Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to growth investing.</li>
<li>We expect additional, substantial appreciation for Tesla and SpaceX.</li>
<li>84.3% of our assets are NOT invested in Tesla and SpaceX, but rather are invested in other exceptionally attractive growth companies.</li>
<li>We have always believed that any recessions or declines in the value of our growth business holdings would not be long-lasting.</li>
<li>Think long term about everything, guard your reputation zealously, make sure your balance sheet is as close to impregnable as possible.</li>
</ul>


Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to growth investing.
We expect additional, substantial appreciation for Tesla and SpaceX.
84.3% of our assets are NOT invested in Tesla and SpaceX, but rather are invested in other exceptionally attractive growth companies.
We have always believed that any recessions or declines in the value of our growth business holdings would not be long-lasting.
Think long term about everything, guard your reputation zealously, make sure your balance sheet is as close to impregnable as possible.


Baron Funds Q3 2022 Report - Letter From Ron

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

Hyatt Hotels Corp Cl A / Equity Bottom-Up

<ul><li>Hyatt witnessed a strong recovery in group and business transient demand and saw strong levels of leisure demand.</li><li>The management is on track to turn the high leisure demand into high rate realization, capitalize on fee increases, and enable margin expansion.</li><li>The Hyatt management is adopting an increasingly data-driven approach and recently expanded their relationship with Knowland to deliver value across its portfolio.</li></ul>

Hyatt witnessed a strong recovery in group and business transient demand and saw strong levels of leisure demand.The management is on track to turn the high leisure demand into high rate realization, capitalize on fee increases, and enable margin expansion.The Hyatt management is adopting an increasingly data-driven approach and recently expanded their relationship with Knowland to deliver value across its portfolio.

Hyatt Hotels Corporation: Data-Driven Approach Through Knowland & Other Drivers

Credit

<ul><li>Hyatt Hotels have been on the path to recovery for the past year and while the Omicron variant was a headwind for them, it spiked and fell quickly in most parts of the world.</li><li>The company has completed the Apple Leisure acquisition and all AMResorts in the Americas are now bookable through Hyatt's channels.</li><li>The management’s successful integration ensures that World of Hyatt members can earn and redeem points at over 50 AMR properties.</li></ul>

Hyatt Hotels have been on the path to recovery for the past year and while the Omicron variant was a headwind for them, it spiked and fell quickly in most parts of the world.The company has completed the Apple Leisure acquisition and all AMResorts in the Americas are now bookable through Hyatt's channels.The management’s successful integration ensures that World of Hyatt members can earn and redeem points at over 50 AMR properties.

Hyatt Hotels Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

Hyatt Hotels Corp Cl A / Equity Capital Markets

<ul><li>Hyatt delivered a strong financial result showing excellent signs of recovery in the previous quarter.</li><li>While the Omicron variant was a headwind for them, it spiked and fell quickly in most parts of the world.</li><li>The company has completed the Apple Leisure acquisition and all AMResorts in the Americas are now bookable through Hyatt's channels.</li></ul>

Hyatt delivered a strong financial result showing excellent signs of recovery in the previous quarter.While the Omicron variant was a headwind for them, it spiked and fell quickly in most parts of the world.The company has completed the Apple Leisure acquisition and all AMResorts in the Americas are now bookable through Hyatt's channels.

Hyatt Hotels Corporation: The Apple Leisure Acquisition & Other Drivers

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

Marriott International / Technical Analysis

<ul>
<li>While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.</li>
<li>Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.</li>
<li>The fact that more areas are becoming attractive (and not <em>just</em> Energy and Financials) is a step in the right direction for bulls.</li>
</ul>


While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.
Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.
The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.


Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

United States

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

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Hyatt Hotels Corp Cl A (H US)

Baron Funds Q3 2022 Report - Letter From Ron

Baron is an asset management firm focused on delivering growth equity investment solutions known for long-term, fundamental, active approach to...

Fund Newsletters

Hyatt Hotels Corporation: Data-Driven Approach Through Knowland & Other Drivers

Hyatt witnessed a strong recovery in group and business transient demand and saw strong levels of leisure demand. The management is on track to...

Baptista Research

Hyatt Hotels Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Hyatt Hotels have been on the path to recovery for the past year and while the Omicron variant was a headwind for them, it spiked and fell quickly...

Baptista Research

Hyatt Hotels Corporation: The Apple Leisure Acquisition & Other Drivers

Hyatt delivered a strong financial result showing excellent signs of recovery in the previous quarter. While the Omicron variant was a headwind...

Baptista Research

Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

We are seeing encouraging signals that indicate improving risk appetites, including improvement within the Discretionary, Transports, and Materials...

Vermilion Research

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