Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

FX & Rates

<ul><li>The EUR/USD exchange rate has moved upwards with significant fluctuations over the course of March 2023.</li><li>As it can be observed in the main graph (Graph 1), there was a period of fluctuations in the exchange rate but with a steady upward trend.</li><li>The exchange rate fluctuated significantly over the course of the month reaching a high of 1.0901 on March 30th.</li></ul>

The EUR/USD exchange rate has moved upwards with significant fluctuations over the course of March 2023.As it can be observed in the main graph (Graph 1), there was a period of fluctuations in the exchange rate but with a steady upward trend.The exchange rate fluctuated significantly over the course of the month reaching a high of 1.0901 on March 30th.

Comment on Exchange Rate EUR/USD - March 31, 2023

<ul><li>The EUR/USD exchange rate has been moving downwards, as seen in Graph 1.</li><li>There were four secondary movements throughout the considered time period i.e. February 1st to March 3rd, 2023.</li><li>More specifically, after declining during the first days of the month until February 7th, the currency pair stabilized from February 8th up to February 20th.</li></ul>

The EUR/USD exchange rate has been moving downwards, as seen in Graph 1.There were four secondary movements throughout the considered time period i.e. February 1st to March 3rd, 2023.More specifically, after declining during the first days of the month until February 7th, the currency pair stabilized from February 8th up to February 20th.

Comment on Exchange Rate EUR/USD - March 3, 2023

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> is acquiring 66.67% in Skyway Concession Company LLC, the concessionaire of the Chicago Skyway for an equity value of US$2.013bn (A$3.098bn).</li>
<li>The acquisition will be funded by a fully underwritten 1:1.95 ANREO to raise A$3.098bn. The offer price of A$6.3/share is a 13.7% discount to TERP and 19.3% discount to last.</li>
<li>The increase in market cap could result in <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> being added to the S&amp;P/ASX 50 Index at the December rebalance.</li>
</ul>



Atlas Arteria (ALX AU) is acquiring 66.67% in Skyway Concession Company LLC, the concessionaire of the Chicago Skyway for an equity value of US$2.013bn (A$3.098bn).
The acquisition will be funded by a fully underwritten 1:1.95 ANREO to raise A$3.098bn. The offer price of A$6.3/share is a 13.7% discount to TERP and 19.3% discount to last.
The increase in market cap could result in Atlas Arteria (ALX AU) being added to the S&amp;P/ASX 50 Index at the December rebalance.


Atlas Arteria (ALX AU): Acquisition, ANREO & ASX50 Inclusion

Macroeconomic and Investing, The Macro Compass

Alfonso Peccatiello (Alf)

Macroeconomic and Investing

The Macro Compass

Actionable investment ideas and unique global macro insights. From the desk of a former Head of $20 bn Investment Portfolio straight to your inbox.

Actionable Investment Ideas

Macroeconomics

<ul><li>Investing is all about probabilities: all you need to do is assess the chances markets are assigning to different scenarios today and anticipate how this probability distribution will move over time.</li><li>In other words, you don’t need to be necessarily right on what happens next but just be able to grasp how market consensus will move from here.</li><li>Ignoring this simple principle has been a very expensive exercise for European fixed income investors over the last few weeks: the-ECB-will-never-really-hike mantra is melting under the eyes of bond investors married to a dovish narrative which has been successful for a decade but offers a very bad risk-reward today.</li></ul>

Investing is all about probabilities: all you need to do is assess the chances markets are assigning to different scenarios today and anticipate how this probability distribution will move over time.In other words, you don’t need to be necessarily right on what happens next but just be able to grasp how market consensus will move from here.Ignoring this simple principle has been a very expensive exercise for European fixed income investors over the last few weeks: the-ECB-will-never-really-hike mantra is melting under the eyes of bond investors married to a dovish narrative which has been successful for a decade but offers a very bad risk-reward today.

The Biggest Macro Risk You Might Be Ignoring

Fixed Income and Currency Strategist

Gautam Jain, PhD, CFA

<ul>
<li>In line with my view of the dollar remains strong in the near term, one of the trading strategies that I have suggested hedging an EMFX portfolio with the euro.</li>
<li>I show that the hedge has performed well by breaking down and comparing the return of the hedged portfolio with the unhedged version.</li>
<li>For me to recommend taking off the euro hedge, we would need to see the volatility of US rates and the probability of recession falling. </li>
</ul>


In line with my view of the dollar remains strong in the near term, one of the trading strategies that I have suggested hedging an EMFX portfolio with the euro.
I show that the hedge has performed well by breaking down and comparing the return of the hedged portfolio with the unhedged version.
For me to recommend taking off the euro hedge, we would need to see the volatility of US rates and the probability of recession falling. 


How Well Is Hedging EM Currencies with the Euro Working?

Germany

The euro is the official currency of the European Economic & Monetary Union. 

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Euro (USDEUR CURNCY)

Comment on Exchange Rate EUR/USD - March 31, 2023

By examining the RSI in Graph 4, an upward movement was observed along the trading range between 35 and 65, indicating a broadly neutral signal.

VRS (Valuation & Research Specialists)

Comment on Exchange Rate EUR/USD - March 3, 2023

The EUR/USD exchange rate has been moving downwards, as seen in Graph 1. There were four secondary movements throughout the considered time period...

VRS (Valuation & Research Specialists)

Atlas Arteria (ALX AU): Acquisition, ANREO & ASX50 Inclusion

Atlas Arteria is buying the Chicago Skyway concessionaire and will raise A$3.098bn via an ANREO at A$6.3/share. If successful, this could result in...

Brian Freitas

The Biggest Macro Risk You Might Be Ignoring

Investing is all about probabilities: all you need to do is assess the chances markets are assigning to different scenarios today and anticipate...

Alfonso Peccatiello (Alf)

How Well Is Hedging EM Currencies with the Euro Working?

I go over the performance of one of the trading strategies that I have suggested in line with my view of the dollar remaining strong in the near...

Gautam Jain, PhD, CFA

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52-week Range

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