Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on</li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on
We revisit our outlook for each of those asset classes for H2 25


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>The WTR Sustainable Index was up 0.3% W/W versus the S&amp;P 500 Index (down 0.2%), the Russell 2000 Index (up 0.4%), and the Nasdaq Index (flat).</li>
<li>Energy Technology (13.4% of th  index) was down 3.0%, while Industrial Climate and Ag Technology (47.7% of the index) was down 0.1%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was up 0.5%.</li>
<li>
<strong>Top 10 Performers</strong>: TMC, FGPHF, INVZ, GCEH, NXH, MP, WWR, PSIX, OUST, ADSE</li>
</ul>


The WTR Sustainable Index was up 0.3% W/W versus the S&amp;P 500 Index (down 0.2%), the Russell 2000 Index (up 0.4%), and the Nasdaq Index (flat).
Energy Technology (13.4% of th  index) was down 3.0%, while Industrial Climate and Ag Technology (47.7% of the index) was down 0.1%, ClimateTech Mining was down 0.3%, and Advanced Transportation Solutions (20.8% of the index) was up 0.5%.

Top 10 Performers: TMC, FGPHF, INVZ, GCEH, NXH, MP, WWR, PSIX, OUST, ADSE


Sustainable Investing Surveyor Focus on T1 Energy (TE)

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Amazon.com, Inc. is a leading global technology and e-commerce conglomerate based in the United States, with a dominant and expanding presence across international markets, particularly in sectors such as cloud computing, digital streaming, and logistics.</li><li>The company’s shares have been listed on the Nasdaq Stock Market since 1997 and are included among the companies with the highest market capitalization globally.</li><li>Additionally, Amazon.com’s stock is included in a series of prominent indices, such as the Nasdaq 100, S&amp;P 500, and Dow Jones Industrial Average (DJIA). </li></ul>

Amazon.com, Inc. is a leading global technology and e-commerce conglomerate based in the United States, with a dominant and expanding presence across international markets, particularly in sectors such as cloud computing, digital streaming, and logistics.The company’s shares have been listed on the Nasdaq Stock Market since 1997 and are included among the companies with the highest market capitalization globally.Additionally, Amazon.com’s stock is included in a series of prominent indices, such as the Nasdaq 100, S&amp;P 500, and Dow Jones Industrial Average (DJIA). 

Stock Analysis - AMAZON.COM, INC. Common Stock - May 5, 2025

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

<ul>
<li>The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. </li>
<li>We offer four ways to capitalize on the short-term volatility for traders. </li>
<li>The suggested trades are the combination of identifiable underlying trends and technical breaks as signals for short-term profit.</li>
</ul>


The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. 
We offer four ways to capitalize on the short-term volatility for traders. 
The suggested trades are the combination of identifiable underlying trends and technical breaks as signals for short-term profit.


How to Capitalize on Narrative Volatility

Thematic (Sector/Industry)

<ul>
<li>Oil’s positive reaction to bearish news was a signal to go long.</li>
<li>Regardless of the outcome of the current fighting between Israel and Iran, oil has likely bottomed.</li>
<li>We add oil and related equities to the inflation basket</li>
</ul>


Oil’s positive reaction to bearish news was a signal to go long.
Regardless of the outcome of the current fighting between Israel and Iran, oil has likely bottomed.
We add oil and related equities to the inflation basket


Tactical Trading -Oil Joins the Commodity Rally

United States

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

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SPDR S&P 500 (SPY US)

Mid-Year Themes Review - Part I

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

Sustainable Investing Surveyor Focus on T1 Energy (TE)

The WTR Sustainable Index was up 0.3% W/W versus the S&P 500 Index (down 0.2%), the Russell 2000 Index (up 0.4%), and the Nasdaq Index (flat).

Water Tower Research

Stock Analysis - AMAZON.COM, INC. Common Stock - May 5, 2025

Amazon.com, Inc. is a leading global technology and e-commerce conglomerate based in the United States, with a dominant and expanding presence...

VRS (Valuation & Research Specialists)

How to Capitalize on Narrative Volatility

The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. We offer four ways...

Cam Hui

Tactical Trading -Oil Joins the Commodity Rally

Oil joins the commodity rally and has likely bottommed regardless of the outcome in the current Israel/Iran fighting. OIl related equities are now...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mid-Year Themes Review - Part I

​A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

Sustainable Investing Surveyor Focus on T1 Energy (TE)

The WTR Sustainable Index was up 0.3% W/W versus the S&P 500 Index (down 0.2%), the Russell 2000 Index (up 0.4%), and the Nasdaq Index (flat).

Water Tower Research

Stock Analysis - AMAZON.COM, INC. Common Stock - May 5, 2025

Amazon.com, Inc. is a leading global technology and e-commerce conglomerate based in the United States, with a dominant and expanding presence...

VRS (Valuation & Research Specialists)

How to Capitalize on Narrative Volatility

The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. We offer four ways...

Cam Hui

Tactical Trading -Oil Joins the Commodity Rally

Oil joins the commodity rally and has likely bottommed regardless of the outcome in the current Israel/Iran fighting. OIl related equities are now...

Rikki Malik

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...