Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

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>Humana had a healthy start to the year and managed an all-around beat in Q1.</li><li>Total medical expenses in their Medicare Advantage business for the first quarter came in a little bit better than expected.</li><li>Furthermore, the CenterWell portfolio, which consists of primary care, home care, and pharmacy, continues to experience strong growth.</li></ul>

Humana had a healthy start to the year and managed an all-around beat in Q1.Total medical expenses in their Medicare Advantage business for the first quarter came in a little bit better than expected.Furthermore, the CenterWell portfolio, which consists of primary care, home care, and pharmacy, continues to experience strong growth.

Humana Inc.: Transforming Healthcare with its CenterWell Portfolio – Key Drivers

<ul><li>Humana had a mixed quarter as its revenues were below the analyst consensus estimate but it did manage an earnings beat.</li><li>The company has fully deployed the value-based model in Virginia and North Carolina, covering over 760,000 members or 15% of Humana MA members by year's end.</li><li>Medicaid business maintained its strong performance despite lower-than-expected medical costs.</li></ul>

Humana had a mixed quarter as its revenues were below the analyst consensus estimate but it did manage an earnings beat.The company has fully deployed the value-based model in Virginia and North Carolina, covering over 760,000 members or 15% of Humana MA members by year's end.Medicaid business maintained its strong performance despite lower-than-expected medical costs.

<ul><li>This is our first report on Humana, a leading player in the medical insurance space in the U.S.</li><li>The company’s third quarter results were reasonably strong as it met Wall Street’s revenue expectations while managing an earnings beat.</li><li>In addition to improving plan offers for their larger membership, the management strengthened their consumer segment strategy.</li></ul>

This is our first report on Humana, a leading player in the medical insurance space in the U.S.The company’s third quarter results were reasonably strong as it met Wall Street’s revenue expectations while managing an earnings beat.In addition to improving plan offers for their larger membership, the management strengthened their consumer segment strategy.

Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>In last week's Macro Vision report, we noted breaks below 3900 on the SPX and $293 on the QQQ opened the door for a test of YTD lows, or worse.</li>
<li>We are now getting a test of the YTD lows of 3636 on the S&amp;P 500 and $269 on QQQ</li>
<li>With so many indexes and key Sectors currently oversold and testing support, we could certainly see a bounce/pause at current levels.</li>
</ul>


In last week's Macro Vision report, we noted breaks below 3900 on the SPX and $293 on the QQQ opened the door for a test of YTD lows, or worse.
We are now getting a test of the YTD lows of 3636 on the S&amp;P 500 and $269 on QQQ
With so many indexes and key Sectors currently oversold and testing support, we could certainly see a bounce/pause at current levels.


Bloomberg Commodity Index Breaks 2.5-Year Uptrend; Key Indexes/Sectors Testing Support at YTD Lows

United States

Humana Inc. is a managed health care company with medical members located in the United States and Puerto Rico.  The Company offers coordinated health care through health maintenance organizations, preferred provider organizations, point-of-service plans, and administrative services products.  Humana offers its products to employer groups, government-sponsored plans, and individuals.

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Humana Inc (HUM US)

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

Humana Inc.: Transforming Healthcare with its CenterWell Portfolio – Key Drivers

Humana had a healthy start to the year and managed an all-around beat in Q1. Total medical expenses in their Medicare Advantage business for the...

Baptista Research

Humana Inc.: Major Drivers

Humana had a mixed quarter as its revenues were below the analyst consensus estimate but it did manage an earnings beat. The company has fully...

Baptista Research

Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers

This is our first report on Humana, a leading player in the medical insurance space in the U.S. The company’s third quarter results were...

Baptista Research

Bloomberg Commodity Index Breaks 2.5-Year Uptrend; Key Indexes/Sectors Testing Support at YTD Lows

Bloomberg Commodity index $DJP violating 2.5-yr uptrend; a break below $32.50 would send commodity prices much lower, & would be deflationary. $SPX...

Vermilion Research

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