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 “Closed trades” 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 & Energy
Golar is one of the world’s largest operators of marine-based LNG midstream infrastructure. Currently, our main position
Kistos is an investment company targeting opportunities in the transition energy market. It made its IPO in November 2020
Jadestone is an oil producer in Southern Asia and Australia. It takes advantage of the ESG movement and buys assets from majors at huge discounts
Vertex is a small cap in the US which has just acquired a refinery from Shell at a bargain price in the middle of a major gasoline & diesel crisis in the world
Serica is a UK natural gas producer in the North Sea. It produces >28000boe/d which sells mainly in the spot market and has half of its EV in cash
Luxury
Mining
Leasing
The Italian Sea Group is an Italian yatch builder focused on sport yatch longer than 50m and sailing ships (Perini Navi heritage)
Adriatic Metals is a small cap company located in Bosnia & Serbia focused on the mining sector. It is listed in London & Australia
Global Ship Lease is a leasing company in the maritime transport industry. It leases container ships (sub-10000 TEU) on medium-long term contracts
At the moment, because of the current macroeconomic conditions, we are closely following the energy sector. In particular, the natural gas industry due to the sanctions on Russia, the terrible dependency that Europe has and the lack of investment in the last years
Closed trades
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.
Recent (last 6 months)
Old
