Latest dividend announcements and EPS updates made Petrobras's valuation cheap to an absurd degree and created a wide alpha potential. With the newly announced payouts, dividends would total $1.44 per ADR for 2026, or a 6.8% FWD yield at the current price level. With the updated EPS guidance, FWD P/E is only 4.8x.
I initiate coverage of Constellium SE with a Strong Buy rating and a $55 price target. Aerospace is my strongest growth driver, supported by recovering aircraft production, easing destocking and higher EBITDA per ton, while packaging, automotive rolled products and AS&I provide additional earnings growth. The valuation remains difficult for me to ignore, with CSTM trading at 6.54x FWD non-GAAP P/E and 5.23x FWD EV/EBITDA.
Nebius delivered a Q2 earnings and revenue beat, driven by rapid expansion of its cloud compute base and strong GPU demand. I maintain a 'Strong' Buy rating on NBIS, citing an up to 9x ARR upswing in 2026, robust data center growth, and strategic partnerships with Nvidia, Meta, and Microsoft. Nebius is also seeing a major EBITDA uplift amid growing adoption of high-margin AI cloud services and higher-dollar cloud compute contracts.
| Capital Markets Industry | Financials Sector | - CEO | CXA Exchange | US00039J5092 ISIN |
| US Country | - Employees | 17 Dec 2025 Last Dividend | - Last Split | - IPO Date |
The fund described is an actively-managed exchange-traded fund (ETF) that focuses on global equity investments. It operates with an investment strategy to invest in a wide array of equity securities on a global scale. The fund aims to serve investors by targeting investments in companies across all market capitalizations, including both developed and emerging markets. This allows for a diverse exposure to various economies and sectors worldwide. Although it is characterized as non-diversified, its global approach to investment provides a broad spectrum of opportunities for growth and income. The fund is managed by an adviser who makes investment decisions with the objective of achieving the fund's investment goals.
The fund invests in a diverse range of equity securities on a global scale. This includes stocks of companies located in both developed markets, such as the United States, Europe, and Japan, and in emerging markets, including those in Asia, Latin America, and Africa. The global investment strategy aims to capitalize on the growth potential of companies worldwide, offering investors exposure to a wide range of economic environments and industries.
Investments are made across all market capitalizations, from large-cap to small-cap stocks. This aspect of the fund's strategy allows it to explore opportunities in well-established companies with large market values as well as in nimble, smaller companies that possess growth potential. This diversified approach across different market capitalizations aims to balance risk and reward within the fund's portfolio.
The fund's investment reach extends globally, encompassing both developed and emerging markets. By investing in developed markets, the fund aims to tap into the stability and established economic environments of these regions. Simultaneously, its investments in emerging markets seek to leverage the rapid growth and dynamic changes occurring in these economies. This dual investment strategy is designed to create a blend of stability and growth potential for the fund's investors.
Despite its global approach and investment across various market capitalizations, the fund is classified as non-diversified. This indicates that it may invest a larger portion of its assets in a smaller number of issuers than a diversified fund. This strategy can lead to higher volatility and risk, as the fund's performance may be more closely tied to the fortune of fewer investments. However, it also allows for potentially greater returns if those investments perform well.