Risk factors

LiveWire faces early-stage losses with net losses of $93,925 thousand in 2024 and relies heavily on Harley-Davidson.

Live Nation faces dominant risks tied to concert promotion, artist relationships, venue access, and discretionary consumer spending. The business depends heavily on securing popular artists, managing seasonal cash flows, and complying with extensive government and privacy regulations.

MercadoLibre faces heavy regulatory and economic exposure across Latin American markets for fintech, logistics, and digital assets. Reliance on third-party app stores, shipping providers, and credit models creates operational vulnerabilities. Currency volatility, local government intervention, and data privacy compliance heavily impact earnings.

Martin Marietta relies heavily on cyclical construction activity and local economic conditions due to high product transportation costs. Operations face weather vulnerability, mining restrictions near growing communities, and cost fluctuations in fuel and energy. Earnings depend on public infrastructure spending and interest-rate-sensitive residential markets.

Moderna faces significant risks from revenue uncertainty in COVID and RSV vaccines and intense competition from larger pharmaceutical companies. The company incurred net losses of $3.6 billion in 2024 and $4.7 billion in 2023.

The company faces heavy exposure to cyclical crane end markets, steel cost volatility, and international sales risks.

Minerals Technologies faces significant concentration risks from paper industry consolidation and long-term satellite contract renewals for its calcium carbonate products. International operations generated 49 percent of sales in 2024, exposing the company to foreign business risks. The company depends heavily on mining raw materials and continuous operation of chemical production facilities.

High indebtedness of $9.5 billion and goodwill of $14.0 billion expose the firm to financial and acquisition risks.

Newmont's primary risks center on volatile commodity prices, operational execution at aging mines, and stringent environmental and tailings regulations.

Hong Kong and China operations and regulations dominate NHTC's risk profile, exposing the business to geopolitical shifts and direct-selling restrictions.

Enpro faces cyclical markets like semiconductor wafer fab equipment, petroleum, and heavy-duty trucking.

Oil States faces heightened risks from oil and gas industry consolidation, supply chain disruptions, and technological competition.