Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Quantitative Analysis

<ul>
<li>Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).</li>
<li>Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.</li>
<li>In this note we explore the <em><strong>relative performance</strong></em> of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.</li>
</ul>


Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).
Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.
In this note we explore the relative performance of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.


US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Skyrizi and Rinvoq are exhibiting exceptional growth in immunology, with sales for both treatments increasing over the previous year.</li><li>Skyrizi and Rinvoq are now approved across ten significant indications and are projecting combined revenue growth this year.</li></ul>

AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.Skyrizi and Rinvoq are exhibiting exceptional growth in immunology, with sales for both treatments increasing over the previous year.Skyrizi and Rinvoq are now approved across ten significant indications and are projecting combined revenue growth this year.

AbbVie Inc.: Interesting Advancements In Several Preclinical & Early-stage Clinical Assets – Key Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.</li>
<li>Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.</li>
<li>Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.</li>
</ul>



Celltrion Inc (068270 KS) has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.
Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.
Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.


Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

<ul><li>AbbVie delivered a decent result in the first quarter of the year with revenues above Wall Street expectations and earnings in line with the analyst consensus.</li><li>Skyrizi and Rinvoq continued to perform well in the first quarter and are still on track to produce more than $11 billion in combined sales this year.</li><li>Growth rates for both products in the first quarter are in line with the company's estimation for the entire year.</li></ul>

AbbVie delivered a decent result in the first quarter of the year with revenues above Wall Street expectations and earnings in line with the analyst consensus.Skyrizi and Rinvoq continued to perform well in the first quarter and are still on track to produce more than $11 billion in combined sales this year.Growth rates for both products in the first quarter are in line with the company's estimation for the entire year.

AbbVie Inc.: Is The CytomX Collaboration Failure A Big Setback? – Key Drivers

<ul><li>AbbVie delivered a mixed result in the last quarter with revenues falling below analyst expectations.</li><li>The company also developed a sizable portfolio of solid tumor and heme assays for oncology.</li><li>Furthermore, AbbVie anticipates strong performance in the ongoing neuroscience segment due to its on-market portfolio of treatments for mental and migraine disorders as well as a promising pipeline for neurodegenerative illnesses.</li></ul>

AbbVie delivered a mixed result in the last quarter with revenues falling below analyst expectations.The company also developed a sizable portfolio of solid tumor and heme assays for oncology.Furthermore, AbbVie anticipates strong performance in the ongoing neuroscience segment due to its on-market portfolio of treatments for mental and migraine disorders as well as a promising pipeline for neurodegenerative illnesses.

United States

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

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Abbvie Inc (ABBV US)

US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

US rates and factor strategies: higher for longer likely to drive outperformance of short duration factor strategies, long US value short US growth.

DMA

AbbVie Inc.: Interesting Advancements In Several Preclinical & Early-stage Clinical Assets – Key Drivers

AbbVie managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Skyrizi and Rinvoq are exhibiting...

Baptista Research

Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

AbbVie Inc.: Is The CytomX Collaboration Failure A Big Setback? – Key Drivers

AbbVie delivered a decent result in the first quarter of the year with revenues above Wall Street expectations and earnings in line with the...

Baptista Research

AbbVie Inc.: Major Drivers

AbbVie delivered a mixed result in the last quarter with revenues falling below analyst expectations. The company also developed a sizable...

Baptista Research

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