Fund performance

■ Columbia Total Return Bond Fund Institutional Class shares returned –0.05% for the quarter ended March 31, 2026.

■ The Bloomberg U.S. Aggregate Bond Index returned –0.05% for the same period.

Market

India’s equity markets appear to be entering a favourable phase, supported by strong corporate earnings, stable macroeconomic conditions, and easing geopolitical concerns. According to Devang Mehta from Spark Capital Private Wealth, the market has already undergone an extended period of correction and consolidation, creating a healthier foundation for future gains.

Earnings Strength Fuels Optimism

Mehta believes the market’s recent resilience has been driven by earnings growth, particularly among mid- and small-cap companies, even as foreign institutional investors remained largely absent.

“The market has gone through the grind of price correction, time correction, and valuation consolidation. The market has always been a slave of earnings, and earnings came out very good across large-caps, mid-caps, and small-caps.”

He added that improving macroeconomic conditions and lower crude oil prices are turning previous headwinds into potential tailwinds.

“There are green shoots showing right now. Looking at macros and earnings, the risk-reward is quite positive, especially for investors with a one- to two-year horizon.”
Power Ancillaries Preferred Over Direct Utilities
While remaining positive on the power sector, Mehta prefers companies that support the broader energy ecosystem rather than power producers themselves.He highlighted opportunities in power automation, transmission infrastructure, and renewable energy-related businesses that stand to benefit from India’s growing electricity demand and infrastructure spending.

“We have been advocates of power and power ancillaries. Companies involved in HVDC, power automation, and renewable infrastructure could benefit significantly from the ongoing capex cycle.”

He also sees value in engineering and manufacturing firms supplying equipment and services to larger power infrastructure players.

“The ancillary theme is the proxy play. The entire capex, power, and infrastructure theme should do very well from here on.”

Positive on HCLTech Deal, Cautious on IT
Mehta welcomed HCLTech’s partnership with Sarvam but maintained his cautious view on the broader IT services sector.

“This tie-up augurs very well. However, we have generally been negative on the IT space for the last three years and continue to hold that stand.”

While acknowledging the possibility of moderate returns from frontline IT stocks, he believes better opportunities exist elsewhere.

“There can be 10-12% CAGR returns from large IT companies, but investors seeking alpha may find better opportunities in financials, capex-related businesses, and consumption plays.”

He noted that IT companies continue to face structural challenges despite sharp corrections in valuations.

“The long term is about how these companies adapt to digitisation and AI. That is something the Street wants to monitor closely.”

Constructive Outlook
With earnings remaining healthy and macro conditions improving, Mehta believes Indian equities are well positioned for the medium term. His preferred themes remain power infrastructure, capital expenditure plays, and financials, sectors that he expects to benefit from India’s ongoing economic and investment cycle.

Netflix shares tumbled more than 3.5% on Tuesday after the streaming giant was outbid by Fox Corp. in a $22 billion deal to acquire Roku, marking a significant setback in Netflix’s efforts to expand its distribution footprint amid intensifying competition in the media industry.

Fox’s cash-and-stock offer valued Roku at $160 per share, outmaneuvering Netflix in what sources described as an aggressive but ultimately unsuccessful pursuit. The transaction highlights the rapid consolidation occurring across streaming and connected TV platforms as companies vie for greater control over content distribution and advertising data.

Roku, a leading streaming platform operator, has built a substantial user base through its hardware and operating system that hosts multiple services. The deal gives Fox enhanced reach in the connected TV space, complementing its Tubi free ad-supported streaming service and traditional media assets. Netflix, which has historically focused on organic growth and content production, had viewed Roku as a strategic opportunity to strengthen its position in the evolving distribution landscape.

The failed bid represents Netflix’s second major unsuccessful acquisition attempt in recent quarters, following an earlier pursuit of Warner Bros. Discovery. Despite the setback, company executives have framed such efforts as valuable learning experiences for future transactions.

Co-CEO Ted Sarandos previously noted the educational value of the Warner Bros. pursuit. “We really built our M&A muscle pursuing Warner Bros.,” Sarandos said. “We’ve learned so much about deal execution, about early integration.”

Strategic Context and Regulatory Considerations

Industry analysts point to significant antitrust hurdles that likely complicated Netflix’s bid. Owning both substantial original content production and a major distribution platform hosting rival services could have raised competitive concerns with regulators. Fox’s position, focused more on live sports, news and its Tubi platform, was viewed as presenting fewer direct conflicts with other subscription video services.

The Roku board prioritized maximizing shareholder value, ultimately favoring Fox’s premium offer. Sources indicated Netflix adopted a more disciplined bidding approach, which proved insufficient against Fox’s aggressive valuation.

Fox has committed to maintaining Roku as an “open, partner-friendly platform,” a stance that may have eased regulatory scrutiny and appealed to Roku’s leadership. The deal underscores Fox’s strategy to bolster its presence in the streaming ecosystem while leveraging its existing media infrastructure.

Netflix’s Evolution and Future Moves

Netflix has transformed from a DVD rental service into a global streaming powerhouse, but the industry’s shift toward consolidation has prompted the company to explore inorganic growth opportunities. The Roku bid reflected a desire to secure greater control over how its content reaches audiences and to gather valuable first-party advertising data.

Although the deal did not materialize, Netflix continues to evaluate strategic options. Reports suggest the company is among several media giants considering a potential move for Lionsgate Studios, though no formal indication of interest has been submitted.

The company’s leadership has emphasized building transactional expertise through recent pursuits. This “M&A muscle,” as Sarandos described it, positions Netflix to act decisively when suitable opportunities arise in a maturing streaming market.

Roku’s origins add historical irony to the situation. Company founder Anthony Wood developed the original Roku player while at Netflix in the early 2000s during the transition from physical rentals to digital streaming. Netflix ultimately spun off Roku in 2008 to avoid alienating hardware partners. Nearly two decades later, Netflix attempted to reacquire the platform it helped create, only to be outmaneuvered by traditional media player Fox.

Market Reaction and Industry Implications

Netflix shares opened lower following the news, reflecting investor disappointment over the missed opportunity. Roku shares also declined modestly as the market digested the acquisition details, while Fox Corp. stock experienced mixed movement amid broader sector dynamics.

The transaction highlights the intense competition for distribution assets in the streaming era. As consumers fragment across multiple platforms, control over connected TV interfaces and user data has become increasingly valuable. Companies are racing to secure footholds that enhance content delivery and advertising capabilities.

For Fox, acquiring Roku strengthens its position in the ad-supported streaming segment and provides a robust platform for distributing its sports, news and entertainment content. The deal complements Tubi and could accelerate Fox’s digital transformation.

Netflix, meanwhile, will likely continue focusing on content investment and technological innovation to maintain subscriber growth. The company has demonstrated resilience through previous industry shifts, adapting its model from DVD rentals to global streaming dominance.

Broader Streaming Landscape

The Roku acquisition comes as the streaming industry enters a phase of consolidation and maturation. After years of heavy spending on content and subscriber acquisition, major players are seeking efficiencies and strategic advantages through partnerships and acquisitions.

Free ad-supported streaming services like Tubi have gained traction, offering alternatives to subscription fatigue. Control over distribution platforms allows companies to optimize user experiences and advertising revenue across their content libraries.

Regulatory scrutiny remains a key factor in media deals, with authorities closely examining potential impacts on competition and consumer choice. Fox’s structure and commitments regarding Roku’s openness may have provided advantages in navigating these considerations.

Analysts expect further M&A activity in the sector as companies position themselves for long-term success in a fragmented but consolidating market. Netflix’s disciplined approach suggests it will pursue opportunities that align closely with its core strengths in content creation and global reach.

Outlook for Involved Companies

Fox’s successful bid enhances its competitive positioning and diversifies revenue streams beyond traditional linear television. Integration of Roku will require careful execution but offers significant upside in the connected TV space.

Netflix remains well-positioned as a content leader with a massive global subscriber base. While the Roku deal did not close, the company’s focus on original programming and international expansion continues to drive growth. Future strategic moves will likely emphasize opportunities that complement rather than duplicate existing capabilities.

Roku shareholders receive substantial value through the transaction, rewarding the company’s innovation in the streaming hardware and platform space. The deal provides certainty while allowing the platform to operate with continued openness under new ownership.

As the streaming wars evolve, deals like Fox’s acquisition of Roku illustrate the strategic importance of distribution and data in an increasingly competitive landscape. Netflix’s pursuit, though unsuccessful, demonstrates its willingness to adapt and invest boldly in shaping its future trajectory.

The coming months will reveal how these companies leverage their positions as the industry continues consolidating. For investors and consumers alike, the Roku transaction represents a notable milestone in the ongoing transformation of entertainment delivery.

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KANSAS CITY — Lionel Messi delivered a masterclass performance with a hat-trick as defending champions Argentina opened their 2026 World Cup campaign with a commanding 3-0 victory over Algeria, reigniting discussions about whether the 38-year-old superstar can claim the Golden Boot in what may be his final tournament appearance.

Messi’s clinical finishing and visionary play powered Argentina to a strong start in Group play, showcasing the enduring brilliance that has defined his legendary career. The eight-time Ballon d’Or winner opened the scoring with a low drive, added a second before halftime with a composed finish, and completed his hat-trick in the second half with a curling effort from the edge of the penalty area. The performance equaled a significant all-time World Cup scoring milestone and left fans and analysts wondering if Messi can chase the tournament’s top scorer honor at nearly 39 years old.

The result at Children’s Mercy Park sets an ideal tone for Argentina’s title defense. With points secured early, coach Lionel Scaloni’s side can focus on rotation and tactical refinement ahead of tougher tests in a competitive group. Messi’s influence remains central to Argentina’s ambitions as they aim to become just the third team in history to retain the World Cup.

Record-Equaling Achievement and Enduring Legacy

Messi’s hat-trick added another chapter to his extraordinary World Cup journey. At an age when most players have retired or diminished, he continues to perform at the highest level, defying expectations and captivating audiences worldwide. His latest display further cements his status among the tournament’s all-time great scorers, drawing comparisons to legends who excelled in their later years.

The Argentine contingent in the stands created a sea of blue and white, roaring with every touch from their hero. Messi’s ability to produce magic on the biggest stage has been a hallmark of his career, from leading Argentina to Copa América glory to the 2022 World Cup triumph. Tuesday’s performance reminded observers that age has not dulled his instincts or technical mastery.

Scaloni has built a balanced squad that blends youthful energy with veteran experience. Messi’s presence elevates teammates, creating space and opportunities through his vision and movement. The hat-trick was not only about personal records but a statement of Argentina’s intent to defend their crown with authority.

Path to the Golden Boot

With the hat-trick, Messi has positioned himself as an early frontrunner in the Golden Boot race. The award, given to the tournament’s top scorer, has historically been won by players in peak form, but Messi’s consistency and finishing ability make him a unique candidate even at 38. His record against various opponents demonstrates an ability to score in crucial moments, a trait that could prove decisive across multiple group and knockout matches.

Analysts note that the expanded 48-team format offers more games and opportunities for scorers. If Argentina advances deep into the tournament, Messi could accumulate enough goals to challenge for the honor. His clinical edge in front of goal, combined with creative support from players like Julián Álvarez and Lautaro Martínez, enhances his chances.

However, competition remains fierce. Other star forwards from top teams will vie for the award, and injury management will be critical for Messi as the tournament progresses. Argentina’s depth allows for careful workload management, potentially preserving Messi for key moments while maintaining team performance.

Argentina’s Strong Start and Group Outlook

The victory over Algeria demonstrated Argentina’s tactical maturity. The team controlled possession effectively, limited counterattacks and converted chances with efficiency. Midfielders provided balance, while the defense remained organized against sporadic Algerian pressure.

Algeria competed bravely but ultimately lacked the quality to trouble the defending champions consistently. The result gives Argentina momentum heading into subsequent fixtures, where they will face stiffer challenges. A positive start is crucial in a tournament where early slips can complicate advancement.

Scaloni’s management style emphasizes collective effort and adaptability. The squad has evolved since Qatar, showing greater flexibility and resilience. Players understand their roles within the system, allowing Messi to focus on what he does best — creating and finishing.

Senegal and Algeria Context

Algeria’s campaign began with a difficult assignment against the defending champions. Despite the defeat, the team showed moments of promise and organization. Their next matches will test resilience further, but participation itself represents progress after a long absence from the World Cup.

The Group stage features strong competition, and early results like Argentina’s win set the tone. Both Algeria and other opponents will analyze the match for weaknesses, though Messi’s individual brilliance often transcends tactical preparation.

Messi’s Motivation and Future

Messi has spoken about his deep connection to the national team and desire to contribute meaningfully in major tournaments. His performance against Algeria reflects continued commitment and joy in representing Argentina. At this stage of his career, each match carries added significance, yet he maintains focus on team success rather than individual accolades.

Teammates and coaches continue to marvel at his dedication and influence. The hat-trick not only boosted Argentina’s campaign but inspired a nation and global audience. As the tournament unfolds, Messi’s journey will be followed closely, with many hoping to witness more historic moments from one of football’s greatest.

The 2026 World Cup has already produced memorable performances, and Messi’s hat-trick ranks among the early highlights. Whether he can sustain this form and challenge for the Golden Boot remains to be seen, but his opening display suggests he is far from finished at the highest level.

Argentina’s strong start positions the team well for progression. With Messi leading the line, the defending champions carry both experience and hunger into the next phases. For fans and neutrals alike, watching Messi create magic at 38 remains one of football’s enduring pleasures.

As the group stage continues, all eyes will remain on Messi and Argentina. The hat-trick against Algeria was a reminder of his greatness and a statement of intent for the tournament ahead. Golden Boot or not, his contribution to Argentina’s campaign will define much of the story in 2026.