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The optimistic view, naturally, is that 2026 might offer a smidgen of improvement. But which, dear reader, presents the more… tolerable prospect of a return through 2030? Let’s not be vulgar and call it ‘profit.’

The SEC filing, dated February 5th, reveals Tejara’s increased stake in the medical device maker. An additional $8.50 million added to their holdings, a sum inflated, naturally, by the relentless dance of quarterly fluctuations. The fund’s total position now constitutes 2.23% of their assets under management as of December 31st. A modest sum, one might think, unless one considers the context. Tejara doesn’t typically dabble in the mundane. They prefer the spectacular, the volatile, the ventures that keep accountants awake at night.

They call it a “new position.” A “position.” Like staking out a claim in the Klondike. Tejara Capital, those masters of the universe, decided DNOW – purveyors of pipes, valves, and the greasy guts of the energy sector – deserved a slice of their portfolio. A cool $9.08 million slice, to be precise. 2.14% of their reported assets. It’s a small stake, a tentative dip of the toe into the oily waters of industrial distribution, but it’s enough to raise a few questions, isn’t it?

Everyone’s been waiting with bated breath for Abel to put his stamp on the portfolio. Will he be a bold trader, a ruthless cost-cutter, or just someone who accidentally triggers a global financial crisis while reaching for the coffee? The suspense is killing me! And frankly, it’s killing the analysts, too. They’re all pacing around muttering about beta coefficients and downside risk. Such drama!

Ives, it seems, is willing to overlook short-term instabilities, a habit common to those who profit from the long game. Last year’s anxieties regarding tariffs proved largely unfounded, largely because political expediency superseded economic logic. Those who heeded his advice – or, more accurately, who simply continued to hold their positions – were rewarded. This is not brilliance; it is a recognition of inertia. Markets rarely deviate wildly from established trajectories.

The fund’s complete exit reduces Arcutis’ weight within Tejara’s portfolio to nothing at all – a stark zero. It’s a curious thing, this constant rebalancing of fortunes. One quarter a promising stake, the next, merely a memory. The fund now directs its attention elsewhere, to DEC, GLNG, SDRL, and the like – names that, to the uninitiated, likely mean very little.

According to a filing with the Securities and Exchange Commission – a body dedicated to the meticulous documentation of financial transactions, which, when viewed from a sufficiently distant perspective, appears remarkably similar to a very elaborate game of solitaire – GAMCO increased its position in NFG during the fourth quarter of 2025. The transaction, valued at approximately $3.05 million, brings their total stake to $115.73 million. Which, incidentally, is a sum large enough to buy a rather impressive collection of rubber ducks. (Though not, sadly, enough to solve all of the world’s problems. We checked.) It’s worth noting, however, that this represents a decrease of $14.37 million from the previous period. A temporary fluctuation, perhaps? Or a subtle commentary on the inherent chaos of the universe? We suspect the latter.

Oxford Lane, it turns out, is a closed-end fund that dabbles in the murky world of private credit. After the financial crisis of ’08, the banks, chastened and heavily regulated, became a bit…picky about who they lent money to. This created a vacuum, and private credit firms, like Oxford Lane, rushed in to fill it. It’s a bit like the wild west, only instead of six-shooters, they’re wielding spreadsheets and complex financial instruments. The appeal, of course, is the promise of higher returns. The risk, naturally, is that you end up holding the bag when those loans go bad.

GAMCO’s decision to lighten its position in Herc – 34,492 shares relinquished – is, upon closer inspection, less a condemnation than a pruning. The investor, it seems, seeks to maintain a balanced garden, trimming where necessary to ensure the health of the whole. The value of Herc Holdings, despite this reduction, has nonetheless increased by $29.81 million in the period. A curious paradox, is it not? A lessening of direct ownership coinciding with an overall rise in valuation. It speaks to the complex interplay of price and quantity, a lesson often lost on those who chase fleeting gains. The company now constitutes 1.52% of GAMCO’s U.S. equity portfolio, a diminished, yet still present, influence.