White Brook Capital’s Thoughts and Views, White Brook Capital

White Brook Capital

White Brook Capital’s Thoughts and Views

White Brook Capital LLC is a socially responsible, investment advisory firm founded in 2016, based in Chicago. The Company invests separately managed accounts and manages the White Brook Capital Partners fund for qualified investors

Equity Bottom-Up

<ul><li>2024 was a forgettable year for White Brook Capital’s middle capitalization focused fund.</li><li>Our fortunes have reversed so far in 2025 as several of our portfolio companies have preannounced 4th quarter results and given constructive 2025 guidance.</li><li>We’ve had a good first 3 weeks of 2025 and are looking forward to a much better year.</li></ul>

2024 was a forgettable year for White Brook Capital’s middle capitalization focused fund.Our fortunes have reversed so far in 2025 as several of our portfolio companies have preannounced 4th quarter results and given constructive 2025 guidance.We’ve had a good first 3 weeks of 2025 and are looking forward to a much better year.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.</li>
<li>As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.</li>
<li>While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.</li>
</ul>


Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.
As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.
While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.


Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Super Micro Computer / Technical Analysis

<ul>
<li>We are seeing signs that this 2+ month consolidation in the S&amp;P 500 and Nasdaq 100 (QQQ) is ready to break out to the upside. Buy/stay long.</li>
<li>Part of that is the obvious; both the SPX and QQQ are breaking out to marginal new highs. </li>
<li>The other part that has kept us bullish this whole time is that market dynamics have remained risk-on, which we have discussed on a weekly basis.</li>
</ul>


We are seeing signs that this 2+ month consolidation in the S&amp;P 500 and Nasdaq 100 (QQQ) is ready to break out to the upside. Buy/stay long.
Part of that is the obvious; both the SPX and QQQ are breaking out to marginal new highs. 
The other part that has kept us bullish this whole time is that market dynamics have remained risk-on, which we have discussed on a weekly basis.


S&P 500 and Nasdaq 100 Breaking Out; Upside Resuming; DXY and Yields Forming Major Tops?

<ul>
<li>The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.</li>
<li>This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.</li>
<li>Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ</li>
</ul>


The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.
This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.
Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ


Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

<ul>
<li>The broad equity market has been on an absolute tear since we discussed in our 10/31/23 Compass how risk/reward favored buyers as key supports were being tested on SPX/QQQ/IWM</li>
<li>Furthermore, we discussed in our 11/7/23 Compass our belief that this was more than just another counter-trend rally, and that it is likely the start of a significant year-end rally.</li>
<li>Bullish developments have only continued; among them includes 3.5-month downtrend reversals on the S&amp;P 500 and QQQ. We expect more upside into year-end and beyond.</li>
</ul>


The broad equity market has been on an absolute tear since we discussed in our 10/31/23 Compass how risk/reward favored buyers as key supports were being tested on SPX/QQQ/IWM
Furthermore, we discussed in our 11/7/23 Compass our belief that this was more than just another counter-trend rally, and that it is likely the start of a significant year-end rally.
Bullish developments have only continued; among them includes 3.5-month downtrend reversals on the S&amp;P 500 and QQQ. We expect more upside into year-end and beyond.


Year-End Rally to Continue?; Riding the Trend Higher; Buys in Education Services and Retailers

Brazil

Afya Limited provides educational services. The Company offers end to end physician-centric ecosystem that serves and empowers students to be lifelong medical learners. Afya serves students in Brazil.

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Afya Ltd (AFYA US)

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Year-End Rally to Continue?; Riding the Trend Higher; Buys in Education Services and Retailers

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