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Analyst’s Disclosure: I/we have a beneficial long position in the shares of HBAN 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.

HOUSTON — Los Angeles Lakers star Luka Doncic has been officially ruled out for Sunday’s Game 4 against the Houston Rockets, extending his absence due to a Grade 2 left hamstring strain as the Western Conference first-round series reaches a critical juncture with the Lakers holding a commanding 3-0 lead.

The Slovenian superstar, acquired by the Lakers in a blockbuster move that reshaped the franchise’s future, has not played since early April when he suffered the injury in a loss to the Oklahoma City Thunder. Despite making progress in his rehabilitation, including light on-court work and specialized treatment overseas, Doncic remains sidelined indefinitely with no return expected in the first round.

Lakers coach JJ Redick and team officials have emphasized caution. A Grade 2 hamstring strain involves a partial tear of muscle fibers, typically requiring four to six weeks for recovery. Doncic’s timeline aligns with that window, pushing any potential return toward early May at the earliest — possibly Game 6 if the series extends.

Injury Details and Recovery Progress

Doncic first felt the hamstring issue late in the first half against the Thunder on April 2. He attempted to play through it but exited after grabbing at his leg during a drive. An MRI confirmed the Grade 2 strain, sidelining him for the final stretch of the regular season.

He traveled to Europe for advanced treatment, reportedly including regenerative therapies, and has since ramped up activity at the Lakers’ practice facility. Recent sessions included jump shots and light movement, signaling forward momentum without setbacks. Still, the organization has been deliberate.

ESPN’s injury report listed an estimated return around May 1, coinciding with a potential Game 6, but Shams Charania reported the Lakers do not anticipate his availability this series. Austin Reaves, dealing with his own oblique strain, is further along in rehab and listed as questionable.

Lakers’ Resilience Without Their Stars

Despite missing their top two scorers in Doncic and Reaves for much of the series, the Lakers have dominated. LeBron James has delivered vintage performances, averaging over 25 points with elite playmaking. Role players like Luke Kennard, Rui Hachimura and Marcus Smart have stepped up dramatically.

In Game 3 on Friday, Los Angeles survived an overtime thriller in Houston, winning 112-108 to take the 3-0 advantage. James posted 29 points, 13 rebounds and six assists, while the supporting cast neutralized Houston’s young core.

The victory showcased the depth built around James and the defensive versatility Redick has instilled. Yet the absences have forced heavy minutes on veterans and stretched rotations, making a sweep on Sunday night a statement of organizational strength.

Rockets’ Struggle and Key Matchups

Houston, the fifth seed, entered the series with momentum but has been unable to capitalize on Los Angeles’ injuries. Alperen Sengun has been a force inside, but the Rockets have struggled to contain James and the perimeter shooting from Kennard.

Kevin Durant remains questionable with an ankle issue, adding to Houston’s challenges. Fred VanVleet and Steven Adams are out for the series, thinning the Rockets’ rotation further. A Game 4 win for Houston would force the series back to Los Angeles, but the mounting deficits and injuries have tested their resilience.

Broader Impact on Lakers’ Season

Doncic’s acquisition before the season signaled championship aspirations. The 27-year-old averaged elite numbers, elevating the Lakers’ offense with his playmaking, scoring and vision. His absence has tested the roster’s chemistry but also highlighted LeBron’s enduring greatness at 41 and the contributions of complementary pieces.

A sweep would advance Los Angeles to the Western Conference semifinals, where matchups against higher seeds await. Doncic’s potential return later in the postseason could transform their outlook, providing a dynamic backcourt threat alongside a healthy Reaves.

Management’s conservative approach reflects lessons from past hamstring injuries that have derailed star players. Rushing back risks re-injury and longer absences, particularly in a grueling playoff run.

What to Expect in Game 4

Tip-off is set for 9:30 p.m. ET on NBC and Peacock at Toyota Center. The Lakers will aim to close out the series with similar execution: strong defense, timely three-point shooting and James orchestrating the attack. Houston must find answers for James while hoping for a heroic effort from Sengun and supporting cast.

Fans in Los Angeles and beyond will watch anxiously for any signs of Doncic’s progress, though Sunday’s focus remains on the court. A victory without him would further validate the team’s depth and set up a compelling second-round story.

The 2026 playoffs have already delivered drama, with the Lakers proving adaptable amid adversity. As Game 4 unfolds, the narrative centers on whether the short-handed visitors can punch their ticket forward — and how soon their superstar guard can rejoin the quest.

This article was written by

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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

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