Key Takeaways VMI's Q4 EPS rose 28% to $4.92 but missed estimates; revenues of $1.04B also fell short.Infrastructure sales grew 7%, led by 21% utility growth, while agriculture revenues fell nearly 20%.VMI guided FY26 sales of $4.2-$4.4B and EPS of $20.50-$23.50, with capex at $170-$200M.Valmont Industries, Inc. (VMI) reported fourth-quarter 2025 adjusted earnings of $4.92 per share, a roughly 28.1% rise from the year-ago quarter figure of $3.84. It missed the Zacks Consensus Estimate of $4.95.The company’s ...

Core Viewpoint - The article compares two popular Closed-End Funds (CEFs) that invest in utilities: Cohen & Steers Infrastructure Fund Inc (UTF) and abrdn Global Infrastructure Income Fund [1] Group 1: Fund Comparison - Cohen & Steers Infrastructure Fund Inc (UTF) is highlighted as a strong investment option in the utilities sector [1] - abrdn Global Infrastructure Income Fund is also discussed, providing a comparative analysis with UTF [1] Group 2: Investment Strategy - The analysis aims to provide actionable investment ideas to build a balanced portfolio of U.S. securities [1] - The approach combines macro-economic analysis with real-world trading experience to identify profitable and undervalued investment opportunities [1]

What happened According to an SEC filing dated Feb. 10, 2026, Nuance Investments, LLC increased its holdings in Lindsay Corporation (NYSE:LNN) by 133,190 shares during the fourth quarter of 2025. The estimated transaction value was $16.03 million, calculated using the average share price over the quarter. The fund’s quarter-end position in Lindsay Corporation totaled 178,571 shares, with a valuation change of $14.67 million attributable to both trading activity and price movement. What else to know This ...

PERFORMANCE UPDATE 2025 Full Year Highlights We generated $1.6 billion ($0.67/share) of Distributable Earnings ("DE") during the quarter and $6.0 billion ($2.54/share) for the year. Record Deployable Capital $6B 11% $188B Annual Growth in DE Before Realizations Distributable Earnings ("DE") DE before realizations were $1.5 billion ($0.63/share) for the quarter and $5.4 billion ($2.27/share) for the year, representing growth of 11% per share over the prior year. Asset Management Wealth Solutions Operating Bu ...

Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with adjusted net income per share excluding carried interest repayment obligation being $1.30 for Q4 [3] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [3] - Total transaction and monitoring fees were $269 million in the quarter, while fee-related earnings were $972 million, reflecting a 15% year-over-year increase [4] Business Line Data and Key Metrics Changes - Insurance segment operating earnings in Q4 were $268 million, with total insurance economics for 2025 reaching $1.9 billion, up 15% for the year [4][6] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [6] - Realized performance income within the asset management segment was $528 million, with total monetization activity exceeding $550 million [7] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year capital raise to $129 billion, the highest in its history [9] - The North America Private Equity Fund now has over $19 billion of committed capital, while the Global Infrastructure Fund has nearly $16 billion of commitments [10][11] - The K Series suite of products raised $4.5 billion in Q4 and over $16 billion in full year 2025, nearly double the amount raised in 2024 [12] Company Strategy and Development Direction - The company is focused on three growth engines: asset management, insurance, and strategic holdings, positioning itself well for long-term growth [15] - The acquisition of Arctos, valued at $1.4 billion, aims to create a new investing vertical called KKR Solutions, expected to reach $100+ billion of AUM [20][24] - The company emphasizes a collaborative culture to maximize business impact and attract top talent [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on maintaining a strong monetization pipeline [26] - The company noted that despite market volatility, it remains well-positioned due to its disciplined portfolio construction and deployment strategy [30] - Management highlighted the importance of long-term performance over chasing favorable conditions, indicating a strong outlook for the next several years [33] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [13] - The company has $118 billion of dry powder available for future investments, indicating strong capital availability [18] Q&A Session Questions and Answers Question: How has the company reunderwritten its private portfolios for tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks through careful portfolio construction and selling assets that posed threats [34][36][38] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that 2025 was a record deployment year and expects to deploy more in the current year, highlighting broad-based deployment across strategies and geographies [42][48] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, supported by record capital raising and a strong trajectory for management fees [49][51]

Keppel Ltd. (OTC:KPELY) reported an EPS of $0.55, surpassing the estimated $0.41, indicating higher profitability per share than expected.The company's revenue of approximately $2.6 billion fell short of the estimated $2.8 billion, raising concerns about its market expectations fulfillment.Keppel's price-to-earnings (P/E) ratio stands at approximately 53.19, suggesting high investor expectations for future growth.Keppel Ltd. (OTC:KPELY) is a diversified company involved in various sectors, including offshor ...

The U.S. infrastructure market is nearing a pivotal stage as there are trillions in infrastructure spending that could be unlocked through 2026. The iShares U.S. Infrastructure ETF ( IFRA ) has come on the radar asI aim to help uncover opportunities for investors that have strong potential risk-adjusted returns. I enjoy creating articles by arguing from first principles and walking readers through my reasoning step-by-step. I mostly cover tech stocks, ETFs, precious metals, dividend stocks, and undercovered ...

Core Insights - The U.S. infrastructure market is approaching a critical phase with trillions in potential infrastructure spending available through 2026 [1] Group 1: Market Opportunities - The iShares U.S. Infrastructure ETF (IFRA) is highlighted as a potential investment opportunity with strong risk-adjusted returns [1] Group 2: Analyst Perspective - The article aims to provide insights and reasoning to help investors uncover opportunities in various sectors, including tech stocks, ETFs, precious metals, and dividend stocks [1]

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor segments [5] - Fee-bearing capital increased by 12% year-over-year to over $600 billion [6] - Fee-related earnings reached a record $3 billion, up 22% year-over-year, while distributable earnings were $2.7 billion, an increase of 14% from the prior year [6][24] - In Q4 2025, fee-related earnings were up 28% year-over-year to $867 million, with margins at 61% for the quarter [23][24] Business Line Data and Key Metrics Changes - The renewable power segment saw significant investments, including acquisitions in clean power assets and a US renewables platform [13] - The private equity business raised $1.6 billion, including $900 million for a special situation strategy [27] - Infrastructure raised $7 billion, including $5 billion for the AI infrastructure fund, marking a strong fundraising quarter [26][27] Market Data and Key Metrics Changes - The company noted a constructive market environment entering 2026, with stabilized interest rates and increased transaction activity [7] - There is a growing demand for real assets that generate stable cash flows, particularly in the context of inflation protection [8][9] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [9] - A significant focus is on expanding access to private assets for individual investors through retirement and long-duration savings vehicles [8] - The company is well-positioned to capture opportunities in AI infrastructure, with a $100 billion global AI infrastructure program [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth outlook for 2026, expecting it to be at or above long-term targets due to strong fundraising momentum and a robust pipeline of opportunities [23][41] - The company is prepared for a meaningful expansion of its asset management mandate and anticipates strong earnings growth driven by recent acquisitions [17][31] Other Important Information - The board of directors increased the quarterly dividend by 15% to $0.50025 per share, payable on March 31, 2026 [32] - The company announced a leadership transition, with Conor Teskey appointed as CEO, reflecting a long-term succession plan [10] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - The company tracks the secondaries market closely and sees it as a potential area for future growth, but will be selective in pursuing opportunities [34][35] Question: Can you elaborate on the growth expectations for 2026? - The company expects strong growth in 2026, with initiatives like the acquisition of Oaktree contributing to FRE growth, and a favorable market environment supporting increased deal activity [41] Question: What is the company's exposure to AI-driven disruption? - The company has minimal exposure to software businesses and focuses on long-term contracted real assets, positioning itself to benefit from increased AI penetration [44][46] Question: How is the company managing liquidity and uncalled commitments? - The company maintains over $3 billion in liquidity and views its uncalled capital of approximately $130 billion as a critical component for future growth [49][53] Question: What is the outlook for credit within the portfolio? - Demand for credit remains robust, with strong inflows into well-positioned products, despite some market concerns [72]

Core Insights - IBM reported strong fourth-quarter 2025 results, with adjusted earnings and revenues exceeding the Zacks Consensus Estimate [1] Financial Performance - Net income for Q4 2025 was $5.6 billion or $5.88 per share, a significant increase from $2.91 billion or $3.09 per share in the same quarter last year, driven by top-line growth and an income tax benefit [3] - For the full year 2025, net income was $10.6 billion or $11.17 per share, compared to $6.02 billion or $6.43 per share in 2024 [4] - Total revenues for Q4 2025 increased to $19.69 billion from $17.55 billion, with a constant currency revenue growth of 9% year over year, surpassing the consensus estimate of $19.2 billion [5] Segment Performance - Software segment revenues rose to $9.03 billion from $7.92 billion, with notable growth in Hybrid Cloud (up 10%), Automation (18%), Data (22%), and Transaction Processing (8%) [7] - Consulting segment revenues increased to $5.35 billion from $5.17 billion, driven by demand for AI services and application modernization [8] - Infrastructure segment revenues grew to $5.13 billion from $4.26 billion, reflecting higher demand for hybrid and distributed infrastructure [10] Cash Flow and Liquidity - IBM generated $4.04 billion in cash from operations during the quarter, with free cash flow reaching $7.55 billion, up from $6.16 billion in the prior-year period [12] - As of December 31, 2025, the company had $13.59 billion in cash and cash equivalents, with long-term debt of $54.84 billion [12] Outlook - For 2026, IBM expects revenues to grow more than 5% on a constant currency basis, with free cash flow projected at $15.73 billion [13]