Canopy Growth Corporation ( CGC ) reported in-line financial results last Friday. Revenues were strong, but the company had an overall net loss. The company is set to acquire MTL Cannabis, which will boost revenues and valuation. TheWelcome to the home of The Cannabis Report. I cover the cannabis sector and other sectors. I am most interested in technical stock analysis, option strategies, small cap strategies, and emerging markets. Feel free to contact me with any questions about publicly traded stocks in ...

Core Viewpoint - The iShares Core MSCI Emerging Markets ETF (IEMG) and iShares Core MSCI Total International Stock ETF (IXUS) provide different exposures to equities, with IEMG focusing on emerging markets and IXUS covering both developed and emerging markets globally [1] Cost & Size Comparison - IXUS has a lower expense ratio of 0.07% compared to IEMG's 0.09% - As of February 7, 2026, IXUS has a 1-year return of 31.67%, while IEMG has a return of 37.83% - IXUS offers a dividend yield of 3.01%, whereas IEMG has a yield of 2.51% - IXUS has assets under management (AUM) of $54.40 billion, while IEMG has a significantly larger AUM of $137.65 billion [2] Performance & Risk Comparison - Over the past five years, IXUS experienced a maximum drawdown of 30.05%, while IEMG had a higher drawdown of 37.16% - An investment of $1,000 in IXUS would have grown to $1,282 over five years, compared to $1,073 for IEMG [4] Portfolio Composition - IEMG holds 2,707 emerging-market stocks, primarily focused on the tech sector (23%), followed by financials (16%) and industrials (12%) - The top holdings in IEMG include Taiwan Semiconductor Manufacturing, Samsung Electronics, and Tencent Holdings, indicating a strong focus on Asian tech [5] - IXUS tracks an MSCI index with 4,211 securities, with its largest positions also in Taiwan Semiconductor Manufacturing, Samsung Electronics, and ASML Holding - The top sectors for IXUS are financial services (22%), industrials (15%), and technology (12%) [6] Implications for Investors - IEMG aims to maximize growth for holders due to its focus on emerging markets, but both funds share similar top holdings and strong allocations to Asian stocks, leading to comparable volatility [8] - IXUS has outperformed IEMG by over 20% in the last five years and has shown a price return that is over 35% higher since both ETFs launched on October 18, 2012, suggesting IXUS has an edge [9] - For investors seeking a stronger international tech focus, IEMG remains a viable option due to its concentration in tech companies [10]

Core Insights - The iShares Core MSCI Emerging Markets ETF (IEMG) and the State Street SPDR Portfolio MSCI Global Stock Market ETF (SPGM) provide low-cost equity exposure but differ in geographic focus and risk profiles [1][2] Cost & Size Comparison - Both ETFs have an expense ratio of 0.09% - IEMG has a significantly higher one-year return of 38.07% compared to SPGM's 21.83% - IEMG offers a higher dividend yield of 2.75% versus SPGM's 1.89% - IEMG has an asset under management (AUM) of $138.8 billion, while SPGM has $1.3 billion [3] Performance & Risk Comparison - IEMG has a max drawdown of -37.11% over five years, while SPGM's is -25.92% - The growth of $1,000 over five years is $1,100 for IEMG and $1,570 for SPGM [4] Holdings and Sector Exposure - IEMG includes 2,672 holdings, focusing on large-, mid-, and small-cap equities in emerging markets, with a sector mix dominated by technology (27%) and financial services (21%) [5] - SPGM has nearly 3,000 holdings, blending developed and emerging markets, with significant exposure to technology (26%), financial services (17%), and industrials (12%) [6] Investment Implications - IEMG targets high-growth potential in emerging markets but carries higher risk and volatility [7] - SPGM offers a more stable investment option with exposure to both developed and emerging markets, providing greater diversification [8] - IEMG has shown significant short-term performance but has underperformed in five-year total returns, potentially due to volatility or the performance of major tech companies [9] - Investors seeking higher growth may prefer IEMG, while those desiring diversification might opt for SPGM [10]

Group 1 - The US has agreed to reduce tariffs on Indian goods from 25 percent to 18 percent, enhancing India's competitive position among emerging markets [7][10] - The Indian stock market saw significant gains, with the BSE Sensex rising by 2,072.67 points or 2.54 percent to close at 83,739.13, and the NSE Nifty increasing by 639.15 points or 2.55 percent to settle at 25,727.55 [4][9] - Key sectors benefiting from the trade deal include textiles, leather, gems and jewellery, seafood exports, and specialty chemicals, which are expected to see improved export prospects [10][9] Group 2 - Adani Ports was a standout performer, surging 9.12 percent, along with other notable gainers such as Bajaj Finance, InterGlobe Aviation, and Reliance Industries [5][8] - The trade deal is anticipated to boost foreign institutional investor (FII) inflows into Indian equities, supported by a strengthening rupee [9][10] - The overall positive sentiment in the market was reflected in the performance of other Asian markets, with South Korea's Kospi jumping nearly 7 percent [10]

Core Insights - Investors have shifted focus from large-cap tech stocks to international and value stocks, marking a significant change in portfolio strategy [2][4][6] Group 1: Market Performance Trends - In 2022, emerging markets outperformed the S&P 500 for the first time since 2020, indicating a growing interest in international stocks [2] - The trend of international stocks outperforming continues into 2026, suggesting a broader market rotation away from U.S. leadership [2][6] - Historically, market leadership between U.S. and international stocks runs in multiyear cycles, with the average cycle length being just over eight years since 1975 [4][5] Group 2: Historical Context - The U.S. has outperformed international stocks for the past 15 years, but recent performance indicates that international equities are overdue for a resurgence [5][6] - The last significant period of international stock leadership occurred from 2002 to 2010, while the current U.S. leadership has lasted since 2010 [5] Group 3: Future Outlook - Fundamentals and valuations may support a shift towards developed international stocks, with the Vanguard FTSE Emerging Markets ETF identified as a strong investment choice to capitalize on this trend [7][8]

Core Viewpoint - The SPDR Portfolio Developed World ex-US ETF (SPDW) and iShares MSCI ACWI ex US ETF (ACWX) offer distinct investment strategies, with SPDW providing lower fees and higher yields, while ACWX offers broader non-U.S. equity exposure and a higher technology allocation [1][2]. Cost and Size Comparison - SPDW has an expense ratio of 0.03%, significantly lower than ACWX's 0.32% [3][10]. - As of January 9, 2026, SPDW's one-year return is 37.84%, compared to ACWX's 35.89% [3][10]. - SPDW has a dividend yield of 3.3%, higher than ACWX's 2.83% [3][10]. - Assets under management (AUM) for SPDW is $33.45 billion, while ACWX has $7.87 billion [3]. Performance and Risk Comparison - Over the past five years, SPDW has a maximum drawdown of -30.23%, slightly worse than ACWX's -30.03% [4]. - An investment of $1,000 would have grown to $1,304 in SPDW and $1,251 in ACWX over five years [4]. Holdings and Sector Allocation - ACWX holds 1,751 stocks, with a sector allocation of 25% in financial services, 15% in technology, and 15% in industrials [5]. - Major holdings in ACWX include Taiwan Semiconductor Manufacturing (3.9%), ASML (1.53%), and Tencent Holdings (1.4%) [5]. - SPDW focuses on developed markets, with a sector allocation of 23% in financial services, 19% in industrials, and 11% in technology [7]. - Key positions in SPDW include ASML (1.73%), Samsung (1.65%), and Roche (0.98%) [7]. Investment Implications - Investors seeking exposure to emerging markets and technology may prefer ACWX, particularly due to its holdings like TSMC, which has seen significant growth [12]. - Conversely, those looking for lower-cost access to developed markets and higher dividend yields may find SPDW more appealing [12].

Core Insights - The iShares Core MSCI Emerging Markets ETF (IEMG) focuses on emerging markets with a lower expense ratio, while the iShares MSCI ACWI ex US ETF (ACWX) provides broader non-U.S. exposure with a slightly higher yield and lower risk in recent periods [1][2] Cost and Size Comparison - IEMG has an expense ratio of 0.09% and assets under management (AUM) of $120.1 billion, while ACWX has an expense ratio of 0.32% and AUM of $7.9 billion [3] - Both IEMG and ACWX have a dividend yield of 2.7%, with IEMG showing a 1-year return of 36.8% compared to ACWX's 34.2% [3] Performance and Risk Comparison - Over the past five years, IEMG experienced a maximum drawdown of -37.16%, while ACWX had a lower maximum drawdown of -30.06% [5] - The growth of $1,000 over five years was $1,083 for IEMG and $1,267 for ACWX, indicating better performance for ACWX in terms of growth [5] Fund Composition - ACWX holds 1,751 stocks with a sector mix led by Financial Services (25%), Technology (15%), and Industrials (15%), with major holdings including Taiwan Semiconductor Manufacturing (3.83%) and Tencent Holdings Ltd (1.48%) [6] - IEMG focuses on 2,725 stocks, with a sector tilt favoring Technology (26%), Financial Services (21%), and Consumer Cyclical (12%), featuring top holdings like Taiwan Semiconductor Manufacturing (10.73%) and Tencent Holdings Ltd (4.14%) [7] Investment Implications - IEMG is suitable for investors seeking exposure to emerging markets with higher growth potential and lower costs, albeit with a higher risk profile [10] - ACWX is recommended for investors looking to reduce risk through a mix of stable developed and high-growth emerging markets, despite its higher fees [11]

Core Viewpoint - Emerging markets have significantly outperformed U.S. stocks over the past year, with the iShares MSCI Emerging Markets ETF returning over 39% compared to the SPDR S&P 500 ETF Trust's 17% [1] Group 1: Performance Comparison - The iShares MSCI Emerging Markets ETF has returned more than 39% in the last 12 months [1] - The SPDR S&P 500 ETF Trust has only returned 17% in the same period [1] Group 2: Factors Influencing Performance - Factors such as fading U.S. dollar strength and overseas earnings momentum are contributing to the strong performance of emerging markets [1] - Ted Neild, CEO and chief investment officer at Gresham Partners, believes the current setup for emerging markets relative to developed markets is more favorable than in the past decade [1] Group 3: Institutional Insight - Gresham Partners is a wealth management firm with $13.2 billion in assets, serving 125 wealthy families [1]

Core Insights - Emerging markets experienced a significant increase of over 25% in 2025, indicating strong growth potential compared to previous years [1] - These markets are currently trading at deep discounts relative to U.S. markets, suggesting potential investment opportunities for investors seeking undervalued assets [1] Market Performance - The performance of emerging markets in 2025 reflects a robust recovery and growth trajectory, which may attract more foreign investments [1] - The deep discount in valuation compared to U.S. markets highlights a disparity that could lead to increased capital inflows into emerging markets as investors look for better returns [1]

Core Viewpoint - The US ousting of Venezuelan President Nicolás Maduro has led to a measured reaction in the markets, indicating a potential shift in investment dynamics in the region [1] Group 1: Market Reactions - Markets are responding to the news of Maduro's ousting largely in stride, suggesting a cautious optimism among investors [1] - Jim Craige, CIO and Head of Emerging Markets at Stone Harbor Investment Partners, highlighted that his firm has been investing in Venezuela for the past year, indicating a long-term strategy despite political instability [1] Group 2: Implications for Emerging Markets - The discussion on Bloomberg ETF IQ focused on the potential implications for emerging markets following the political change in Venezuela, emphasizing the interconnectedness of regional economies [1]