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
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
US LNG exporter. The founder is the same who build Cheniere. Driftwood its is flagship project (27MTPA liquefaction capacity)
Renewable Energy
Greenalia is an Spanish Independent Power Producer (IPP) with projects in Biomass, Wind and Solar.
Greenvolt made its IPO in June 2021. It has 6 biomass plants in Portugal and the UK + it is developping Wind and Solar farms in Poland
Kistos is an investment company targeting opportunities in the transition energy market. It made its IPO in November 2020
REITs
Mining
Wine
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.
