Analysis of companies with a macroeconomic perspective
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
Portfolio - MORAM (Actively managed)
Currently, the portfolio is composed by eight companies grouped in three main sectors: Infrastructure, Renewable Energy and Technology
Infrastructure & Natural Gas
Main LNG exporter in the US. It has 2 liquefaction facilities (Sabine pass and Corpus Christi).
Golar is one of the world’s largest operators of marine-based LNG midstream infrastructure. Currently, our main position
New Fortress is a company which is building power plants powered by LNG in emerging countries. It acquired Hygo (Golar) in 2021
Renewable Energy & Oil
Greenalia is an Spanish Independent Power Producer (IPP) with projects in Biomass, Wind and Solar.
Bonanza Creek is a small cap in the Oil & Gas sector. It has a wealthy Balance Sheet and It is taking advantage of M&A
Repsol is a Spanish company traditionally focused on Oil & Gas which is pivoting through Renewable energy
REITs
Technology
Wine
Power REIT is an American small-cap focused on renting greenhouses to therapeutical cannabis.
Macerich is a REIT which owns 47 shopping centres across the US. Mainly in California, Arizona and NY
Facebook is the social network group owner of Facebook, Instagram, Oculus and WhatsApp among others.
Italian Wine Brands is a small cap which produces and distributes Italian Wines in Europe, China and the US
Watchlist
Apart from the core analysis section, we are also building a “soft analysis” for companies on the watchlist. In this section, there is the basic information about the core business of the company, how it is performing and why we believe that it is an interesting company to have in the watchlist. As it is explained in the Home page, the analysis of new opportunities is the consequence of the macroeconomic analysis. Consequently, the companies in the watchlist are usually grouped by sectors. As once the sector is identified, more than one company is usually selected.
If in the coming months, MORAM decides to take a position in the company, a complete analysis will be developed. Therefore, the company will be moved to the portfolio section and it will be updated quarterly.
Airlines sector
Renewable Energy
Technology
Wine
Energy
Exits
In this section, we will present the companies that were in the portfolio but we decide to close the positions. Additionally, each one of them contains a brief summary of the operation as well as the reasons to close the position. Moreover, there are also articles explaining the rotations we have done in the portfolio.
