Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/mastercard-inc-class-a" target="_blank" data-smartkarma-citation="entities:15529:1" rel="noopener">Mastercard (MA US)</a> , <a href="https://www.smartkarma.com/entities/vertex-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:4864:1" rel="noopener">Vertex Pharmaceuticals (VRTX US)</a> and <a href="https://www.smartkarma.com/entities/pearson-plc" target="_blank" data-smartkarma-citation="entities:680:1" rel="noopener">Pearson Plc (PSON LN)</a> </li>
<li>For the four weeks ended 16 Dec the combined innovation portfolio was -1.1%, versus DJIA -2.4%, S&amp;P500 -2.8%, Nasdaq -4.0% &amp; MSCI-ACWI-ETF -2.3%, all in US$ terms.</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.
The three companies we write about this week are Mastercard (MA US) , Vertex Pharmaceuticals (VRTX US) and Pearson Plc (PSON LN) 
For the four weeks ended 16 Dec the combined innovation portfolio was -1.1%, versus DJIA -2.4%, S&amp;P500 -2.8%, Nasdaq -4.0% &amp; MSCI-ACWI-ETF -2.3%, all in US$ terms.


<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/evonik-industries-ag" target="_blank" data-smartkarma-citation="entities:21618:1" rel="noopener">Evonik Industries Ag (EVK GR)</a><a href="https://www.smartkarma.com/entities/altria-group-inc" target="_blank" data-smartkarma-citation="entities:6572:1" rel="noopener">Altria Group (MO US)</a> and <a href="https://www.smartkarma.com/entities/procter-gamble-co" target="_blank" data-smartkarma-citation="entities:978:1" rel="noopener">Procter &amp; Gamble Co (PG US)</a> </li>
<li>For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.
The three companies we write about this week are Evonik Industries Ag (EVK GR)Altria Group (MO US) and Procter &amp; Gamble Co (PG US) 
For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.


<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Wuxi Taclink Optoelectronics Technology / Equity Bottom-Up

Wuxi Taclink Optoelectronics Technology (688205 CH)

<ul>
<li>A-Share optoelectronics names hold the largest single-country share of merchant optical transceivers; Innolight leads globally at CNY38.24bn FY25 revenue, with Eoptolink next at CNY24.84bn.</li>
<li>AI has multiplied demand: Big-5 hyperscaler capex reached US$353bn in 2025, 2026 plans sum to roughly US$790bn, and the market is in year one of the 1.6T generation.</li>
<li>The module leaders trade at roughly 27x forward earnings, the cheapest layer of their own supply chain; upstream chip, DSP, and EMS peers run 29-52x.</li>
</ul>


A-Share optoelectronics names hold the largest single-country share of merchant optical transceivers; Innolight leads globally at CNY38.24bn FY25 revenue, with Eoptolink next at CNY24.84bn.
AI has multiplied demand: Big-5 hyperscaler capex reached US$353bn in 2025, 2026 plans sum to roughly US$790bn, and the market is in year one of the 1.6T generation.
The module leaders trade at roughly 27x forward earnings, the cheapest layer of their own supply chain; upstream chip, DSP, and EMS peers run 29-52x.


China Optoelectronics: Powering AI's Voracious Bandwidth Needs

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea.</li>
<li>Two days after the launch, the combined market caps of these four ETFs have already reached 163 billion won.</li>
<li>These four ETFs have different components, they all have the following four stocks in common (AMD, Microsoft, Unity Software, and Nvidia). </li>
</ul>


On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea.
Two days after the launch, the combined market caps of these four ETFs have already reached 163 billion won.
These four ETFs have different components, they all have the following four stocks in common (AMD, Microsoft, Unity Software, and Nvidia). 


Launch of Global Metaverse ETFs by Local Asset Mgmt Companies & Update of Korean Metaverse ETFs

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

The Innovations Portfolios - Week Four

For four weeks ended 16 Dec the combined innovation portfolio was -1.1%, versus DJIA -2.4%, S&P500 -2.8%, Nasdaq -4.0% & MSCI-ACWI-ETF -2.3%, all...

Pyari Menon

The Innovations Portfolios - Week Three

We assess how the three portfolios did for the first three weeks and discuss about one stock each from the large, mid and small cap portfolios

Pyari Menon

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

China Optoelectronics: Powering AI's Voracious Bandwidth Needs

A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...

Vincent Fernando, CFA

Launch of Global Metaverse ETFs by Local Asset Mgmt Companies & Update of Korean Metaverse ETFs

On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea. The combined market caps of...

Douglas Kim

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52-week Range

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The Innovations Portfolios - Week Four

For four weeks ended 16 Dec the combined innovation portfolio was -1.1%, versus DJIA -2.4%, S&P500 -2.8%, Nasdaq -4.0% & MSCI-ACWI-ETF -2.3%, all...

Pyari Menon

The Innovations Portfolios - Week Three

We assess how the three portfolios did for the first three weeks and discuss about one stock each from the large, mid and small cap portfolios

Pyari Menon

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

China Optoelectronics: Powering AI's Voracious Bandwidth Needs

​A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...

Vincent Fernando, CFA

Launch of Global Metaverse ETFs by Local Asset Mgmt Companies & Update of Korean Metaverse ETFs

On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea. The combined market caps of...

Douglas Kim

A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...