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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

LOS ANGELES — Charlize Theron delivers another commanding action performance in “Apex,” a brutal yet visually stunning survival thriller that dropped on Netflix on April 24, 2026, pitting the Oscar winner against both the unforgiving Australian wilderness and a deranged human predator played with unhinged intensity by Taron Egerton.

Directed by Baltasar Kormákur, whose credits include tense outdoor adventures like “Everest” and “Beast,” the 95-minute R-rated film blends high-stakes action with cat-and-mouse horror elements. It has drawn mixed but mostly positive reviews for its relentless pacing, breathtaking cinematography and Theron’s physical commitment, though some critics note familiar genre tropes.

The story opens with a jaw-dropping sequence on Norway’s Troll Wall, where thrill-seeking couple Sasha (Theron) and Tommy (Eric Bana) wake up inside a tent affixed to a sheer cliff face. Tragedy strikes amid harsh weather, leaving Sasha grief-stricken and seeking solitude months later in the remote Australian bush. She plans a solo kayaking and hiking trip to scatter Tommy’s ashes in his homeland, only to cross paths with a seemingly helpful local named Ben (Egerton).

What begins as a meditative journey through stunning New South Wales landscapes quickly descends into terror. Ben reveals himself as a ritualistic serial killer who views strong-willed women like Sasha as ultimate prey in his twisted game. Armed with a crossbow and intimate knowledge of the terrain, he forces her into a desperate fight for survival against raging rivers, treacherous rapids, sheer rock faces and the relentless hunter.

Theron, who trained intensively with professional climber Beth Rodden, performs most of her own stunts, hurling herself down hills, navigating whitewater and clinging to precarious ledges. Her portrayal balances steely resilience with raw vulnerability as Sasha grapples with guilt over the Norway accident while summoning every ounce of endurance. At 50, the star continues to redefine action-hero roles with the same ferocity seen in “Mad Max: Fury Road,” “Atomic Blonde” and “The Old Guard.”

Egerton chews the scenery with gleeful menace as Ben, delivering a gonzo performance that mixes charm, mommy issues and psychotic rage. His character’s demented energy elevates the villain into something memorably unhinged, creating electric tension in every confrontation with Theron. Their chemistry crackles as predator and prey in a battle of wits and wills.

Kormákur and cinematographer Lawrence Sher capture the Australian wilderness with sweeping drone shots and deep, textured colors that make the landscape both beautiful and intimidating. Lush forests give way to harsh outback, while whitewater sequences deliver visceral thrills. The film’s sound design amplifies every snap of a branch and rush of water, heightening the sense of isolation and pursuit.

Screenwriter Jeremy Robbins crafts a lean narrative that wastes little time on backstory, prioritizing white-knuckle action over deep emotional exploration. Some critics praise this efficiency, likening it to classic “Most Dangerous Game” adaptations, while others find the psychological elements underdeveloped and the violence occasionally sadistic.

The film’s themes resonate in the current cultural moment, echoing debates about women facing male violence in isolated spaces. Theron’s Sasha embodies empowerment through survival instinct rather than superhuman feats, making her triumphs feel earned amid graphic encounters with traps, hooks and corpses left by Ben’s previous victims.

At a tight runtime, “Apex” maintains momentum through its final act, delivering satisfying payoffs without overstaying its welcome. Supporting turns, including Bana’s brief but impactful role, add emotional weight. The ending, which involves Sasha confronting her grief while dispatching her tormentor, has sparked discussion for its symbolic closure.

Reception has been solid for a Netflix original. Early audience scores on Rotten Tomatoes highlight appreciation for the thrills and performances, though critic aggregates reflect the divide between those embracing its pulpy fun and those seeking more substance. Many call it one of the streamer’s stronger recent thrillers, a “tight 90” that delivers on genre promises.

Production details underscore the commitment to authenticity. Filmed in rugged Australian locations, the project emphasized practical effects alongside convincing visual enhancements. Theron’s preparation included extensive physical training to handle the demanding sequences, further cementing her status as one of Hollywood’s most dedicated action performers.

For viewers seeking escapist tension with strong leads, “Apex” offers a compelling binge. It may not reinvent the survival thriller, but it executes the formula with style, grit and star power. Theron’s presence elevates material that could have felt routine in lesser hands, while Egerton’s villainy provides the perfect foil.

As Netflix continues flooding its catalog with original content, “Apex” stands out for feeling like a proper movie rather than algorithm filler. Its blend of adventure, horror and empowerment makes it a worthwhile addition for fans of the genre or anyone drawn to Theron’s formidable screen presence.

In the end, “Apex” proves that even in familiar territory, committed performances and dynamic direction can create an engaging ride. Charlize Theron once again shows why she remains an apex predator in action cinema, turning a standard hunt into something memorably fierce.

Dear Fellow Partners:

The Summers Value Fund LP (“the Fund”) returned 6.7% net ¹ in 2025, trailing the Russell 2000 Index ETF (IWM), which returned 12.7%, and the Russell 2000 Value Index ETF (IWN), which returned 12.4%. While our performance in 2025 fell short of expectations, the Fund’s long-term performance remains strong. Since inception, the Fund has delivered a 12.0% annualized net ¹ return compared to 6.9% for IWM and 6.3% for IWN.

Fund Commentary

In the first half of the year, the Fund generated a return of -12.8% net ¹ . The healthcare sector faced significant pressure following the inauguration of the new administration in January. Sentiment weakened the following month with the nomination of a controversial Secretary of Health and Human Services. Tariff proposals targeting key trading partners added to broader economic uncertainty. Simultaneously, leadership changes and layoffs at the FDA created instability within one of the healthcare sector’s most important regulatory agencies. Investor concerns were further heightened by a government proposal aimed at curtailing drug prices in the United States. In addition, funding for early-stage biotechnology companies tightened sharply, forcing many companies to file for bankruptcy. Collectively, these factors led to a significant decline for healthcare stocks through June.

In sharp contrast, the Fund returned 22.4% net ¹ in the second half of the year reflecting strong operating performance from our holdings and a more supportive backdrop for the healthcare sector. M&A activity accelerated in July, highlighted by several notable acquisitions, including Merck’s $10 billion purchase of Verona Pharmaceuticals and Sanofi’s $9.5 billion acquisition of Blueprint Medicines. Private equity interest also remained robust, with Archimed announcing the $750 million acquisition of Zimvie during the month. Additionally, second quarter earnings reports were broadly better than expectations. By this point, uncertainty surrounding federal government proposals and regulatory actions had been largely absorbed by market participants, contributing to improved investor confidence.

We believe the outlook for investing in the healthcare sector remains positive entering 2026 given low starting valuations, expectations for continued M&A and the potential for solid operating performance. We focus on identifying businesses that are more insulated from macro and regulatory factors and are positioned to compound value through a range of environments.

Top contributors in 2025 included Liquidia (LQDA), Ligand Pharmaceuticals (LGND) and Zimvie. Top detractors included Vestis (VSTS) and Indivior (INDV). The Fund held thirteen long positions and one short position at year-end. Our top three positions represented almost 45% of the portfolio, reflecting the concentrated nature of our strategy. Our top five holdings were Electromed (ELMD), Consensus Cloud Solutions (CCSI), Liquidia, ADMA Biologics (ADMA), and Ligand Pharmaceuticals. Our top five positions have all been held for one year or longer (almost eight years in the case of Electromed). We added new positions in Journey Medical (DERM), Avanos Medical (AVNS) and National Research Corp. We sold our longstanding position in Spok Holdings (SPOK). The Fund lost money on the short side of the portfolio in 2025 but remains profitable since inception.

The Fund’s allocation to pharmaceutical and biotechnology stocks increased significantly during the year to over 40% by year end. We believe small-cap biotech and pharma stocks are on the front end of a multi-year innovation cycle. Recent drug launches from the likes of Liquidia, Crinetics Pharmaceuticals (CRNX), Kyrstal Bio, Ardelyx (ADRX) and Travere Therapeutics (TVTX) — among many others — have blockbuster revenue potential ($1 billion plus). In contrast, large-cap pharma companies are facing the largest patent expiry cycle in the industry’s history. According to a recent article in The American Bazaar titled “The $400 Billion Patent Cliff: Big Pharma’s Revenue Crisis,” the industry could lose up to $400 billion of revenue by 2030. Mega blockbuster drugs such as Merck’s (MRK) Keytruda, Bristol Myers Squibb’s (BMY) Eliquis, JNJ’s (JNJ) Darzalex, Novo Nordisk’s (NVO) Ozempic and Novartis’ (NVS) Entresto could all lose key patent protections by the end of decade. Big pharma companies have strong balance sheets and generate substantial amounts of cash. In 2024, the top ten pharma companies globally generated over $120 billion of free cash flow. We believe acquisitions will play a key role in filling the void created by patent expirations, and small to mid-cap biotech and pharma companies are well-positioned to benefit as potential acquisition targets.

The Fund received $454,366 in dividend income during 2025. OTC Markets, our only non-healthcare holding, paid a special dividend of $1.75 in December. The Fund’s dividend yield stands at 0.5%, reflecting our focus on long-term capital growth rather than income generation.

Largest Contributors

Liquidia (LQDA) – $3.6 billion market cap

We began accumulating a position in Liquidia last January during the JP Morgan Healthcare Conference. The company presented an initial cohort from the open label ASCENT trial of Yutrepia in patients with pulmonary hypertension – interstitial lung disease (PH-ILD), and the data looked exceptionally strong. At $1 billion, the company’s market cap was overly discounted following years of litigation with its key competitor, United Therapeutics. Our physician research indicated patient dis-satisfaction with current therapies and a high unmet medical need in both pulmonary arterial hypertension (PAH) and PH-ILD patients (both indications are in the Yutrepia label). At the time of our initial purchases, the company’s lead asset, Yutrepia, had already received conditional approval by the FDA but awaited a key litigation outcome. That outcome came on May 2 allowing the FDA to give a final approval for the drug on May 23. Liquidia launched Yutrepia on June 2, and the initial launch phase has been nothing short of stunning with sales reaching $90 million in the fourth quarter. Yutrepia is poised to become a blockbuster in the quarters ahead due to its unique and differentiated profile, which includes easier titration and lower cough. Perhaps most remarkable, the company achieved positive cash flow of $30 million in the second full quarter post launch highlighting its efficient go-to-market model. Additional litigation remains outstanding with United, but we believe it will be concluded favorably for Liquidia in the coming months. If we are correct, the share price could have significant appreciation potential from here and the company could become an acquisition target. We are modeling earnings per share of $3.50 in 2026, which puts the current PE multiple at 12x.

Ligand Pharmaceuticals (LGND) – $3.9 billion market cap

We have owned Ligand for several years. As a royalty aggregator, Ligand has a capital light business model featuring attractive margins and high returns on capital. The company has a skilled management team that has a history of sourcing royalty rights on underappreciated drugs and medical devices with favorable risk-adjusted return profiles. The key to our thesis on Ligand has been the launches of Merck’s (MRK) Ohtuvaryre for COPD and Travere’s Filspari for kidney disease. Both drugs have blockbuster sales potential and long patent lives. In addition, we expect Palvella’s (PVLA) QTORIN for MLM to be approved in 2027. QTORIN could also hold blockbuster potential with Ligand receiving a high single digit royalty on sales. We believe Ligand has a multi-year runway for better-than-expected sales and earnings growth as a result of these launches. Ligand’s balance sheet remains strong with $1 billion of cash to deploy into future royalty deals.

Zimvie (ZIMV) – $730 million market cap

Zimvie was our largest detractor to performance in 2023-24. Our patience paid off in 2025 as the company was acquired by Archimed in July for a 124% premium. We sold our position with a marginal gain in September following the announcement.

Largest Detractors

Vestis (VSTS) – $890 million market cap

Vestis was spun off from Aramark in 2023 becoming a pure play workplace uniform rental business with exposure to healthcare. We were attracted to the stock given its low valuation and inferior margin profile relative to its two large publicly traded peers, Cintas and UniFirst. It was our belief that management could improve margins as a standalone company for many years to come. However, we underappreciated the amount of investment that was required to unlock higher margins. In addition, management turnover and balance sheet weakness created uncertainty, which contributed to a declining share price. We sold our position in May following a weaker-than-expected business outlook for 2025.

Indivior (INDV) – $4.2 billion market cap

We purchased shares of Indivior in October of 2024 at 4x EV/EBITDA and 1x EV/Sales – very cheap multiples for a high margin pharmaceutical company. The company had a valuable asset in Sublocade, a long-acting injectable therapy to treat substance abuse. Indivior had endured years of mismanagement and disappointment, which led up to the stock trading at an incredibly low valuation. In January, the company provided a worse-than-expected business outlook for 2025, which appeared to be the continuation of a long trend of missed expectations. We sold the stock as a result. As it turned out, our sale of Indivior represented our biggest mistake in 2025. The management team was replaced in February shortly after our sale. The company announced a new strategy that included cost cuts and a simplification of the business model. Following these positive changes, the stock increased by over 300%. We typically screen for new management changes like the one that occurred at Indivior, but we missed the opportunity to add it back to the portfolio.

Partnership Update

The firm achieved several meaningful milestones in 2025:

• The Summers Value Fund LP reached a record amount of assets under management (AUM) of $40 million at year end. We launched the Fund with AUM of $2.6 million in 2018. We continue to believe our strategy has capacity for $500 million of AUM without compromising our opportunity set.
• In January, we launched SVP Deal Fund III LP to increase our ownership stake in restor3d (private) through a convertible note offering. The convertible note was subsequently converted into a preferred equity security in July when private equity firm Partners Group led the Series B round. In total, we have invested almost $24 million in restor3d, which is targeting an IPO in late 2026 or early 2027.
• We closed SVP Deal Fund 1 LP after returning $6 million of investor capital during the year. The Fund generated a return of 108% net of fees for an unlevered IRR of 21% net of fees over its life. We are proud of the return we were able to generate for our investors from this activist strategy, and we see the potential for additional activist opportunities in the future.

Our goal, as always, is to treat our investors the way we would want to be treated if we were on their side of the table. As in year’s past, direct Fund expenses including fund administration, audit, tax and legal were covered through the operating budget. We have never charged a penny to the Fund beyond the stated management fee and incentive fee, when earned.

The Fund narrowly surpassed its 6% cumulative annual hurdle rate in 2025, which triggered a small incentive fee to the general partner.

As a reminder, the Summers Value Fund LP is — by far — my family’s largest asset. I believe alignment between myself and our investors is a crucial driver of our long-term success.

In Closing

Thank you to our partners for your continued trust and support. Our stable and growing capital base is an important advantage in our goal to generate double-digit annual returns over the long run. We are grateful for those who added to their accounts during the year.

Our strategy continues to have ample capacity, and we welcome new investors who appreciate our unique approach. If you know someone who may be interested in learning more, please reach out to Alison Tomlinson at atomlinson@summersvalue.com.

Sincerely,

Andrew Summers, CFA, Managing Partner

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

NEW YORK — Taylor Swift and Travis Kelce have sent save-the-date cards announcing their wedding for Friday, July 3, 2026, in New York City, marking a notable shift from earlier speculation about a June ceremony in Rhode Island and setting the stage for what many are calling one of the most anticipated celebrity unions in years.

The power couple, who announced their engagement in August 2025 with a playful Instagram post captioned “Your English teacher and your gym teacher are getting married 🧨,” have kept planning details tightly under wraps. Multiple sources confirmed to Page Six that the save-the-dates recently went out, solidifying the midsummer date just ahead of Independence Day weekend.

The move represents a pivot from previous rumors that pointed to June 13 — Swift’s lucky number — at the Ocean House resort in Watch Hill, Rhode Island, where the singer owns a waterfront estate. Those reports were publicly debunked by celebrity wedding planner Tara Guérard, who confirmed she is handling a different event at the venue on that date.

Insiders say the couple opted for New York City to accommodate a larger guest list and leverage Swift’s Tribeca residence and deep ties to the city. The July 3 timing aligns with Swift’s well-known affection for Fourth of July celebrations and coincides with the U.S. semiquincentennial — America’s 250th anniversary — adding patriotic flair to the nuptials.

From Engagement to Save-the-Dates

Swift, 36, and Kelce, also 36, first sparked romance rumors in 2023 when the Kansas City Chiefs tight end attended one of her Eras Tour shows and later appeared in her “I Can Do It With a Broken Heart” music video. Their relationship blossomed publicly with high-profile appearances, including game days at Arrowhead Stadium and glamorous nights out.

Kelce proposed in a garden setting in Lee’s Summit, Missouri, in August 2025, an event captured in the couple’s joyful Instagram announcement. The ring, designed by Kindred Lubeck, quickly became a topic of fascination among fans.

Since the engagement, the pair has balanced high-profile careers. Kelce signed a new contract with the Chiefs and has spoken about prioritizing personal milestones before the next NFL season. Swift wrapped major tour legs and focused on personal projects while maintaining a relatively low profile with her fiancé.

Details Emerging on the Big Day

Sources describe the wedding as glamorous yet relatively intimate by superstar standards, with expectations of around 150 guests including close family, friends and select celebrities. Jason Kelce is widely expected to serve as best man for his brother, while rumors swirl about Swift’s inner circle — including Selena Gomez and Gigi Hadid — potentially standing as bridesmaids.

The exact venue in New York remains undisclosed, with the couple deliberately keeping specifics secret even from many invitees until closer to the date. Speculation ranges from iconic Manhattan locations to private estates, but Swift and Kelce have prioritized privacy and security amid their massive public profiles.

Reports indicate a no-gifts policy favoring charitable donations, reflecting the couple’s philanthropic leanings. Pre-wedding events are already generating buzz: Kelce is reportedly planning a relaxed bachelor getaway to the Bahamas with friends including Patrick Mahomes and his brother Jason.

Cultural Phenomenon in the Making

The union of pop music’s reigning queen and one of the NFL’s most charismatic stars has captured global attention like few other celebrity romances. Fans dubbed them “TNT” for their explosive chemistry, and their relationship has bridged music and sports audiences in unprecedented ways.

Social media has lit up with reactions to the latest wedding update. Swifties and Chiefs Kingdom alike are dissecting every detail, from potential color schemes to how the event might influence Swift’s upcoming creative output. Some speculate a surprise performance or special musical element could mark the celebration.

Industry observers note the logistical challenges of such a high-profile wedding. Security will be paramount, and the guest list — expected to mix A-list entertainers, athletes and longtime friends — requires careful coordination. Past Swift events, like her Fourth of July parties, have set a high bar for festive, star-studded gatherings.

Balancing Careers and Future Plans

Kelce’s NFL commitments factored heavily into timing. With training camp typically starting in late July, a pre-season wedding allows time for a honeymoon before he returns to football duties. Swift, fresh off record-breaking tours, has flexibility to focus on the personal milestone.

Friends say the couple remains grounded despite the frenzy. They have emphasized enjoying their engagement period without rushing, spending quality time together away from the spotlight when possible. Kelce has joked in interviews about the wedding being “easy” compared to catching footballs under pressure.

What’s Next

As July 3 approaches, more details are likely to emerge — though the couple’s track record suggests they will reveal only what they choose. Whether the ceremony includes surprise musical guests, elaborate production or intimate vows, it promises to be a defining cultural moment of 2026.

For now, Swift and Kelce continue navigating their high-profile lives while preparing for their next chapter. The shift to a New York City wedding on July 3 adds another layer of excitement to an already fairy-tale romance that began with a friendship bracelet and has captivated millions.

As save-the-date recipients mark their calendars, the world watches with anticipation. In true Swift fashion, the details may evolve, but the love story at the center remains the main event.

This article was written by

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of MET.PR.F either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I also have a small long position in MET.PR.E, and may initiate a long position in the common shares in the next few weeks.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.