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Form 13F SIR Capital Management For: 13 February

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Welsh spinout firms are not getting the growth capital needed to fly

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The number of Welsh spinouts firms have also fallen shows new research from UK Research and Innovation

John Atack and Simon Ward of Draig Therapeutics.

The new UK Research and Innovation report has revealed what too many Welsh founders already know – we create technology firms but struggle to finance them through the critical early stages. Too few are supported through to serious scale and this is especially true of those spinout businesses that are founded to take university research into the marketplace.

On initial reading, the report shows some good news, with Wales accounting for 3% of UK research income and producing 3.6% of UK university spinouts founded between 2013 and 2024, suggesting we may be punching above our weight in creating companies.

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However, the bad news is that Welsh spinout formation has fallen from around 19 per year in 2013-15 to around seven per year in 2022-24, which means fewer bets, fewer shots on goal, and fewer companies reaching the stage where external capital can realistically back them.

READ MORE: Admiral acquires commercial fleet insurer fintech Flock in an £80m dealREAD MORE: How a £30m Cardiff Capital Region company contract to demolish Aberthaw Power Station was botched

This should worry anyone who cares about productivity, private sector job creation, or building home-grown firms. Indeed, here is where we should all pay attention, because the report’s figures are genuinely alarming.

While Wales generates 3.6% of UK spinouts, it captures only 1.4% of pre-seed and seed equity investment into spinouts, and an astonishing 0.1% of early-stage VC equity investment. In other words, while we create innovative businesses, they just don’t get the finance necessary to scale.

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This is not a small gap but a massive market failure at the exact stage where spinouts transition from “clever science” to commercial execution i.e. building a product, hiring commercial leadership and pricing a serious seed round.

This is the phase where companies either become investable businesses or remain permanently “nearly ready,” and where momentum is either built or lost. If we are capturing virtually none of the early-stage venture capital equity going into spinouts, we are effectively saying they are not a strength of the economy and that Wales, through its Development Bank and other funders, is not properly backing our own potential when it needs it the most.

In fact, the biggest constraint, and one I have been highlighting in this column for two decades, is that Wales simply does not have enough experienced venture capital investors on the ground with the capability and appetite to lead rounds to back winners again and again with only 1.1% of venture capital firms having any office presence here in Wales (and that includes the Development Bank).

If you don’t have lead investors with the necessary expertise, you don’t just get fewer deals, you get weaker syndicates, smaller rounds, slower progress, and a higher risk that firms are pulled towards stronger ecosystems once they show promise. When that happens, Wales loses the long-term value created when a business finally scales.

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Worst still, the report suggests that of the Welsh spinouts founded since 2013 and at least three years old, the majority have failed to raise at all: the worst performance in the UK. In addition, only one in 50 have secured later-stage venture capital rounds above £10m, i.e. a tiny proportion of university-born Welsh firms are reaching the funding thresholds associated with meaningful scale and long-term value creation.

That is scandalous. Those who are part of the funding ecosystem should not try to celebrate spinout formation and then quietly ignore the fact the majority go nowhere because there is insufficient capital being made available.

We know Wales is never going to outspend London, south east England or the east of England on venture capital but that is not the issue.

What is important is whether we can build our own coherent pathway that converts research-led potential into investable ventures and then into scaling businesses that stay and grow here.

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Unfortunately, the evidence suggests we are failing at that test, and it is a shameful performance because it is not inevitable as Wales has universities generating commercialisable research and founders willing to take the leap. And while an outlier, the recent success of Draig Therapeutics, a recent spinout from Cardiff University that has received more than £100m in venture investment, shows the massive potential that exists within our academic institutions.

On the other hand, there have been no real spin-offs from the compound semiconductor sector in South Wales despite it receiving more than £500m of funding from public and private organisations. In addition, one of these funders – the Cardiff Capital Region – has its own £50m investment fund and yet despite operating alongside one of the UK’s most strategically significant deep tech clusters, it has made little impact on turning this investable innovation into businesses that scale.

This is despite the report showing that in the UK, semiconductors are a sector where spinouts dominate and if Wales is going to win in this vital industry, it typically wins through university commercialisation and scale finance which simply isn’t happening.

Therefore, a funding system that includes the Development Bank of Wales, the British Business Bank and the Cardiff Capital Region that cannot get companies from pre-seed to seed, and from seed to meaningful growth, is inadequate at best. At worst, it becomes a machine for producing failure with talented founders wasting time, universities burning credibility, and taxpayers subsidising activity that does not translate into long-term value.

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We need to face the reality caused by those funding Welsh businesses, namely that most Welsh spinouts go nowhere due to a lack of capital. In the absence of any meaningful private venture capital, we need our economic development bodies to build a coherent funding pathway.

Only when we commit resources to doing that properly and create a group of sustainable technology-based scaling firms that create wealth and well-paid jobs in Wales, can anyone claim that our spinouts are a strength and that innovation from our universities are the engine growing the economy.

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California’s wealthy eye Las Vegas as proposed wealth tax looms

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California’s wealthy eye Las Vegas as proposed wealth tax looms

High-net-worth Californians are increasingly setting their sights on Las Vegas as they look to reduce their tax burden and protect their finances as a proposed wealth tax looms in the Golden State. 

New data shows that by the end of 2025, more than 23% of Realtor.com listing views for Las Vegas homes came from Los Angeles, making it the leading source of out-of-market interest.

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San Jose accounted for more than 8% of views, while Riverside, California, made up nearly 4%, according to Realtor.com.

“Migration from California to Las Vegas may reflect both tax considerations and the meaningful affordability gap between the two markets,” Realtor.com senior economic research analyst Hannah Jones told FOX Business in an email.

MARK ZUCKERBERG BECOMES LATEST CALIFORNIA BILLIONAIRE TO RELOCATE TO FLORIDA AMID TAX CONCERNS

Los Angeles city skyline during the day

A view of the Los Angeles city skyline is seen here. (Simonkr / Getty Images)

That gap is substantial. Los Angeles’ typical home price topped $1 million in January, while San Jose’s median listing price was even higher at $1.1 million. 

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In contrast, Las Vegas’ median listing price stood at $465,000, according to Realtor.com.

Nevada’s lack of a state income tax also remains a major draw, Jones said.

“Taxes and overall cost of living are major drivers, and Nevada’s lack of state income tax continues to be one of the most frequently cited reasons for the move,” Jones said. 

“For some clients, it’s purely financial. They can sell a $2 million to $3 million home in California and purchase a comparable or larger property in Las Vegas for less while reducing their ongoing tax burden.”

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HOMEBUYERS GAIN UPPER HAND IN 3 MAJOR CITIES AS INVENTORIES GROW

Las Vegas Strip Bellagio Water Fountain Show

The Bellagio Water Fountain Show is viewed from Caesars Palace Hotel & Casino on May 29, 2025, in Las Vegas, Nevada. (George Rose/Getty Images)

The migration trend also comes as California considers a proposed wealth tax that would impose a one-time 5% tax on the net worth of residents with assets exceeding $1 billion.

The measure, backed by the Service Employees International Union–United Healthcare Workers West, would need roughly 875,000 signatures to qualify for the November ballot.

California Gov. Gavin Newsom has opposed the measure, warning it could push high earners to leave the state.

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“While policy discussions like a potential wealth tax may influence timing for some high-income households, the ability to convert expensive coastal real estate into greater purchasing power in a lower-cost market is likely also a significant driver,” Jones told FOX Business. 

BILLIONAIRES FLEE CALIFORNIA ‘WITHIN SEVEN DAYS’ OVER PROPOSED WEALTH TAX: INSIDE THE MIAMI MIGRATION

California Governor Gavin Newsom gives speech

California Gov. Gavin Newsom speaks during a rally on Nov. 8, 2025, in Houston, Texas. (Brandon Bell/Getty Images)

“Together, these financial incentives are helping sustain cross-state housing demand.”

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Meta CEO Mark Zuckerberg and his wife, Priscilla Chan, are buying a waterfront mansion in Miami’s exclusive “Billionaire Bunker,” becoming the latest high-profile California billionaire to establish roots in Florida amid tax concerns.

FOX Business’ Kristen Altus contributed to this report.

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Form 6K BANCO BILBAO VIZCAYA ARGENTARIA For: 13 February

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Form 6K BANCO BILBAO VIZCAYA ARGENTARIA For: 13 February

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Biogen Inc. (BIIB) Presents at Piper Sandler Virtual Novel Targets in Immunology Symposium Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Q4: 2026-02-06 Earnings Summary

EPS of $1.99 beats by $0.37

 | Revenue of $2.28B (-7.14% Y/Y) beats by $75.58M

Biogen Inc. (BIIB) Piper Sandler Virtual Novel Targets in Immunology Symposium February 13, 2026 10:30 AM EST

Company Participants

Diana Gallagher – Head of AD, MS & Immunology Development Units

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Conference Call Participants

David Amsellem – Piper Sandler & Co., Research Division

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Presentation

David Amsellem
Piper Sandler & Co., Research Division

Okay, good morning, everyone. And as I keep saying this morning, happy Friday the 13th, but on a serious note, we’re delighted to be hosting our Virtual Immunology Symposium. This is David Amsellem from the Piper Sandler Biopharma Research Team. And we’re delighted to have Biogen with us for the next 25 minutes or so. So we have Dr. Diana Gallagher. She is the Head of Clinical Development for MS Immunology and Alzheimer’s. So thanks so much, Diana, for taking the time to chat with us.

Certainly, there’s a great deal going on regarding Biogen’s immunology pipeline and some late-stage readouts that are coming.

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Question-and-Answer Session

David Amsellem
Piper Sandler & Co., Research Division

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Maybe I’ll start with your lupus programs. So you have dapirolizumab and litifilimab, both in late-stage development. But I wanted to ask a high-level question on the strategic rationale of prioritizing lupus, specifically SLE and other manifestations of the disease given that it’s historically been such a challenging space in terms of drug development. So I guess with that in mind, why such a big priority to lupus? Obviously, it’s a major unmet medical need. But just given the challenges, maybe talk about your thought process here.

Diana Gallagher
Head of AD, MS & Immunology Development Units

Sure. So we’ve been working — first of all, thanks for having me, David. We’re really excited to be here. And you’re right, lupus remains a very underserved, heterogeneous disease area, major unmet need, where patients need more treatment options. We have been working in lupus. It’s not new for

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Dauch Corporation (DCH) Q4 2025 Earnings Call Transcript

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Dauch Corporation (DCH) Q4 2025 Earnings Call February 13, 2026 10:00 AM EST

Company Participants

David Lim – Head of Investor Relations
David Dauch – Chairman & CEO
Chris May – Executive VP & CFO

Conference Call Participants

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Joseph Spak – UBS Investment Bank, Research Division
Thomas Ito
Thomas Scholl – BNP Paribas, Research Division
Yan Dong – Deutsche Bank AG, Research Division
Itay Michaeli – TD Cowen, Research Division

Presentation

Operator

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Good morning. My name is Jamie, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Dauch Corporation Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, today’s event is being recorded.

I would now like to turn the floor over to Mr. David Lim, Head of Investor Relations. Please go ahead, Mr. Lim.

David Lim
Head of Investor Relations

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Thank you, and good morning. I’d like to welcome everyone who is joining us on Dauch Corporation’s fourth quarter earnings call. Earlier this morning, we released our fourth quarter of 2025 earnings announcement. You can access this announcement on the Investor Relations page of our website, www.dauch.com and through the PR Newswire services. You can also find supplemental slides for this conference call on the investor page of our website as well. To listen to the replay of this call, you can dial (855) 669-9658, replay access code 577-1070. This replay will be available through February 20.

As for the upcoming investor conferences, we’ll be at the JPMorgan 2026 Global Leverage Finance Conference on March 3, and we will also attend the Bank of America 2026 Global Automotive Summit on March 17. We look forward to seeing you there.

Now before we begin, I’d like to remind everyone that the matters discussed in this call today may contain comments and forward-looking statements

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The Wendy’s Company (WEN) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good morning. Welcome to The Wendy’s Company Earnings Results Conference Call [Operator Instructions] Thank you. You may begin your conference.

Aaron Broholm
Head of Investor Relations

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Good morning, and thank you for joining our fiscal 2025 fourth quarter earnings conference call. After this brief introduction, Ken Cook, Interim Chief Executive Officer and Chief Financial Officer, will provide a business update; and then Suzie Thuerk, Chief Accounting Officer and Global Head of FP&A, will review our fourth quarter results, share capital allocation priorities and our 2026 outlook. From there, we will open up the line for questions.

Today’s conference call and webcast includes a presentation, which is available on our Investor Relations website, ir.wendys.com. Before we begin, please take note of the safe harbor statement that appears at the end of today’s earnings release. This disclosure reminds investors that certain information we discuss today is forward-looking and reflects our current expectations about future plans and performance. Various factors could affect our results and cause those results to differ materially from the projections set forth in our forward-looking statements.

Also, some of today’s comments will

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Slideshow: New menu items from Smashburger, Freddy’s and Sweetgreen

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Slideshow: New menu items from Smashburger, Freddy’s and Sweetgreen

Limited-time offerings are debuting across menus.

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AI disruption could hit credit markets next, UBS analyst says

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AI disruption could hit credit markets next, UBS analyst says

Mesh Cube | Istock | Getty Images

The stock market has been quick to punish software firms and other perceived losers from the artificial intelligence boom in recent weeks, but credit markets are likely to be the next place where AI disruption risk shows up, according to UBS analyst Matthew Mish.

Tens of billions of dollars in corporate loans are likely to default over the next year as companies, especially software and data services firms owned by private equity, get squeezed by the AI threat, Mish said in a Wednesday research note.

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“We’re pricing in part of what we call a rapid, aggressive disruption scenario,” Mish, UBS head of credit strategy, told CNBC in an interview.

The UBS analyst said he and his colleagues have rushed to update their forecasts for this year and beyond because the latest models from Anthropic and OpenAI have sped up expectations of the arrival of AI disruption.

“The market has been slow to react because they didn’t really think it was going to happen this fast,” Mish said. “People are having to recalibrate the whole way that they look at evaluating credit for this disruption risk, because it’s not a ’27 or ’28 issue.”

Investor concerns around AI boiled over this month as the market shifted from viewing the technology as a rising tide story for technology companies to more of a winner-take-all dynamic where Anthropic, OpenAI and others threaten incumbents. Software firms were hit first and hardest, but a rolling series of selloffs hit sectors as disparate as finance, real estate and trucking.

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In his note, Mish and other UBS analysts lay out a baseline scenario in which borrowers of leveraged loans and private credit see a combined $75 billion to $120 billion in fresh defaults by the end of this year.

CNBC calculated those figures by using Mish’s estimates for increases of up to 2.5% and up to 4% in defaults for leveraged loans and private credit, respectively, by late 2026. Those are markets which he estimates to be $1.5 trillion and $2 trillion in size.

‘Credit crunch’?

But Mish also highlighted the possibility of a more sudden, painful AI transition in which defaults jump by twice the estimates for his base assumption, cutting off funding for many companies, he said. The scenario is what’s known in Wall Street jargon as a “tail risk.”

“The knock-on effect will be that you will have a credit crunch in loan markets,” he said. “You will have a broad repricing of leveraged credit, and you will have a shock to the system coming from credit.”

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While the risks are rising, they will be governed by the timing of AI adoption by large corporations, the pace of AI model improvements and other uncertain factors, according to the UBS analyst.

“We’re not yet calling for that tail-risk scenario, but we are moving in that direction,” he said.

Leveraged loans and private credit are generally considered among the riskier corners of corporate credit, since they often finance below-investment-grade companies, many of them backed by private equity and carrying higher levels of debt.

When it comes to the AI trade, companies can be placed into three broad categories, according to Mish: The first are creators of the foundational large language models such as Anthropic and OpenAI, which are startups but could soon be large, publicly traded companies.

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The second are investment-grade software firms like Salesforce and Adobe that have robust balance sheets and can implement AI to fend off challengers.

The last category is the cohort of private equity-owned software and data services companies with relatively high levels of debt.

“The winners of this entire transformation — if it really becomes, as we’re increasingly believing, a rapid and very disruptive or severe [change] — the winners are least likely to come from that third bucket,” Mish said.

Technology private equity in its current form is dead, says Lightspeed's Kim
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Sandisk: The Storage Party Is Coming To An End (NASDAQ:SNDK)

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Sandisk: The Storage Party Is Coming To An End (NASDAQ:SNDK)

This article was written by

Bears of Wall Street is a community of asset managers and traders who take a pragmatic approach to valuing companies. Bears of Wall Street provide unique research with a bearish sentiment on overvalued or weak companies with declining businesses and poor growth perspectives – companies whose likely depreciation can be capitalized on.

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.

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.

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Vibe-Coding in Gas Town? A Guide to the Software Selloff With 4 Sexy Stock Picks.

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Vibe-Coding in Gas Town? A Guide to the Software Selloff With 4 Sexy Stock Picks.

Vibe-Coding in Gas Town? A Guide to the Software Selloff With 4 Sexy Stock Picks.

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