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>Builders FirstSource, Inc.'s recent third-quarter earnings call highlights both the strengths and challenges the company is facing amid current market conditions.</li><li>The results reflect the company's strategic efforts to manage operational inefficiencies and leverage its competitive advantages, even as the broader housing market remains sluggish.</li><li>On the positive side, Builders FirstSource continues to demonstrate resilience in navigating a challenging market environment characterized by weak single-family construction and tempered demand, even following the Federal Reserve's interest rate cuts in 2025.</li></ul>

Builders FirstSource, Inc.'s recent third-quarter earnings call highlights both the strengths and challenges the company is facing amid current market conditions.The results reflect the company's strategic efforts to manage operational inefficiencies and leverage its competitive advantages, even as the broader housing market remains sluggish.On the positive side, Builders FirstSource continues to demonstrate resilience in navigating a challenging market environment characterized by weak single-family construction and tempered demand, even following the Federal Reserve's interest rate cuts in 2025.

Builders FirstSource Bets Big on Multifamily—What Is Its Role In The Next Housing Boom?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ADDs/DELs for SP 500, SP MidCap400, and SP SmallCap600 indices for the September 2026 index rebal event were announced after market close on Friday 4 September 2026.</li>
<li>There are 3 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes. </li>
</ul>


The ADDs/DELs for SP 500, SP MidCap400, and SP SmallCap600 indices for the September 2026 index rebal event were announced after market close on Friday 4 September 2026.
There are 3 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes. 


Quiddity SP 500 Sep26 Results: Over US$31bn One Way Flow

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the September 2026 index rebal event will be based on yesterday's (2 September 2026) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
The rankings used for the September 2026 index rebal event will be based on yesterday's (2 September 2026) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).


Quiddity Leaderboard SP500/600 Sep26 Rebal: Final Expectations

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>Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"</li>
<li>All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).</li>
<li>Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.</li>
</ul>


Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"
All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).
Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.


Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul><li>Black Bear Value Fund returned -2.4% in September and +0.7% YTD.</li><li>This is the kind of environment where the ability to play offense and invest for the future is advantageous to our partnership.</li><li>Valuations between what we own and the “market” are still very wide.</li></ul>

Black Bear Value Fund returned -2.4% in September and +0.7% YTD.This is the kind of environment where the ability to play offense and invest for the future is advantageous to our partnership.Valuations between what we own and the “market” are still very wide.

United States

Builders FirstSource, Inc. manufactures and distributes building products to professional homebuilders.

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Builders Firstsource (BLDR US)

Builders FirstSource Bets Big on Multifamily—What Is Its Role In The Next Housing Boom?

Builders FirstSource, Inc.'s recent third-quarter earnings call highlights both the strengths and challenges the company is facing amid current...

Baptista Research

Quiddity SP 500 Sep26 Results: Over US$31bn One Way Flow

Three ADDs and three DELs for the SP 500 in Sep 2026, driving over ~US$31bn of one-way flow across the SP 500, the Select Sector indices and the SP...

Anjana Amarasuriya

Quiddity Leaderboard SP500/600 Sep26 Rebal: Final Expectations

Two ADDs, two DELs for the September 2026 S&P 500 rebalance. Bloom Energy and Twilio lead the ADDs race. But the committee may skip Non-1500 entirely.

Anjana Amarasuriya

Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

Lockout Rally Continues; Breakouts Piling Up; $SPX Breakout Above 2-Yr Resistance at 4600-4607, $COMP Breakout Above 14,400. This is what a strong...

Vermilion Research

Black Bear Value Fund Q3 2022 Letter

Black Bear Value Fund returned -2.4% in September and +0.7% YTD. This is the kind of environment where the ability to play offense and invest for...

Fund Newsletters

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