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The increase, though modest, elevates the LMBS position to 1.86% of Csenge’s total assets under management. Such a deliberate, if restrained, action speaks volumes regarding their estimation of the fund’s prospects, and a desire to maintain a certain balance within their holdings. One observes, with a degree of amusement, the predictable concentration upon established instruments; State Street SPDR S&P 500 ETF Trust remains a favored companion, accounting for $123.24 million, or 5.6% of their portfolio. The First Trust Enhanced Short Maturity ETF and the Invesco S&P 500 Equal Weight ETF follow in comfortable proximity, demonstrating a preference for the well-trodden path. Indeed, one might venture to suggest a certain reluctance to embrace novelty.

Still, one mustn’t grumble. It’s all rather spiffing, really.

These two have offered up their shares for division, and while it changes little in the grand scheme, it doesn’t mean they aren’t worth a closer look. Not for the spectacle, but for the quiet, relentless work they do, and the potential for those who understand the currents beneath the surface.

Over the full year, revenue nudged up 10% to $41.5 billion, and adjusted earnings climbed 23% to $12.52 per share. For the coming year, they’re expecting another 10-11% rise, with their recent gobbling up of Informatica adding a little extra jam to the sandwich – roughly three percentage points, they say. A bit like adding extra sprinkles to a rather plain pudding.

Their gross box office was $1.28 billion. A lot of dollars. They think it will be $1.4 billion next year. More shuffling. The stock has tripled in two years. Which is… something. Most things triple eventually, if you wait long enough. Even sadness. The movie theater business isn’t exactly thriving, but IMAX is doing okay. People say they’re more likely to see a movie if it’s on IMAX. Seventy-six percent, they claim. A statistic. Probably true. Or not. It doesn’t really matter, does it?

The filing, dated February 13th, 2026 – a date, I note with a shiver, that feels strangely pregnant with significance – reveals this acquisition. The sum, $8.04 million, is, of course, a mere abstraction, a collection of digits representing the hopes and anxieties of countless individuals. It is, in essence, a phantom fortune, shimmering and elusive. That this phantom now resides, at least partially, within the coffers of OR Royalties is a fact worthy of some contemplation. The quarter-end valuation mirrors this initial investment, a curious symmetry that suggests either profound insight or a remarkable stroke of luck. One wonders if the accountants involved employed a divining rod alongside their abacuses.

A year gone by has halved its worth, and that’s a hard reckoning for those who chased the high water mark. Sentiment hangs heavy in these parts, and a rally like those we’ve seen, a sudden blossoming, feels like a distant memory. It’s a long stretch of dry land between booms, and a man has to consider if the rain will ever come again.

TSMC, it is true, stands as the principal architect of the most advanced AI accelerators, collaborating with the foremost designers to bring these creations to life. Nvidia, Apple, even the ambitious Intel – all depend upon the precision of TSMC’s foundries. This dependence, however, is not a sign of strength, but a precarious arrangement, a web of reliance that threatens to ensnare all involved. The forecast of this 60% growth, delivered with the confidence of those who measure progress solely in numerical terms, arrived in 2024, a prediction that remains, as yet, unconfirmed by the cold, hard reality of ledger books. Market share, it is reported, has indeed increased – from 64.9% in the third quarter of 2024 to 71% in the subsequent year. Samsung, its closest competitor, has seen its share diminish. Yet, what is market share but a measure of control, and what is control but a temptation to excess?