Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

Global Clean Energy Holdings / Equity Bottom-Up

<ul>
<li>We are initiating coverage of Global Clean Energy Holdings (GCEH) with a Buy Rating and $7.55 target.</li>
<li>GCEH is in the final stages of turning a crude oil refinery into a renewable fuel refinery utilizing camelina as its primary feedstock.</li>
<li>GCEH has also obtained a product offtake and purchase agreement with Exxon Mobil (XOM) for nearly all of the production from its under-construction refinery, scheduled for commercial production in 2022</li>
</ul>


We are initiating coverage of Global Clean Energy Holdings (GCEH) with a Buy Rating and $7.55 target.
GCEH is in the final stages of turning a crude oil refinery into a renewable fuel refinery utilizing camelina as its primary feedstock.
GCEH has also obtained a product offtake and purchase agreement with Exxon Mobil (XOM) for nearly all of the production from its under-construction refinery, scheduled for commercial production in 2022


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>A record 42% of active Global managers have zero exposure to the Energy sector</li>
<li>It is the largest sector underweight and a minor allocation among active Global managers, held by fewer funds than the fringe Utilities and Real Estate sectors. </li>
<li>Value managers hold the larger allocations, whilst Aggressive Growth managers have all but abandoned the sector.</li>
</ul>


A record 42% of active Global managers have zero exposure to the Energy sector
It is the largest sector underweight and a minor allocation among active Global managers, held by fewer funds than the fringe Utilities and Real Estate sectors. 
Value managers hold the larger allocations, whilst Aggressive Growth managers have all but abandoned the sector.


Global Energy:  Conviction Underweight or Complacency?

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>ExxonMobil's stellar performance over the past year and a half has come as a surprise to many, given all the negative sentiment at the time.</li>
<li>Even as the company is about to dial-up its capital and exploration expenditures, forward free cash flow yield still remains attractive.</li>
<li>The dividend appears safe for now, however, investors should not rule out an adverse scenario going forward.</li>
</ul>


ExxonMobil's stellar performance over the past year and a half has come as a surprise to many, given all the negative sentiment at the time.
Even as the company is about to dial-up its capital and exploration expenditures, forward free cash flow yield still remains attractive.
The dividend appears safe for now, however, investors should not rule out an adverse scenario going forward.


ExxonMobil: Patience Pays Off, Excitement Doesn't

<ul>
<li>Exxon Mobil has been one of the best-performing energy stocks since I first covered it in September of last year.</li>
<li>For well-diversified portfolios, holding Chevron in addition to Exxon Mobil is sensible.</li>
<li>In the case of a concentrated portfolio, however, Chevron appears as a better choice at this point.</li>
</ul>


Exxon Mobil has been one of the best-performing energy stocks since I first covered it in September of last year.
For well-diversified portfolios, holding Chevron in addition to Exxon Mobil is sensible.
In the case of a concentrated portfolio, however, Chevron appears as a better choice at this point.


Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>One of the significant outcomes of COP26 was an agreement on the mechanism and rules for implementing an international carbon market and emissions trading scheme.</li>
<li>Global carbon markets could help expedite emissions reductions and provide countries greater flexibility in how they meet national-level climate targets under the Paris Agreement.</li>
<li>Global carbon markets are expected to create new investment opportunities including Carbon Capture and Storage (CCS) which plays a key role in carbon markets. Herein, CCS stocks.</li>
</ul>


One of the significant outcomes of COP26 was an agreement on the mechanism and rules for implementing an international carbon market and emissions trading scheme.
Global carbon markets could help expedite emissions reductions and provide countries greater flexibility in how they meet national-level climate targets under the Paris Agreement.
Global carbon markets are expected to create new investment opportunities including Carbon Capture and Storage (CCS) which plays a key role in carbon markets. Herein, CCS stocks.


COP26: Global Carbon Markets Could Mean Investment Opportunities in Carbon Capture and Storage

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

GCEH: Almost Online, Initiating with Buy

GCEH is a vertically integrated renewable diesel producer expected to have its refinery online by the middle of 2022. It's patented camelina seed...

BWS Financial Inc

Global Energy: Conviction Underweight or Complacency?

Ownership in the Global Energy sectors is at record lows. Despite rising oil prices, it is the largest sector underweight and a minor allocation...

Steven Holden

ExxonMobil: Patience Pays Off, Excitement Doesn't

ExxonMobil's stellar performance over the past year and a half has come as a surprise to many, given all the negative sentiment at the time. Even...

Vladimir Dimitrov, CFA

Exxon Mobil Vs. Chevron Or Both

Exxon Mobil has been one of the best-performing energy stocks since I first covered it in September of last year. For well-diversified portfolios,...

Vladimir Dimitrov, CFA

COP26: Global Carbon Markets Could Mean Investment Opportunities in Carbon Capture and Storage

COP26 set the stage for a new global carbon marketplace which could create trillions of dollars of new investment opportunities, including Carbon...

Kyle Rudden

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