Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>The electronic signature market has accelerated after the Covid-19 induced tailwinds and market leader, DocuSign has continued to stay on top despite strong competition from a behemoth like Adobe.</li><li>Both companies have their fair share of positives and it is interesting to place them side-by-side and evaluate their financial performance.</li><li>It would also be interesting to look at the key competitive advantages that both, DocuSign and Adobe hold, which are making them such strong forces, not just in the e-signature market but also in other markets.</li></ul>

The electronic signature market has accelerated after the Covid-19 induced tailwinds and market leader, DocuSign has continued to stay on top despite strong competition from a behemoth like Adobe.Both companies have their fair share of positives and it is interesting to place them side-by-side and evaluate their financial performance.It would also be interesting to look at the key competitive advantages that both, DocuSign and Adobe hold, which are making them such strong forces, not just in the e-signature market but also in other markets.

Adobe vs. DocuSign - The E-Signature Playground (01/2022)

<ul><li>Adobe had another outstanding year in 2021, with revenues crossing over $1 billion in each segment for the first time with 23% year-over-year growth.</li><li>The company launched Creative Cloud Express to provide a useful tool for creative expression of ideas on a digital interface.</li><li>Adobe also increased its investment in the Adobe Experience Platform as the underlying platform for strong governance capabilities across its Experience Cloud business, advancing global breakthroughs such as the real-time customer data platform and Adobe Journey Optimizer.</li></ul>

Adobe had another outstanding year in 2021, with revenues crossing over $1 billion in each segment for the first time with 23% year-over-year growth.The company launched Creative Cloud Express to provide a useful tool for creative expression of ideas on a digital interface.Adobe also increased its investment in the Adobe Experience Platform as the underlying platform for strong governance capabilities across its Experience Cloud business, advancing global breakthroughs such as the real-time customer data platform and Adobe Journey Optimizer.

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. </li>
<li>Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.</li>
<li>Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage</li>
</ul>


Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. 
Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.
Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage


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>As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> is the most widely held stock though ownership increases have stalled. <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a> is the key underweight and consistently under-owned by managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa (V US)</a> positive momentum has reversed while <a href="https://www.smartkarma.com/entities/adobe-systems-inc" target="_blank" data-smartkarma-citation="entities:8357:1" rel="noopener">Adobe Systems (ADBE US)</a> is the new darling of US Tech. <a href="https://www.smartkarma.com/entities/oracle-corp" target="_blank" data-smartkarma-citation="entities:1065:1" rel="noopener">Oracle Corp (ORCL US)</a> is losing investors at a consistent rate.</li>
</ul>


As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Microsoft Corp (MSFT US) is the most widely held stock though ownership increases have stalled. Apple Inc (AAPL US) is the key underweight and consistently under-owned by managers.

Visa (V US) positive momentum has reversed while Adobe Systems (ADBE US) is the new darling of US Tech. Oracle Corp (ORCL US) is losing investors at a consistent rate.


5 US Tech Stocks that Matter to Global Investors

<ul>
<li>US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns</li>
<li>We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.</li>
<li>In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  </li>
</ul>


US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns
We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.
In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  


US Tech:  Record Allocations, Record Underweights.  Value Becoming Harder to Find

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe vs. DocuSign - The E-Signature Playground (01/2022)

The electronic signature market has accelerated after the Covid-19 induced tailwinds and market leader, DocuSign has continued to stay on top...

Baptista Research

Adobe Inc. - Investment Thesis

Adobe had another outstanding year in 2021, with revenues crossing over $1 billion in each segment for the first time with 23% year-over-year...

Baptista Research

Recent IPO Insights: Braze

Braze is a next gen digital marketing platform with accelerating growth as existing large customers are growing rapidly. 135% net revenue retention...

Aaron Gabin

5 US Tech Stocks that Matter to Global Investors

As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Steven Holden

US Tech: Record Allocations, Record Underweights. Value Becoming Harder to Find

US Tech allocations have hit fresh all-time highs among active Global investors. Never before have Global investors placed such a reliance on US...

Steven Holden

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