Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A Reddit investor summed up what many gold holders are asking right now. "I was lucky enough to guess right," the user wrote, explaining they bought 10.5 shares of the SPDR Gold Shares ETF (NYSE:GLD) at an average price of $370 in late November. Roughly two and a half months later, the position was up more than $1,100, nearly a 30% gain, as gold prices surged to record highs. The investor said they plan ...

A Reddit investor summed up what many gold holders are asking right now."I was lucky enough to guess right," the user wrote, explaining they bought 10.5 shares of the SPDR Gold Shares ETF (NYSE:GLD) at an average price of $370 in late November. Roughly two and a half months later, the position was up more than $1,100, nearly a 30% gain, as gold prices surged to record highs.The investor said they plan to hold the position inside a Roth IRA for the next 30 years, regardless of short-term moves. For that type ...

Financial Data and Key Metrics Changes - The total economic return for the fourth quarter was 10.2%, consisting of $0.51 of common dividends and a $0.78 increase in book value per share [25] - For the year, the book value increased by $0.75, and $2 of dividends per common share were declared, paid monthly [25] - Comprehensive income for the quarter was $190 million and $354 million for the year [25] - The company ended the quarter with leverage of 7.3x total equity and a strong liquidity position of $1.4 billion in cash and unencumbered securities, representing over 55% of total equity [25] Business Line Data and Key Metrics Changes - The TBA and mortgage-backed securities portfolio started the year at $9.8 billion, grew to $15.8 billion at the end of September, and ended the year at $19.4 billion [27] - The current book value is estimated to be in the range of $13.85-$14.05 per share, up 3%-4% from year-end [28] - The company raised $1.5 billion over the last 13 months at the most accretive levels in its history [25] Market Data and Key Metrics Changes - The company experienced a 29.4% total shareholder return in 2025, driven by both dividend income and significant share price performance [8] - The total equity market capitalization, including preferred shares, was $3 billion as of the end of last week [8] - The company raised and invested over $1 billion in 2025, with a price-to-book valuation rising [16] Company Strategy and Development Direction - The company aims to create a resilient business at the intersection of capital markets and real estate finance, focusing on disciplined execution and long-term value creation [7][30] - The management emphasizes the importance of adapting to changing environments and maintaining a performance-first mentality [4][6] - The company is evolving its business steadily, fine-tuning people, processes, technology, and structure to align with its strategy [13] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of government policy on asset returns, indicating that it is one of the most powerful forces shaping the market [14] - The company is prepared for a wider range of outcomes and has tilted its risk appetite towards liquidity and flexibility [10] - The management expressed confidence in the mortgage market's stability and the potential for attractive returns due to rising global demand for income [11][20] Other Important Information - The company has added depth and breadth to its team, including a new Chief Operating Officer and expanded corporate development capabilities [9] - The management noted that the current environment is characterized by policy complexity, shifting rate expectations, and geopolitical crosscurrents [8] Q&A Session Summary Question: Can you quantify where you see incremental investment returns today? - Management indicated that hedged ROEs are in the mid-teens with leverage around 7x, and with targeted leverage in the low 8s, ROEs could reach mid- to high teens [33] Question: How does this compare to three months ago given the spread tightening? - The dynamic is roughly between 150 and 300 basis points tighter than at the end of the last quarter [35] Question: Can you discuss the probability of politically motivated actions to improve housing affordability? - Management acknowledged the historical role of GSEs in managing housing and indicated that government intervention is possible [48][49] Question: What are the current opportunities for capital deployment? - Management noted that the belly of the coupon stack, primarily fives, has been the most interesting, with opportunities across the coupon stack [55] Question: How do you see the GSEs' longer-term role in the market? - Management believes that the $200 billion cap could be extended and that GSEs will continue to play a significant role in the market [73]

Core Insights - Cullen Roche's book "Your Perfect Portfolio" emphasizes the importance of customized portfolio construction tailored to individual needs and circumstances [13][15] - The current financial environment is increasingly complex, necessitating a deeper understanding of macroeconomic factors and time horizons in investment strategies [16][30] - Roche discusses various portfolio styles, from aggressive strategies to conservative approaches, highlighting the need for diversification across different asset classes and time frames [27][68] Group 1: Portfolio Construction - The book focuses on the idea that no two portfolios are the same, advocating for a personalized approach to portfolio management [15] - Roche's experience as a financial advisor informs his understanding that portfolio management must consider various time horizons and individual circumstances [19][22] - The book outlines different portfolio strategies, including a 100% stock portfolio, a T-bill and Chill portfolio, and a defined duration strategy, each catering to different risk profiles and investment goals [26][68][78] Group 2: Macroeconomic Context - Roche notes that the bond market has become less effective as a diversifier due to low interest rates, complicating traditional investment strategies [17] - Current U.S. market valuations are high, particularly in technology, creating potential risks for investors, especially those with shorter time horizons [30][34] - The geopolitical landscape presents unpredictable risks that could impact market stability, emphasizing the need for diversified investment strategies [114][115] Group 3: Investment Strategies - Roche discusses the importance of human capital in determining an investor's risk profile, suggesting that those with stable incomes can afford to take more risks in their portfolios [42][46] - The book highlights the significance of understanding different investment factors, such as value and growth, and how they relate to market returns over various time horizons [105][108] - Roche introduces the concept of countercyclical rebalancing, which involves adjusting asset allocations based on market valuations to mitigate risk [87][90]

Core Insights - The Fidelity Limited Term Bond ETF (FLTB) focuses on shorter-duration, investment-grade U.S. corporate credit while allowing flexibility in allocation across high-quality taxable sectors [1] - The fund typically invests at least 80% of its assets in investment-grade debt and repurchase agreements, utilizing a composite policy benchmark for risk budgeting [1] - Portfolio construction aims for limited interest-rate sensitivity, diversified issuer exposure, and strict trading/liquidity controls [1] Investment Strategy - The investment strategy is driven by bottom-up fundamental research, quantitative relative-value models, and top-down macro views [1] - Sector rotation, issuer selection, and yield-curve posture are key components of the strategy [1] - Securitized assets and Treasuries are used to provide liquidity and stability, while non-core allocations are limited [1] Risk Management - Risk is managed through pre-trade analytics, scenario/curve stress tests, and cross-sector relative-value dashboards [1] - Independent oversight is part of the risk management framework [1] - The sell/trim discipline is based on spread normalization, thesis breaks, deteriorating fundamentals, or better risk-adjusted alternatives [1]

Core Viewpoint - The First Trust Managed Municipal ETF (FMB US) employs an investment strategy focused on generating federally tax-exempt income through a diversified portfolio of U.S. municipal bonds, primarily from investment-grade issuers, while selectively including below-investment-grade or unrated bonds when favorable [1] Portfolio Construction Methodology - The portfolio construction methodology integrates top-down sector and curve analysis with bottom-up credit underwriting, assessing revenue pledges, covenants, call structures, and issuer financials [1] - The strategy incorporates various risks, including event, liquidity, and downgrade risks, while balancing duration and convexity to align with intermediate municipal risk [1] - Diversification is achieved by state, sector, and issuer, with careful management of position sizes to ensure issuer-level liquidity [1] - The use of taxable equivalents, pre-refunded, and escrowed-to-maturity structures is opportunistic, based on relative value assessments [1] Risk Management - Risk management practices involve monitoring spread and curve factors, as well as call and extension risks, and credit migration [1] - Continuous trading and rebalancing are conducted, rotating among different structures and maturities as market valuations, technical factors, or credit conditions change [1]

First Trust Enhanced Short Maturity ETF (FTSM US) – Portfolio Construction MethodologyThe investment strategy guiding the actively managed First Trust Enhanced Short Maturity ETF steers a diversified, USD-denominated short-duration bond portfolio aimed at current income with capital preservation and daily liquidity. The team allocates across U.S. government and agency securities, investment-grade corporates, asset- and mortgage-backed instruments and select securitized credit, targeting portfolio duration < ...

JPMorgan Short Duration Core Plus ETF (JSCP US) – Portfolio Construction MethodologyThe investment process governing the actively managed JPMorgan Short Duration Core Plus ETF builds a multi-sector, short-maturity fixed income portfolio anchored in investment-grade U.S. rate and credit markets with flexibility to allocate to non-investment-grade and securitized “plus” sectors when compensated. Eligible instruments include Treasuries, agencies, corporates, mortgage- and asset-backed securities, and select hi ...

AllianzIM U.S. Large Cap Buffer20 Jul ETF (JULW US) – Portfolio Construction MethodologyThe investment strategy governing the actively managed AllianzIM U.S. Large Cap Buffer20 Jul ETF targets U.S. large-cap equity exposure via the SPDR S&P 500 ETF Trust and overlays a one-year July outcome period using exchange-listed FLEX options. The construction selects put and call strikes to seek a 20% downside buffer (before fees/expenses) over the outcome window while capping upside at a level set at the series star ...

PGIM Ultra Short Bond ETF (PULS US) – Portfolio Construction MethodologyThe investment process driving the actively managed PGIM Ultra Short Bond ETF targets total return consistent with capital preservation by holding a high-quality, ultra-short-duration bond portfolio. The investable universe spans investment-grade, USD-denominated fixed, floating, and variable-rate instruments across corporates, asset-backed securities, commercial paper, agency MBS/CMBS, and U.S. government obligations; Rule 144A securit ...