Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

We will be publishing our 1st Quarter 2025 Letter to Investors next week, the following is an excerpt from that letter:
As we noted earlier this year, we believe, along with many others, that we are now in a period in which investing from the position of political and geopolitical naivety has ended. As such, what has worked in markets is unlikely to work in the future.
This transition has been years in the making. Still, a confluence of events in recent years, starting with COVID and ending most recently with a rollout of an effort by the US government to reshape global trade, has sharply accelerated the transition.

We will be publishing our 1st Quarter 2025 Letter to Investors next week, the following is an excerpt from that letter:
As we noted earlier this year, we believe, along with many others, that we are now in a period in which investing from the position of political and geopolitical naivety has ended. As such, what has worked in markets is unlikely to work in the future.
This transition has been years in the making. Still, a confluence of events in recent years, starting with COVID and ending most recently with a rollout of an effort by the US government to reshape global trade, has sharply accelerated the transition.

Real Asset Chartbook Week #4: Still Interesting

External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

<ul><li>The global equities market saw mixed performance in February as uncertainty surrounding U.S. policy weighed on investor sentiment.</li><li>The MSCI World Index declined by 0.81% MoM, dragged by weak performance in U.S. markets, while the MSCI Emerging Markets Index edged up by 0.35% MoM, supported by gains in Chinese tech stocks and weaker U.S. dollar (DXY Index fell by 0.7% MoM).</li><li>The U.S. stock market wrapped up February on a weak note, with major indices recording sharp declines.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The global equities market saw mixed performance in February as uncertainty surrounding U.S. policy weighed on investor sentiment.The MSCI World Index declined by 0.81% MoM, dragged by weak performance in U.S. markets, while the MSCI Emerging Markets Index edged up by 0.35% MoM, supported by gains in Chinese tech stocks and weaker U.S. dollar (DXY Index fell by 0.7% MoM).The U.S. stock market wrapped up February on a weak note, with major indices recording sharp declines.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Economic Survey highlighted potential risks to India's stock market in 2025 due to high valuations and optimistic sentiments in the US. </li>
<li>India's growing retail investor base adds resilience, but many new investors lack experience with market corrections, increasing vulnerability to US market downturns.</li>
<li>The survey highlights the historical correlation between Indian and US equities, noting that Nifty 50 declined in 21 out of 22 instances when the S&amp;P 500 corrected by over 10%</li>
</ul>


The Economic Survey highlighted potential risks to India's stock market in 2025 due to high valuations and optimistic sentiments in the US. 
India's growing retail investor base adds resilience, but many new investors lack experience with market corrections, increasing vulnerability to US market downturns.
The survey highlights the historical correlation between Indian and US equities, noting that Nifty 50 declined in 21 out of 22 instances when the S&amp;P 500 corrected by over 10%


Economic Survey Highlights Potential Risk for the Indian Stock Market

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>Gold has realized an equity-like return over the last 20 years.</li>
<li>Gold has shown zero sensitivity to equity market declines, making it an excellent portfolio diversifier.</li>
<li>With the long-term outlook for bonds clouded (structurally lower yields and higher volatility), gold will likely become investors' preferred equity hedge.</li>
</ul>


Gold has realized an equity-like return over the last 20 years.
Gold has shown zero sensitivity to equity market declines, making it an excellent portfolio diversifier.
With the long-term outlook for bonds clouded (structurally lower yields and higher volatility), gold will likely become investors' preferred equity hedge.


Gold – An Excellent Addition to Any Investment Portfolio!

<ul>
<li>Understanding the ISM Manufacturing Index has been a tricky affair in recent months. Based on regional PMI data, the ISM (48.7) was anticipated to breach the 50 mark (50.7).</li>
<li>The gap between the current 10-year US Treasury yield and the ISM Manufacturing Index is huge!</li>
<li>In addition, the latest ISM numbers suggest a 26% downside for the S&amp;P 500 Index. Yikes!</li>
</ul>


Understanding the ISM Manufacturing Index has been a tricky affair in recent months. Based on regional PMI data, the ISM (48.7) was anticipated to breach the 50 mark (50.7).
The gap between the current 10-year US Treasury yield and the ISM Manufacturing Index is huge!
In addition, the latest ISM numbers suggest a 26% downside for the S&amp;P 500 Index. Yikes!


ISM Manufacturing – the Ugliest Macro Indicator for Stocks!

United States

The MSCI World Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31, 1969. MXWO includes developed world markets, and does not include emerging markets. MXWD includes both emerging and developed markets.

MSCI World Index (MXWO INDEX)

Real Asset Chartbook Week #4: Still Interesting

We will be publishing our 1st Quarter 2025 Letter to Investors next week, the following is an excerpt from that letter: As we noted earlier this...

Massif Capital Research

Monthly Equities - February 2025

The global equities market saw mixed performance in February as uncertainty surrounding U.S. policy weighed on investor sentiment.

CardinalStone

Economic Survey Highlights Potential Risk for the Indian Stock Market

The Economic Survey warns of risks to India's stock market in 2025 from high valuations and US market sentiment, citing historical correlation...

Nimish Maheshwari

Gold – An Excellent Addition to Any Investment Portfolio!

Gold brings a significant reduction in downside risk and offers unique diversification benefits to any (multi-asset) investment portfolio.

Jeroen Blokland

ISM Manufacturing – the Ugliest Macro Indicator for Stocks!

Even though some structural changes can explain part of the lackluster performance of the ISM Manufacturing Index, 26% potential downside should be...

Jeroen Blokland

Real Asset Chartbook Week #4: Still Interesting

We will be publishing our 1st Quarter 2025 Letter to Investors next week, the following is an excerpt from that letter: As we noted earlier this...

Massif Capital Research

Monthly Equities - February 2025

The global equities market saw mixed performance in February as uncertainty surrounding U.S. policy weighed on investor sentiment.

CardinalStone

Economic Survey Highlights Potential Risk for the Indian Stock Market

​The Economic Survey warns of risks to India's stock market in 2025 from high valuations and US market sentiment, citing historical correlation...

Nimish Maheshwari

Gold – An Excellent Addition to Any Investment Portfolio!

Gold brings a significant reduction in downside risk and offers unique diversification benefits to any (multi-asset) investment portfolio.

Jeroen Blokland

ISM Manufacturing – the Ugliest Macro Indicator for Stocks!

Even though some structural changes can explain part of the lackluster performance of the ISM Manufacturing Index, 26% potential downside should be...

Jeroen Blokland

The Economic Survey warns of risks to India's stock market in 2025 from high valuations and US market sentiment, citing historical correlation...