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NEW YORK — American teenager Iva Jovic outlasted her close friend Alexandra Eala of the Philippines in a grueling three-hour, three-minute battle Saturday night at Arthur Ashe Stadium, winning 7-5, 3-6, 7-5 to reach the fourth round of the U.S. Open for the first time in her young career.

The 14th-seeded Jovic, 18, extended her perfect head-to-head record over Eala to 3-0 with the victory, having previously defeated the 17th-seeded Filipina at Roland Garros and at the HSBC Championships at Queen’s Club earlier this year. The win sends Jovic into a fourth-round matchup against fourth seed and 2023 champion Coco Gauff, who defeated Cristina Bucsa, 6-3, 6-4, earlier in the tournament.

Both Eala, 21, and Jovic had reached the third round through relatively comfortable straight-set victories, with Eala defeating Mary Stoiana, 6-1, 6-2, and Oleksandra Oliynykova, 6-1, 6-4, while Jovic advanced past Magdalena Frech, 7-5, 6-3, and Francesca Jones, 6-4, 6-4. Saturday’s meeting, by contrast, developed into one of the most intense and closely fought matches of the entire tournament.

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Jovic struck first, capitalizing on two double faults from Eala to earn the match’s first break of serve and take an early 2-1 lead in the opening set. Eala immediately threatened to break back, earning three break points on Jovic’s serve in the fourth game, but the American held her nerve, winning five consecutive points to fend off the threat and extend her lead to 3-1. Jovic continued applying pressure, breaking again in the fifth game to stretch her advantage to 4-1 before Eala finally halted the run, breaking back in the sixth game and holding in the seventh to cut the deficit to 4-3. Jovic ultimately closed out the opening set 7-5.

Eala responded strongly in the second set, taking it 6-3 to force a decisive third set. Eala broke Jovic’s serve in the opening game of the final set and consolidated the advantage for an early 2-0 lead. Jovic broke back two games later, and from that point the match turned into an extended battle of superb shot-making, stellar defense and long, physically demanding rallies, with momentum shifting repeatedly in front of a crowd at Arthur Ashe Stadium that appeared largely supportive of Eala for much of the contest, before seeming to back both players equally by the match’s conclusion.

After a Jovic double fault gave back an earlier break in the decisive set, Eala held serve at love to take a commanding 4-2 lead, putting her within reach of the fourth round. That lead would not hold. Jovic won the next game after multiple deuces, then leveled the match with a pinpoint winner off Eala’s serve. In the final game, on Jovic’s second match point, Eala hit a forehand into the net, sending Jovic collapsing to the ground in visible relief and exhaustion before the two players shared a warm embrace at the net.

Statistically, the match reflected its grueling nature. Jovic struck 44 winners against 27 unforced errors, while Eala recorded 34 winners against 33 unforced errors. Jovic won 12 of 15 points at the net, while Eala won 16 of her 25 net points. Both players returned serve exceptionally well throughout the match, though Jovic proved slightly more effective in the most critical moments, converting nine of 17 break-point opportunities compared with Eala’s eight conversions out of 20 chances.

Speaking after the match, Jovic described the physical and emotional toll the contest took on her over its three-hour duration.

“It took losing my earrings, falling literally flat out on the floor, cuts on my knees, mental breakdowns,” Jovic said. “It took literally everything.”

Jovic elaborated further on the emotional intensity of playing such a high-stakes match in the tournament’s largest venue.

“Playing on Arthur Ashe, in front of that atmosphere, I felt like I was shaking throughout the entire match,” Jovic said. “I lost my earrings midway through. I got them back. There was a time I was literally splat on the floor … I have cuts on my knees. I had to give absolutely everything to get through that.”

Eala, despite the heartbreaking defeat, offered a graceful exit from the court, congratulating Jovic with a hug, smiling and waving to the crowd as she left Arthur Ashe Stadium. According to reporting from the Philippine outlet Inquirer, Eala’s composure held until she reached the tunnel leading away from the court, where she began to hold back tears over how close she had come to reaching the fourth round.

Saturday’s match came just 10 days after Jovic and Eala had shared laughs together at Arthur Ashe Stadium during an exhibition event, underscoring the genuine friendship between the two rising stars even amid their intensifying on-court rivalry.

The victory continues a breakout 2026 season for Jovic, who reached the quarterfinals of the Australian Open earlier this year before falling to top seed Aryna Sabalenka, advanced to the third round at the French Open before losing to Naomi Osaka, and reached the fourth round at Wimbledon, where she faced Jessica Pegula. With Saturday’s win, Jovic has now reached her third Grand Slam round of 16 appearance of the season, becoming the youngest American player to accomplish that feat since Venus Williams in 1998.

For Eala, the loss ends a run that had captured significant attention back home in the Philippines, where her deep push into the tournament had reportedly complicated family wedding plans in Seattle for supporters following her progress closely throughout the week. Despite the disappointing finish, Eala’s run to the third round, including her straight-set victories over Stoiana and Oliynykova, represented a notable tournament for the 21-year-old as she continues building her career on the WTA Tour.

With Jovic now advancing to face Gauff in an all-American fourth-round showdown, the young American’s continued rise through the sport’s biggest stages sets up another high-profile matchup at her home Grand Slam, as she looks to build further on what has already become the most successful season of her young professional career.

The Indian stock market closed in the green on Friday, although Sensex and Nifty erased most of the intraday gains to close near intraday lows after the closing auction session (CAS).

Sensex gained 363 points to close at 76,515 while Nifty 50 rose over 24 points to end the session below 23,898 on Friday. Broader markets closed mixed, with Nifty Midcap 100 slipping into the red, while Nifty Smallcap 100 closed in the green.

Here are major factors that drive market mood starting Monday

Oil gains again – Crude oil prices gained about 8% this week after US and Iran exchanged strikes after a month, reigniting fears of a supply crunch as the Strait of Hormuz remains shut for oil transit.

Citi raised its average Brent crude price forecast for the third quarter to $86 a barrel from $80, citing a longer-than-expected reopening timeline for the Strait of Hormuz.

Further, ANZ analysts also lifted their short-term Brent crude forecast to $95 a barrel, warning that prices could face further upside if the conflict in the Middle East intensifies.
Rising bond yields – A bond-market selloff of a scale not seen in decades is adding to concerns for Indian investors. Yields across major economies have risen to multi-year highs this week as markets contend with three key pressures: oil-driven inflation, tighter monetary policy and worsening fiscal conditions.The surge in oil prices, along with a sharper rise in fuel costs, has pushed inflation and government borrowing costs higher globally. This has also heightened concerns that economic growth could weaken without some relief.

Rising bond yields also make US fixed-income assets more attractive by offering higher returns with relatively low risk. This can reduce the relative appeal of Indian equities, particularly for foreign investors, and encourage global capital to shift towards US fixed-income investments.

US jobs report ups rate hike bets – A stronger-than-expected US jobs report has put a September interest-rate hike firmly back in focus, leaving Federal Reserve Chair Kevin Warsh facing a difficult decision as President Donald Trump steps up calls for lower borrowing costs.

US employers added 162,000 jobs in August, nearly three times economists’ expectations, while the labour force participation rate rose to 61.6%. The increase in participation brought more people into jobs directly, helping keep the unemployment rate at 4.1% even as the pool of available workers expanded.

The report strengthens the case for the Federal Reserve to raise rates at its September 15-16 meeting, particularly after Warsh said last week that he needed confidence that inflation was moving back towards the central bank’s 2% target “clearly and at sufficient speed.” Without that, he said, “we have work to do.”

FII DII activity – Foreign investors are making a decisive return to Indian equities, with FPI inflows crossing $3.2 billion in August. The buying momentum has carried into September, with foreign portfolio investors pouring Rs 2,374 crore into Indian equities in the first four days of the month.

“The tapering of the chip trade and the FPIs turning consistent sellers in the chip stocks in South Korea and Taiwan have played an important role in bringing the FPIs back to India,” V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd said.

The resilience of the Indian economy, as indicated by the Q1 FY27 GDP growth rate of 7.8%, and the better-than-expected Q1 earnings numbers and stabilisation of the rupee are other positive factors that have the potential to sustain the positive FPI inflows into India. The massive $127 billion that came to India under the FCNR (B) scheme has strengthened the rupee significantly from the low of 96.96 to the dollar in May to 94.49 on 4th September.

What lies ahead of Dalal Street

Nifty’s technical picture provides little evidence of a sustained recovery at this stage. Nifty is comfortably trading below its short and long-term moving averages, while the 20, 50, and 100-day EMAs have started edging lower, indicating increasing bearish pressure, says Sudeep Shah of SBI Securities.

The daily RSI is hovering around 40 and remains below its 9-day average, while the daily ADX has moved above 20 and is rising, suggesting that the prevailing trend is gaining strength. With momentum and trend indicators weakening, the spotlight now shifts to a crucial support zone.

That support zone lies in the 23,750-23,700 region. The zone is important as the 61.8% Fibonacci retracement of the previous upmove from 23,070 to 24,774 is placed around this region. A sustained break below 23700 could intensify the correction towards 23,500, followed by 23,300.

On the upside, the hurdle is placed in the zone of 24,150-24,200 as it is the confluence of 50 and 100-day EMA levels. A sustained move above this range would be required to ease the prevailing bearish bias and bring stability back to the index.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.

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.

More than 150 companies, including Kalyan Jewellers, IREDA, Zee Entertainment Enterprises, NSDL and others have scheduled record dates for dividends during the week of September 7 (Monday) to September 11 (Friday).

To be eligible for these corporate actions, investors must hold the shares in their demat accounts as of the respective record dates. The list is tentative, as more companies may announce record dates for dividends during the week.

Here is the day-wise list of corporate actions to watch out for this week:

September 7 (Monday)

Texmaco Infrastructure and Holdings will pay a dividend of Rs 0.15 per share to its eligible shareholders, while GeeCee Ventures will pay Rs 2 per share. Transpek Industry meanwhile will pay a final dividend of Rs 20 per share.

September 8 (Tuesday)
At least 11 companies have fixed Tuesday as the record date for their respective dividends. APL Apollo Tubes accounts for the highest dividend payouts among them, as the company is set to pay a dividend of Rs 8.5 per share. KDDL will pay Rs 8 per share, while Globus Spirits will pay a dividend of Rs 6.53 per share.Tinna Rubber and Infrastructure will pay Rs 3.25 per share, while each of Polyplex Corporation and Valplast Technologies will pay Rs 1 per share. Other companies that have fixed Tuesday as the record date for their respective dividends include Bhandari Hosiery Exports (Rs 0.01 per share), BLS E-Services (Rs 0.5 per share), Rushil Decor (Rs 0.05 per share) and Sinclairs Hotels (Rs 0.1 per share).

September 9 (Wednesday)

At least 17 companies have set Wednesday as the record date for their respective dividends. Force Motors accounts for the highest single dividend payout on the day, with the company set to pay a final dividend of Rs 50 per share. Empire Industries will pay a total of Rs 50 per share through a special dividend of Rs 25 per share alongside a final dividend of Rs 25 per share.

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) will pay a final dividend of Rs 21 per share, while Naperol Investments will pay Rs 16.48 per share. Travel Food Services will issue a dividend of Rs 10.25 per share, followed by Jyoti Resins & Adhesives at Rs 9 per share and Associated Alcohols & Breweries at Rs 2 per share.

Acknit Industries will pay Rs 1.5 per share, while each of Century Plyboards (India), National Fittings, Perfectpac, Shree Digvijay Cement Company, and Worth Peripherals will pay Rs 1 per share. JBM Auto will pay a dividend of Rs 0.85 per share, while Kronox Lab Sciences and WEP Solutions will each pay Rs 0.5 per share. Other companies turning ex-dividend on Wednesday include Aastha Spintex (Rs 0.1 per share).

Also read | Bonus issue alert! Multibagger Titan Biotech announces its maiden 1:4 bonus issue

September 10 (Thursday)

At least 18 companies have designated Thursday as the record date for their respective dividends. TVS Srichakra accounts for the highest payout of the day, as the company will pay a final dividend of Rs 37.8 per share. Ganesha Ecosphere will pay Rs 3.5 per share, followed by Divgi Torqtransfer Systems at Rs 3.27 per share.

Apex Frozen Foods and Radiant Cash Management Services will each pay Rs 2.5 per share, while Elnet Technologies and Zee Entertainment Enterprises will pay Rs 2 per share. Linc, Power Mech Projects, and Valiant Communications will each pay Rs 1.5 per share, while Chemcrux Enterprises, M&B Engineering, and Sicagen India will pay Rs 1 per share.

Other companies turning ex-dividend on Thursday include Indsil Hydro Power and Manganese (Rs 0.6 per share), Grauer & Weil (India) (Rs 0.5 per share), Harshdeep Hortico (Rs 0.25 per share), Indoco Remedies (Rs 0.2 per share), and JMJ Fintech (Rs 0.15 per share).

September 11 (Friday)

More than 100 companies have fixed Friday as the record date for their respective corporate actions and dividends. Apar Industries accounts for the highest single dividend payout of the day, as the company will pay a final dividend of Rs 60 per share. CSL Finance will pay Rs 10 per share, followed by Gujarat Energy at Rs 8.9 per share, Banco Products (India) at Rs 8 per share, Heidelberg Cement India at Rs 7 per share, and Datamatics Global Services and Gujarat State Fertilizers & Chemicals (GSFC) at Rs 5 per share each.

Josts Engineering Company will pay a total of Rs 5 per share through a special dividend of Rs 3.75 per share alongside a final dividend of Rs 1.25 per share. Balmer Lawrie & Company will pay Rs 4.25 per share, DHP India will pay Rs 4 per share, Krishanveer Forge and Mold-Tek Packaging will each pay Rs 3 per share, and Amrutanjan Health Care will pay Rs 2.9 per share.

Finolex Industries will pay a total of Rs 2.75 per share through a special dividend of Rs 0.75 per share alongside a final dividend of Rs 2 per share. Kalyan Jewellers India, CMS Info Systems, NSDL and Metroglobal will each pay Rs 2.5 per share, followed by Astra Microwave Products at Rs 2.40 per share, Balmer Lawrie Investments at Rs 2.27 per share, and Asahi India Glass, Chalet Hotels, Medi Assist Healthcare Services, and Advait Energy Transitions at Rs 1-2 per share each.

Lincoln Pharmaceuticals will pay Rs 1.80 per share, while Abirami Financial Services, Dutron Polymers, Dynemic Products, IRM Energy, and Krystal Integrated Services will each pay Rs 1.5 per share. Blue Jet Healthcare will pay Rs 1.20 per share, while Aarti Industries, Bharat Parenterals, Competent Automobiles, Dynamic Industries, GSP Crop Science, HBL Engineering, and Haryana Leather Chemicals will pay Rs 1 per share each.

Indian Renewable Energy Development Agency (IREDA) and Mangal Credit and Fincorp will pay Rs 0.75 per share, among other stocks.

Also read | Which stocks should you buy ahead of the festive season? Here are Kotak Securities’ top 10 picks

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

JEDDAH, Saudi Arabia — Cristiano Ronaldo endured a forgettable performance and a chorus of taunts from home supporters Saturday as Al-Nassr suffered its first defeat of the season, falling 2-1 to rival club Al-Ittihad in the Saudi Pro League.

Al-Nassr had won all four of its league matches under new manager Ange Postecoglou before Saturday’s loss to one of its main title rivals. Nigerian striker George Ilenikhena scored twice for Al-Ittihad, while former Chelsea winger Angelo Gabriel provided Al-Nassr’s lone goal. Ronaldo, playing in front of the Al-Ittihad crowd, failed to register a goal or an assist and was taunted by home supporters as the match neared its conclusion.

Al-Ittihad fans repeatedly chanted the name of Lionel Messi, Ronaldo’s longtime rival, during the closing stages of the victory, a jab widely understood to be directed squarely at Ronaldo despite the two players themselves having maintained a relatively cordial relationship off the field over the years.

The chants continued a long-running tradition among Al-Ittihad supporters specifically, and Saudi Pro League crowds more broadly, of invoking Messi’s name whenever Ronaldo’s Al-Nassr faces defeat in the kingdom. Given that Messi has generally been favored in the broader public debate over which of the two players stands as the greatest of all time, fans have frequently reached for his name as a pointed insult toward Ronaldo during difficult moments in his Saudi Arabian career.

Ronaldo did not publicly react to Saturday’s chants, though observers noted he surely would have heard them given their volume and persistence throughout the closing stages of the match. At one point during the game, Ronaldo attempted to read a note passed along by Al-Ittihad’s coaching staff to his former Portugal national team teammate, Danilo Pereira, who now plays for Al-Ittihad, with the two sharing a laugh over the odd moment despite being on opposing sides.

Al-Ittihad’s official English-language social media account took its own direct shot at Ronaldo following the match, posting a message mocking the Portuguese superstar.

“Cheating and still losing!” the club’s account wrote in a post accompanying video from the match, tagging the hashtag associated with the fixture between the two clubs.

Saturday’s defeat marked far from the first time Ronaldo has faced Messi-themed taunts from Al-Ittihad supporters since his move to Saudi Arabia. In a previous meeting between the two clubs in the Saudi Super Cup, Al-Ittihad fans chanted Messi’s name as Ronaldo left the pitch following a 3-1 semifinal defeat for Al-Nassr, in a match during which Ronaldo struggled to make an impact despite playing the full 90 minutes. Al-Ittihad supporters have gone as far as publicly calling on their own club to pursue signing Messi ahead of previous high-profile matchups against Ronaldo’s Al-Nassr, further fueling the rivalry’s Messi-versus-Ronaldo undertone even within a domestic Saudi league context.

The taunts have not been limited to matches against Al-Ittihad specifically. In a separate previous match against Saudi rival Al-Hilal, Ronaldo was similarly taunted by opposing fans waving Messi jerseys as he left the field following a defeat in which he was denied a penalty by video assistant referee review and had a separate goal disallowed for offside.

Ronaldo’s history with Al-Ittihad specifically has included other notably tense moments. In an earlier Saudi Pro League meeting between the two clubs, Ronaldo stormed off the pitch down the tunnel, kicking water bottles out of his path, after a 1-0 defeat marked his second consecutive match without scoring at the time. During that same match, Ronaldo removed his captain’s armband before leaving the field and appeared poised to throw it in frustration before regaining his composure, as Al-Ittihad fans chanted Messi’s name throughout that contest as well.

Saturday’s result leaves Al-Ittihad positioned as one of the leading challengers in this season’s Saudi Pro League title race, having handed Al-Nassr its first loss of the campaign under new manager Postecoglou, the former Tottenham Hotspur and Celtic manager who took charge of the club ahead of the current season. Al-Nassr’s perfect start under Postecoglou through the season’s opening four matches had positioned the club as an early front-runner in the domestic title race before Saturday’s setback against one of its most direct rivals.

Ronaldo, now 41 years old, has continued playing a prominent role for Al-Nassr since his high-profile move to the Saudi Pro League, a transfer that helped accelerate the broader influx of major international stars into Saudi Arabian football in the years since. Despite his advancing age, Ronaldo has remained a productive scorer domestically throughout his time in Saudi Arabia, even as matches against Al-Ittihad in particular have proven to be a recurring source of frustration, both in terms of results and the pointed reception he has repeatedly received from that club’s supporters.

The rivalry between Al-Nassr and Al-Ittihad has emerged as one of the marquee fixtures within the Saudi Pro League in recent seasons, with both clubs investing heavily in international talent as part of the league’s broader push to elevate its global profile and competitiveness. Saturday’s match, sometimes referred to by fans and media as a Saudi “El Clasico” given the stature of both clubs, drew significant attention both for the on-field result and the pointed atmosphere surrounding Ronaldo’s performance.

With the Saudi Pro League season still in its early stages, Saturday’s defeat represents an early setback rather than a decisive blow to Al-Nassr’s title ambitions under Postecoglou. Still, the recurring pattern of Messi-themed taunts directed at Ronaldo during matches against Al-Ittihad specifically underscores how deeply the global rivalry between the two players continues to shape the atmosphere surrounding Saudi Arabian football, even years after both men effectively decamped from Europe’s traditional footballing powerhouses to continue their respective careers in different corners of the world.

Largecap stocks may be better placed than their mid- and small-cap peers as investors have already priced in strong earnings growth in the broader market, according to Arihant Jain, portfolio manager for SIF and multi-factor funds at Franklin Templeton India.

While mid- and small-cap stocks are factoring in 20% to 30% earnings growth, large-caps are being valued against more modest 10% to 12% expectations. That leaves greater room for earnings upgrades and a valuation re-rating in large-caps, Jain said. Edited excerpts from a chat:

The Sapphire Equity Long-Short SIF can hold 75–100% in long positions and short up to 25%. What is the current long-short positioning, and what specific signals would make you deploy the full shorting limit?

Our asset-allocation model determines our long and short exposure. Leverage is not allowed in India. Globally, long-short strategies often operate on a 150-50 model—150% long and 50% short, resulting in net equity exposure of 100%. In India, we decide how much to be long and short without leverage.

We use a macroeconomic and technical model to assess whether the market is bullish, bearish or volatile. If the market is on a positive trajectory, we may be 100% long. If we see stress or an opportunity in a particular sector, we may take technical short positions. Our net equity exposure can range from 60% to 100%.

Our multi-factor model selects stocks using four factors: quality, valuation, price momentum and earnings momentum. We have developed our own factor definitions on the Mosaic platform, calculate a score for each company and use a portfolio-construction tool to determine sector and market-cap allocation.
Quality is subjective. Our definition differs from the factor indices of NSE, BSE or MSCI because we want to control and continuously upgrade it. One of our quality factors is innovation: we assess spending on research and development and branding because such companies may eventually deliver stronger sales growth.For valuation, we focus more on enterprise value than market capitalisation because enterprise value also captures debt. For momentum, we assess price as well as earnings. Price is historical, while earnings momentum provides information about the future. We look at EPS-revision growth to identify surprises. If a company is growing at 40%, that may already be priced in. But a change from 40% to 42% or 38% is new information, which we try to capture.

The short book uses the same framework to identify the weakest companies.

We were 100% long in July because domestic macroeconomic signals were bullish. Credit growth was above 15% to 20%, and earnings growth was between 10% and 30% across large-, mid- and small-cap companies. We were not seeing negative macro signals. Technically, the market was neutral, so we consciously chose to be 100% long.

Since launching the fund, have you taken any short positions?

Very small ones. Over a five- to seven-year horizon, short positions may not always add value. In a bull market, a stock that merely underperforms the benchmark may not generate a short-side return. The stock needs to deliver an absolute negative return

The universe available for shorting is also relatively small. Futures and options are available in around 200 stocks, although these represent roughly 80% to 85% of the market by capitalisation. Having all 500 stocks available for shorting would help, but that is not the current situation.

The strategy is not designed to maintain short positions at all times. In a stressed or bearish market, or during periods of high volatility, we can increase short exposure to protect the downside. The upside will primarily come from equity exposure.

The market has been broadly range-bound for two years. While domestic flows have protected the downside and new supply has restricted the upside. With foreign investors returning and a large IPO pipeline absorbing capital, is it becoming harder to generate alpha?

Arihant Jain: It depends on where a fund is positioned. The market was broadly flat in 2018-19, but that did not prevent every fund manager from generating alpha. Over a five- to seven-year period, there may be two or three flat years. That does not mean the market will remain flat going forward.

We are positive on earnings growth. We expect the second quarter to be strong, with analysts projecting 20% to 30% growth in mid- and small-caps. If earnings growth remains strong, market capitalisation will eventually move in the same direction. Ultimately, the market is driven by earnings growth.

What is your market outlook? Will the market return to record highs, or will small- and mid-caps continue to lead?

Arihant Jain: It depends on earnings growth and the multiples available for that growth. Mid- and small-caps are already pricing in 20% to 30% earnings growth. Unless there is a positive surprise, much of that expectation is reflected in prices.

In large-caps, investors are expecting nominal earnings growth of around 10% to 12%. That leaves room for earnings estimates to be revised upwards and for valuation multiples to expand. I am not saying small- and mid-caps will necessarily de-rate, but on a risk-adjusted basis, large-caps may look better going forward.

Your multi-factor fund has around 80% exposure to large-caps. Is that a deliberate choice?

Arihant Jain: It is also a result of portfolio construction. The fund’s benchmark is the BSE 200, which is predominantly represented by large- and mid-cap stocks. We are generally comfortable holding 70 to 90 stocks; the fund currently has around 80.

What makes a multi-factor fund different from single-factor value or momentum funds?

Arihant Jain: Single-factor strategies carry higher drawdown risk. If a factor goes out of favour, the underperformance can be significant. We have seen a single factor underperform the benchmark by as much as 70 percentage points over four years—for example, while the Nifty 200 rose 72%, a single-factor strategy gained only 1%.

We use multi-factor investing as a core allocation. We assess a company from a 360-degree perspective, looking at its quality, valuation and momentum. We assign strategic weights to the factors and maintain exposure to all of them. We may take small tactical positions, but it is almost impossible to time when a factor will perform or crash.

Our approach is “and”, not “or”. We look for a company with good quality, reasonable valuation and momentum. Selecting the top companies separately on quality, valuation and momentum and then combining them may create a portfolio that appears diversified but is actually a combination of three correlated factor portfolios.

Which sectors look attractive to you at this stage?

Arihant Jain: Private banks could be an opportunity given their valuations and the credit environment. Metals may also be interesting, depending on how the current cycle develops.

How is a quantitative model different from an AI-driven model?

Arihant Jain: A quantitative model is algorithm-based. The efficiency of the algorithm and the experience of the team are important. Our team has been running quantitative strategies globally for more than 20 years, so we understand the risks, how to control them and how to upgrade the model.

You can broadly compare it with AI because both involve machine learning. However, we control both the inputs and the underlying algorithm. With a third-party AI system, you may control the inputs but not the algorithm.

If we have a sector view, we generally let the model drive 80% to 90% of the portfolio and take an active call on the remaining 10% to 20%. For example, if a corporate governance issue may take time for the model to capture, our experience can help us react earlier. This makes the strategy something between a passive fund and a pure active fund.

The model is continuously upgraded. Stock selection is important, but position sizing can sometimes be even more important. We focus on both.

Help us understand how your quant model works and how many factors you consider?

Arihant Jain: Globally, the team has more than 100 people. We also have a dedicated 15-member technology team maintaining the Mosaic platform. The models are refreshed daily, although the portfolio is generally rebalanced monthly.

In the multi-factor fund, we use more than 35 sub-factors. Quality, for example, contains more than 12 sub-factors, which are combined into a single quality score. The same applies to valuation, price momentum and earnings momentum.

We use macroeconomic data to help determine long and short exposure. I am evaluating alternative, higher-frequency data such as short-interest data and the put-call ratio, although nothing concrete has been added in the last year.

What is the typical churn ratio?

Arihant Jain: It is typically around 70% to 90% for our quantitative funds. Since we use a core approach based on quality, value and sentiment, a stock tends to remain unless something materially changes. The multi-factor approach generally results in more stable positions than a single-factor strategy.

How do you see the SIF category developing?

Arihant Jain: There is a structural gap between what regulations allow and the tools available to fund managers. Mutual funds can take positive positions, but they have limited tools when they are neutral or negative. An SIF provides another potential source of alpha and drawdown protection, thereby adding diversification.

The ability to take active short positions is a key differentiator. Mutual funds cannot undertake naked shorting. If we are negative about a theme or stock, we may hedge or avoid it, but we cannot take an active short position at scale. An SIF provides that additional tool and a potentially different source of returns.

Taxation is another advantage because it is similar to mutual-fund taxation. Derivatives have traditionally been treated as business income, which can attract a much higher tax rate.

WASHINGTON — More than six months into the war between the United States, Israel and Iran, the Strait of Hormuz remains locked in what analysts describe as a lethal stalemate, with the U.S. military continuing to escort oil tankers through the vital waterway even as Iranian attacks continue killing sailors and deterring shipping companies from the route.

The U.S. military has spent months working to protect tankers carrying Persian Gulf oil through the strait from Iranian attacks. But last week, a Saudi vessel attempting to transit the strait was struck near Oman’s coast, killing two crew members, according to The New York Times. Two other sailors died in separate attacks during August, making it the deadliest month for merchant seamen in the strait since March. At least 23 ships were struck in the waterway across July and August combined.

On Saturday, the United States struck three Iranian oil tankers in retaliation for what American officials described as unprovoked attempts by Iran to attack two U.S. warships.

Eugene Gholz, an associate professor of political science at the University of Notre Dame and an expert on conflict in the strait, said the current standoff reflects a rough balance of power between the two sides, neither of which has been able to fully impose its will on the waterway.

“The strait is neither fully closed nor fully opened,” Gholz said. “Iran can’t close it completely, and the U.S. can’t open it completely.”

The U.S. tanker protection effort, which involves intercepting Iranian drones and missiles before they reach commercial vessels, has helped move millions of barrels of oil out of the Persian Gulf each day, offering some measure of relief to global oil markets. Despite that protection, however, continued Iranian attacks have deterred many shipping operators from sending vessels through the strait at all. According to a New York Times analysis of public attack records, Iran struck 12 ships in August, up slightly from 11 in July, indicating the country has managed to sustain its attack tempo even as U.S. forces have worked to intercept incoming threats. Overall volumes of oil moving through the waterway remain significantly below prewar levels, according to analysts.

The current crisis traces back to Feb. 28, 2026, when the United States and Israel launched a joint military campaign against Iran, prompting Tehran’s Islamic Revolutionary Guard Corps to declare the strait closed to shipping linked to the U.S., Israel or their allies, and to begin attacking merchant vessels and laying naval mines throughout the waterway. According to tracking compiled on the broader crisis, the conflict has resulted in the deaths of at least 20 seafarers and one port worker, with 35 additional people injured and one person still listed as missing.

The United States has cycled through several distinct phases of military and naval response since the war began. From April 13 to May 29, American forces maintained a naval blockade of Iranian ports, a measure that was briefly lifted before being reinstated on July 14 following renewed attacks on commercial shipping. On Aug. 25, U.S. officials confirmed President Trump’s claim that the Navy had cleared mines from the Strait of Hormuz Traffic Separation Scheme, saying underwater drones had identified more than 100 suspected mines in recent months, which private contractors subsequently dealt with. Trump has said the U.S. will continue to destroy any Iranian vessels found laying additional mines in the strait.

Earlier in the conflict, in March, the U.S. military said it had destroyed 16 Iranian boats believed to be involved in laying naval mines in the strait, part of a broader escalation that saw the Iranian Revolutionary Guard Corps formally declare that any vessel belonging to the United States, Israel or an allied nation passing through the strait would be considered a “legitimate target.” U.S. Defense Secretary Pete Hegseth described some of the military operations during that period as among the most intense rounds of strikes conducted since the war began, targeting Iranian ballistic missile infrastructure and drone production facilities.

The economic toll of the extended disruption has been significant. Shipping through the strait, which normally carries roughly a fifth of the world’s oil and about 20% of global liquefied natural gas shipments, came to a near-standstill in the opening weeks of the conflict, sending global oil prices surging to levels not seen since 2022. At one point in March, Brent crude climbed back above $100 a barrel, with the International Energy Agency describing the disruption at the time as the largest supply shock in the history of the global oil market.

President Trump has repeatedly called on other nations with a stake in Gulf shipping to contribute their own naval assets to help secure the strait. In one Truth Social post issued in March, Trump urged countries including China, France, Japan, South Korea and the United Kingdom to send ships to help secure the waterway, while asserting that the U.S. would continue bombing Iran’s coastline and targeting Iranian vessels directly. That same month, Trump announced that the U.S. Navy would begin formally escorting tankers through the strait, a commitment that has continued in various forms through the present, even as the underlying attacks on shipping have persisted.

Some analysts have suggested that fully reopening the strait to normal commercial traffic may ultimately require an even more dramatic military escalation, including a potential ground operation targeting the stretch of Iranian coastline directly adjacent to the waterway, though no such operation has been publicly confirmed or announced by U.S. officials to date.

With the conflict now well into its seventh month and continuing to produce a steady drumbeat of attacks on commercial shipping despite sustained American naval protection efforts, the Strait of Hormuz appears likely to remain in the kind of unresolved, partially functional state Gholz and other analysts have described, one in which neither Iran’s efforts to close the waterway nor the United States’ efforts to fully secure it have proven decisive. For shipping companies and the sailors who continue to crew the tankers still willing to attempt the transit, that stalemate has translated directly into continued danger, even as the broader flow of Persian Gulf oil, though diminished, has not been entirely severed.