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>Chubb Limited reported robust financial results for the fourth quarter and full year ending December 31, 2025, demonstrating strong performance across its diversified global insurance and investment operations.</li><li>The company achieved record core operating income of nearly $3 billion for the quarter—an increase of approximately 22% compared to the prior year—and close to $10 billion for the full year, marking 9% growth.</li><li>This was driven by double-digit gains in underwriting and life insurance income alongside record investment income.</li></ul>

Chubb Limited reported robust financial results for the fourth quarter and full year ending December 31, 2025, demonstrating strong performance across its diversified global insurance and investment operations.The company achieved record core operating income of nearly $3 billion for the quarter—an increase of approximately 22% compared to the prior year—and close to $10 billion for the full year, marking 9% growth.This was driven by double-digit gains in underwriting and life insurance income alongside record investment income.

Chubb Limited: Expanding Consumer And Commercial Lines Through Strategic Global Partnerships!

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

<ul><li>Chubb Limited reported strong third-quarter 2025 financial results, highlighted by record earnings driven by broad-based growth across various segments and geographies.</li><li>The company's core operating income rose by 29% to $3 billion, translating into earnings per share (EPS) of $7.49, a 31% increase from last year.</li><li>This performance was supported by record underwriting and investment results as well as solid premium revenue growth, indicating the diversified strength of the company's portfolio.</li></ul>

Chubb Limited reported strong third-quarter 2025 financial results, highlighted by record earnings driven by broad-based growth across various segments and geographies.The company's core operating income rose by 29% to $3 billion, translating into earnings per share (EPS) of $7.49, a 31% increase from last year.This performance was supported by record underwriting and investment results as well as solid premium revenue growth, indicating the diversified strength of the company's portfolio.

Chubb: Inside the 24.5% Core Operating ROTCE—What’s Powering These Elite Insurance Returns?

<ul><li>Chubb Limited reported strong results for the second quarter of 2025, marked by record core operating earnings per share (EPS) of $6.14, a 14% increase from the previous year.</li><li>This performance was underscored by record underwriting income and robust investment results.</li><li>The company's diversified global presence played a pivotal role in these results, with all business lines and regions contributing to growth.</li></ul>

Chubb Limited reported strong results for the second quarter of 2025, marked by record core operating earnings per share (EPS) of $6.14, a 14% increase from the previous year.This performance was underscored by record underwriting income and robust investment results.The company's diversified global presence played a pivotal role in these results, with all business lines and regions contributing to growth.

Chubb Limited: How Have They Shown Resilience in Light of External Uncertainties?

<ul><li>Chubb Limited recently reported its financial results for the first quarter of 2025 in a call that addressed both the fundamentals of its performance and contextual global market conditions.</li><li>Here, we decipher the nuances of the report with an investment thesis that weighs the positives and negatives from a neutral standpoint.</li><li>Positives emerge from the company’s solid positions within its core operations despite external challenges.</li></ul>

Chubb Limited recently reported its financial results for the first quarter of 2025 in a call that addressed both the fundamentals of its performance and contextual global market conditions.Here, we decipher the nuances of the report with an investment thesis that weighs the positives and negatives from a neutral standpoint.Positives emerge from the company’s solid positions within its core operations despite external challenges.

Chubb Limited: Can It Capitalize On Emerging Market Opportunities To Drive Double-Digit Growth?

United States

Chubb Limited operates as a property and casualty insurance company. The Company provides commercial and personal property, casualty, and personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.

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Chubb (CB US)

Chubb Limited: Expanding Consumer And Commercial Lines Through Strategic Global Partnerships!

Chubb Limited reported robust financial results for the fourth quarter and full year ending December 31, 2025, demonstrating strong performance...

Baptista Research

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

Chubb: Inside the 24.5% Core Operating ROTCE—What’s Powering These Elite Insurance Returns?

Chubb Limited reported strong third-quarter 2025 financial results, highlighted by record earnings driven by broad-based growth across various...

Baptista Research

Chubb Limited: How Have They Shown Resilience in Light of External Uncertainties?

Chubb Limited reported strong results for the second quarter of 2025, marked by record core operating earnings per share (EPS) of $6.14, a 14%...

Baptista Research

Chubb Limited: Can It Capitalize On Emerging Market Opportunities To Drive Double-Digit Growth?

Chubb Limited recently reported its financial results for the first quarter of 2025 in a call that addressed both the fundamentals of its...

Baptista Research

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