Core Viewpoint - Defiance 5G Next Gen Connectivity ETF (FIVG) provides targeted exposure to companies involved in next-generation wireless networks and the connectivity stack, focusing on sectors such as radio access equipment, network infrastructure, semiconductors, device components, carriers, and enabling software and services [1] Group 1: Investment Proposition - FIVG tracks a rules-based index that selects and weights businesses with significant revenue exposure to the 5G ecosystem, resulting in a growth-oriented profile with sensitivity to capital-expenditure cycles and technology product launches [1] - Key return drivers for FIVG include the pace of network deployments, spectrum utilization, and demand for bandwidth-intensive applications [1] - Carriers and tower-like businesses provide defensiveness compared to pure hardware cycles, while chipmakers and equipment providers enhance upside during build-out phases [1] Group 2: Target Investors - FIVG is suitable for thematic equity allocators and Chief Investment Officers (CIOs) looking to create a dedicated innovation sleeve within diversified portfolios [1] Group 3: Risks - A key risk to monitor is thematic concentration, particularly regulatory, standards-cycle, and innovation risks that may lead to prolonged periods of underperformance if deployment timelines are delayed [1]

Core Insights - Holafly has launched a new solution called Holafly Plans for Business, designed specifically for international companies, offering a permanent global data plan for mobile teams [1][2] - This service addresses a common pain point for global companies, allowing businesses to adjust data allowances as needed without incurring fixed costs or long-term commitments [1][2] - The launch coincides with an increase in international business travel, with over half of professionals reporting higher travel frequency in 2025 compared to the previous year [2] Group 1 - Holafly Plans for Business eliminates the hassle of reconfiguring connections for each trip, ensuring employees remain connected globally without service interruptions [1] - The plan allows businesses to automatically upgrade data allowances during travel and only charges for actual usage, with no fees during months without travel [1][2] - The Always On service is offered at a discounted rate for new enterprise clients, ensuring basic data access even during off-peak times [2] Group 2 - Holafly is a leading eSIM provider for travelers, covering over 200 destinations and boasting a Trustpilot rating of 4.6/5 with over 15 million satisfied users [3] - The company aims to eliminate uncertainties in international mobile data management for businesses, allowing teams to stay connected regardless of location [2]

Group 1 - Hubei is accelerating the research and development of 6G technology, focusing on building and nurturing an industrial ecosystem for 6G applications [1] - The Hubei 6G Innovation Development Alliance has been established to concentrate on breakthroughs in core 6G technologies, standard system construction, application scenario exploration, industrial ecosystem cultivation, and talent training [1] - Wuhan has a national-level strategic emerging industry cluster for next-generation information networks, with over 16,000 optoelectronic information companies, forming a complete industrial ecosystem from basic research to product manufacturing and application services [1] Group 2 - Hubei has achieved several landmark results in standard formulation, integrated communication, wireless technology, and device research and development related to 6G technology [1] - Major telecom operators in Hubei, including China Mobile, China Telecom, and China Unicom, are building 6G technology testing platforms through 5G-A network construction in various fields such as Yangtze River shipping, low-altitude economy, intelligent manufacturing, and smart tourism [1] - Hubei will focus on tackling key core technologies of 6G and promote deep integration of scientific research, technology, and talent resources to accelerate the transformation and application of innovative achievements [1] Group 3 - Hubei Mobile and Zhongxing Telecommunication Equipment Corporation have established a joint innovation center for 6G technology and industrial applications, focusing on core technology breakthroughs and standard formulation [2] - A signing ceremony for the establishment of the Zhongxing Telecommunication—Wuhan University 6G Joint Laboratory was held, aiming for collaborative innovation in frontier 6G technologies and high-end talent cultivation [2]

Core Insights - Proximus has selected Nokia to modernize its online charging system and voice core, utilizing cloud-native solutions to enhance automation and support new business models [1][3] - The migration will involve Proximus' entire customer base and over 1,000 products to Nokia's Converged Charging solution, replacing a competitor's existing system [2][9] - The implementation of Nokia's cloud-native Voice Core, Subscriber Data Management, and Policy solutions aims to improve network automation and facilitate flexible scaling [3][9] Company Overview - Proximus Group is headquartered in Brussels and provides connectivity, IT, and digital services, focusing on building a trusted connected world [7] - The company operates under various brands, including Proximus, Mobile Vikings, and Scarlet in Belgium, and Proximus NXT in the Netherlands and Luxembourg [8] - Proximus aims to build the leading gigabit network in Belgium and contribute to a sustainable digital society while achieving profitable growth [11] Strategic Goals - The modernization efforts will enable greater automation, new business models, and future-ready services, supporting Proximus' digital transformation [9] - Proximus is positioned to become a global digital communications leader through its international activities, leveraging strengths from BICS, Telesign, and Route Mobile [10]

Group 1: Commodity Market - Gold prices have surged to a historic high of $4,700 per ounce, driven by a flight to safety amid global uncertainties, with a notable increase of more than 1% on Monday following new tariffs announced by President Trump [3][7]. Group 2: Telecommunications Sector - CK Hutchison is reportedly in discussions to divest its Irish mobile operations to Liberty Global, which could lead to significant consolidation in the Irish telecommunications market [4][7]. Group 3: Technology Sector - ByteDance is intensifying competition with Alibaba in the AI cloud market, with its Volcano Engine holding a 14.8% market share compared to Alibaba Cloud's 35.8%, indicating a growing battle for dominance in this sector [5][7]. - Analyst firms have adjusted price targets for major tech companies, with TD Cowen lowering Microsoft's target from $655 to $625 and Baird increasing Alphabet's target from $310 to $350, reflecting changing expectations for these firms [7][8]. Group 4: Political and Economic Developments - Former President Trump announced a substantial 200% tariff on French wine and champagne, which may escalate trade tensions, and highlighted the importance of Greenland in upcoming discussions at the Davos summit [6][7].

Core Insights - The performance of the Southeastern Small-Cap Fund has been mixed, with the underlying developments of holdings being better than stock price returns, particularly in a challenging market environment [2][3] - The fund's portfolio has a lower percentage of big winners compared to the Russell 2000, with only 15% of its holdings up an average of 30% compared to over 35% of the index's holdings up 70%+ [3] - The fund has maintained a strong position in the mid-range performance category, outperforming the Russell 2000 in that segment [4] - The fund's exposure to decliners was limited, with only 10% of the portfolio in this category, resulting in lower average losses compared to the index [5] Performance Analysis - The fund's average performance in the -20% to +20% return bucket was better than the Russell 2000's 0% return, with key holdings like White Mountains, CNX, and Rayonier contributing positively [4] - The fund's cash position and stable investments like Kodak initially provided safety but later became performance headwinds [6] - The fund's leverage rules have been effective in avoiding pitfalls, and adjustments to the overweight rule have been made to enhance performance [7][8] Notable Contributors - Beclé, a tequila and whiskey manufacturer, was a significant contributor due to its undervaluation and strong market position [9] - GCI Liberty, a communications company in Alaska, benefited from its unique market position and insider support from John Malone [10] - Graham Holdings showed strong performance due to growth in its education and healthcare segments [11] - Mattel has positioned itself well with strong brand power and a robust balance sheet, leading to significant stock repurchases [12] - Oscar Health experienced above-market growth but was exited due to emerging industry risks [14] Notable Detractors - Boston Beer faced challenges due to declining volumes in its major brands, although management is actively addressing these issues [15] - Clearwater Paper struggled with a weak market for solid bleached sulfate paperboard, but management is focusing on share repurchases [16] - Park Hotels & Resorts was impacted by macroeconomic concerns affecting leisure travel, leading to a decision to exit the position [18] Portfolio Activity - The fund made seven new purchases during the year, including GCI Liberty and Beclé, while exiting eight positions, including Kodak and Oscar Health [20][19] Outlook - The fund anticipates continued engagement through research perspectives and podcasts, focusing on quality investments amid market volatility [21] - The fund's strategy emphasizes owning resilient, free cash flow-generating assets to navigate market fluctuations effectively [22]

Core Insights - Comcast Corporation is a leading global media and technology company with diversified operations across Cable Communications, Media, Studios, and Theme Parks, competing with major players like AT&T and Verizon [1] - The recent 1.10% decline in stock price presents a strategic entry point for investors, especially with a monthly gain of 1.50% indicating positive market sentiment [2] - Projected growth potential of 18.19% with a target price of $32.88 positions Comcast as an attractive long-term investment option [3] - A Piotroski Score of 8 reflects Comcast's strong financial health, indicating robust fundamentals and promising future performance [4] Summary - Comcast's recent performance, growth prospects, and financial health create a compelling investment case, with the recent market dip viewed as a potential buying opportunity [5] - The combination of a minor stock decline and a positive monthly gain signals strong market sentiment and investor confidence [5] - The significant projected growth and high Piotroski Score highlight Comcast's attractiveness for long-term value appreciation [5]

Market Performance - The Tel Aviv Stock Exchange experienced a decline, with the Tel Aviv 35 Index falling by 0.08% to 3,968.81 points, the Tel Aviv 125 Index decreasing by 0.85% to 3,987.85 points, and the BlueTech Global Index dropping by 0.10% to 698.43 points [1] - The All Bond corporate bond index decreased by 0.21% to 422.79 points, with total turnover amounting to NIS 3.84 billion in equities and NIS 5.91 billion in bonds [1] Foreign Exchange Rates - The representative shekel-dollar rate increased by 0.701% from Friday, reaching NIS 3.16/$, while the representative shekel-euro rate rose by 0.903% to NIS 3.676/€ [2] Top Gainers - Enlight Renewable Energy saw the largest gain on the Tel Aviv 35 Index, rising by 8.23%. Next Vision increased by 7.69%, and Elbit Systems Ltd. rose by 0.90%. Ormat Technologies Inc. and Bezeq Israel Telecommunications Company Ltd. also experienced gains of 1.13% and 2.17%, respectively [3] Top Losers - Nice recorded the largest decline on the Tel Aviv 35 Index, falling by 5.19%. ICL decreased by 1.95%, and Teva Pharmaceutical Industries Ltd. fell by 1.68%. Mizrahi Tefahot Bank and OPC Energy also saw declines of 1.81% and 1.16%, respectively [4]

Core Insights - AST SpaceMobile, Inc. (ASTS) has exceeded expectations, defying predictions of a bubble collapse by the end of 2025 [1] - The company operates a space-based cellular broadband network, which has garnered attention for its growth potential [1] Investment Strategy - The investment approach focuses on identifying attractive risk/reward opportunities with strong price action to generate alpha above the S&P 500 [1] - The strategy emphasizes avoiding overhyped stocks while targeting undervalued stocks with significant upside recovery potential [1] - The investment group Ultimate Growth Investing specializes in high-potential opportunities across various sectors, particularly in growth stocks with solid fundamentals [1]

Group 1: Comfort Systems USA - Comfort Systems USA has experienced significant growth, gaining over 1,700% in the past five years, with a current dividend yield of 0.25% and a 20% increase in dividends last year [3][4] - The company reported a record backlog of $9.38 billion, reflecting a 65% year-over-year improvement, driven by increased demand for HVAC and electrical services from AI data centers [4][8] Group 2: Verizon Communications - Verizon Communications offers a high dividend yield of 7% and low volatility, making it an attractive option for risk-averse investors [5][6] - The company has maintained stable margins despite flat revenue growth, indicating improved profitability and a well-diversified customer base [5][6] Group 3: Procter & Gamble - Procter & Gamble has a strong dividend history, having paid dividends for 135 consecutive years, including 69 years of consecutive increases, with a 5% dividend raise in 2025 [9][8]