This section is dedicated to the analysis of companies. It is split into two parts based on the characteristic of the analysis. Additionally, there is a section to explain the position that have been closed.
Portfolio section includes a full analysis of the companies where we hold a position. Including the background of the company, its main activities, the investment thesis, risks and a valuation. Moreover, we add a detailed analysis of the earnings reports and conference calls every quarter.
Watchlist section includes a brief overview of the company and the characteristics we think that are more interesting about the company. Meaning the description of the core business, performance, the reasons why we think that it is an interesting company and some market consensus.
Furthermore, we also include a “Exits” section to explain the reasons behind our closed positions.
Thus, this section is updated regularly, at least 2-3 times per month. However, it does not mean that we are rotating the portfolio so often. In contracts, it means that we are constantly renewing the watchlist. To illustrate, every time that we think a sector is interesting under the macroeconomic perspective, we analyse a high number of companies within the sector and leave here the briefings