Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis of a company's operations.</li>
<li>Q3 2022 was a disappointing quarter.</li>
<li>We should extend our investment horizon exactly when others shorten theirs.</li>
</ul>


Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis of a company's operations.
Q3 2022 was a disappointing quarter.
We should extend our investment horizon exactly when others shorten theirs.


Merion Road Capital Q3 2022 Investor Letter

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 Bottom-Up

<ul><li>Alphabet’s stock price has undergone a strong correction after the company delivered a disappointing third-quarter financial result, failing to meet Wall Street expectations in terms of revenues as well as earnings.</li><li>Alphabet did have a decent underlying growth in Search and momentum in Cloud but the impact of currency conversion is reflected in their results.</li><li>Lapping the high growth levels from the previous year and the difficult macroeconomic environment also influenced the growth in their advertising revenues.</li></ul>

Alphabet’s stock price has undergone a strong correction after the company delivered a disappointing third-quarter financial result, failing to meet Wall Street expectations in terms of revenues as well as earnings.Alphabet did have a decent underlying growth in Search and momentum in Cloud but the impact of currency conversion is reflected in their results.Lapping the high growth levels from the previous year and the difficult macroeconomic environment also influenced the growth in their advertising revenues.

Alphabet Inc: The Alter Acquisition & Other Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

<ul>
<li>Dobot is a Chinese manufacturer and leading provider of all-perceptive intelligent robotic arms backed by top-tier investment bank CICC and high-profile investors.   </li>
<li>Dobot has raised a total of ~CN¥490M in funding over 3 rounds. Investors include Qianhai Fund of Funds, Shenzhen Capital Group, CICC, Potential Capital and Green Pine Capital Partners.</li>
<li>The global industrial robotics market is an $80B+ opportunity. The number of robots installed in the automotive industry in China has doubled in 2021.</li>
</ul>


Dobot is a Chinese manufacturer and leading provider of all-perceptive intelligent robotic arms backed by top-tier investment bank CICC and high-profile investors.   
Dobot has raised a total of ~CN¥490M in funding over 3 rounds. Investors include Qianhai Fund of Funds, Shenzhen Capital Group, CICC, Potential Capital and Green Pine Capital Partners.
The global industrial robotics market is an $80B+ opportunity. The number of robots installed in the automotive industry in China has doubled in 2021.


Dobot: Make Smart Manufacturing Accessible

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

Cross Asset Strategy

<ul>
<li>We analyse our Global fund universe to find out the consensus overweight and underweight exposures, together with the consensus and under-owned stock holdings.</li>
<li>Consensus overweights are led by Developed Europe, Health Care and countries in the EMEA region.  On a stock level, Microsoft and Alphabet are the most widely held companies.</li>
<li>Consensus underweights are led by Asia and selected industry groups such as Telcos and Banks.  Raytheon Technologies and Al Rajhi Bank are among the most under-owned stock in the world.</li>
</ul>


We analyse our Global fund universe to find out the consensus overweight and underweight exposures, together with the consensus and under-owned stock holdings.
Consensus overweights are led by Developed Europe, Health Care and countries in the EMEA region.  On a stock level, Microsoft and Alphabet are the most widely held companies.
Consensus underweights are led by Asia and selected industry groups such as Telcos and Banks.  Raytheon Technologies and Al Rajhi Bank are among the most under-owned stock in the world.


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.

Meta Platforms (Facebook) / Equity Bottom-Up

<ul>
<li>Blowout (in a bad way) opex and capex guidance triggered a puke in META. Metaverse spending slowdowns completely ignored by Zuck.</li>
<li>Underlying engagement trends are suprisingly solid, as is underlying revenue growth (which was 8% organic this quarter ex-FX, IDFA, and Reels).</li>
<li>The key question is...what is the LT capital intensity for META to retain its competitive advantage through AI - related spending.</li>
</ul>


Blowout (in a bad way) opex and capex guidance triggered a puke in META. Metaverse spending slowdowns completely ignored by Zuck.
Underlying engagement trends are suprisingly solid, as is underlying revenue growth (which was 8% organic this quarter ex-FX, IDFA, and Reels).
The key question is...what is the LT capital intensity for META to retain its competitive advantage through AI - related spending.


META Platforms 3Q22: You Got to Keep ‘em Separated

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Merion Road Capital Q3 2022 Investor Letter

Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis...

Fund Newsletters

Alphabet Inc: The Alter Acquisition & Other Drivers

Alphabet’s stock price has undergone a strong correction after the company delivered a disappointing third-quarter financial result, failing to...

Baptista Research

Dobot: Make Smart Manufacturing Accessible

Chinese startup Dobot is well-positioned to benefit from the fast-growing industrials robotics market in China and the recent acceleration of...

Andrei Zakharov

Global Equity: Consensus Positioning

We screen 359 Global Equity funds to find the consensus overweights and underweights across regions, countries, sectors, industries and stocks.

Steven Holden

META Platforms 3Q22: You Got to Keep ‘em Separated

We think the current trajectory for META is unsustainable. The company will lose talent soon if the stock doesn't start to work, which requires...

Aaron Gabin

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