CMC20 vs BTC, ETH, Gold & Nasdaq YTD, the data tells a clear story:• CMC20 tracked BTC closely but outperformed ETH meaningfully• Gold was the clear macro winner (+17%), Nasdaq roughly flattakeaway: CMC20 delivers broad crypto beta without the single-asset drag seen in ETHNow look at risk adjusted returns: CMC20’s sharp ratio is slightly better than BTC, giving it more efficient exposure to the same risk bucketCorrelation is where it gets interesting:• CMC20–Nasdaq: 0.64• CMC20–Gold: 0.42CMC20 behaves like ...

RT Bloomberg Live (@BloombergLive)What are the three areas today's investor needs to focus on? Co-CEO @KKR_co Scott Nuttall says,▪️Linear deployment▪️Portfolio construction▪️Diversification#BloombergInvest @daniburgz https://t.co/BKzTkocRyR ...

分组1 - Baron Partners Fund achieved a return of 19.07% in Q4 2025, significantly outperforming the Russell Midcap Growth Index (-3.70%) and the Russell 3000 Index (2.40%) [1] - For the calendar year 2025, the Fund returned 24.86%, compared to 8.66% for the Russell Midcap Growth Index and 17.15% for the Russell 3000 Index [1] - The Fund focuses on long-term investments in a non-diversified portfolio of well-managed growth businesses at attractive prices across various market caps [1] 分组2 - Tesla, Inc. (NASDAQ:TSLA) was highlighted in the Fund's Q4 2025 investor letter, with a market capitalization of $1.596 trillion [2] - Tesla's stock closed at $425.21 per share on February 10, 2026, with a one-month return of -3.19% and a twelve-month return of 26.36% [2] 分组3 - The Fund exited 30.5% of its position in Tesla in 2025, maintaining confidence in the company's future value [3] - Tesla's position in the Fund increased to 26.7% of total investments by the end of 2025, with an average purchase cost of $14.22 per share [3] - The decision to reduce the position was a portfolio construction strategy rather than a lack of confidence in Tesla's business [3]

Core Idea - The article emphasizes the importance of owning significant portions of extraordinary businesses rather than complete ownership of mediocre ones, as articulated by Warren Buffett in his 1994 shareholder letter [1] Group 1: Investment Philosophy - Berkshire Hathaway's strategy involves accumulating partial stakes in dominant businesses with durable advantages and global scale, rather than seeking total control of less impactful companies [2] - These investments are characterized as long-term economic partnerships that allow Berkshire to benefit from the underlying economics of these businesses [2] Group 2: Case Studies - Coca-Cola serves as a prime example, where Berkshire's 7.8% ownership stake translated into an economic interest in 21 billion servings, resulting in nearly $200 million in earnings from this investment [3] - Similarly, Berkshire's 7% stake in Gillette, which controlled about 70% of the global market by revenue, provided an indirect claim on approximately $250 million of Gillette's sales in 1994, demonstrating the effectiveness of owning a portion of a dominant business [4]

Core Viewpoint - Kawa Capital Management has completely liquidated its position in Gerdau S.A., selling 2,094,404 shares for an estimated value of $6.49 million, which significantly reduces its exposure to the company from 11.8% to 0% of its 13F AUM [2][3][4]. Company Overview - Gerdau S.A. is a leading steel producer in the Americas, offering a diverse range of steel products including semi-finished billets, long rolled products, special steels, flat products, and iron ore [9][10]. - The company operates a vertically integrated business model that includes steel production, mining, and distribution, generating revenue from direct sales, distributors, and a retail network across the Americas [9]. - Gerdau serves various sectors such as construction, manufacturing, automotive, agricultural, oil and gas, wind energy, and infrastructure, targeting both industrial clients and resellers [9][10]. Financial Performance - As of January 20, Gerdau's share price was $4.16, reflecting a 47% increase over the past year, significantly outperforming the S&P 500's 14% gain during the same period [4]. - The company reported a market capitalization of $8.60 billion, with a trailing twelve months (TTM) revenue of $13.10 billion and a net income of $564.19 million [5]. Recent Developments - The recent transaction by Kawa Capital represents a 15% change in reported 13F AUM, indicating a strategic shift in portfolio management [7]. - Gerdau has demonstrated strong performance due to pricing discipline, resilient North American demand, and a streamlined cost structure, which has positively impacted its financial results [11]. - The company has maintained steady cash generation and continued capital returns, including dividends and buybacks, even as steel markets have normalized [12].

Core Insights - The Pacer Trendpilot US Mid Cap ETF (PTMC) utilizes a rules-based trend-following methodology to manage its portfolio allocation among S&P MidCap 400 exposure and U.S. T-bills [1] Group 1: Portfolio Construction Methodology - The underlying index allocates to 100% S&P MidCap 400, a 50% S&P MidCap 400/50% 3-Month U.S. T-bill mix, or 100% 3-Month U.S. T-bills based on market conditions [1] - Exposure shifts to 100% equity when the S&P MidCap 400 Total Return Index closes above its 200-business-day simple moving average for five consecutive business days [1] - If the index closes below the 200-day average for five days, the allocation changes to a 50/50 mix [1] - An "extreme valuation" trigger occurs when the index closes 20% below its 200-day average, prompting a shift to a 50/50 allocation [1] - Changes in allocation become effective after the close on the first business day following a trigger, with the new position in effect on the second business day [1] - Signals for allocation adjustments are evaluated each business day, with no additional security selection or weighting beyond these exposures [1]

Core Viewpoint - The Innovator Equity Defined Protection ETF – 1 Yr April aims to provide U.S. large-cap equity exposure while ensuring full downside protection and a capped upside through a structured options strategy [1] Group 1: Investment Strategy - The ETF invests at least 80% of its net assets in European-style FLEX options on SPY, targeting a common April expiration [1] - The strategy includes purchasing puts to absorb 100% of reference-ETF losses for investors holding for the full period [1] - Upside participation is achieved through purchased call options, financed by writing call options that define the cap [1] Group 2: Portfolio Management - Residual cash is maintained in short-term USD instruments to meet collateral and liquidity needs [1] - At each April outcome reset, SPY-linked FLEX positions are rolled into a new one-year structure to keep exposures, cap, and protection aligned [1]

Core Insights - The ETF industry experienced significant growth in 2025, with nearly 800 new ETFs launched in the first three quarters, surpassing the total of 746 in 2024, indicating a robust expansion in the market [2] - Global ETF flows reached over $1.4 trillion this year, with US trading volumes nearing $60 trillion, highlighting the increasing popularity and utilization of ETFs among investors [2] Industry Trends - ETFs are evolving from mere portfolio building blocks to tools for managing taxes, hedging against inflation, and reducing risk, reflecting a shift in their application within investment strategies [3] - Buffered and defined outcome ETFs are expected to gain traction, particularly among pre-retirees and cautious investors, as they offer downside protection while providing better upside potential compared to cash or fixed income [4] Client Concerns - Inflation concerns are prompting advisors to incorporate ETF-based hedges such as gold, TIPS, and commodities into client portfolios, with gold serving as both crisis insurance and an inflation hedge [5] - Advisors are advised to conduct thorough due diligence on new ETF products, particularly those with complex structures, to ensure clients have realistic expectations regarding their performance and protective features [4]

Company Overview - Chord Energy Corporation produces and sells crude oil, natural gas, and natural gas liquids primarily from assets in the Williston Basin [9] - The company generates revenue through the exploration, development, and sale of hydrocarbons, leveraging operational expertise in upstream energy production [9] - It serves customers in the energy sector, including refiners, marketers, and utility companies seeking reliable oil and gas supply in North America [10] - Chord Energy's business model centers on efficient resource extraction and disciplined capital allocation to support long-term growth [10] Recent Developments - SIR Capital Management reported a complete exit from its holding in Chord Energy Corporation, selling all 377,585 shares for $36.57 million, which accounted for 3.26% of the fund's assets last quarter [2][3][7] - As of the latest filing, Chord Energy shares were priced at $90.91, down 20% over the past year, underperforming the S&P 500, which is up about 15% in the same period [4] - The company has a market capitalization of $5.21 billion, with a revenue of $5.16 billion and a net income of $170.64 million for the trailing twelve months [5] Operational Performance - In the most recent quarter, Chord Energy delivered solid production above the midpoint of guidance, generating more than $575 million in adjusted EBITDA [11] - The company returned a meaningful share of free cash flow to shareholders through dividends and buybacks, indicating a liquid balance sheet [11] - Management continues to emphasize capital discipline and efficiency gains, suggesting that the fundamentals do not indicate a distressed asset [11] Market Context - The exit by SIR Capital Management suggests that the opportunity cost of staying invested in Chord Energy has grown too high, particularly in light of ongoing commodity volatility and the stock's struggle to regain momentum [12]

Company Overview - Chord Energy Corporation is an independent oil and gas exploration and production company focused on the Williston Basin, emphasizing efficient resource extraction and disciplined capital allocation for long-term growth [6][9] - As of the latest report, the company's market capitalization is $5.21 billion, with a revenue of $5.16 billion and a net income of $170.64 million over the trailing twelve months (TTM) [4] Recent Developments - SIR Capital Management has completely exited its position in Chord Energy Corporation, selling all 377,585 shares for a total of $36.57 million, which represented 3.26% of the fund's assets last quarter [2][10] - The stock price of Chord Energy Corporation is currently $90.91, reflecting a 20% decline over the past year, contrasting with the S&P 500's increase of approximately 15% during the same period [3] Operational Performance - In the most recent quarter, Chord Energy delivered solid production above the midpoint of guidance, generating over $575 million in adjusted EBITDA and returning a significant portion of free cash flow to shareholders through dividends and buybacks [7][10] - Despite the stock's poor performance, the company's operational fundamentals remain strong, with management focusing on capital discipline and efficiency gains [10]