Performance Overview - The Third Avenue Value Fund achieved a return of 7.47% for the three months ended December 31, 2025, outperforming the MSCI World Index at 3.12% and the MSCI World Value Index at 3.34% [3] - For the year-to-date period, the Fund returned 35.46%, significantly higher than the MSCI World Index and MSCI World Value Index, which returned 21.09% and 20.79%, respectively [3] - Annualized performance for the trailing three-year and five-year periods was 16.76% and 18.00%, respectively [3] Key Contributors to Performance - Warrior Met Coal was the largest contributor to the Fund's performance, followed by Lundin Mining and Capstone Copper [4] - Bank of Ireland and Horiba also made significant positive contributions during the quarter [4] - Warrior Met Coal began commercial-scale mining at its Blue Creek project ahead of schedule, positively impacting revenue and cash flow [5] European Holdings - The Fund's Western European holdings, including Bank of Ireland, Buzzi Spa, and BMW, contributed positively to performance [6] - A weaker U.S. dollar enhanced returns for euro-denominated investments, which comprise over 70% of the portfolio [6] Banking Sector Insights - Bank of Ireland and Deutsche Bank have improved their operating performance, leading to better valuations and increased returns on capital [7] - Deutsche Bank shares traded above book value for the first time since the global financial crisis, marking a significant milestone [8] Copper Market Dynamics - Lundin Mining and Capstone Copper were significant contributors to performance, driven by the indispensable nature of copper in modern economies [9] - The supply of copper has proven challenging to increase, leading to a looming supply gap as demand accelerates [13] Japanese Investments - The performance of Japanese investments was mixed, with Horiba contributing positively while JEOL detracted from performance [15] - Subaru performed well despite concerns over U.S. import tariffs, achieving a total return of 26.28% in 2025 [16] Energy Sector Performance - The Fund's oil and gas-related businesses did not perform well in 2025, with significant headwinds affecting offshore energy service sectors [21] - Delays in offshore projects and changes in spending by major producers created challenges for the sector [21] Resource Conversion Activities - The Fund engaged in robust resource conversion activities, including acquisitions and divestitures, to enhance shareholder value [27] - Harbour Energy executed several strategic transactions, significantly shifting its production base and improving its financial position [28] New Investments - The Fund initiated a position in T.S. Lines Ltd., a container shipping company focused on routes within the Asia-Pacific region, which is expected to benefit from growing trade activity [35] - T.S. Lines has a strong balance sheet and operates a younger fleet, positioning it well for future growth [37]

2026年2月10日，全球金融市场迎来本周乃至本月最关键的宏观数据——美国2月非农就业数据，该数据将于今日晚间正式出炉，成为决定美联储短期利率政 策走向的"胜负手"，牵动全球股、债、汇、商品市场的神经。当前，市场普遍给出谨慎预期，预计美国2月非农就业增长可能陷入停滞，新增就业人数或低 于8万人，失业率将维持在4.4%左右的高位区间，延续1月以来的疲软态势。作为美联储"充分就业+物价稳定"双重政策目标的核心参考指标，此次非农数据 的表现将直接打破当前市场对美联储政策的僵持预期：若数据不及预期、呈现疲弱态势，将强化市场对美联储转向鸽派立场的判断，推动年内降息预期升 温，进而支撑全球风险偏好回升;若数据意外强劲，则可能印证劳动力市场韧性，美联储或维持鹰派姿态，延迟降息进程，全球市场将再度面临流动性收紧 预期的压制。本文将结合前期就业数据背景、市场预期逻辑、政策传导路径，通过情景推演、机构观点解读，深度预测非农数据对美联储政策的影响及全球 市场趋势，为投资者提供专业参考。 当前，全球金融市场正处于"美联储政策不确定性"主导的震荡格局中，而非农就业数据作为美联储政策调整的核心风向标，其重要性远超以往。回顾2026年 1 ...

Market Overview - Markets have stabilized after a sharp correction due to the RBA's hawkish stance, leading to a selective recovery focused on balance sheet strength and pricing power [1][3][5] - The current market environment is characterized by a preference for businesses that can operate under restrictive policy settings, with models reliant on cheap funding under pressure [5][19] Sector Leadership - Leadership has re-emerged in materials, financials, and defensives, with high-conviction positions identified in companies such as Transmetro Corporation, Orica, and GenusPlus Group [2][20] - The materials sector remains central to investment strategies, supported by structural demand for precious and base metals, particularly gold and copper [13][15] Company Insights - **Transmetro Corporation (ASX: TCO)**: Strong balance sheet with cash exceeding debt, earnings per share (EPS) increased from $0.15 to $0.22, and revenue rose to $24.64 million, trading at a lower earnings multiple than the sector [26][27] - **Orica (ASX: ORI)**: Critical supplier to the mining industry with $8.14 billion in sales, recent equity raising strengthens the balance sheet, and analysts have raised EPS expectations [29][30] - **GenusPlus Group (ASX: GNP)**: Positioned for growth in energy transition, with a 35% increase in normalized EBITDA and strong revenue growth from major contracts [34][36] - **Perenti (ASX: PRN)**: Revenue reached $3.49 billion with over 26% year-on-year earnings growth, management's confidence reflected in share buybacks [39] - **IVE Group (ASX: IGL)**: Offers a near 6% dividend yield with stable cash generation, trading on a low earnings multiple relative to growth outlook [41][42] - **Korvest (ASX: KOV)**: Strong first-half results with double-digit revenue growth, benefiting from infrastructure activity [43][44] - **Newmont Corporation CDI (ASX: NEM)**: Preferred large-cap vehicle for gold exposure, with strong returns linked to rising gold prices [57][59] - **Emerald Resources (ASX: EMR)**: High-conviction small to mid-cap gold name with strong cash generation and growth forecasts [63][64] Investment Strategy - The market is rewarding execution, balance sheet strength, and tangible earnings, with a focus on sectors where demand is structural and pricing is global [20][65] - Selectivity is emphasized as the primary source of returns, with a preference for companies that can withstand higher capital costs [66]

Core Viewpoint - The acquisition of Evelyn Partners for GBP 2.7 billion positions the company as the leading private banking and wealth management firm in the U.K., enhancing its strategy by tapping into a growing market supported by favorable demographic, regulatory, and technological trends [2]. Company Overview - Evelyn Partners is a prominent financial planning and investment management firm with a 180-year history, a loyal client base, and a strong cultural alignment with the acquiring company [3]. - The firm operates a regional network of 21 offices and employs 270 financial planners and 325 specialist investment managers, along with a well-regarded direct-to-consumer investment platform, Bestinvest [3]. Financial Performance - In 2025, Evelyn Partners reported an income of GBP 509 million and an EBITDA of GBP 179 million, achieving a margin of 35% [3]. - The firm has successfully attracted net new inflows of GBP 1.6 billion, indicating strong prospects for future growth [3].

Core Insights - Freedom Holding Corp. reported its financial results for the third quarter of fiscal year 2026, showing total revenue of $628.6 million, a decrease from $664.6 million in the same quarter of the previous year [1][2] - The company experienced a net income of $76.2 million for the third quarter, compared to $78.1 million in the prior year [1][2] - Customer growth was significant, with brokerage customers increasing by 145,000 to a total of 828,000, and banking customers rising by two million to 4.5 million [1] Financial Overview - Three Months Ended December 31, 2025 - Total revenue for the quarter was $628.6 million, down from $664.6 million, influenced by higher net gains in foreign exchange operations and derivatives, but offset by declines in insurance premiums and trading securities [1][2] - Net gain on foreign exchange operations increased to $45.8 million from $3.9 million, primarily due to currency revaluation [1][2] - Interest income rose to $228.8 million, a 2% increase, driven by higher loan portfolio activity [1][2] - Insurance premiums earned decreased by 40% to $106.9 million, attributed to regulatory caps on commissions affecting new business volumes [1][2] - Total expenses were approximately $534.7 million, down from $566.3 million, mainly due to higher payroll and administrative costs [1][2] Financial Overview - Nine Months Ended December 31, 2025 - Total revenue for the nine months was $1,688.2 million, a slight decrease from $1,705.7 million, with notable declines in insurance premiums and interest income [2] - Realized gains on trading securities for the nine months reached $126.2 million, primarily from Kazakhstani corporate debt sales [2] - Interest income for the nine months was $639.0 million, down 3% due to a significant decrease in trading securities income [2] - Total expenses increased to approximately $1,493.2 million from $1,437.3 million, driven by higher payroll and insurance claims [2] - Net income for the nine months was $145.4 million, down from $226.9 million in the previous year [2] Customer Growth - The company reported a total of 828,000 brokerage customers, an increase of 145,000 over the past nine months [1] - Banking customers rose to 4.5 million, reflecting a growth of two million customers [1] - Insurance and other segments also saw customer increases of 8,000 and 92,000, respectively [1]

(Bloomberg) -- Federal Reserve Chair nominee Kevin Warsh is likely to take a gradual approach to shrinking the central bank’s $6.6 trillion portfolio to avoid rekindling money market tensions, according to strategists at Citigroup Inc. Any attempt by the central bank to resume unwinding its balance sheet — a process known as quantitative tightening — could revive pressures in the $12.6 trillion repurchase market, the strategists said. The Fed abandoned the process in December after rates in the repo market ...

Cuban aviation officials have warned airlines of a fuel shortage for refueling on the islandHAVANA -- Cuban aviation officials have warned airlines that there isn't enough fuel for airplanes to refuel in the island, part of a critical energy rationing going into place as the Trump administration cuts the island off from its fuel resources, a commercial pilot confirmed on Monday.A notice was sent to companies and airline personnel on Sunday, said the pilot, who spoke on condition of anonymity because he was ...

JUST IN: World's biggest YouTuber MrBeast acquires banking app 'Step.' https://t.co/atVpM6fIz9 ...

Although mortgage rates may be rising, that can be good news for your savings. Some banks and credit unions are paying as much as 4% annual percentage yield (APY) on select accounts. Consider stashing your savings in one of the following:The median down payment for all homebuyers is 19%, according to the National Association of Realtors . First-time homebuyers make a median down payment of 10%.Once you’ve decided how much home you can afford , you can start deciding how much to put down on your house and ma ...

Core Insights - UBS Group AG's India subsidiary has leased an entire commercial tower in Pune's Yerwada micro market for over Rs 263 crore, indicating a significant investment in managed office spaces [6] - The lease spans approximately 165,290 sq ft, accommodating around 1,520 seats, and commenced on January 15 [6] - The agreement includes a starting rental of about Rs 240 per sq ft per month with a 5% annual escalation over a five-year period [6] Lease Details - The lease covers the ground floor to the seventh floor of the building and includes a lock-in period of 60 months for Smartworks Coworking Spaces Ltd, while UBS has a 30-month lock-in commitment [6][5] - UBS has paid a security deposit of approximately Rs 23.8 crore, equivalent to six months' rent [6] - As part of the sub-lease agreement, UBS will have external signage rights on the building [6] Market Trends - The transaction highlights the increasing trend of enterprise-grade managed office deals in India, with multinational companies outsourcing workplace management to specialized operators [5] - Long-term enterprise contracts provide workspace providers with predictable occupancy and stable cash flows, while offering occupiers benefits such as faster expansion and lower upfront capital expenditures [5] - The Yerwada and Airport Road micro market is becoming a key office corridor in Pune, benefiting from proximity to the airport and established IT and business parks [6]