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But here’s the thing. I’ve been staring at the charts (units of coffee consumed: 7. Hours spent questioning life choices: 4) and I’m starting to think it might not be completely insane. It’s a bit like that dress you think is hideous until someone else wears it and suddenly it’s…interesting. The market, clearly, sees something I initially missed. Or maybe I’m just easily swayed by green candles. It’s possible.

This is no mere dip of the toe, but a substantial commitment. Twenty-seven and forty-five hundredths of a percent of their reportable AUM, now bound to the fate of water. A considerable weight, a significant portion of their responsibility, entrusted to this singular vessel. One wonders if they considered the implications, the quiet desperation inherent in investing in a resource increasingly viewed not as a right, but as a commodity.

The filing with the Securities and Exchange Commission, a document as dry as pressed autumn leaves, reveals more than mere numbers. It speaks of a reassessment, a quiet recalibration. The fund’s position in AIQ, once a sturdy branch on the Stonebridge tree, has diminished, its value retreating by a considerable sum. One senses not panic, but a deliberate pruning, a shaping of the portfolio to align with a vision that is, perhaps, becoming clearer.

The prognosticators, those learned soothsayers of the market, had predicted a modest earnings of $1.27 per share, upon revenues of $2.7 billion for the quarter. Booz Allen, alas, stumbled somewhat on the revenue front, presenting a sum of only $2.6 billion. Yet, like a player miraculously recovering from a misstep, it triumphed in earnings, delivering a handsome $1.77 per share. A most unexpected turn of events!

Rambus. The name itself feels like a relic, a forgotten artifact dug up from the ruins of the old tech order. For those of us who were there, wading through the wreckage, it conjures images of patent wars, broken promises, and a whole lot of hype. But this isn’t a eulogy. This is a dispatch from the front lines. Because, against all odds, Rambus is… back. And it’s not just clinging to life support. It’s showing signs of a goddamn pulse.

But the thinking isn’t done in a vacuum. These new minds require a memory, a place to store the lessons learned, the data gathered. That’s where a company called Micron comes in. They don’t build the brains themselves, but the storehouses where the knowledge resides. It’s a quiet business, making the things that hold everything else together, and often overlooked until it’s needed most. Like the hands that built the railroads, they’re essential, but rarely celebrated.

According to filings with the Securities and Exchange Commission – a bureaucratic labyrinth that would make even the most seasoned bureaucrat weep – Premier Path increased its holdings of ACWX during the final quarter of 2025. By year’s end, the position had swelled to $18.16 million, a gain of $4.74 million. One suspects the firm’s analysts, after much deliberation and the consumption of copious amounts of tea, deemed the global market sufficiently…interesting.

For years, FIS has been trending downwards, a slow leak of value that has seen a three-year annualized return of negative 5% and a five-year plunge of 14%. It’s a bit like watching a perfectly good golem slowly crumble into dust, isn’t it?² The source of this malaise? A rather ambitious acquisition of Worldpay back in 2019. Think of it as trying to graft a particularly thorny rose bush onto a sturdy oak tree. It looked good on the ledger, but the resulting hybrid was… unhappy.

The filing with the Securities and Exchange Commission, dated as above, reveals a complete severing of ties. The fund, having once held this FMC as a portion of its holdings, now bears no trace of it. A diminution of $5.14 million, yes, but also a reckoning with a share price that had, over the past year, descended into a lamentable state. The arithmetic of loss is rarely simple; it is compounded by the opportunity cost of capital held hostage.