Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. </li>
<li>Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.</li>
<li>Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.</li>
</ul>


U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. 
Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.
Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.


Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

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>Marathon Petroleum Corporation reported a strong second quarter for 2026, driven by robust operational execution and favorable market conditions.</li><li>The company achieved adjusted EBITDA of $8.5 billion and earnings per share of $17.73, with refining and marketing (R&M) segment EBITDA reaching approximately $6.7 billion on throughput of nearly 3 million barrels per day, running at an overall 94% utilization rate.</li><li>Notably, the U.S. Gulf Coast refinery operated at full 100% utilization, contributing to a $27 adjusted EBITDA per barrel figure, supported by optimized crude sourcing, increased jet fuel yields, and strong domestic and export demand.</li></ul>

Marathon Petroleum Corporation reported a strong second quarter for 2026, driven by robust operational execution and favorable market conditions.The company achieved adjusted EBITDA of $8.5 billion and earnings per share of $17.73, with refining and marketing (R&M) segment EBITDA reaching approximately $6.7 billion on throughput of nearly 3 million barrels per day, running at an overall 94% utilization rate.Notably, the U.S. Gulf Coast refinery operated at full 100% utilization, contributing to a $27 adjusted EBITDA per barrel figure, supported by optimized crude sourcing, increased jet fuel yields, and strong domestic and export demand.

Marathon Petroleum's Renewable Diesel Breakthrough — Utilization Hits 95% But Is It Enough?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/marathon-petroleum-corp">Marathon Petroleum</a> stands as the largest refiner in the U.S., leveraging an integrated model of refining and midstream assets to drive shareholder value through disciplined capital allocation and operational efficiency.</li>
  <li>The company is demonstrating strong financial performance, benefiting from a constructive refining market and returning significant capital to shareholders, with $11.6 billion returned in 2023 through dividends and buybacks.</li>
  <li>While capitalizing on current market strength, Marathon is also navigating the energy transition by investing in renewable fuels, notably converting existing refineries to produce renewable diesel, positioning itself for a lower-carbon future.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Marathon Petroleum stands as the largest refiner in the U.S., leveraging an integrated model of refining and midstream assets to drive shareholder value through disciplined capital allocation and operational efficiency.
  The company is demonstrating strong financial performance, benefiting from a constructive refining market and returning significant capital to shareholders, with $11.6 billion returned in 2023 through dividends and buybacks.
  While capitalizing on current market strength, Marathon is also navigating the energy transition by investing in renewable fuels, notably converting existing refineries to produce renewable diesel, positioning itself for a lower-carbon future.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Marathon Petroleum (MPC US) - Aug 2026

Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

Independent Energy Equities & Commodities Research

Independent energy equity and commodity boutique

WHB Energy Research LLC

WHB Energy Research LLC is an independent energy industry equity and commodity boutique
providing analysis and trading/investment recommendations to hedge funds, mutual funds, oil
and gas producing companies, energy consuming companies and high net worth individuals.
WHB Energy Research LLC fills a major void by providing top level fundamental and
qualitative research complemented by state of the art quantitative modeling. WHB Energy
Research LLC also engages in physical oil trading activity as an agent/intermediary and also
provides expert witness consultation and testimony. From 2003-2005 Mr. Brown established and
managed an energy hedge fund for a single investor/client. Specialties: Economic and financial
analysis and forecasting of the NYMEX, ICE, and international physical petroleum markets and
energy equities in the integrated, independent producer, refining, drilling, service, and
transportation sectors.

<ul>
<li>Our refiner equity group has h=generated attractive returns for shareholders, either rising in tandem with or outperforming the S&amp;P 500</li>
<li>Under our long-term view of the world, we believe our refiners will continue to generate in line or above average returns for shareholders.</li>
<li>The stocks have short-term trading opportunities, however, and we believe our stocks will gain between now and June based on customary seasonal factors.</li>
</ul>


Our refiner equity group has h=generated attractive returns for shareholders, either rising in tandem with or outperforming the S&amp;P 500
Under our long-term view of the world, we believe our refiners will continue to generate in line or above average returns for shareholders.
The stocks have short-term trading opportunities, however, and we believe our stocks will gain between now and June based on customary seasonal factors.


Refiner Equities: Long-Term Investment or Short-Term Trade? A Little of Both, It Seems

<ul><li>Marathon Petroleum Corporation’s first quarter 2026 performance reflects a combination of operational execution, strategic capital deployment, and a favorable macroeconomic environment for refining and midstream activities.</li><li>The company’s refineries operated at an 89% utilization rate with nearly 100% capture, marking the strongest first quarter in terms of process safety and lowest unplanned downtime in a decade, despite completing about 40% of its planned maintenance ahead of schedule.</li><li>These operational achievements supported adjusted EBITDA of $2.8 billion and adjusted earnings per share of $1.65, representing an approximately $800 million year-over-year improvement primarily driven by Refining & Marketing (R&M) segment performance.</li></ul>

Marathon Petroleum Corporation’s first quarter 2026 performance reflects a combination of operational execution, strategic capital deployment, and a favorable macroeconomic environment for refining and midstream activities.The company’s refineries operated at an 89% utilization rate with nearly 100% capture, marking the strongest first quarter in terms of process safety and lowest unplanned downtime in a decade, despite completing about 40% of its planned maintenance ahead of schedule.These operational achievements supported adjusted EBITDA of $2.8 billion and adjusted earnings per share of $1.65, representing an approximately $800 million year-over-year improvement primarily driven by Refining & Marketing (R&M) segment performance.

Marathon Petroleum: Can 94% Utilization Offset Mid-Continent Pressure?

United States

Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

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Marathon Petroleum (MPC US)

Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Full breakdown of our portfolio suite, performance, and new positioning. We broadened our commodity positioning, added Japan, and maintained a core...

Damanick Dantes, CMT

Marathon Petroleum's Renewable Diesel Breakthrough — Utilization Hits 95% But Is It Enough?

Marathon Petroleum Corporation reported a strong second quarter for 2026, driven by robust operational execution and favorable market...

Baptista Research

Primer: Marathon Petroleum (MPC US) - Aug 2026

Marathon Petroleum stands as the largest refiner in the U.S., leveraging an integrated model of refining and midstream assets to drive...

αSK Primers

Refiner Equities: Long-Term Investment or Short-Term Trade? A Little of Both, It Seems

Our refiner equity group has consistently outperformed the S&P 500 and is expected to continue generating strong returns for shareholders, with a...

William H Brown III

Marathon Petroleum: Can 94% Utilization Offset Mid-Continent Pressure?

Marathon Petroleum Corporation’s first quarter 2026 performance reflects a combination of operational execution, strategic capital deployment, and...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Full breakdown of our portfolio suite, performance, and new positioning. We broadened our commodity positioning, added Japan, and maintained a core...

Damanick Dantes, CMT

Marathon Petroleum's Renewable Diesel Breakthrough — Utilization Hits 95% But Is It Enough?

Marathon Petroleum Corporation reported a strong second quarter for 2026, driven by robust operational execution and favorable market...

Baptista Research

Primer: Marathon Petroleum (MPC US) - Aug 2026

Marathon Petroleum stands as the largest refiner in the U.S., leveraging an integrated model of refining and midstream assets to drive...

αSK Primers

Refiner Equities: Long-Term Investment or Short-Term Trade? A Little of Both, It Seems

​Our refiner equity group has consistently outperformed the S&P 500 and is expected to continue generating strong returns for shareholders, with a...

William H Brown III

Marathon Petroleum: Can 94% Utilization Offset Mid-Continent Pressure?

Marathon Petroleum Corporation’s first quarter 2026 performance reflects a combination of operational execution, strategic capital deployment, and...

Baptista Research

Our refiner equity group has consistently outperformed the S&P 500 and is expected to continue generating strong returns for shareholders, with a...