Core Thesis - UDR, Inc. is viewed positively due to its strong operational performance and attractive valuation compared to peers, despite recent stock price declines [1][3][7] Company Overview - UDR, Inc. is a US-focused apartment REIT that operates primarily in supply-constrained coastal markets, positioning it well for future growth [2] - As of January 13th, UDR's share price was $36.13, with trailing and forward P/E ratios of 82.27 and 55.56 respectively [1] Financial Performance - UDR has delivered solid operating results, showing some of the strongest same-property income growth in its peer group [4] - The company has a current dividend yield of approximately 4.7% and has maintained over twenty years of consecutive dividend growth [5] Valuation and Market Position - UDR's stock trades at the lowest valuation among its peers, with an implied cap rate above 6% and an estimated 30% discount to net asset value [3] - The REIT sector is experiencing a broader mispricing, with public REITs trading at higher implied cap rates compared to private market transactions [6] Future Outlook - As supply pressures ease, rent growth is expected to reaccelerate, enhancing UDR's income profile [5] - The current market conditions, including declining interest rates, may lead to increased interest in income-generating assets, positioning UDR for significant upside potential [7]

Core Viewpoint - The Invesco China Technology ETF (CQQQ) has gained investor interest despite ongoing regulatory and geopolitical challenges, raising questions about its role in investment portfolios given its structural risks and opportunities [2]. Group 1: ETF Overview - CQQQ serves as a tactical allocation for investors looking for undervalued tech exposure amidst significant geopolitical risks, tracking 163 Chinese technology companies across various sectors [3]. - The ETF includes major holdings such as Tencent, PDD Holdings, Meituan, and Baidu, which are trading at discounted valuations compared to U.S. peers, reflecting regulatory concerns and capital flight [3][4]. Group 2: Performance Metrics - CQQQ has returned +34.92% year-to-date in 2025, outperforming the S&P 500 by 18.57 percentage points, but has fallen 32.68% over the past five years due to regulatory risks and geopolitical volatility [4]. - The ETF's top holdings, like PDD, have low valuations (P/E of 11.57) but provide minimal dividend income [4]. Group 3: Volatility and Risks - CQQQ has experienced significant volatility, influenced by factors beyond company fundamentals, and remains well below its 2021 peak due to regulatory unpredictability and U.S. delisting threats [7]. - Geopolitical events can rapidly erase gains, highlighting the broader challenges facing Chinese technology investments in international portfolios [8]. Group 4: Investment Strategy - The return potential of CQQQ is driven by multiple expansions from sentiment shifts rather than explosive earnings growth, with the possibility of quick valuation recoveries when regulatory anxieties ease [6]. - The ETF has a reasonable expense ratio of 0.65%, making it a cost-effective option for international exposure [6].