Business
NZS Capital Q2 2026 Shareholder Letter
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Dear Investors and Friends,
The NZS Growth Equity strategy (“strategy” or “portfolio”) had a gross return of +24.96% and a net return of +24.76% for the second quarter as compared to +14.79% for the Morningstar Global Target Market Exposure Index (the “Index”) over the same period. Year-to-date, the strategy generated a gross return of +14.03% and a net return of +13.63%, versus +11.00% for the Index.
*Since inception: January 1, 2020; returns as of June 30, 2026. One cannot invest directly in an index.
Performance Overview
Equity markets were strong in the second quarter of 2026. As we noted in our last quarterly letter, weakness in the first quarter provided some of the most attractive valuations in growth equities we had seen in some time. That starting point met seemingly insatiable demand for AI infrastructure, progress towards geopolitical stabilization, and generally positive earnings reports, which drove strength in the second quarter. The portfolio outperformed the index, primarily due to our overweight in Semiconductors, stock selection in areas like Software and Industrials, and our zero weight to Energy. The resilient and optional portions of the portfolio both carried their respective weight in terms of contribution to returns and outperformed.
Information Technology contributed the most to absolute returns, though Industrials and Communication Services also outperformed. Each of the top-five individual contributors to absolute returns were in the Semiconductor industry and, more importantly, in the AI infrastructure ecosystem. In addition to the improving outlook reflected in chips broadly, ARM Holdings (ARM) shares were further lifted by the company’s announced plan to develop its first in-house chip, a CPU for AI workloads. Lam Research (LRCX), which is a critical supplier of etching equipment used in the production of semiconductors, saw strengthening tailwinds to their outlook as some key chip manufacturing customers publicly committed to higher capital expenditures to expand capacity. ASML Holdings (ASML), Taiwan Semiconductor (TSM), and Marvell (MRVL) were also top-five contributors.
Only Real Estate and Healthcare contributed negatively to absolute returns, but Materials and Financials lagged. Intuitive Surgical (ISRG) was the top individual detractor to absolute returns in the quarter. While fundamentals remain solid for Intuitive Surgical, the stock’s multiple has not been immune from the broad de-rating in “quality growth” stocks we’ve seen outside of the AI ecosystem (see discussion below). Nintendo (NTDOY) was weak in the period after issuing forward guidance that disappointed due to the increasing costs of memory chips going into their gaming hardware. The other top-five detractors were Tyler Technologies (TYL), ON Semiconductor (ON), and CoStar Group (CSGP).
Portfolio Positioning
Over the quarter, the team actively added net basis points to Information Technology, Healthcare, and Communication Services and reduced exposure to Consumer Discretionary, Real Estate, and Financials. The portfolio remains overweight Information Technology, Industrials, and Healthcare.
Those familiar with our strategy may know a key part of our process concerns reassessment of optional positions that outperform their way into the “middle” of the portfolio. If the team determines that the range of outcomes has narrowed enough for promotion to a resilient position, we add capital; otherwise, we trim the position back to optionality. While we might leave incremental upside on the table, we believe this strict reduction in overactive stocks with wide ranging outcomes allows us to continue benefiting from further upside without letting risk run. This quarter, the portfolio had five positions that worked their way into the middle – a few even ran all the way through the middle in a single day. This situation is unusual and perhaps symptomatic of the volatility in the market. In the cases of ARM Holdings, Marvell, Lattice Semiconductor (LSCC), and Snowflake (SNOW), we trimmed the positions back to optionality. For example, Marvell rallied significantly after Jensen Huang extolled the company as “the next trillion-dollar company” on stage at Computex in Taiwan. While we agree it’s within the range of outcomes, in our view, Jensen’s statement only resulted in the market applying a higher valuation to a stock whose fundamental range of outcomes remained unchanged; thus, we trimmed Marvell. Quanta Services (PWR) also ran into the middle during the quarter, and we ultimately decided to add capital and promote the position to resilient, reflecting our view that the fundamental range of outcomes for Quanta’s business – a US provider of craft labor for electricity generation, transmission, and distribution infrastructure – has continued to narrow.
Elsewhere, NVIDIA (NVDA) was added back to the portfolio as a resilient position late in the quarter. NVIDIA had been a long-time holding in the portfolio before we exited in the third quarter of 2025. The stock has since lagged the broad surge in the AI semiconductor ecosystem as the market began contemplating budding risks to the GPU’s market share in AI compute. This scenario was our primary concern when we exited the position, but we now think the lowered valuation more than compensates for this type of risk. Further, NVIDIA’s growth relative to competitors indicates the GPU is actually taking share at present. Other new additions to the portfolio were optionality positions in ON Semiconductor, Descartes (DSGX), CATL, CrowdStrike (CRWD), Datadog (DDOG), Lumentum (LITE), and Axogen (AXGN). We also added materially to ASML, Amphenol (APH), Intuitive Surgical, and Axon.
Healthcare: Are investors going homeopathic?
A trend we’ve been discussing is the steep derating in what was previously considered the “quality growth” cohort. This group has historically traded at premium multiples for perceived uncorrelated durable growth, strong returns on capital, and high terminal value. Businesses within this cohort that haven’t been deemed “AI beneficiaries”, however, have seen their valuations cut significantly. Of course, part of this broad derating is simply tied to higher interest rate expectations weighing on valuations. But, given that higher interest rate expectations did not dampen all corners of the market (e.g., AI), it seems likely to us that there is another element at play – namely, capital being reallocated from quality growth to feed the AI behemoth. Some days you can almost hear the torrential rush of dollar bills. Why invest in a company that aims to compound earnings in the low-to-mid double digits per year when you can invest in companies whose stocks are going up 10% a week?! We’re of course being provocative with that statement and, to be fair, many of these left-for-dead compounders have simply not provided much earnings growth to compound (e.g., we’ve been waiting for a broad industrial recovery for years at this point). Further, AI has widened the perceived range of outcomes for many sectors – software, marketplaces, IT services, and insurance brokers, to name a few. In sum, regardless of whether we agree or disagree with the market, in most cases we understand the factors underlying the capital influx/efflux.
With that preamble, one sector that we’ve found increasingly attractive is Healthcare. Following the prolonged post-pandemic hangover, fundamentals have turned the corner and returned to growth. We also wonder if disruptive forces are actually more likely to have positive impacts on long-term industry growth. As an example, certain markets in the sector may be negatively impacted by the adoption of GLP-1s, but perhaps a larger number of markets stand to profit. The orthopedics industry could benefit at the margin from increased longevity and/or more patients meeting strict BMI cutoffs that many surgeons use for a hip or knee replacement. We are also intrigued by the longer-term potential for AI to assist in the front-end of the drug discovery process, which could improve trial success rates and lead to more drugs reaching production. This scenario would benefit suppliers of capital equipment, consumables, or services in drug manufacturing. The U.S. BIOSECURE Act was signed into law in late 2025 (with bipartisan support) and prohibits federal agencies and recipients of federal funds from procuring or using biotechnology equipment or services provided by designated “companies of concern”, primarily targeting China. In theory, this legislation could drive a period of increased U.S. demand for capital equipment and drug manufacturing services. Lastly, the Healthcare sector is somewhat uniquely untethered to the future of AI infrastructure capex – something that can no longer be said for anything closely tied to even broad macroeconomic outlook. We think this distinction makes the sector valuable from a portfolio construction perspective.
Given this combination of improving fundamentals, the potential for emerging tailwinds in the industry, and the potential portfolio construction benefits of including a sector uncorrelated to AI capex spending, we’ve been surprised by the extent of multiple compression in the Healthcare sector. Given this context, last quarter we incrementally added net capital to some of our existing holdings in the sector, including Intuitive Surgical, HeartFlow (HTFL), and Stryker (SYK), and we introduced Axogen and WuXi XDC (WXXWY) as optionality positions. Axogen provides nerve grafts used for peripheral nerve repair. Following BLA approval of their Avance nerve allograft and related positive momentum in insurance coverage, we think Axogen is highly asymmetric to a future where nerve repair becomes standard-of-care, including for patients undergoing a mastectomy or prostatectomy (PSA to look into Axogen’s tech if you or someone you know could benefit). WuXi XDC is a China-based Contract Research, Development, and Manufacturing Organization (CRDMO) focused on bioconjugates, an exciting research area that is rapidly developing new therapies. The aforementioned U.S. BIOSECURE Act provided us an attractive entry point into this rapidly growing business and will also keep a lid on position size given the range of outcomes. In short, we think a modestly higher dose of this “quality growth” sector is good for our portfolio’s health, and we’ve been incrementally expressing this view.
Team Update
We are excited to welcome Cecile Stone to NZS as an Investment Operations Associate. Cecile recently graduated from the University of Colorado Boulder Leeds School of Business and will support Nick Perez, our Director of Operations. Welcome to the team, Cecile!
Conclusion
Thank you to our investors for your continued trust, support, and insights. Interacting with our partners is a valuable part of our process. Please reach out to Alexandra Pope (alexandra@nzscapital.com) if you would like to connect and, as always, we appreciate any questions, comments, or ideas.
The NZS Team
Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.
Business
(VIDEO) Messi Left in Tears as Spain Denies Argentina Historic Repeat World Cup Title With Late Winner Goal
EAST RUTHERFORD, N.J. — Lionel Messi was left in tears and with his international future uncertain after he was unable to conjure up one more piece of magic to save Argentina from defeat to Spain in Sunday’s World Cup final at MetLife Stadium.
Ferran Torres scored 37 seconds into the second period of extra time, lifting Spain to a 1-0 victory and the country’s second World Cup title, denying Messi and Argentina the chance to become the first back-to-back men’s champion since Brazil accomplished the feat in 1962.

Speaking after the match, Argentina coach Lionel Scaloni reflected on Messi’s legacy regardless of Sunday’s outcome. “I hope that everyone feels proud of him, of what he’s achieved because he’s the best football player ever stepping foot on a pitch,” Scaloni said.
An uncertain path forward
Whether Sunday marked Messi’s final appearance in an Argentina jersey remains an open question. Messi had previously said the 2022 World Cup, which Argentina won, would be his last major tournament before going on to become the first man in history to play in six World Cups just last month. Scaloni said afterward that he had not yet spoken with Messi about whether the eight-time Ballon d’Or winner intends to continue playing for the national team. Messi, along with the rest of Argentina’s players, did not stop to speak with reporters as they exited the stadium following the loss.
Inside a stadium packed with 80,663 fans, the overwhelming majority appeared to be rooting for a recoronation of Messi as a two-time champion. Instead, he fought back tears and wore a look of visible anguish as he and his teammates faced applauding, bowing Argentina supporters at the stadium’s south end, even as Spanish players lifted the trophy on a podium at midfield.
A dominant performance from Spain
Spain’s control of the match was thorough from start to finish, both in Sunday’s final and across the tournament as a whole. La Furia Roja held a commanding 20-2 advantage in shots and out-passed Argentina 845 to 433 over the course of the match.
Torres, who scored the decisive goal, described the psychological weight of facing Messi in a final. “When you have Messi on the other side, well, you are nervous,” Torres said. “At the end of the day, we always depended on us. We always come up with our football, and we showed it again.”
After leading Argentina to victory in the 2022 final against France, sandwiched between consecutive Copa América titles, Messi could only bow his head, grimace and place his hands on his hips as Spain’s Lamine Yamal, not yet a week past his 19th birthday and already regarded as the sport’s next transcendent star, ran to embrace Torres following the winning goal.
From doubts in MLS to World Cup history
When Messi left European soccer for Major League Soccer three years ago, having collected four Champions League medals and 12 league titles between Barcelona and Paris Saint-Germain, some speculated he might quietly fade into retirement. Instead, he led Argentina back to this year’s final, contributing eight goals and four assists across the tournament and lifting his career World Cup goal total to 21, a mark that had stood as the all-time record until France’s Kylian Mbappé scored twice in Saturday’s third-place match to move ahead of him with 22.
Messi also became the first player in history to start three separate World Cup finals, and Sunday’s match pushed his career international goal total to 125, trailing only Cristiano Ronaldo’s mark of 146. For many observers, this tournament only further cemented Messi’s standing as the greatest player in the sport’s history, surpassing even Diego Maradona and three-time World Cup champion Pelé in the eyes of many fans and analysts.
A frustrating final for Argentina’s captain
Messi’s distinctive playing style, a slow, deliberate walk with his arms swinging at his sides before bursting into a sprint at the decisive moment, made him the center of attention any time he touched the ball on the right flank. Opponents and fans alike anticipated his signature cut toward the center of the field, followed by a shot from his dangerous left foot.
On Sunday, however, Messi finished with just 15 touches in the first half and 54 total for the match, at a stadium where he has repeatedly faced frustration over the years. He had famously announced his retirement from international soccer following a penalty-shootout loss to Chile in the 2016 Copa América final at the same venue, only to reverse that decision 47 days later and eventually lead Argentina to its third World Cup title.
Against Spain, Messi was never able to receive the ball in a dangerous scoring position, and his attempted passes to teammates repeatedly failed to connect. Spain coach Luis de la Fuente acknowledged after the match that neutralizing Messi had been central to his team’s game plan. “The first idea was to keep Messi at bay,” de la Fuente said.
A gracious moment amid the heartbreak
Half a dozen Spanish players approached Messi after the final whistle to hug and console him. Messi dropped to the grass, sitting with his hands behind him, staring ahead in visible disbelief. When Spain’s players later formed a guard of honor for Argentina’s squad to walk through en route to receiving their second-place medals, Messi attempted to smile but could not manage it, maintaining a blank expression as a few Spanish opponents patted him on the back and chest in a show of respect.
Spain crowned a global soccer power
With the win, Spain became the first nation in history to simultaneously hold both the men’s and women’s World Cup titles, further cementing the country’s status as the dominant force in international soccer. As gold confetti fluttered down onto the celebrating Spanish players, Messi walked out through one of the stadium’s corner exits, his shoulders hunched and his expression somber, closing out a tournament that may yet prove to be the final chapter of his extraordinary World Cup career.
Business
A-List Stars Pack New Jersey Stadium for 2026 World Cup Final, From the Beckhams to Beyonce and Trump
Sunday’s World Cup final between Spain and Argentina drew far more than soccer fans to New York New Jersey Stadium, with the venue’s stands, suites and red carpet packed with an extraordinary roster of celebrities spanning entertainment, sports, business and politics for what organizers billed as one of the most star-studded closings in tournament history.
The championship match, played at what is commonly known as MetLife Stadium in East Rutherford, capped a tournament that had drawn celebrity attention throughout its run, beginning with performances from Shakira, Michael Buble and Katy Perry at the opening ceremonies weeks earlier. FIFA built Sunday’s closing festivities to match that scale, adding a first for the tournament’s biggest stage: an official halftime show.
A historic halftime show
For the first time in World Cup history, the championship match paused at halftime for a full musical performance, curated by Coldplay frontman Chris Martin in support of the FIFA Global Citizen Education Fund. Headliners Madonna, Shakira, Justin Bieber and BTS represented the United States, Colombia, Canada and South Korea respectively, joined by British rockers Coldplay, Nigerian singer Burna Boy, Los Angeles Philharmonic music director Gustavo Dudamel and New York’s PS22 Chorus, along with characters from Sesame Street and the Muppets.
Bieber, reflecting on his involvement ahead of the show, said in a statement that the World Cup brings the world together in a way nothing else can, adding that he felt grateful to be part of the halftime show and that its proceeds were already helping expand educational access for children worldwide.
FIFA President Gianni Infantino echoed that sentiment in a press release, saying organizers were thrilled to have so many stars from both football and entertainment taking part, and that the ceremony was designed to set the tone for a historic final uniting the passion of the tournament’s 48 teams, 16 host cities and millions of fans.
Musicians and performers across the closing ceremony
Beyond the halftime show, the tournament’s closing ceremony featured Jennifer Hudson performing the U.S. national anthem, while Argentine singer Maria Becerra performed her country’s anthem ahead of kickoff. The broader closing lineup included Post Malone, Swae Lee, Laura Pausini, Nicole Scherzinger, Robbie Williams and internet personality-turned-musician IShowSpeed, who performed a backflip as part of his set. Tenor Christopher Macchio also delivered a rendition of “America the Beautiful” as part of the pregame festivities.
Sports and entertainment icons fill the stands
The crowd inside the stadium featured an equally dense concentration of star power. David and Victoria Beckham attended with sons Romeo and Cruz, along with their respective partners, while Jay-Z and Beyonce were on hand fresh off a run of concerts at Yankee Stadium the previous week. Actor Timothee Chalamet served as the match’s ceremonial ball carrier, arriving alongside girlfriend Kylie Jenner, who was photographed sharing a kiss with the actor during the match.
Tennis star Carlos Alcaraz and actress Hoyeon presented the Louis Vuitton trunk containing the World Cup trophy ahead of kickoff, while Spanish World Cup-winning midfielder Andres Iniesta was also present for the presentation. NFL legend Tom Brady, who had appeared at a World Cup-related event at Fanatics Fest in New York days earlier, attended the final alongside a wide range of athletes and entertainers, including Kevin Durant, Kevin Hart, Travis Scott, Novak Djokovic and former England international Rio Ferdinand, several of whom had gathered for a widely shared selfie with tournament finalists Rodri, Emiliano Martinez and Lionel Messi at Fanatics Fest that Friday.
Political leaders join the celebration
President Donald Trump and First Lady Melania Trump made a rare joint public appearance for the final, with the president photographed shaking hands with Spanish Prime Minister Pedro Sanchez alongside Infantino, Spain’s King Felipe VI and Queen Letizia. Mexican President Claudia Sheinbaum and Canadian Prime Minister Mark Carney were also present, alongside Carney’s wife, Diana Fox Carney, reflecting the shared hosting arrangement between the three North American countries.
Hollywood and music’s biggest names turn out
The red carpet and stands featured a sprawling list of additional attendees spanning film, music and television. Actors Tom Cruise, Sarah Jessica Parker, Matthew Broderick, Javier Bardem, Richard Gere, John Hamm, Norman Reedus, Jessica Alba, Adrien Brody and Anya Taylor-Joy, the latter of whom grew up partly in Buenos Aires and attended with husband Malcolm McRae, were among those spotted at the match. Musicians including Rihanna, A$AP Rocky, Mick Jagger, Pharrell Williams, Drake, Future, Dua Lipa and her husband Callum Turner, Sexyy Red, Yeat, 21 Savage and Central Cee were also seen throughout the venue.
Sports figures beyond the soccer world were similarly well represented, with WWE’s Roman Reigns attending with his family, alongside NFL quarterback Patrick Mahomes and his wife Brittany, NBA veterans James Harden and Victor Wembanyama, and tennis legend Serena Williams. Television personality Gayle King attended with her son, while MrBeast and girlfriend Thea Booysen, comedian Trevor Noah, and internet stars Druski and Winnie Harlow were also spotted across the venue’s various suites and hospitality areas.
A finale matching the tournament’s scale
The extensive celebrity presence throughout Sunday’s final reflected FIFA’s broader ambitions for the tournament, which organizers have described as the largest and most attended World Cup in the competition’s history. With Spain’s 1-0 extra-time victory over Argentina closing out the six-week tournament, Sunday’s blend of sporting drama and cultural spectacle underscored the scale of an event that FIFA and its partners had spent years building toward, drawing together fans, athletes, entertainers and world leaders alike for the championship match’s dramatic conclusion.
Business
Sell Alert: 3 REITs Facing Likely Dividend Cuts
Jussi Askola is the President of Leonberg Capital, a value-oriented investment boutique that consults hedge funds, family offices, and private equity firms on REIT investing. He has authored award-winning academic papers on REIT investing, has passed all three CFA exams, and has built relationships with many top REIT executives.
He is the leader of the investing group High Yield Landlord, where he shares his real-money REIT portfolio and transactions in real-time. Features of the group include: three portfolios (core, retirement, international), buy/sell alerts, and a chat room with direct access to Jussi and his team of analysts to ask questions. Learn more.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of ADC; VICI; MPT; CLPR 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.
Business
Apple Tests New Genius Bar AI Tool That Transcribes Customer Chats, Raising Employee Privacy Concerns
Apple is piloting a new artificial intelligence tool designed for use at its Genius Bar locations that transcribes and summarizes conversations between employees and customers, a feature that has already prompted concerns among staff about how the resulting data might be used to evaluate their performance.
The tool, called Live Notes, was first reported by Bloomberg’s “Power On” newsletter as part of the outlet’s ongoing coverage of Apple’s internal artificial intelligence initiatives. According to the report, Live Notes uses AI to listen to interactions between Genius Bar employees and customers, generating a transcript and summary of the conversation so that staff members can focus more fully on the customer in front of them rather than manually taking notes throughout the exchange.
How the tool is designed to work
Live Notes requires consent from both parties before activation, according to the report, meaning both the employee and the customer must agree to its use during any given interaction. There is currently no indication that Apple plans to make the tool mandatory for Genius Bar staff, and the available reporting suggests it is being introduced as an optional, time-saving feature rather than a company-wide requirement.
Despite those built-in consent requirements, some Genius Bar employees have reportedly expressed concern about the broader implications of having their customer interactions recorded, transcribed and summarized by an AI system, given the potential for that data to later be reviewed by management as part of performance evaluations.
Apple’s current safeguards during testing
According to the report, Apple has implemented a specific policy during the current testing phase intended to address those concerns directly: managers are not given access to the transcripts generated by Live Notes, and employees themselves retain the ability to edit the transcripts produced from their conversations. However, it remains unclear whether that policy protecting employees from manager access will remain in place once testing concludes and the tool potentially moves toward a broader rollout.
That uncertainty around long-term data access appears to be a central source of the unease among staff, since a policy limiting managerial visibility during a testing phase does not necessarily guarantee the same protections will persist if and when the tool becomes a permanent fixture of the Genius Bar workflow.
Part of a broader push into internal AI tools
Live Notes appears to be one piece of a larger effort by Apple to integrate artificial intelligence into its internal operations and employee-facing tools, following earlier reports of separate AI assistants being tested across the company. One previously reported tool, called Enchante, is designed to help employees proofread written work, brainstorm ideas and answer general knowledge questions. A second tool, referred to as Enterprise Assistant, is built around a centralized internal knowledge hub intended to help employees quickly access company information and resources.
According to the report, Live Notes could represent a variation of the broader Enterprise Assistant framework, though the exact relationship between the tools has not been detailed publicly. Both Enchante and Enterprise Assistant reportedly rely on Apple’s own foundation AI models, and while the specific underlying technology behind Live Notes has not been confirmed, it is considered likely to be built on the same internal Apple AI infrastructure given the company’s broader approach to these tools.
No timeline for a wider rollout
There is currently no publicly available information regarding a rollout timeline for Live Notes, nor any confirmed details about how or whether the tool might eventually be implemented more broadly across Apple’s retail locations. Based on available reporting, the tool is expected to remain optional for both employees and customers even if it eventually moves beyond its current testing phase, though Apple has not issued public comment confirming those plans.
Part of a broader industry trend
Apple’s testing of Live Notes comes amid a broader wave of AI tool adoption across the technology industry, both in customer-facing and internal workplace contexts. Many companies across sectors have introduced AI tools for employees in recent years, with some organizations mandating their use as part of broader efficiency and productivity initiatives. So far, available reporting has not indicated that Apple is taking a similarly mandatory approach with any of its internal AI tools, including Live Notes, positioning the company’s current strategy as more conservative and employee-consent-driven compared with some industry peers.
The concerns raised by Genius Bar staff reflect a broader tension increasingly playing out across workplaces as AI-driven monitoring and transcription tools become more common: balancing the genuine efficiency benefits such tools can offer employees, such as reduced note-taking burden and more focused customer interactions, against legitimate worries about surveillance, performance evaluation, and how collected data might ultimately be used once initial testing safeguards are no longer guaranteed to remain in place.
As Apple continues testing Live Notes and its related internal AI tools, additional details are likely to emerge regarding the company’s longer-term plans for data access policies, potential rollout timelines, and whether the current employee protections established during testing will carry forward into any eventual broader deployment. For now, the tool remains in a limited testing phase, with Apple yet to confirm publicly how it intends to address the underlying employee concerns that have already surfaced around monitoring and evaluation as the technology continues to develop.
Business
Ryanair Holdings plc 2027 Q1 – Results – Earnings Call Presentation (NASDAQ:RYAAY) 2026-07-20
Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
Business
Is Passive Investing Sabotaging Fund Managers?
Is Passive Investing Sabotaging Fund Managers?
Business
At Close of Business podcast July 20 2026
Mark Beyer speaks with Tom Zaunmayr about why ASX-listed contractors have undertaken a flurry of acquisitions over the past year.
Business
Weekly Market Pulse: It’s Always Something
Joe has worked in the financial services industry since 1992 in various capacities, including Operations Manager, Compliance Manager, Registered Representative and Portfolio Manager. From 1997 to 2006, when he founded Alhambra Investment Management, Mr. Calhoun was a Director of Investments at Oppenheimer & Co. Mr. Calhoun holds the Series 63 (Uniform Securities Agent State Law) and 65 (Uniform Investment Advisor Law) securities licenses. He has previously taken and passed the Series 7 (General Securities Representative) and Series 9/10 (General Securities Sales Supervisor) securities exams.
Joe proudly served in the U.S. Navy’s nuclear submarine service for 8 years (1983-1990) and was awarded several commendations including the Navy Achievement Medal in 1987. He studied engineering at the University of South Carolina and is a graduate of the U.S. Navy’s Nuclear Propulsion School. He founded Alhambra Investment Management as a registered investment advisory to address the needs of the individual investor. His market commentaries are widely read and published at various online outlets. He has appeared on Larry Kudlow’s program on CNBC and various radio programs. He is also an editor of the website RealClearMarkets.com.
Business
(PHOTO) Who Is Ines Garcia? Everything to Know About Lamine Yamals Girlfriend
As Lamine Yamal chased his first World Cup title with Spain, one of his most visible supporters throughout the tournament was his girlfriend, Ines Garcia Santos, a Spanish social media influencer who has become a fixture at the young star’s side both on and off the pitch this year.
Garcia, who also goes by Ines Garcia, recently celebrated her 21st birthday, while Yamal turned 19 earlier this month. After scoring his first goal of the World Cup, Yamal told broadcaster DAZN that he was dedicating the moment to his mother, his girlfriend, his friends and everyone back home in his hometown of Mataro, a comment that offered public confirmation of the relationship’s significance to the young forward during the tournament.
How the relationship became public
Dating rumors between Yamal and Garcia first began circulating earlier this year after the couple was spotted vacationing together in Greece. The pair made their first official public appearance together in May at a dinner hosted by FC Barcelona, Yamal’s club team, marking the point at which their relationship moved more clearly into public view.
According to Garcia, however, the couple’s connection predates that Greece trip by a significant margin. “People started seeing us together when we went to Greece,” she said. “I’ve known Lamine for a lot longer than that. Not quite three years, but a good deal more months than people realize, even now.”
Garcia has also described a deliberate, unhurried approach to how the relationship developed before becoming public. “We gave things time,” she added. “We also spent a long time talking before seeing each other.”
A modern love story, not a movie script
Garcia has been candid about the ordinary, digital-era origins of how she and Yamal first connected, pushing back against any romanticized version of their meeting. Speaking to the Spanish outlet Hola!, she described the reality behind their introduction in blunt terms. “You’re probably expecting some perfect, crazy love story. Like I saw him in a store, the way it supposedly went down… my savior, my hero,” she said. “Here’s the real story: 3, 2, 1… social media!”
That straightforward account reflects a broader trend among young public figures whose relationships increasingly begin through direct online interaction rather than chance encounters, a dynamic Garcia appears comfortable acknowledging openly with fans and media.
A regular presence throughout the tournament
Since the couple went public, Garcia has become a consistent presence at Spain’s World Cup matches, frequently photographed wearing Yamal’s jersey while cheering him on from the stands throughout the tournament’s run. That visibility has made her one of the more closely watched figures among the partners of this year’s World Cup players, particularly as Yamal has emerged as one of the tournament’s breakout stars.
Garcia’s public support extended beyond the matches themselves. When Justin Bieber was announced as one of the performers for the World Cup final’s halftime show, Garcia shared the news to her Instagram story with a message directed at Yamal, writing in Spanish that he should do whatever it takes to reach the final so they could see Bieber perform, adding “Are you listening?? Whatever it takes.”
The couple has also been spotted together outside of soccer contexts this year, including an appearance at a Bad Bunny concert held in Barcelona in Madrid this past May, further underscoring how frequently the two have been seen together publicly throughout 2026.
Personal details and background
According to her Instagram bio, Garcia is originally from Seville, though relatively limited additional biographical information about her is publicly available online, consistent with her relatively private profile compared with some other high-profile partners of professional athletes.
Garcia has also spoken candidly about a personal fear that stands somewhat at odds with her evident love of travel. Speaking to Woman Madame Figaro, she described a longstanding fear of flying that she has been working to overcome gradually. “I love traveling, but I’m terrified of flying,” she said. “The two things don’t really go together, but I’m facing my fears little by little. This summer I’m going to take many trips, both in Spain and abroad, which you’ll see.”
A partnership in the spotlight
As Yamal continues to establish himself as one of the most closely watched young players in world soccer, Garcia’s presence alongside him throughout the 2026 World Cup has placed her firmly within the broader constellation of partners, family members and close supporters who have drawn public attention during the tournament. With Yamal’s profile only expected to grow further following his performances this year, Garcia’s own public visibility appears likely to continue expanding as well, even as she has generally maintained a measured, low-key approach to discussing the relationship publicly compared with the intense media attention surrounding her boyfriend’s on-field success.
Business
Goldman Sachs initiates coverage on Sansera Engineering, 3 other auto ancillary stocks with upside of up to 28%. Here’s why
Goldman Sachs says these manufacturers are undergoing a product mix shift that could make their business models more resilient to industry cycles while expanding into larger profit pools by leveraging their core manufacturing capabilities.
Contrary to its belief, the market continues to view many of these companies as cyclical auto parts manufacturers with limited pricing power and recurring capital expenditure requirements.
The brokerage expects the Indian auto parts industry, supported by the transition towards precision machining, to post revenue growth of 7% in FY27E, 12% in FY28E and 10% in FY29E. EBITDA is projected to grow 7% in FY27E, 26% in FY28E and 14% in FY29E over the same period.
Also read: Auto components industry expected to grow 8-10% in FY27: ACMA
Here’s why brokerage is bullish
Sansera Engineering – Goldman Sachs initiated coverage on Sansera Engineering with a Buy rating and a target price of Rs 4,130 (28% upside). It said the company’s transition into aerospace, defence and semiconductors is expected to support higher margins and better realisations. The brokerage highlighted that semiconductor wafer fabrication equipment manufacturers require precision engineering suppliers, while the wafer fabrication equipment manufacturing supply chain in Southeast Asia presents an opportunity.
It added that production-linked incentive (PLI) benefits are not yet reflected in its projections and could provide additional upside. Goldman Sachs also expects the aerospace, defence and semiconductor businesses, along with exports, to provide a strong tailwind to corporate EBITDA margins, while domestic two-wheeler parts outsourcing offers incremental upside.
Craftsman Automation – The brokerage also initiated Craftsman Automation with a target price of Rs 11,600 (27.4% upside). It believes the company’s engine block business is well positioned to benefit from the global data centre build-out. Goldman Sachs also expects aluminium content per vehicle to increase with the transition to electric vehicles, while describing the “local for global” engine parts opportunity as an additional growth driver. It further noted that the ongoing turnaround in Sunbeam should support profitability and return on equity.Read more: Revenue of auto ancillary firms grew at 11% CAGR during 2016-26: Report
Bharat Forge – It also initiated Bharat Forge with a Neutral rating and a target price of Rs 2,120 (3.1% downside). The brokerage said the expected defence growth and the commercial vehicle upcycle are already reflected in the stock price. It expects a commercial vehicle upcycle in North America and Europe over the next two years, while noting that overseas manufacturing operations in Europe and the US continue to struggle and are being wound down. Goldman Sachs expects defence revenue to grow threefold and contribute 22% to consolidated revenue.
Goldman Sachs initiated coverage on Samvardhana Motherson with a Neutral rating and a target price of Rs 148 (2% downside).
Auto ancillaries in FY26
Auto ancillary companies reported a 12.5% YoY increase in revenue in FY26, driven by healthy volume growth across segments and an improved product mix. According to Elara Capital, absolute EBITDA grew 13.3% YoY, while the aggregate operating margin remained unchanged at 13.6%.
Among segments, suspension braking and multiproduct companies led revenue growth with increases of 16% and 15%, respectively. On the profitability front, the tyres, lighting and suspension segments recorded the strongest performance, with EBITDA rising 17%. In contrast, the forgings and batteries segments reported EBITDA declines of 4% and 1%, respectively.
Looking ahead to FY27, Elara Capital expects the passenger vehicle segment to grow 7%, while two-wheeler volumes are projected to increase 8%.
The brokerage said four key drivers can help an auto ancillary company outperform OEMs: product expansion, segment expansion, geographic expansion and inorganic expansion.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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