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

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Industrivärden’s NAV reached SEK 165.6 billion in H1 2025, up 4%, while C shares delivered a flat return and now trade at a 9.7% discount to NAV—below historical levels.</li>
<li>The portfolio is highly concentrated, with 91% of NAV in five stocks: Volvo, Sandvik, Handelsbanken, Essity, and SCA—making it easily replicable but sensitive to industrial sector cycles.</li>
<li>Management costs remain ultra-low at 0.08% of AUM, while net debt is just 2% of the portfolio. Credit quality is strong (A+/Stable), and dividends from holdings totaled SEK 9.4 billion.</li>
</ul>


Industrivärden’s NAV reached SEK 165.6 billion in H1 2025, up 4%, while C shares delivered a flat return and now trade at a 9.7% discount to NAV—below historical levels.
The portfolio is highly concentrated, with 91% of NAV in five stocks: Volvo, Sandvik, Handelsbanken, Essity, and SCA—making it easily replicable but sensitive to industrial sector cycles.
Management costs remain ultra-low at 0.08% of AUM, while net debt is just 2% of the portfolio. Credit quality is strong (A+/Stable), and dividends from holdings totaled SEK 9.4 billion.


Industrivärden's H1 2025: NAV Evolution, Discount, Target NAV, Replication

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>Sandvik's first quarter of 2025 showcased varied performance across its business segments and regions, colored by a mix of positive and challenging elements within the broader macroeconomic context.</li><li>The company’s Mining segment showed significant momentum, driven by robust demand and major orders in Australia and South America, contributing to a 7% increase in organic order intake.</li><li>Conversely, the Cutting Tools and Infrastructure divisions displayed continued strain from economic uncertainties, with notable declines in key markets such as Europe and North America.</li></ul>

Sandvik's first quarter of 2025 showcased varied performance across its business segments and regions, colored by a mix of positive and challenging elements within the broader macroeconomic context.The company’s Mining segment showed significant momentum, driven by robust demand and major orders in Australia and South America, contributing to a 7% increase in organic order intake.Conversely, the Cutting Tools and Infrastructure divisions displayed continued strain from economic uncertainties, with notable declines in key markets such as Europe and North America.

Sandvik’s Bold Manufacturing Play: Can It Weather the Next Global Crisis? – Initiation of Coverage

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.</li><li>This has swiftly aligned markets more with Upslope’s portfolio and approach.</li><li>April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).</li></ul>

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.This has swiftly aligned markets more with Upslope’s portfolio and approach.April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&amp;P Midcap 400).

Upslope's Quarterly Investor Letter: 2025-Q1

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>Discussion with Darren Kwok from Barminko and Andrew Dawson from Sandvik about load and haul equipment in the mining industry</li><li>Explanation of different types of load and haul equipment, including full battery, hybrid, and diesel electric</li><li>Exploration of reasons why certain technologies, like diesel electric, have not been widely adopted in underground mining operations</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion with Darren Kwok from Barminko and Andrew Dawson from Sandvik about load and haul equipment in the mining industryExplanation of different types of load and haul equipment, including full battery, hybrid, and diesel electricExploration of reasons why certain technologies, like diesel electric, have not been widely adopted in underground mining operationsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Sweden

Sandvik AB is a high-technology engineering group.  The Company develops, manufactures, and markets tools for metalworking applications,  machinery and tools for rock excavation, stainless steel products, special alloys, and resistance heating materials and process systems.  Sandvik markets to industrial companies throughout the world, and tools can also be purchased online.

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Sandvik AB (SAND SS)

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&P 500 is headed...

Vermilion Research

Industrivärden's H1 2025: NAV Evolution, Discount, Target NAV, Replication

Industrivärden offers low-cost, concentrated exposure to Sweden’s industrial giants. With solid returns, low debt, and a narrow NAV discount, it’s...

Jesus Rodriguez Aguilar

Sandvik’s Bold Manufacturing Play: Can It Weather the Next Global Crisis? – Initiation of Coverage

Sandvik's first quarter of 2025 showcased varied performance across its business segments and regions, colored by a mix of positive and...

Baptista Research

Upslope's Quarterly Investor Letter: 2025-Q1

Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.

Upslope Capital Management

The Future of Underground Load & Haul

Darren Kwok and Mr. Andrew Dawson discuss load and haul technology, including diesel combustion engines, full battery electric trucks, hybrids, and...

Money of Mine

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