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>The investment firm TPG reported strong financial and operational results for the fourth quarter and full year 2025, signaling continued expansion across its diversified asset management platform.</li><li>The firm’s assets under management (AUM) increased 23% year-over-year to $303 billion, driven by record capital raises totaling $51 billion—a 71% increase from the prior year—and robust value creation of $24 billion.</li><li>Fee-earning AUM also grew by 20% to $170 billion, supported by disciplined deployment and a diversified fund mix, notably across credit, private equity, real estate, and private wealth platforms.</li></ul>

The investment firm TPG reported strong financial and operational results for the fourth quarter and full year 2025, signaling continued expansion across its diversified asset management platform.The firm’s assets under management (AUM) increased 23% year-over-year to $303 billion, driven by record capital raises totaling $51 billion—a 71% increase from the prior year—and robust value creation of $24 billion.Fee-earning AUM also grew by 20% to $170 billion, supported by disciplined deployment and a diversified fund mix, notably across credit, private equity, real estate, and private wealth platforms.

TPG: From Private Equity to Multi-Strategy Powerhouse—A Structural Shift Driving Fee Growth!

<ul><li>TPG, a global asset management firm, highlighted several key trends and outcomes for the third quarter of 2025, which can be used to construct an investment thesis.</li><li>TPG reported a GAAP net income of $67 million and after-tax distributable earnings of $214 million, translating to $0.53 per share of Class A common stock.</li><li>The company declared a dividend of $0.45 per share, consistent with its history of shareholder remuneration.</li></ul>

TPG, a global asset management firm, highlighted several key trends and outcomes for the third quarter of 2025, which can be used to construct an investment thesis.TPG reported a GAAP net income of $67 million and after-tax distributable earnings of $214 million, translating to $0.53 per share of Class A common stock.The company declared a dividend of $0.45 per share, consistent with its history of shareholder remuneration.

TPG Inc.: Riding The Global M&A Momentum to Strengthen Liquidity

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.</li>
<li>We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.
We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.


Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the March 2026 index rebal event will be based on yesterday's (4th March 2026) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
The rankings used for the March 2026 index rebal event will be based on yesterday's (4th March 2026) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).


Quiddity Leaderboard SP500/600 Mar26 Rebal: Final Expectations

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world. </li>
<li>We expect two changes during the March 2026 regular rebalance. One intra-review index change is possible but unlikely before the regular rebalance is announced.</li>
<li>One name stands out as more interesting than the others.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world. 
We expect two changes during the March 2026 regular rebalance. One intra-review index change is possible but unlikely before the regular rebalance is announced.
One name stands out as more interesting than the others.


Quiddity Leaderboard SP500/600 Mar26 Rebal: Base Date Is Less Than A Month Away

United States

TPG Inc is a global alternative asset management firm. The Company invests across various multi-product platforms such as capital, growth, impact real estate, an market solutions. TPG serves clients worldwide.

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TPG Inc (TPG US)

TPG: From Private Equity to Multi-Strategy Powerhouse—A Structural Shift Driving Fee Growth!

The investment firm TPG reported strong financial and operational results for the fourth quarter and full year 2025, signaling continued expansion...

Baptista Research

TPG Inc.: Riding The Global M&A Momentum to Strengthen Liquidity

TPG, a global asset management firm, highlighted several key trends and outcomes for the third quarter of 2025, which can be used to construct an...

Baptista Research

Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

We expect 1 spinoff change to SP500/600 imminently, one M&A change to SP500, then two changes in the June 2026 rebalance. There could be two other...

Anjana Amarasuriya

Quiddity Leaderboard SP500/600 Mar26 Rebal: Final Expectations

Final expectations are presented for the S&P500 March 2026 rebalance, with SP 600 DELETEs also presented, which we think represent good trade ideas...

Anjana Amarasuriya

Quiddity Leaderboard SP500/600 Mar26 Rebal: Base Date Is Less Than A Month Away

The base date is approaching next week and this is a good time to revisit the insight. Lamb Weston has replaced Molina Healthcare in our top...

Anjana Amarasuriya

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