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>Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market dynamics.</li><li>The company benefited from favorable copper pricing, with COMEX and LME levels at multi-year highs, while achieving meaningful milestones in its Indonesian operations and advancing U.S. production initiatives.</li><li>Quarterly EBITDA reached approximately $3.2 billion, and operating cash flow stood at $2.2 billion, driven by copper realizations exceeding $4.50 per pound and sales volumes surpassing production due to reduced inventories in Indonesia.</li></ul>

Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market dynamics.The company benefited from favorable copper pricing, with COMEX and LME levels at multi-year highs, while achieving meaningful milestones in its Indonesian operations and advancing U.S. production initiatives.Quarterly EBITDA reached approximately $3.2 billion, and operating cash flow stood at $2.2 billion, driven by copper realizations exceeding $4.50 per pound and sales volumes surpassing production due to reduced inventories in Indonesia.

Freeport-McMoRan: The 6 Key Drivers Shaping Its Performance in 2025 and Beyond!

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>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


<ul><li>Freeport-McMoRan reported robust results for its second quarter of 2025, marked by significant sales volumes of both copper and gold which exceeded initial forecasts.</li><li>The company benefited from higher copper prices, registering an average realization of over $4.50 per pound, and delivering quarterly EBITDA of $3.2 billion.</li><li>Operating cash flows were also strong at $2.2 billion.</li></ul>

Freeport-McMoRan reported robust results for its second quarter of 2025, marked by significant sales volumes of both copper and gold which exceeded initial forecasts.The company benefited from higher copper prices, registering an average realization of over $4.50 per pound, and delivering quarterly EBITDA of $3.2 billion.Operating cash flows were also strong at $2.2 billion.

Freeport-McMoRan Taps Advanced Leaching Tech—Could This Be Its Secret Weapon?

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>Copper rebounded last week, rising 4% on the LME and 6% on the COMEX, led by improved sentiment but in line with most of its commodity complex peers.</li>
<li>Check out our initiation, <a href="https://www.smartkarma.com/insights/copper-primer-what-we-like-about-copper-and-what-to-play" target="_blank" data-smartkarma-citation="insights:141017" rel="noopener">Copper Primer: What We Like About Copper and What to Play</a>, and our equity initiation, <a href="https://www.smartkarma.com/insights/southern-copper-in-a-league-of-its-own" target="_blank" data-smartkarma-citation="insights:139839" rel="noopener">Southern Copper: In a League of Its Own</a>. </li>
<li>We provide updates on the long copper-short gold trade we explored last week and the iron condor in <a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport Mcmoran (FCX US)</a> </li>
</ul>


Copper rebounded last week, rising 4% on the LME and 6% on the COMEX, led by improved sentiment but in line with most of its commodity complex peers.
Check out our initiation, Copper Primer: What We Like About Copper and What to Play, and our equity initiation, Southern Copper: In a League of Its Own. 
We provide updates on the long copper-short gold trade we explored last week and the iron condor in Freeport Mcmoran (FCX US) 


Copper Tracker July 2024: Physical/​Equity Screens And Trades

<ul>
<li>Copper continued its slide on concerns about inventory and the commencement of new projects and delivered a -9% return for the month. </li>
<li>Check out our initiation, <a href="https://www.smartkarma.com/insights/copper-primer-what-we-like-about-copper-and-what-to-play" target="_blank" data-smartkarma-citation="insights:141017" rel="noopener">Copper Primer: What We Like About Copper And What to Play</a>, and equity initiation <a href="https://www.smartkarma.com/insights/southern-copper-in-a-league-of-its-own" target="_blank" data-smartkarma-citation="insights:139839" rel="noopener">Southern Copper: In a League of Its Own</a> </li>
<li>We like the long copper-short gold trade and explore iron condors in the copper <a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport Mcmoran (FCX US)</a> . </li>
</ul>


Copper continued its slide on concerns about inventory and the commencement of new projects and delivered a -9% return for the month. 
Check out our initiation, Copper Primer: What We Like About Copper And What to Play, and equity initiation Southern Copper: In a League of Its Own 
We like the long copper-short gold trade and explore iron condors in the copper Freeport Mcmoran (FCX US) . 


Copper Tracker June 2024: Physical/Equity Screens And Trades For July

United States

Freeport-McMoRan Inc. is an international natural resources company. The Company operates large, long-lived, geographically diverse assets with significant reserves of copper, gold, molybdenum, cobalt, oil, and gas.

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Freeport Mcmoran (FCX US)

Freeport-McMoRan: The 6 Key Drivers Shaping Its Performance in 2025 and Beyond!

Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market...

Baptista Research

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Freeport-McMoRan Taps Advanced Leaching Tech—Could This Be Its Secret Weapon?

Freeport-McMoRan reported robust results for its second quarter of 2025, marked by significant sales volumes of both copper and gold which...

Baptista Research

Copper Tracker July 2024: Physical/Equity Screens And Trades

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore for July

Sameer Taneja

Copper Tracker June 2024: Physical/Equity Screens And Trades For July

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore for July.

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Freeport-McMoRan: The 6 Key Drivers Shaping Its Performance in 2025 and Beyond!

Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market...

Baptista Research

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Freeport-McMoRan Taps Advanced Leaching Tech—Could This Be Its Secret Weapon?

Freeport-McMoRan reported robust results for its second quarter of 2025, marked by significant sales volumes of both copper and gold which...

Baptista Research

Copper Tracker July 2024: Physical/​Equity Screens And Trades

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore for July

Sameer Taneja

Copper Tracker June 2024: Physical/Equity Screens And Trades For July

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore for July.

Sameer Taneja

Copper Tracker July 2024: Physical/Equity Screens And Trades