Tracking Over 45 Portfolio Signals That Speak to Our Investment Strategies
Let’s scan through the headlines for the stories of the week that speak to our Pro Portfolio holdings.
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In time for the holidays, Amazon (AMZN) helps shoppers compare and pick items with Alexa AI assistant. Hackers took $133 million out of French bank Crédit Mutuel Arkéa accounts and converted it to crypto.The FBI plans to boost counter-drone training for state, local, tribal, and territorial law enforcement agencies. These are a few of the more than 45 signals to we found this week, give greater understanding of and conviction for the Portfolio’s holdings.
If you’ve come across a signal we should know about, be sure to drop a link in the Comment section below.
Aging Population
National Healthcare Properties (NHP) sold 86 outpatient medical buildings for about $528 million, with roughly $1.1 billion in total sale proceeds earmarked for senior housing, where it completed 22 acquisitions in Q3 alone. Its senior housing occupancy rose 2.2% to 86.7% and same-store cash NOI climbed 13.6%, another sign capital is rotating toward senior living. Read more here
Brookdale Senior Living (BKD), the largest U.S. operator, lowered its 2026 adjusted EBITDA outlook to $495–502 million after occupancy of 83.1% lagged its targets, and is overhauling its sales approach. It also agreed to buy 30 leased communities from Welltower (WELL) for about $290 million, a reminder that strong demographic demand does not lift every operator evenly. Read more here
Senior housing occupancy averaged 90.4% in Q3, up 175 basis points from a year ago, and the average deal price hit a record $210,000 per unit as investors compete for a limited pool of communities. Construction starts fell 67% between 2021 and 2025, and Welltower was among the buyers, adding 339 units for $230 million. Read more here
Argentum, the senior living industry’s main trade group, expects the new Democratic Congress to hold Senate hearings on private-equity ownership, staffing, memory care and resident safety in assisted living, and possibly commission GAO studies that take 12–18 months. Policy scrutiny is rising for the sector even as demand stays strong. Read more here
Position: State Street Health Care Select Sector SPDR ETF (XLV), Welltower (WELL)
Artificial Intelligence
Amazon (AMZN) began letting U.S. shoppers search for, compare and buy products by texting its Alexa AI assistant, and plans to extend the feature to millions of users ahead of the holidays. The agent also tracks prices, checks order status and finds products from a photo, while Amazon keeps rival shopping agents off its site. Read more here
Alphabet’s (GOOGL) Google Cloud launched a preview of Gemini for healthcare, AI agents that connect to Epic and Oracle (ORCL) Health records and billing systems to summarize charts and check insurance benefits. HCA Healthcare (HCA), Northwell Health, UnitedHealth’s (UNH) Optum and Highmark are among early users, targeting administrative costs that make up 25–35% of U.S. health spending. Read more here
Mercedes-Benz is bringing new conversational AI directly into cars, leveraging a family of foundation models from MIT spinout Liquid AI purpose-built for running on the edge. The luxury carmaker is betting that drivers want to talk to their cars—not necessarily to control the actual driving, but to adjust features like heating and infotainment. It’s a capability that Mercedes says could draw customers in an increasingly tough market. Read more here
Square is expanding its agentic artificial intelligence capabilities, making its Squaremates business agent the primary entry point to Square Dashboard and introducing new tools that let sellers connect their accounts to outside AI assistants. Read more here
Position: Alphabet (GOOGL), Amazon (AMZN), Axon (AXON), Meta (META), Microsoft (MSFT), Palantir (PLTR)
Cash-Strapped Consumer
A WTW (WTW) survey of 471 employers found they expect health plan costs to rise 9.7% in 2027 after plan changes, the fastest pace since the early 2000s. Some 85% plan or are considering shifting more of the premium burden to employees by 2028, up from 44% today, another squeeze on take-home pay. Read more here
The University of Michigan’s preliminary November consumer sentiment index rose to 51.0 from 48.0, beating expectations, and year-ahead inflation expectations eased to 4.3% from 4.7%. Even so, the reading remains near historic lows, with high prices still cited as the main strain on household budgets. Read more here
Consumer prices rose 0.4% in October, more than expected, and food-at-home prices climbed 0.4% after a flat September, led by snacks up 1%, beef up 0.9% and dairy and produce up 0.6% each. Gasoline also rose 1%, keeping pressure on household budgets heading into the holidays. Read more here
U.S. household debt rose $334 billion in Q3 to $19.1 trillion, credit card balances climbed to a record $1.285 trillion, and the share of debt in some stage of delinquency rose to 5.0%. HELOC balances jumped $23 billion, the biggest increase since 2005, as households tap home equity. Read more here
An Alvarez & Marsal survey of more than 2,000 U.S. adults found holiday spending intent at a net –14%, worse than last year, with higher-income households at +18% and lower-income households at –26%. Among shoppers cutting grocery spending, 26% plan to switch to a cheaper store, up from 16%, and 84% see store brands as more affordable. Read more here
Position: Amazon, Costco (COST), TJX Companies (TJX)
Cybersecurity, Data Privacy & Digital Identity
Microsoft (MSFT) Threat Intelligence found attackers using an AI attack framework to hunt for leaked credentials on GitHub and then break into Entra ID and Azure accounts, in one case going from search to stealing Key Vault secrets in five minutes. Defenders now face intrusions that run at machine speed. Read more here
Hackers who got in through a service provider moved as much as $133 million out of French bank Crédit Mutuel Arkéa’s own accounts and converted it to crypto, forcing it to suspend some systems. It is a costly example of third-party risk in financial services. Read more here
AI model-hosting company Fireworks, which has more than 10,000 customers, disclosed that hackers stole billing data, credentials and datasets in two October incidents, and Notion has since dropped it as a provider. AI infrastructure suppliers are now targets, and a breach can cost them customers. Read more here
Maersk (MAERSK-B.CO) confirmed hackers breached a legacy logistics platform it acquired from Li & Fung in 2022, and a ransomware group claiming about 100GB of data is demanding $5 million in bitcoin. Maersk says its wider systems and bookings are unaffected, but acquired, poorly integrated systems remain a common way in for attackers. Read more here
Blockchain infrastructure provider Chainstack said an attacker used an AI agent framework to move from an internet-exposed dashboard left on default credentials into production systems within three days, exposing customer names, emails and password hashes. It is one of the first disclosed real-world cases of the AI-driven intrusions researchers have been warning about. Read more here
Position: Alphabet, First Trust Nasdaq Cybersecurity ETF (CIBR), Microsoft
Digital Infrastructure
Amazon, Microsoft, Alphabet, Meta (META) and Oracle are lining up more than $130 billion in loans, bonds and share sales to fund AI data centers, including up to $80 billion in vendor-financing loans for Amazon and a $25 billion Microsoft bond. Amazon’s capex is expected around $220 billion this year and Alphabet’s at $195–205 billion, with the buildout leaning more on borrowed money. Read more here
CoreWeave’s (CRWV) Q3 revenue rose about 168% to $3.66 billion, its backlog reached roughly $132.5 billion and it raised its 2026 capex range to $37–39 billion. Net interest expense nearly tripled to $846 million, showing both the strength of demand for capacity built on Nvidia (NVDA) chips and the buildout’s reliance on debt. Read more here
TSMC’s (TSM) October revenue jumped 59.7% from a year earlier to about NT$587 billion, and sales for the first ten months are up 43.3%. It is a fresh sign that AI chip orders are still accelerating into the fourth quarter. Read more here
German robot maker Agile Robots raised $500 million at an $8.5 billion valuation in a round led by SoftBank ($9984.T), with Nvidia and Hitachi ($6501.T) participating, to expand in the U.S. and scale production of humanoid and industrial robots. Its German plant is rated for up to 10,000 humanoids a year, a sign big investors are still betting on physical AI. Read more here
Position: Applied Materials (AMAT), Arista Networks (ANET), Broadcom (AVGO), Eaton (ETN), Marvell (MRVL), Nvidia (NVDA), Robo Global Robotics and Automation Index ETF (ROBO), SpaceX (SPCX)
Digital Lifestyle
Prime Video averaged about 2.4 million viewers for its first NBA games of the season, roughly double a year ago, and set its two most-watched regular-season games. Live sports continue to pull more viewers into Amazon’s streaming and ad business. Read more here
Google and Samsung are targeting the holiday shopping season with nine styles of artificial intelligence (AI)-powered smart glasses starting at $395, with devices featuring Google’s Gemini assistant that will begin shipping Dec. 10. Read more here
Apple (AAPL) will stream the full Las Vegas Grand Prix weekend free to all U.S. viewers, no subscription needed. It is a sampling play to bring new users into Apple TV in the first season of its Formula 1 rights. Read more here
Instagram launched Effect Builder in its Edits app, an AI tool that lets anyone create Stories effects by describing them in plain language, with published effects linking back to the creator’s profile. It is part of Meta’s push to deepen creator tools and engagement. Read more here
Netflix (NFLX) kicked off a brand campaign in the U.S., Canada, Brazil and Spain built around helping members discover shows they would not otherwise find, noting younger viewers are three times as likely to pick Netflix when looking for something new. It is an engagement push as competition for viewing time intensifies. Read more here
YouTube is building a 24-hour launch livestream, limited-edition paid Live gifts and a Shorts effect around next week’s release of Take-Two Interactive’s (TTWO) Grand Theft Auto VI, noting the franchise already has more than 900 billion lifetime views on the platform. Tying big cultural moments to paid features helps drive both viewing and creator monetization. Read more here
Position: Alphabet, Amazon, Apple, Meta, Netflix (NFLX)
Energy Pain Point
PPL (PPL) raised its 2027–2030 capital plan by $2 billion to $25 billion as advanced-stage data center projects in Pennsylvania grew to 35.3 GW. Across Pennsylvania and Kentucky it sees about 50 GW of potential load growth, mostly from data centers. Read more here
Anthropic agreed to spend $3.4 billion on OnePWR Solutions’ power generation platform, covering 1.7 gigawatts of natural gas generators expected within two years. AI developers are paying up for on-site power while grid connections and equipment remain scarce. Read more here
Constellation Energy (CEG) is offering large power buyers such as hyperscalers a hybrid contract pairing existing nuclear output with batteries and demand response, and signed a first 20-year, 270-megawatt deal. It pitches the product as cheaper than new eastern PJM gas plants, which it estimates could cost $110–130 per megawatt-hour by 2032. Read more here
Siemens Energy (ENR.DE) ended its fiscal year with a record €164 billion backlog, orders up nearly 19% and grid technology revenue up 26%, citing data centers, especially in North America, as a key driver. The bottleneck in power equipment is still widening, the same backdrop supporting Eaton’s (ETN) electrical business. Read more here
Texas grid operator ERCOT will ask lawmakers for authority to order data centers to cut power at the first level of a grid emergency, rather than waiting for the second of three alert levels. Data centers could draw power in the low single-digit gigawatts this winter, showing how fast-growing AI load is straining reliability planning. Read more here
Position: Eaton
Homebuilding & Materials
Zillow (Z) said newly pending listings fell 16.8% from a year earlier in October, the steepest drop since 2023, as average mortgage rates rose to 7.33%. The typical monthly payment climbed 12.8% to $2,004, eating up 34.7% of median household income. Read more here
Installed Building Products (IBP) posted record Q3 revenue of $808.4 million, but same-branch single-family sales fell 4.9% and its adjusted EBITDA margin narrowed to 15.9% from 18.0%. Management is leaning on commercial and multifamily work amid continued softness in residential construction. Read more here
Rocket Companies’ (RKT) Redfin reported the U.S. median sale price slipped 0.4% from a year earlier to $388,634 in October, the first annual decline since 2023, while a record 36% of listings had a price cut. Pending sales fell to their lowest level since 2013 outside of April 2020. Read more here
Mortgage applications rose 6.2% in the week ended Nov. 6 as the average 30-year contract rate fell for a fourth straight week to 7.21%, its lowest since mid-September. Purchase applications rose 8% but remain 18% below a year ago, so lower rates are helping only at the margin. Read more here
Luxury Buying Boom
Ralph Lauren’s (RL) quarterly revenue rose 9% to $2.2 billion as average unit retail climbed 9% and gross margin expanded to 70.5%, and it raised its full-year outlook. Asia grew 28%, led by China up more than 35%, while Europe was roughly flat. Read more here
Tapestry (TPR) raised its full-year revenue outlook to $8.5–8.6 billion after Coach sales jumped 16%, including 30% international growth, and it added 2.6 million new customers. Kate Spade sales fell 10%, showing demand for accessible luxury is uneven across brands. Read more here
KPMG found 34% of holiday travelers plan to book luxury hotels or resorts, up from 28% last year, and more plan trips longer than five days. PwC, by contrast, found fewer consumers traveling overall and many trading down, a split that favors premium spenders. Read more here
American Express (AXP) and Fanatics opened a waitlist for a co-branded card featuring trading-card-style designs of more than 500 athletes, with rewards in FanCash redeemable for merchandise, tickets and event access. It extends Amex’s push to reach sports fans and younger spenders through experiences. Read more here
Burberry’s (BRBY.L) first-half comparable sales rose 4%, its fifth straight quarter of growth, led by the Americas up 12% and Greater China up 7%, while adjusted operating profit more than tripled to £62 million. Europe, the Middle East, India and Africa slipped 2%, adding to signs that U.S. luxury demand is holding up as Europe softens. Read more here
Position: American Express (AXP)
Safety & Security
With the stopgap funding bill expiring Dec. 11 and Democrats taking control of Congress in January, a defense topline near $1.1 trillion now looks likelier than the $1.5 trillion the Pentagon sought. Reconciliation-dependent priorities such as Golden Dome and the $53.6 billion drone dominance request face cuts or delays. Read more here
The FBI plans to significantly expand counter-drone training for state, local, tribal, and territorial (SLTT) law enforcement agencies as new federal authorities take effect. Read more here
Three English police forces signed a five-year Palantir (PLTR) contract worth about £10 million for safeguarding, intelligence and investigations, and the UK government is reportedly preparing a two-year extension of Palantir’s NHS data platform deal. Pushback remains, including a blocked £50 million London police contract that Palantir is challenging in court. Read more here
Defense Secretary Hegseth reissued counter-drone guidance requiring officials to report any delay or denial of a counter-drone request as a risk of inaction to the Pentagon’s counter-drone task force, JIATF-401. The aim is to speed purchases and fielding of drone defenses amid a surge of incursions over U.S. bases. Read more here
Position: Axon, Palantir
The Strategies Behind Our Thematic Models
Aging of the Population – Capturing the demographic wave of the aging population and the changing demands it brings.
Artificial Intelligence – Software, chips, and related companies that facilitate the collection and analysis of large data sets and autonomous generation of solutions given non-machine language prompts.
Cash-Strapped Consumer – Companies poised to benefit as consumers stretch the disposable spending dollars they do have.
Cybersecurity – Companies that focus on protecting against the penetration of digital networks and the theft, ransom, corruption, or destruction of data.
Data Privacy & Digital Identity – Companies providing the tools and services that verify authorized users and safeguard personal data privacy.
Digital Infrastructure & Connectivity – The buildout and upgrading of our Networks, Data Storage Facilities, and Equipment.
Digital Lifestyle – The companies behind our increasingly connected lives.
Digital Payments – This model focuses on companies benefiting from the accelerating structural adoption of digital payments and financial technology (FinTech).
Energy Pain Point – Companies poised to prosper from rising power demand.
EV Transition – Capturing the transition to EVs and related infrastructure from combustion engine vehicles.
Guilty Pleasure – Companies that produce/provide food and drink products that consumers tend to enjoy regardless of the economic environment and potential long-term health hazards associated with excessive consumption.
Homebuilding & Materials – Ranging from homebuilders to key building product companies that serve the housing market, this model looks to capture the rising demand for housing, one that should benefit as the Fed returns monetary policy to more normalized levels.
Luxury Buying Boom – Tapping into aspirational buying and affluent buyers amid rising global wealth.
Rebuilding America – Turning the focused spending on rebuilding US infrastructure into revenue and profits.
Safety & Security – Targeted exposure to companies that provide goods and services primarily to the Defense and security sectors of the economy.
At the time of publication, the Pro Portfolio was long XLV, WELL, GOOGL, AMZN, AXON, META, MSFT, PLTR, COST, TJX, CIBR, AMAT, ANET, AVGO, ETN, MRVL, NVDA, ROBO, SPCX, NFLX, AXP.
