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>ServiceNow's second quarter 2025 financial results were characterized by strong performance and strategic advancements, yet they portrayed a nuanced landscape with both commendable growth and pertinent challenges.</li><li>The company reported a noteworthy subscription revenue growth of 21.5% in constant currency, surpassing their guidance by 2 percentage points.</li><li>This was complemented by a robust operating margin of 29.5%, which exceeded expectations by over 2.5 percentage points.</li></ul>

ServiceNow's second quarter 2025 financial results were characterized by strong performance and strategic advancements, yet they portrayed a nuanced landscape with both commendable growth and pertinent challenges.The company reported a noteworthy subscription revenue growth of 21.5% in constant currency, surpassing their guidance by 2 percentage points.This was complemented by a robust operating margin of 29.5%, which exceeded expectations by over 2.5 percentage points.

ServiceNow Has Started Teaming Up with AI Titans—Is This the Start of A New Enterprise Software Empire?

<ul><li>ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.</li><li>The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.</li><li>Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.</li></ul>

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also navigating a challenging macroeconomic environment.The company's focus on expanding its artificial intelligence (AI) capabilities and deepening customer relationships were major highlights.Subscription revenue increased by 20% year-over-year in constant currency, slightly surpassing guidance.

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

<ul><li>ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.</li><li>The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.</li><li>This emphasizes the firm's ability to capture and sustain customer interest in its services.</li></ul>

ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.This emphasizes the firm's ability to capture and sustain customer interest in its services.

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! - Major Drivers

<ul><li>ServiceNow, led by CEO Bill McDermott, has exhibited strong performance in the third quarter of 2024, consistently outstripping financial forecasts and proving its resilience and strategic acumen in a tough economic landscape.</li><li>The company reported a substantial growth in subscription revenue, up by 22.5% in constant currency, surpassing the upper end of the forecast by 200 basis points.</li><li>This growth seems to stem from widespread customer adoption and expansion of ServiceNow's integrated platforms across various enterprise functions, manifesting in several large-scale deals and increasing annual contract value from customers.</li></ul>

ServiceNow, led by CEO Bill McDermott, has exhibited strong performance in the third quarter of 2024, consistently outstripping financial forecasts and proving its resilience and strategic acumen in a tough economic landscape.The company reported a substantial growth in subscription revenue, up by 22.5% in constant currency, surpassing the upper end of the forecast by 200 basis points.This growth seems to stem from widespread customer adoption and expansion of ServiceNow's integrated platforms across various enterprise functions, manifesting in several large-scale deals and increasing annual contract value from customers.

ServiceNow Inc.: The NVIDIA Partnership & Other Factors To Capitalize On GenAI! - Major Drivers

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

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.</li>
<li>Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.</li>
<li>Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.</li>
</ul>


Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.


Palantir Technologies Inc:  Rotation Signals Momentum Shift

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

ServiceNow Has Started Teaming Up with AI Titans—Is This the Start of A New Enterprise Software Empire?

ServiceNow's second quarter 2025 financial results were characterized by strong performance and strategic advancements, yet they portrayed a...

Baptista Research

ServiceNow Inc.: Government Transformation Suite Expansion & Key Growth Catalysts!

ServiceNow reported strong financial results for the first quarter of 2025, showcasing substantial growth in key performance indicators while also...

Baptista Research

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! - Major Drivers

ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024. The company reported a subscription...

Baptista Research

ServiceNow Inc.: The NVIDIA Partnership & Other Factors To Capitalize On GenAI! - Major Drivers

ServiceNow, led by CEO Bill McDermott, has exhibited strong performance in the third quarter of 2024, consistently outstripping financial...

Baptista Research

Palantir Technologies Inc: Rotation Signals Momentum Shift

Palantir has surged into global fund portfolios, doubling ownership to record highs. Growth-led buying and a 500% rally push it toward Tesla-like...

Steven Holden

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