability despite interest rate volatility [4]. Dividend Analysis - The current monthly dividend yield allows a $500 investment to generate $5.28 in monthly income, equating to an annualized income of $63.40, which is higher than most other assets available [3]. - Although the current yield is lower than the previous year's average of over 14%, it remains attractive compared to alternatives with similar risk profiles [6]. Investment Environment - The current environment for Agency MBS investments is strong, which supports AGNC Investment's ability to generate returns sufficient to cover its cost of capital, including operating costs and dividend payments [5]. - The company possesses a strong liquidity position, enabling it to fund new investments effectively [5]. Investment Consideration - For investors seeking a lucrative stream of monthly dividend income, now may be a good time to invest in AGNC Investment, despite the recent rally in share price [6]. - However, for those looking for higher total return potential, the recent price increase may suggest that it is not the optimal time to invest [6].

Core Insights - Teijin Pharma has entered a joint research agreement with Aska Pharmaceutical to develop small-molecule drug candidates targeting gynaecological diseases, leveraging Teijin's expertise in computer-aided drug design and AI [1][2] - The collaboration aims to identify "hit" compounds that interact with specific molecular targets, followed by optimization to ensure efficacy, pharmacokinetic properties, and safety for drug development [2][3] - Aska Pharmaceutical contributes clinical expertise in women's health, focusing on unmet medical needs, which complements Teijin's advanced drug discovery technologies [3][4] Company Strategies - Teijin Pharma is enhancing its drug candidate discovery process through improved simulation accuracy and predictive modeling, which shortens timelines and increases the probability of success in drug development [2] - Aska Pharmaceutical specializes in urology, internal medicine, and obstetrics and gynaecology, with a portfolio aimed at supporting women at various life stages [4] - The partnership aims to provide innovative treatments to improve the quality of life for women suffering from gynaecological conditions [4] Recent Developments - Teijin has submitted an application to Japan's Pharmaceuticals and Medical Devices Agency for manufacturing and marketing approval of lonapegsomatropin, a prodrug of somatropin, which is administered once weekly [5]