Bloomberg Emerging-market assets extended their recent gains Wednesday, shaking off a brief slump in currencies as traders dug into data on the US jobs market. Currencies in developing markets, including Brazil’s real and South Africa’s rand, sank immediately following the report showing US payrolls rose in January by the most in more than a year. The real, rand and most peers reversed course later, with a gauge tracking emerging-market currencies ending the day up 0.2%, extending a winning streak to a f ...

As Filed with the U.S. Securities and Exchange Commission on February 10, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ______________________________________ TRG LATIN AMERICA ACQUISITIONS CORP. (Exact name of registrant as specified in its charter) ______________________________________ | Cayman Islands | 6770 | 98-1896935 | | --- | --- | --- | | (State or other jurisdiction of | (Primary ...

Financial Data and Key Metrics Changes - Revenue for the third fiscal quarter was $45.6 million, a 5% year-over-year improvement on an organic basis and an 8% increase when including acquisitions [13][14] - Net income for the third fiscal quarter was approximately $2.2 million compared to net income of $5.3 million in the prior year, primarily driven by a loss on fair value of swaps and increased interest expense [15] - Earnings per share for the quarter were $0.03 compared to $0.08 in the year-ago quarter [15] Business Line Data and Key Metrics Changes - Music publishing revenue increased 12% year-over-year to $30.1 million, driven by strong performance revenue and digital revenue growth [16] - Recorded music revenue increased by 8% year-over-year to $12.9 million, benefiting from digital revenue growth and acquisitions [16] Market Data and Key Metrics Changes - The global value of music copyright reached an all-time high of $47.2 billion for the year prior, indicating sustained growth in the global music economy [11] - Streaming services continue to experience price increases, serving as additional tailwinds for industry growth [12] Company Strategy and Development Direction - The company is focused on deepening relationships with top-tier talent, investing in emerging markets, and expanding its portfolio through acquisitions [5][10] - The strategy includes acquiring catalogs in emerging markets where favorable multiples can be achieved, while also maintaining a strong presence in established markets [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued M&A activity and maintaining favorable acquisition multiples [22][23] - There are both tailwinds and headwinds anticipated in the music industry, with subscription increases and emerging market expansion being positive factors [33] Other Important Information - The company announced the acquisition of the publishing and recorded music rights of Bertie Higgins and the Miles Davis catalog, enhancing its portfolio [7][8] - New partnerships were formed with music icons Gladys Knight and T.I., further diversifying the company's offerings [9] Q&A Session Summary Question: Outlook for fourth quarter deal activity - Management expects continued M&A activity at the same elevated pace as the previous quarters [22] Question: Changes in acquisition multiples - Management confirmed that there has not been a material change in the weighted average multiples paid historically [23] Question: Comments on activist investors - Management did not provide additional information regarding discussions with activist investors, focusing instead on business growth [25] Question: Fourth quarter revenue expectations - Management indicated that there are no unusual one-time events expected in Q4, contrasting with prior year royalty recoveries [29] Question: Trends in G&A expenses - G&A expenses are influenced by revenue fluctuations in the management business, with normal inflationary pressures expected [30] Question: ROI differences between international and domestic deals - Management noted that more favorable multiples can be acquired in emerging markets, which may influence future deal strategies [31] Question: Macro-level price increases and royalty agreements - Management acknowledged both tailwinds and headwinds in the industry, with subscription increases and market expansion being positive factors [33]

Core Thesis - Coca-Cola FEMSA, S.A.B. de C.V. (KOF) is positioned as a strong investment opportunity due to its operational scale, financial discipline, and growth potential in emerging markets [1][4][5] Company Overview - KOF is the largest Coca-Cola bottler globally by volume, operating in Latin America with a young demographic and high consumption growth [3] - The company manages over 2 million points of sale, 250+ distribution centers, and 50 manufacturing plants, reaching nearly 275 million consumers [3] Financial Performance - KOF has a trailing P/E of 39.79 and a forward P/E of 116.28, indicating a premium valuation [1] - The company maintains a low net debt of under 0.8× EBITDA, showcasing a strong balance sheet [4] - Current trading multiples are approximately 14× forward earnings and 8× EV/EBITDA, suggesting the market may be undervaluing the company [6] Competitive Advantages - KOF benefits from exclusive franchise rights, deep local market knowledge, and a strong partnership with Coca-Cola, enhancing its brand power and pricing leverage [5] - The company has consistently expanded gross margins despite cost inflation and currency volatility, reflecting strong brand trust [5] Growth Strategy - KOF has invested in digital infrastructure and expanded capacity through record capital expenditures, positioning itself for long-term growth [4] - Management focuses on returning cash to shareholders through dividends while reinvesting in logistics and production capacity [5] Valuation Insights - Conservative valuation models suggest significant upside potential, with fair value estimates ranging from $69 to $160 based on growth and free cash flow assumptions [6] - The current price of $86 offers a compelling risk/reward profile for investors looking to access the Coca-Cola ecosystem in emerging markets [7]

Core Insights - Emerging markets ETF AVXC has shown strong performance at the start of 2026, driven by key investments in East Asian tech stocks [1] - The fund employs a systematic active investment strategy focusing on high profitability and value metrics, specifically excluding China [1] - AVXC has achieved a return of 11.26% over the last month, indicating a robust start to the year [1] Investment Strategy - AVXC charges a fee of 33 basis points for its investment approach [1] - The fund's strategy includes assessing opportunities based on book value versus operations cash ratios [1] - Investments are weighted by market capitalization and return potential, enhancing the fund's performance [1] Key Holdings - Samsung Electronics Co., Ltd. has been a significant contributor, with a stock increase of 35.9% over the last month [1] - SK Hynix has also performed well, returning 31.4% in the same period [1] - MediaTek, a Taiwan-based semiconductor firm, has seen a return of 25.35% recently [1]

SPDR Portfolio Emerging Markets ETF (SPEM US) – Investment PropositionSPDR Portfolio Emerging Markets ETF (SPEM) offers broad, market-cap exposure to emerging-market equities across major regions, seeking long-term capital appreciation while accepting higher macro, policy and liquidity risks. The approach holds a wide set of large- and mid-cap issuers, allowing country, sector and style weights to adjust with market values. Return drivers often include global growth impulses, commodity trends, currency dyna ...

Group 1 - The Adams Natural Resources Fund (NYSE: PEO) is expected to break out of its range-bound performance in 2026, indicating potential growth for investors [1] - GV Strategies aims to explore unconventional investment strategies that may be overlooked by global investors, focusing on areas like frontier/emerging markets, closed-end funds, and high yield/emerging market debt [1] - The perspective provided by GV Strategies is primarily from the viewpoint of global investors based in developed markets, assessing how these opportunities can be integrated into their portfolios [1] Group 2 - There is a plan to cover at least a couple of tickers monthly by 2024, focusing on those that can provide valuable insights, particularly in the realm of closed-end funds (CEFs) and exchange-traded funds (ETFs) [1]

Group 1 - The Templeton Emerging Markets Income Fund (TEI) was last analyzed two years ago, highlighting the advantages of a weaker dollar for the fund and maintaining a hold rating [1] - Binary Tree Analytics (BTA) specializes in providing transparency and analytics for capital markets instruments, focusing on closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations, aiming for high annualized returns with low volatility [1] Group 2 - BTA has over 20 years of investment experience, with a background in finance from a top university [1]

We last covered the Templeton Emerging Markets Income Fund ( TEI ) two years ago, when we described the benefits of a weaker dollar for TEI and put a hold rating next to this CEF. TheWith an investment banking cash and derivatives trading background, Binary Tree Analytics ('BTA') aims to provide transparency and analytics in respect to capital markets instruments and trades. BTA focuses on CEFs, ETFs and Special Situations, and aims to deliver high annualized returns with a low volatility profile. We have b ...

Core Insights - The market has experienced significant declines in stock values of various companies, driven by market volatility, company-specific developments, and broader economic conditions [1][7] Company-Specific Summaries - Glenmede Women in Leadership US Eq (GWILX) saw its price drop by 48.32% to $8.79, indicating market skepticism about its performance despite its focus on gender diversity [2] - Harding Loevner Emerging Markets Portfolio Advisor Class (HLEMX) and Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) experienced declines of 48.42% and 49.43%, respectively, reflecting the inherent risks of investing in volatile emerging markets [3] - SaverOne 2014 Ltd (SVRE) had a stock price decline of 46.61% to $1.89, with increased trading volume suggesting heightened investor interest or concern [4] - Zynex, Inc. (ZYXI) faced a dramatic decline of 55.33% to $0.29, entering Chapter 11 financial restructuring to stabilize its position amid challenges in the medical device sector [5] Market Trends - The significant price movements of these companies highlight the importance of understanding the factors driving market performance, including volatility, industry-specific challenges, and economic conditions [6][7]