Moerus Capital Management LLC, an investment management firm, recently released its "Worldwide Fund " second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund navigated a highly bifurcated investment environment in the second quarter of 2026, as investor enthusiasm for artificial intelligence and technology drove a sharp rally in growth stocks while capital moved away from more traditional, value-oriented areas. The Fund's Institutional Class returned 0.14% in Q2, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, while its first-half return stood at 5.37%, versus 13.69% and 11.25%, respectively, for the two benchmarks. The relative underperformance was primarily driven by the Fund's limited exposure to Information Technology as semiconductor and AI-related stocks surged, while its Energy holdings also gave back some earlier gains as oil prices declined; however, the Fund benefited from several energy-related investments during the first half. Looking ahead, Moerus views the extreme gap between expensive AI-focused areas and neglected parts of the market as an opportunity, maintaining its long-term deep-value approach of investing in unpopular businesses and ****** ets at significant discounts to intrinsic value and using market volatility to identify potentially attractive investments. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Moerus Worldwide Fund highlighted stocks like Valaris Limited (NYSE:VAL). Valaris Limited is a U.S.-based provider of offshore drilling services. Moerus described Valaris as its largest individual contributor to performance in the first half of 2026. The one-month return of Valaris Limited (NYSE:VAL) was 1.62% while its shares traded between $46.70 and $114.12 over the last 52 weeks. On September 7, 2026, Valaris Limited (NYSE:VAL) stock closed at approximately $86.74 per share, with a market capitalization of about $6.03 billion.
Moerus Worldwide Fund stated the following regarding Valaris Limited (NYSE:VAL) in its Q2 2026 investor letter:
"For example, consider Valaris Limited (NYSE:VAL), the largest individual contributor to performance in H1. Shares of this U.S.-based provider of offshore drilling services surged in response to the February 9th announcement that the company had agreed to be acquired by Transocean in an all-stock transaction, which was priced at a roughly 32% premium to Valaris' stock price (based on the previous day's closing price of each stock). Valaris was added to the Fund in early 2025 following a slide in its share price, amid then-subdued oil prices and what we believed to be a temporary lull in offshore drilling activity caused by support infrastructure constraints (among other factors)."

#worldwide #Stock

Irina Shayk is one of the many models bringing glamour to the Venice Film Festival, and so far, she has served up four looks spanning body-con Alaïa, two archival pulls and a more subdued turn on the red carpet.
Agostino Fabio/WireImage
Irina arrived in Venice wearing a fitted Alaïa dress styled with a Ferragamo Cara bag and Alaïa mesh shoes, proving that even her off-duty looks come with plenty of ****** appeal.
The slate-grey colour may be subdued, but there is nothing understated about the silhouette. This is classic Irina, and an easy introduction to her Venice wardrobe.
Jacopo Raule/FilmMagic

#looks #subdued #festival #wireimage

Featured image by Jenna O'Malley/PitchBook News
European PE add-ons are stuck at decade highs for the obvious reason—sponsors playing it safe—but increasingly also because a consolidated platform is what enhances the chance to exit.
According to PitchBook's Q2 2026 European PE Breakdown, there were 2,121 add-on deals in H1 2026, reaching a decade high of 57.7% of the total European PE deal count. It's the third straight quarter the strategy has held near record levels.
Richard Damming, head of PE investments Europe at Schroders Capital, spoke with PitchBook News about why a consolidated platform may help secure an exit in the subdued market and how to create value in times of low financial leverage.
This interview has been edited for length and clarity.

#according

Sandra Bullock was back for the Practical Magic 2 London photocall, held inside the Ballroom at Claridge's—a wise decision considering the rain in the capital this morning.
Kate Green/Getty Images
You weren't as sold as I was on her leopard-print Givenchy look. Sandra may have a mild-mannered demeanour, but she has never been afraid to make a bold and big statement. Are we forgetting The Lost City London premiere, its Los Angeles premiere, the 2019 MTV Movie & TV Awards or the Ocean's 8 world premiere?
Those who weren't convinced by the leopard print will probably prefer this Erdem Resort 2027 look. The black blazer, white asymmetric skirt and lace detailing offer a softer route into the film's witchy world, with the dark romanticism coming through the monochrome palette and black lace.
I love how the lace breaks up the monochrome layers, while the white neck scarf adds another point of interest. Smart but not overly formal, this is more subdued than her premiere look.

#look #sandra

Lowe's Companies, Inc. (NYSE:LOW) delivered an earnings beat alongside weak organic growth and a reduced outlook. Second-quarter total sales increased approximately 8.3% to $25.96 billion, supported by acquisitions, but organic comparable sales rose just 0.2%, below the 0.8% expected. Diluted earnings were $4.27 per share. Company-defined adjusted diluted earnings, a non-GAAP measure, reached $4.40 per share and exceeded the $4.22 FactSet consensus estimate. Results also included a $0.11-per-share benefit from tariff refunds. Management reduced its full-year sales forecast to $92 billion and now expects comparable sales to be approximately flat. Still, the shares reversed a premarket decline and closed 2.0% higher at $220 on August 19. For Lowe's Companies, Inc. (NYSE:LOW), the question is whether contractor demand can cushion the combined pressure from weak DIY spending and subdued housing activity.
The operating split was clear. Pro, online, and home services growth helped Lowe's Companies, Inc. (NYSE:LOW) produce a fifth consecutive quarter of positive comparable sales. Online sales increased nearly 16%, while contractors and repair-and-maintenance projects supported demand. Acquisitions expanded the reported revenue base but are excluded from the comparable-sales calculation, making the 0.2% organic increase the better measure of underlying momentum.
The weaker side extends beyond the consumer. Lowe's Companies, Inc. (NYSE:LOW) said persistent pressure on discretionary DIY spending partly offset its stronger categories. The revised outlook also incorporated softer housing trends affecting Foundation Building Materials and Artisan Design Group, particularly their residential-construction exposure. Consumers continue prioritizing necessary repairs while postponing larger projects, and weak housing turnover is also limiting construction and renovation activity.
Lowe's Companies, Inc. (NYSE:LOW) is getting support from customers whose spending is less discretionary than a kitchen remodel or major outdoor project. Pro demand, home services, and online growth provide several ways to capture repair, maintenance, and contractor spending while DIY customers remain cautious. The adjusted earnings beat shows that profitability held up better than organic sales, even after accounting for the tariff-refund benefit. If lower mortgage rates eventually revive housing turnover, these businesses could provide a stronger base for renewed DIY and construction demand.

#Companies #NYSE #housing #online

Aroundtown (ETR:AT1) reported stable first-half operating results for 2026, with rental growth offsetting the impact of ****** et sales, while higher financing costs reduced funds from operations. Management said the company remains on track to meet its full-year guidance and is continuing to recycle capital through disposals, property investments and share repurchases.
CEO Barak Bar-Hen said the macroeconomic and geopolitical backdrop remained mixed during the first half, but external volatility had not materially affected operations. He said the company's residential and hotel holdings, which together represent 53% of the portfolio, continued to benefit from favorable market conditions, while the office segment remained relatively stable despite subdued economic activity.
→ Rocket Lab's Sell-Off Is Fading—Is It Finally Safe to Buy?
Net rental income totaled €591 million in the first half, unchanged from the prior-year period. Like-for-like rental growth of 2.7% offset the reduction in rental income from net disposals. Adjusted EBITDA was also broadly stable at €500 million, compared with €501 million a year earlier.
FFO I, a key recurring earnings measure for property companies, declined 4% to €144 million from €150 million, primarily due to higher financing expenses. FFO I per share was €0.13, compared with €0.14 in the first half of 2025, with the share buyback supporting the per-share outcome.

#higher

Sustainable Growth Advisers (SGA), an investment management company, released its second-quarter 2026 investor letter for its "Global Growth Strategy." The letter can be downloaded here. The SGA Global Growth Portfolio returned 7.4% gross and 7.2% net, compared with 14.9% for the MSCI ACWI and 19.8% for the MSCI ACWI Growth Index. Momentum leadership and enthusiasm around AI infrastructure drove markets, with semiconductor, memory, and hardware stocks accounting for much of the gain. Although the portfolio owned AI beneficiaries, broader holdings lagged despite fundamentals, as median revenue and EPS growth reached 12% and 14% and more than 60% of the holdings beat expectations. SGA believes valuation compression reflects sentiment rather than weaker business quality, leaving the portfolio near its widest discount to the market since inception. The firm continues to favor durable compounders and expects 16% revenue growth and 20% earnings growth over three years. Also, please check the Fund's top five holdings to see its best picks for 2026.
In its second-quarter 2026 investor letter, SGA Global Growth Strategy highlighted Alcon Inc. (NYSE:ALC). Alcon Inc. (NYSE:ALC) is a Swiss-based healthcare and medical technology company focused on eye care products. On August 21, 2026, Alcon Inc. (NYSE:ALC) closed at $73.63 per share. The one-month return of Alcon Inc. (NYSE:ALC) was 9.44% and its shares lost 8.83% over the past 52 weeks. Alcon Inc. (NYSE:ALC) has a market capitalization of $36.68 billion.
SGA Global Growth Strategy stated the following regarding Alcon Inc. (NYSE:ALC) in its Q2 2026 investor letter:
"During the quarter, we exited our position in Alcon Inc. (NYSE:ALC). Alcon remains a leader in eye care with exposure to increasing secular demand driven by aging and myopia, with market leadership across multiple categories. Strong launches in new equipment and eye drops drove topline growth of 6% constant currency and earnings per share growth of 16%+ in Q1. This was slightly below expectations of 7% growth, as the market for cataracts and contact lenses remains subdued. Additionally, the premium intraocular lens for cataracts is getting more competitive, with Alcon remaining the leader but expected to continue to cede share from the highs of 80%+ as competitors are catching up. Management continues to execute well on product launches to offset pressures in intraocular lens, which accounts for 17% of total sales. However, to account for the increased competition and subdued market conditions overall, we gradually reduced the position before ultimately redeploying the capital into a higher growth opportunity in Schneider Electric."

#strategy

Lowe's Companies, Inc. (NYSE:LOW) delivered an earnings beat alongside weak organic growth and a reduced outlook. Second-quarter total sales increased approximately 8.3% to $25.96 billion, supported by acquisitions, but organic comparable sales rose just 0.2%, below the 0.8% expected. Diluted earnings were $4.27 per share. Company-defined adjusted diluted earnings, a non-GAAP measure, reached $4.40 per share and exceeded the $4.22 FactSet consensus estimate. Results also included a $0.11-per-share benefit from tariff refunds. Management reduced its full-year sales forecast to $92 billion and now expects comparable sales to be approximately flat. Still, the shares reversed a premarket decline and closed 2.0% higher at $220 on August 19. For Lowe's Companies, Inc. (NYSE:LOW), the question is whether contractor demand can cushion the combined pressure from weak DIY spending and subdued housing activity.
The operating split was clear. Pro, online, and home services growth helped Lowe's Companies, Inc. (NYSE:LOW) produce a fifth consecutive quarter of positive comparable sales. Online sales increased nearly 16%, while contractors and repair-and-maintenance projects supported demand. Acquisitions expanded the reported revenue base but are excluded from the comparable-sales calculation, making the 0.2% organic increase the better measure of underlying momentum.
The weaker side extends beyond the consumer. Lowe's Companies, Inc. (NYSE:LOW) said persistent pressure on discretionary DIY spending partly offset its stronger categories. The revised outlook also incorporated softer housing trends affecting Foundation Building Materials and Artisan Design Group, particularly their residential-construction exposure. Consumers continue prioritizing necessary repairs while postponing larger projects, and weak housing turnover is also limiting construction and renovation activity.
Lowe's Companies, Inc. (NYSE:LOW) is getting support from customers whose spending is less discretionary than a kitchen remodel or major outdoor project. Pro demand, home services, and online growth provide several ways to capture repair, maintenance, and contractor spending while DIY customers remain cautious. The adjusted earnings beat shows that profitability held up better than organic sales, even after accounting for the tariff-refund benefit. If lower mortgage rates eventually revive housing turnover, these businesses could provide a stronger base for renewed DIY and construction demand.

#sales #comparable

Sustainable Growth Advisers (SGA), an investment management company, released its second-quarter 2026 investor letter for its "Global Growth Strategy." The letter can be downloaded here. The SGA Global Growth Portfolio returned 7.4% gross and 7.2% net, compared with 14.9% for the MSCI ACWI and 19.8% for the MSCI ACWI Growth Index. Momentum leadership and enthusiasm around AI infrastructure drove markets, with semiconductor, memory, and hardware stocks accounting for much of the gain. Although the portfolio owned AI beneficiaries, broader holdings lagged despite fundamentals, as median revenue and EPS growth reached 12% and 14% and more than 60% of the holdings beat expectations. SGA believes valuation compression reflects sentiment rather than weaker business quality, leaving the portfolio near its widest discount to the market since inception. The firm continues to favor durable compounders and expects 16% revenue growth and 20% earnings growth over three years. Also, please check the Fund's top five holdings to see its best picks for 2026.
In its second-quarter 2026 investor letter, SGA Global Growth Strategy highlighted Alcon Inc. (NYSE:ALC). Alcon Inc. (NYSE:ALC) is a Swiss-based healthcare and medical technology company focused on eye care products. On August 21, 2026, Alcon Inc. (NYSE:ALC) closed at $73.63 per share. The one-month return of Alcon Inc. (NYSE:ALC) was 9.44% and its shares lost 8.83% over the past 52 weeks. Alcon Inc. (NYSE:ALC) has a market capitalization of $36.68 billion.
SGA Global Growth Strategy stated the following regarding Alcon Inc. (NYSE:ALC) in its Q2 2026 investor letter:
"During the quarter, we exited our position in Alcon Inc. (NYSE:ALC). Alcon remains a leader in eye care with exposure to increasing secular demand driven by aging and myopia, with market leadership across multiple categories. Strong launches in new equipment and eye drops drove topline growth of 6% constant currency and earnings per share growth of 16%+ in Q1. This was slightly below expectations of 7% growth, as the market for cataracts and contact lenses remains subdued. Additionally, the premium intraocular lens for cataracts is getting more competitive, with Alcon remaining the leader but expected to continue to cede share from the highs of 80%+ as competitors are catching up. Management continues to execute well on product launches to offset pressures in intraocular lens, which accounts for 17% of total sales. However, to account for the increased competition and subdued market conditions overall, we gradually reduced the position before ultimately redeploying the capital into a higher growth opportunity in Schneider Electric."

#market #strategy #Portfolio #quarter

Liverpool begin a new Premier League chapter on Sunday afternoon when Andoni Iraola takes his side to face Newcastle United at St James' Park.
Kick-off is scheduled for 4.30pm UK time on Sunday, 23 August, with the contest providing an immediate test of Iraola's ability to revive a team that fell well short of expectations last season.
Liverpool finished fifth with 60 points in 2025-26, relinquishing their league ****** le in subdued fashion and leaving their supporters with uncomfortable questions about the strength and balance of the squad. Iraola has been appointed to restore energy, aggression and clarity, but the scale of that ****** ignment should not be underestimated.
Newcastle are also beginning again. Matthias Jaissle has replaced Eddie Howe following a summer of considerable upheaval on Tyneside. Anthony Gordon, Sandro Tonali and Bruno Guimaraes have all departed, stripping the team of three players who previously supplied much of its personality and quality.
For both managers, this is more than an opening fixture. It is the first public measure of how successfully they have handled turbulent summers.

#andoni #united

By Lucia Mutikani
WASHINGTON, Aug 14 (Reuters) - U.S. retail sales fell in July for the first time in nine months as the boost from big tax refunds faded, suggesting that consumer spending was slowing down and prompting economists to slash their economic growth estimates for the third quarter.
The unexpected decline in retail sales reported by the Commerce Department on Friday was also payback after Amazon pulled forward its Prime ‌Day event to June from July, with other retailers offering competing promotions. A retreat in gasoline prices also weighed on receipts at service stations.
The report added to unexpected job losses last month and mild inflation readings ‌in bolstering financial market expectations that the Federal Reserve would not raise interest rates in September, barring upward surprises to August price and employment data.
"This points to a material slowdown in real consumer spending growth in the third quarter," said Sal Guatieri, a senior economist at BMO Capital Markets. "This, together with a weaker jobs report and subdued core CPI inflation, raises the odds of the FOMC staying patient again in September."

#july #retail #Growth

Good morning. Stocks wavered on Tuesday. Reports of progress on Middle East peace talks remained top of mind, as investors watched for swings in oil prices, which remained subdued in the first hour of trading.
Here's a check of the markets in early trading, as of 11:00 a.m. ET, based on a heat map powered by Yahoo Finance AlphaSpace data.
Industrial (XLI) stocks climbed, leading the major S&P 500 sectors, while consumer staples (XLP) were on the back foot. Within tech, semiconductor hardware companies continued to rally.
Here are the top stocks Yahoo Finance readers viewed this morning: Oracle (ORCL), Broadcom (AVGO), Cerebras (CBRS), Blackstone (BX), and SolarEdge (SEDG).
Two newly public quantum computing companies are about to report earnings. Their results will test the appetite for the budding technology that has captivated some corners on Wall Street.

#stocks #remained #Companies

Our ****** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Achieved record quarterly sales of $528 million, a 16.4% increase driven by the Koch Filter acquisition and strong Power Solutions performance.
Successfully exited more than 95% of transition services agreements (TSAs) for Koch Filter, with full integration expected by the third quarter.
Observed a cyclical recovery in first-fit markets starting in late Q2, with Atmus seeing demand upticks 4 to 6 weeks ahead of vehicle OEM builds.
Maintained a flat outlook for the global aftermarket as stronger sentiment in the U.S. and Mexico is offset by subdued conditions in Europe, the Middle East, and Asia Pacific.

#filter #observed

Option prices are surging for stocks but are relatively subdued for the SPY. In the chart below, I compare the implied volatility (IV) of individual stocks with the IV of the SPY (an ETF based on the S&P 500 Index) using weekly options that expire the following week. Specifically, I calculated the average IV of individual stocks at the end of each week and compared it to the SPY IV.
The chart below is color-coded, highlighting that over the past ten weeks, the average IV of individual stocks has been around 50% (blue), a historically high level. Meanwhile, the SPY average IV has remained relatively low at about 13.5% (orange). This has pushed the spread between the two close to 36% (black), the highest level in my data dating back to 2016.
This is an interesting situation, and this week I'll examine the historical data to see what this has typically meant for the short-term options trading environment.
We would normally expect IVs on individual stocks to correlate with IVs on the SPY, and that's typically the case. However, there are times when they diverge, as they have now.
It makes sense if traders expect big moves from individual stocks, but they expect the big moves in both directions. That could result in little movement from the broad index. In other words, the options market is pricing in large, but uncorrelated, moves in individual stocks.

#index

Speculation has been a little subdued recently over a move for the Real Oviedo man, but the winger who impressed at the recent World Cup in the United States, has turned his back on a the lucrative offer from an unknown Saudi club.
Spanish outlet La Nueva Espana have claimed that the skilful winger was offered a five-year contract worth £2million per year from the unknown club.
That equates to around £38,500 per week, but it isn't enough to convince Hassan to make the move
The outlet further suggests that the 24 year old isn't interested in a move to the Gulf State, and will only consider a move to another European club, leaving the door open ever so wider for Celtic to make their move before transfer window slams shut in a few weeks time.
Fares Ghedjemis of Algeria looks on during an international friendly match between Algeria and Guatemala at Stadio Luigi Ferraris on March 27, 2026 in Genoa, Italy. (Photo by Simone Arveda/Getty Images)

#year #algeria #make #speculation

With the U.S. midterm elections now just three months away, Goldman Sachs believes political developments are likely to become a more influential driver of market sentiment, potentially leading to higher volatility in the S&P 500 over the coming months.
Strategists led by Ben Snider said historical trends support the expectation that uncertainty surrounding economic policy typically increases as election season approaches.
"In past cycles, economic policy uncertainty has usually risen in the August ahead of midterm elections and remained elevated in the subsequent few months," strategists led by Ben Snider said in a note.
According to Goldman Sachs, that historical pattern strengthens the argument for maintaining exposure to equity index volatility in the near term.
The bank noted that unusually low correlations between individual stocks have helped keep overall index volatility subdued, despite significantly higher volatility at both the stock and factor levels.

#midterm #historical

Following a subdued start to the year, sales of electric vehicles (EVs) jumped in the second quarter after the Middle East crisis slashed crude supply and hiked oil and fuel prices, the International Energy Agency (IEA) said in a report on Thursday.
Global sales of electric cars fell in the first quarter of 2026, largely reflecting lower sales in the United States and China, according to the agency's report 'Electric Car Markets in a Time of Uncertainty'.
However, EV sales rebounded sharply in the second quarter, rising by 35% compared with the first quarter "as the energy crisis sparked by the war in the Middle East brought fuel price volatility back into sharp focus," the IEA said.
EV sales in the second quarter reached record-high levels in 50 countries as drivers preferred electric vehicles amid soaring fuel prices.
In sizable car markets such as Brazil, India, Australia, and Vietnam, electric car sales roughly doubled between March and June compared with the same period in 2025, according to the IEA's ******* ysis in the report.

#quarter #middle #markets

The father of a 10-year-old rescued from pounding surf off the California coast in a dramatic scene captured on video says he is beyond grateful to the teenage lifeguard who saved his son.
"He ran into that water despite those conditions that are deadly. You have 10 foot waves; you have riptides and currents coming in," Sumit Rai told The ****** ociated Press on Wednesday. "It is not safe for him to go into that water. So he's risking his own safety."
Rai's son Nathaniel was standing in shallow water when he lost his footing and was pulled into the ocean Saturday by powerful swells that suddenly came ashore at Seabright Beach in Santa Cruz, about 60 miles (about 100 kilometers) down the coast from San Francisco. Rai, who was in his home city of Dallas, said he heard about what happened when he spoke to his kids on the phone that evening.
"My son told me that he drowned and my son told me that he went unconscious," he said. "He was very subdued, still in a state of shock."
By the next morning, Rai had watched the video of the rescue that has since caught the attention of President Donald Trump.

#wednesday #nathaniel

The suspect subdued after allegedly stabbing three women in Paris on Monday uttered, "it is Allah who commanded me" to a crowd that appeared to be holding him down after the apparent terror attack.
The incident comes just days after another stabbing attack in England and a vehicular attack on a Pride parade in Berlin, Germany.
A 31-year-old man, whose name was not immediately released, was seen on the ground after allegedly stabbing three women, one of whom was reportedly pregnant.
Witnesses Recount 'Scary' Nyc Stabbing After Suspect Allegedly Yelled 'Allahu Akbar' During Attacks
French outlet "Le Figaro" reported his utterances translated to "it is Allah who commanded me" as police sources told the outlet the suspect has an "unbalanced" profile.

#women

The Bank of England is planning to loosen capital requirements for major UK lenders to inject additional liquidity, help banks sustain lending, and support financial markets during periods of stress, while bringing UK requirements more closely into line with international standards. These proposals come as regulators face growing pressure to do more to stimulate economic growth. However, the move also raises concerns about credit quality and financial stability, as relaxed requirements could encourage banks to lend to weaker borrowers and contribute to higher leverage and risk-taking in financial markets.
Capital requirements determine how much capital banks must hold against their **** ets to absorb potential losses and maintain resilience during periods of stress. Easing these requirements allows banks to deploy more capital towards lending, supporting credit availability and market functioning when financial conditions deteriorate. The proposal also follows a relaxation of US leverage requirements in November 2025, increasing competitive pressure on British lenders operating in global markets.
UK economic growth has remained subdued amid geopolitical uncertainty, which has pushed up commodity prices, added to inflationary pressures, and weakened consumer confidence. By improving banks' capacity to lend, the Bank of England aims to support economic activity and help restore confidence among households and businesses.
At the same time, the proposals heighten concerns about financial stability and market risk. Easier credit conditions could increase lending to highly leveraged investors, including hedge funds that use significant borrowing to purchase equities. A substantial share of this debt-fuelled activity has been concentrated in AI-related stocks, despite uncertainty over whether many AI investments will generate the expected returns. If AI projects fail to deliver, firms may struggle to service their debts, potentially increasing banks' non-performing **** ets and weakening overall credit quality.
The Financial Policy Committee has also flagged risks arising directly from rapid advances in frontier AI, which have progressed faster than many experts expected. While these systems could improve productivity, they may also materially increase cyber and operational risks by enabling malicious actors to cause disruption at lower cost and greater scale. Such shocks could affect banks and other systemically important financial institutions, with broader implications for the resilience of the financial system.

#financial #capital #lending #england

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ******* ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted CDW Corporation (NASDAQ:CDW). CDW Corporation (NASDAQ:CDW) is an information technology (IT) solutions company that operates through its Commercial, Government, and Education segments. On July 17, 2026, CDW Corporation (NASDAQ:CDW) closed at $133.24 per share. One-month return of CDW Corporation (NASDAQ:CDW) was 7.83%, and its shares lost 24.67% over the past 52 weeks. CDW Corporation (NASDAQ:CDW) has a market capitalization of $17.02 billion.
L1 Capital International Fund stated the following regarding CDW Corporation (NASDAQ:CDW) in its Q2 2026 investor update:
"CDW Corporation (NASDAQ:CDW) is a leading provider of products and solutions in the information technology (IT) industry in North America and the U.K. It acts as a value-added reseller for many of the leading IT businesses. Management is executing solidly in subdued market conditions. Most of the AI implications for CDW are second-order. For example, clients may spend less on the products and solutions sold by CDW and more on AI-centric solutions.
We divested CDW to fund larger investments in several high-quality businesses that are not AI sensitive and trading below our ******* sed fair value, thus offering a compelling investment opportunity particularly for investors who are less driven by short term momentum and have a longer-term investment horizon. Examples include American Express, Apollo Group, Danaher, HCA and ICE."

#corporation #solutions

L1 Capital, an investment management firm, released its "L1 Long Short Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The market's main themes in the June quarter were the Iran conflict and developments in the AI sector. These trends shifted after oil prices declined due to a ceasefire agreement, leading to a reversal. AI stocks surged, driven by strong earnings, rapid capital investment, and critical supply shortages. During this period, the L1 Long Short Fund achieved notable gains, rising 12.7% compared to the ASX200AI's 4.0%, with year-to-date returns at 12.5% versus 2.4%. U.S. equities outperformed, especially those benefiting from AI-related capital expenditure. The firm is satisfied with the portfolio's positioning, emphasizing strong medium-term growth potential, supported by attractive valuations, solid earnings, and robust cash flow. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Long Short Fund highlighted James Hardie Industries plc (NYSE:JHX). Based in Dublin, Ireland, James Hardie Industries plc (NYSE:JHX) is a building materials company that manufactures and supplies fiber cement, fiber gypsum, and cement-bonded building products. On July 17, 2026, James Hardie Industries plc (NYSE:JHX) closed at $25.82 per share, reflecting a market capitalization of $14.98 billion. James Hardie Industries plc (NYSE:JHX) posted a one-month return of 5.34%, while its shares lost 1.64% over the past 52 weeks.
L1 Long Short Fund stated the following regarding James Hardie Industries plc (NYSE:JHX) in its Q2 2026 investor update:
"James Hardie Industries plc (NYSE:JHX) (+46%) shares recovered over the quarter following easing Middle East tensions and on management's release of a constructive FY27 outlook, which included a pathway to return the core North American fibre cement business to volume growth, despite a subdued U.S. housing market. We expect this volume recovery to be supported by normalisation of channel inventory following the 2025 destocking period, improving execution in repair & remodel / smaller-builder channels, the Trim-Over installation method, competitor exits and continued material conversion from vinyl and wood.
In our view, the market is still applying a discounted multiple to James Hardie to reflect recent execution, governance and housing-cycle concerns. As these issues are progressively addressed, we believe there is scope for both earnings growth and recovery in the valuation multiple over time."

#NYSE

Spain are within touching distance of glory. Luis de la Fuente's side beat France convincingly 2-0 at the AT&T Stadium in Arlington and booked their place in the 2026 World Cup final after a display of character, footballing quality and competitive maturity.
La Roja once again got the better of one of the main favourites for the ******* le in a hugely demanding match. France tried to set the tempo early on, but Spain soon took control of possession and the midfield. Lamine Yamal's pace proved decisive in breaking the deadlock: the winger won a penalty after a challenge from Lucas Digne and Mikel Oyarzabal made no mistake from the spot to put Spain ahead before half-time.
With the advantage on the scoreboard, the Spanish team showedthe composure that has been the hallmark of their whole campaign**.** Rodri and Fabián Ruiz ran the show in the middle of the park, while an impeccably disciplined defence neutralised Mbappé and France's powerful attacking unit. France tried to react after the interval but ran into a consistently solid Spain side, leaving keeper Unai Simón virtually untested.
The decisive blow came in the second half, when Dani Olmo threaded a superb pass into the path of Pedro Porro, who surged forward from full-back with a striker's instinct to beat Mike Maignan and make it 2-0, leaving the reigning World Cup runners-up reeling.
The changes made by Didier Deschamps failed to alter the script. Spain managed their lead intelligently, moved the ball patiently and barely allowed chances to a subdued France, unable to find ******* e against the tactical discipline of De la Fuente's side.

By Helen Reid and Kane Wu
LONDON/HONG KONG, July 10 (Reuters) - Fast-fashion retailer Shein won approval for its long-awaited Hong Kong IPO on Friday, a notice posted on the China Securities Regulatory Commission (CSRC) website showed, clearing the way for a listing after failed attempts in New York and London.
Shein, a fast-growing e-commerce giant, would be the highest-profile retailer to list in ‌years, as many consumer brands have delayed initial public offerings due to weak investor sentiment and subdued spending by lower- to middle-income shoppers.
Founded by Chinese-born entrepreneur Sky Xu in 2012, Shein has ‌waited a year for the green light from Beijing for its IPO, which had to be cleared by the highest levels of the ruling Communist Party, according to a source with direct knowledge of the matter.
Beijing views Shein as politically sensitive and has been cautious about endorsing a listing after controversies including a ******* doll scandal in France and reports of poor labour practices at its supplier factories in China, the source said.

Oil prices were little changed on Friday, but both major benchmarks remained on track to post solid weekly gains as investors weighed renewed military tensions between the United States and Iran against expectations that the conflict will remain limited and avoid disrupting crude exports from the Persian Gulf.
At 14:18 ET (18:18 GMT), U.S. West Texas Intermediate (WTI) crude futures edged down 0.1% to $72.01 per barrel, while Brent crude futures slipped 0.07% to $76.25 per barrel.
Although trading was subdued during the session, Brent was still heading for a weekly gain of around 5%, with WTI up roughly 4%. Prices surged earlier in the week after renewed attacks near the Strait of Hormuz revived concerns over supply disruptions before easing as traders concluded the conflict was unlikely to broaden significantly.
The United States carried out another round of airstrikes against military targets in Iran on Thursday, saying the operations were intended to further reduce Tehran's ability to threaten commercial shipping through the Strait of Hormuz.
Iran responded with missile and drone attacks aimed at U.S.-aligned countries, including Bahrain, Kuwait, Qatar and Jordan, marking one of the most extensive military exchanges since last month's temporary agreement.

Crystal Palace have moved decisively in the market, reaching an agreement to sign Oscar Mingueza on a free transfer in what looks set to become the first arrival of Pierre Sage's tenure at Selhurst Park. The update was first reported by Fabrizio Romano, with Palace understood to have advanced quickly after fresh talks in the last 48 hours.
For a club whose summer had, outwardly at least, been relatively subdued, this is a notable piece of business. Palace are said to have identified the Spanish defender as a 'secret top target', and the fact the move has been wrapped up without prolonged public noise will be viewed internally as a positive. All terms are now agreed verbally, with the deal regarded as effectively done.
Mingueza joins the market as a free agent after his departure from Celta Vigo, giving Palace a chance to secure a player with top-level experience and tactical flexibility without committing a transfer fee. At 27, he offers a profile that should appeal strongly to Sage, particularly because he can operate at right-back or in central defence.
Photo IMAGO
That versatility could prove important over the coming months. Palace are facing a summer where the defensive unit may yet change further, and bringing in a player capable of covering multiple roles provides some protection against uncertainty. Mingueza has been described as 'phenomenal', and Palace will hope he can bring consistency as well as adaptability.

OSHKOSH − The fever pitch in Oshkosh never reached that high again.
Quite like Team USA's performance.
The crowds still packed Greene's Pour House, but they didn't have much to cheer for while the hosts bowed out of the World Cup with a whimper following Monday night's listless 4-1 defeat to Belgium.
More World Cup news: Soccer fans pack Oshkosh bar for Team USA World Cup victory
The collective energy was just subdued for most of the match, although the bar was standing room only with close to 150 patrons decked out in red and white Team USA jerseys and blue U.S. shirts.

NEW YORK – This wasn't the perfect setting for a pinstriped All-Star announcement, with the Yankees fresh off their 11th loss in 14 games.
In mostly subdued tones, following the Twins' 11-4 win at Yankee Stadium, Cam Schlittler, Ben Rice and Cody Bellinger spoke with appreciation about being chosen to the AL squad.
The fans selected Aaron Judge (fractured first right rib) to his eighth All-Star team, though the injured Yankees captain will only be a spectator.
Bellinger and Rice were selected as reserves, though there's a chance Bellinger could replace Judge as an outfield starter.
There's a chance that Schlittler could start the July 14 All-Star Game at Philadelphia, but the 6-foot-7 right-hander played it down the middle regarding his participation.

U.S. stock futures pointed to a subdued start on Wednesday, suggesting markets may struggle for direction as investors await the Federal Reserve's latest policy announcement.
Following Tuesday's mixed session, traders appeared reluctant to take large positions ahead of the central bank's decision and comments from newly appointed Chair Kevin Warsh.
Although policymakers are widely expected to leave interest rates unchanged, market participants are closely watching the accompanying statement and Warsh's remarks for clues about the future path of monetary policy.
Any shifts in tone regarding inflation, economic growth or interest-rate expectations could influence market sentiment in the near term.
Investors are also monitoring developments surrounding the preliminary agreement between the United States and Iran.

Madison Investments, an investment advisor, released its first-quarter 2026 investor letter for the "Madison Large Cap Fund". A copy of the letter is available to download here. The Madison Large Cap Fund (Class I) declined 2.7% in the quarter, outperforming the S&P 500's -4.33% return. The fund focuses on long-term capital appreciation. The quarter saw a shift in the equity market beyond the mega-cap technology stocks into physical economy stocks, influenced by fears of AI disruption. Additionally, rising commodity prices due to the Middle East conflict reignited inflation concerns, benefiting sectors such as Energy, Materials, Utilities, Staples, and Real Estate, which the Fund does not invest in, impacting its relative performance. Please review the Fund's top five holdings to gain insights into their key selections for 2026.
In its first-quarter 2026 investor letter, Madison Large Cap Fund highlighted PACCAR Inc (NASDAQ:PCAR). PACCAR Inc (NASDAQ:PCAR) is a leading technology and manufacturing company specializing in light, medium, and heavy-duty commercial trucks. On June 15, 2026, PACCAR Inc (NASDAQ:PCAR) closed at $120.69 per share. One-month return of PACCAR Inc (NASDAQ:PCAR) was 10.34%, and its shares gained 32.48% over the past 52 weeks. PACCAR Inc (NASDAQ:PCAR) has a market capitalization of $63.52 billion.
Madison Large Cap Fund stated the following regarding PACCAR Inc (NASDAQ:PCAR) in its Q1 2026 investor letter:
"The top five contributors for the quarter were Keysight Technologies, **** og Devices, Texas Instruments, Deere, and PACCAR Inc (NASDAQ:PCAR). Deere and PACCAR were also strong contributors in the quarter. While end market conditions remain subdued in agriculture equipment and commercial trucking, it appears that the worst of the recent downcycle is likely behind us. Furthermore, Deere and PACCAR stocks also benefited from investors favoring the "HALO trade" during the quarter. As a result, we modestly trimmed our holdings in both companies when valuations, in our view, began to incorporate a recovery in profits."
PACCAR Inc (NASDAQ:PCAR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 35 hedge fund portfolios held PACCAR Inc (NASDAQ:PCAR) at the end of the first quarter, up from 33 in the previous quarter. In Q1 2026, PACCAR Inc (NASDAQ:PCAR) achieved revenues of $6.8 billion and net income of $605 million. While we acknowledge the potential of PACCAR Inc (NASDAQ:PCAR) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.