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

Mettler Toledo International Inc / Equity Bottom-Up

Mettler Toledo International Inc (MTD US)

<ul><li>Mettler-Toledo International Inc. reported first quarter fiscal 2026 results reflecting modest top-line growth amid a challenging macroeconomic and geopolitical environment.</li><li>Consolidated sales reached $947 million, representing a 3% increase on a local currency basis, or 1% excluding acquisitions, with acquisitions contributing approximately 1.5%.</li><li>Sales growth varied by region with the Americas up 2%, Europe up 1%, and Asia/Rest of World up 5%, including 4% growth in China.</li></ul>

Mettler-Toledo International Inc. reported first quarter fiscal 2026 results reflecting modest top-line growth amid a challenging macroeconomic and geopolitical environment.Consolidated sales reached $947 million, representing a 3% increase on a local currency basis, or 1% excluding acquisitions, with acquisitions contributing approximately 1.5%.Sales growth varied by region with the Americas up 2%, Europe up 1%, and Asia/Rest of World up 5%, including 4% growth in China.

Mettler-Toledo Is More Than A Lab Instruments Play — Industrial Inspection Is Emerging As A Key Driver!

<ul><li>Mettler-Toledo reported its fourth-quarter financial results for 2025, displaying both strengths and areas requiring attention.</li><li>The company achieved robust financial performance with a reported sales increase of 8% in U.S. dollars, driven by a 5% local currency rise, largely attributed to acquisitions.</li><li>The company also demonstrated resilience amid global trade disputes and soft market conditions, showcasing strong EPS growth and excellent free cash flow conversion.</li></ul>

Mettler-Toledo reported its fourth-quarter financial results for 2025, displaying both strengths and areas requiring attention.The company achieved robust financial performance with a reported sales increase of 8% in U.S. dollars, driven by a 5% local currency rise, largely attributed to acquisitions.The company also demonstrated resilience amid global trade disputes and soft market conditions, showcasing strong EPS growth and excellent free cash flow conversion.

Mettler-Toledo Leverages Precision Leadership to Capture China’s Compliance Surge; What’s Next?

<ul><li>Mettler-Toledo International, a provider of precision instruments and services, reported its financial outcomes for the third quarter of 2025, showcasing a blend of robust performance and ongoing challenges.</li><li>The company's sales reached $1.03 billion, marking an increase of 6% in local currency terms and 8% on a U.S. dollar reported basis.</li><li>This performance was bolstered by several acquisitions, which contributed 1% to overall sales growth.</li></ul>

Mettler-Toledo International, a provider of precision instruments and services, reported its financial outcomes for the third quarter of 2025, showcasing a blend of robust performance and ongoing challenges.The company's sales reached $1.03 billion, marking an increase of 6% in local currency terms and 8% on a U.S. dollar reported basis.This performance was bolstered by several acquisitions, which contributed 1% to overall sales growth.

Mettler-Toledo: How Its Service Strategy Becomes a Revenue Machine—Can It Outgrow the Core Business?

<ul><li>Mettler-Toledo International Inc. reported its financial results for the second quarter of 2025, navigating a complex landscape marked by tariff pressures and varied market dynamics.</li><li>The company's sales were $983 million, reflecting a 2% increase in local currency and a 4% increase in U.S. dollar terms, highlighting growth in the Americas and Asia/Rest of the World, while sales in Europe were flat.</li><li>The Laboratory products sector experienced a modest 1% growth, offset by stronger performance in the Industrial segment, particularly in product inspection, which grew by 8%.</li></ul>

Mettler-Toledo International Inc. reported its financial results for the second quarter of 2025, navigating a complex landscape marked by tariff pressures and varied market dynamics.The company's sales were $983 million, reflecting a 2% increase in local currency and a 4% increase in U.S. dollar terms, highlighting growth in the Americas and Asia/Rest of the World, while sales in Europe were flat.The Laboratory products sector experienced a modest 1% growth, offset by stronger performance in the Industrial segment, particularly in product inspection, which grew by 8%.

Mettler-Toledo: Europe, China, & U.S. Biopharma Markets Can Become Its Biggest Growth Avenues!

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

Over 50% of allocations are in the US with the bulk of the remainder split between Japan, China &amp; HK and the major European nations.  The EMEA overweight is comprised mainly of the UK, Netherlands, France and Germany, with active managers running underweights in the US, China &amp; HK, Australia and Japan.UK allocations hover around their lowest levels in history, though managers remain stubbornly overweight compared to the MSCI AC World index.  A total of 62% of managers are overweight the UK at an average +1.88% above benchmark.  Global Value investors are approaching their largest ever overweight in UK stocks of 3.64% above benchmark.Another month, another slump in Japan exposure.  Average weights in Japan stand at an all-time low of 5.06% with 85.5% of funds exposed (another low). <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> are the most widely held stocks, with 23% and 21% of funds holding a position.Tech exposure is at record highs, though this is matched by a record underweight of -0.47%.  Indeed, the percentage of funds who are overweight technology has fallen to below 50% for the first time since the end of 2018, a sign that Global managers are tilting their portfolios away from Tech.German Industrials allocations have hit a 4-year high as more Global investors add exposure to the sector. <a href="https://www.smartkarma.com/entities/deutsche-post-ag" target="_blank" data-smartkarma-citation="entities:21608:1" rel="noopener">Deutsche Post AG (DPW GR)</a> and <a href="https://www.smartkarma.com/entities/siemens-ag" target="_blank" data-smartkarma-citation="entities:21713:1" rel="noopener">Siemens AG (SIE GR)</a> were the key stocks behind the move, with 4.2% and 2.4% of funds adding exposure over the last 6-months.Alibaba has seen closures by some of the larger holders in our analysis, led by American Funds Capital World Fund (-$1.1bn) and New Economy Fund (-$451m).  Though closures have dominated, selected funds have opened exposure during this period of volatility, including Invesco's Global Focus Fund and Liontrust's Global Income Fund.

Over 50% of allocations are in the US with the bulk of the remainder split between Japan, China &amp; HK and the major European nations.  The EMEA overweight is comprised mainly of the UK, Netherlands, France and Germany, with active managers running underweights in the US, China &amp; HK, Australia and Japan.UK allocations hover around their lowest levels in history, though managers remain stubbornly overweight compared to the MSCI AC World index.  A total of 62% of managers are overweight the UK at an average +1.88% above benchmark.  Global Value investors are approaching their largest ever overweight in UK stocks of 3.64% above benchmark.Another month, another slump in Japan exposure.  Average weights in Japan stand at an all-time low of 5.06% with 85.5% of funds exposed (another low). Sony Corp (6758 JP) and KDDI Corp (9433 JP) are the most widely held stocks, with 23% and 21% of funds holding a position.Tech exposure is at record highs, though this is matched by a record underweight of -0.47%.  Indeed, the percentage of funds who are overweight technology has fallen to below 50% for the first time since the end of 2018, a sign that Global managers are tilting their portfolios away from Tech.German Industrials allocations have hit a 4-year high as more Global investors add exposure to the sector. Deutsche Post AG (DPW GR) and Siemens AG (SIE GR) were the key stocks behind the move, with 4.2% and 2.4% of funds adding exposure over the last 6-months.Alibaba has seen closures by some of the larger holders in our analysis, led by American Funds Capital World Fund (-$1.1bn) and New Economy Fund (-$451m).  Though closures have dominated, selected funds have opened exposure during this period of volatility, including Invesco's Global Focus Fund and Liontrust's Global Income Fund.

Global Fund Positioning Update:  Japan Lows, US Highs, UK Value Rotation, Tencent & Alibaba Exit

United States

Mettler-Toledo International Inc. manufactures and markets weighing instruments for use in laboratory, industrial, and food retailing applications.  The Company also supplies several related analytical and measurement technologies. Mettler-Toledo provides its services to customers worldwide.

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Mettler Toledo International Inc (MTD US)

Mettler-Toledo Is More Than A Lab Instruments Play — Industrial Inspection Is Emerging As A Key Driver!

Mettler-Toledo International Inc. reported first quarter fiscal 2026 results reflecting modest top-line growth amid a challenging macroeconomic...

Baptista Research

Mettler-Toledo Leverages Precision Leadership to Capture China’s Compliance Surge; What’s Next?

Mettler-Toledo reported its fourth-quarter financial results for 2025, displaying both strengths and areas requiring attention. The company...

Baptista Research

Mettler-Toledo: How Its Service Strategy Becomes a Revenue Machine—Can It Outgrow the Core Business?

Mettler-Toledo International, a provider of precision instruments and services, reported its financial outcomes for the third quarter of 2025,...

Baptista Research

Mettler-Toledo: Europe, China, & U.S. Biopharma Markets Can Become Its Biggest Growth Avenues!

Mettler-Toledo International Inc. reported its financial results for the second quarter of 2025, navigating a complex landscape marked by tariff...

Baptista Research

Global Fund Positioning Update: Japan Lows, US Highs, UK Value Rotation, Tencent & Alibaba Exit

A detailed look at investor positioning among 380 active Global strategies, covering the major themes in country, sector and stock exposure.

Steven Holden

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