European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-February, spreads have generally tightened across our liquid universe (9 have widened, 10 tightened, 0 at same level).</li>
<li>Trade preferences long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade preferences long preferred / short ordinary shares: Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.</li>
</ul>


Since mid-February, spreads have generally tightened across our liquid universe (9 have widened, 10 tightened, 0 at same level).
Trade preferences long ordinary / short preferred shares: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Trade preferences long preferred / short ordinary shares: Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.


Liquid Universe of European Ordinary and Preferred Shares: March ‘23 Report

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> , <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One Financial (COF US)</a> and <a href="https://www.smartkarma.com/entities/under-armour-inc" target="_blank" data-smartkarma-citation="entities:11401:1" rel="noopener">Under Armour (UAA US)</a> </li>
<li>For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&amp;P500 +2.9%, Nasdaq +5.8%, Russell2000 +5.2%, MSCI-ACWI-ETF +4.3%, all in US$ terms</li>
<li>This week the large-cap portfolio underperformed on a mini <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> sell-off while <a href="https://www.smartkarma.com/entities/10x-genomics-inc-class-a" target="_blank" data-smartkarma-citation="entities:35564:1" rel="noopener">10X Genomics (TXG US)</a> was strong in the small caps group. </li>
</ul>


The three companies we write about this week are Nike (NKE US) , Capital One Financial (COF US) and Under Armour (UAA US) 
For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&amp;P500 +2.9%, Nasdaq +5.8%, Russell2000 +5.2%, MSCI-ACWI-ETF +4.3%, all in US$ terms
This week the large-cap portfolio underperformed on a mini Taiwan Semiconductor (TSMC) - ADR (TSM US) sell-off while 10X Genomics (TXG US) was strong in the small caps group. 


The Innovations Portfolio - Week Thirteen

<ul>
<li>Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Carlsberg, Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.</li>
</ul>


Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Carlsberg, Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.


Liquid Universe of European Ordinary and Preferred Shares: February ‘23 Report

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/l-oreal-sa" target="_blank" data-smartkarma-citation="entities:21521:1" rel="noopener">L'Oreal SA (OR FP)</a> , <a href="https://www.smartkarma.com/entities/electricite-de-france-sa" target="_blank" data-smartkarma-citation="entities:21441:1" rel="noopener">Electricite De France Sa (EDF FP)</a> and <a href="https://www.smartkarma.com/entities/10x-genomics-inc-class-a" target="_blank" data-smartkarma-citation="entities:35564:1" rel="noopener">10X Genomics (TXG US)</a> </li>
<li>For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&amp;P500 +3.2%, Nasdaq +5.1%, Russell2000 +3.7%, MSCI-ACWI-ETF +4.4%, all in US$ terms</li>
<li>Researchers from The University of Queensland found the lion's mane mushroom had a significant impact on the growth of brain cells and improving memory</li>
</ul>


The three companies we write about this week are L'Oreal SA (OR FP) , Electricite De France Sa (EDF FP) and 10X Genomics (TXG US) 
For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&amp;P500 +3.2%, Nasdaq +5.1%, Russell2000 +3.7%, MSCI-ACWI-ETF +4.4%, all in US$ terms
Researchers from The University of Queensland found the lion's mane mushroom had a significant impact on the growth of brain cells and improving memory


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> signed its fourth licensing deal for ALT-B4, a proprietary human recombinant hyaluronidase enzyme, with Sandoz. Given the strong demand more such deals are expected to follow.</li>
<li>Alteogen is reportedly in talks with global pharmaceutical companies for a technology transfer deal for Herceptin SC biosimilar. If successful, Alteogen will be a re-rating candidate.</li>
<li>Alteogen has established Altos Biologics to facilitate global phase 3 clinical trials and commercial development of Eylea biosimilar. Altos Biologics aims to be listed on the KOSDAQ in 2024.</li>
</ul>



Alteogen Inc (196170 KS) signed its fourth licensing deal for ALT-B4, a proprietary human recombinant hyaluronidase enzyme, with Sandoz. Given the strong demand more such deals are expected to follow.
Alteogen is reportedly in talks with global pharmaceutical companies for a technology transfer deal for Herceptin SC biosimilar. If successful, Alteogen will be a re-rating candidate.
Alteogen has established Altos Biologics to facilitate global phase 3 clinical trials and commercial development of Eylea biosimilar. Altos Biologics aims to be listed on the KOSDAQ in 2024.


Alteogen (196170 KS): Distinct Platform Technology; Biosimilar Pipeline; Potential Value Unlocking

United States

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system. Roche Holding serves customers worldwide.

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Roche Holding (RO SE)

Liquid Universe of European Ordinary and Preferred Shares: March ‘23 Report

Since mid-February, spreads have generally tightened across our liquid universe (9 have widened, 10 tightened, 0 at same level).

Jesus Rodriguez Aguilar

The Innovations Portfolio - Week Thirteen

For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&P500 +2.9%, Nasdaq +5.8%,...

Pyari Menon

Liquid Universe of European Ordinary and Preferred Shares: February ‘23 Report

Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).

Jesus Rodriguez Aguilar

The Innovations Portfolio - Week Twelve

For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&P500 +3.2%, Nasdaq +5.1%,...

Pyari Menon

Alteogen (196170 KS): Distinct Platform Technology; Biosimilar Pipeline; Potential Value Unlocking

Alteogen’s formulation platform change technology is in constant demand. The company can be potential first-mover in Eylea biosimilar. Its...

Tina Banerjee

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