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>New York awarded 1.7 GW of renewable and energy storage projects backed by more than US$3.7 billion in investment, targeting operation by 2030.</li><li>Meanwhile, the Trump administration is preparing to relax federal fuel economy standards, lowering the 2031 target to 34.5 mpg and rolling back EV-supportive policies, drawing criticism from environmental groups.</li><li>The EPA also proposed repealing Biden-era power plant rules that required carbon capture or closure, a move advocates say could raise emissions, notably in Georgia. </li></ul>

New York awarded 1.7 GW of renewable and energy storage projects backed by more than US$3.7 billion in investment, targeting operation by 2030.Meanwhile, the Trump administration is preparing to relax federal fuel economy standards, lowering the 2031 target to 34.5 mpg and rolling back EV-supportive policies, drawing criticism from environmental groups.The EPA also proposed repealing Biden-era power plant rules that required carbon capture or closure, a move advocates say could raise emissions, notably in Georgia. 

Sustainable Investing Surveyor : Focus on VLO: Strong Position with Heavy-Crude Advantage...

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. </li>
<li>Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.</li>
<li>Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.</li>
</ul>


U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. 
Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.
Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.


Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

Independent Energy Equities & Commodities Research

Independent energy equity and commodity boutique

WHB Energy Research LLC

WHB Energy Research LLC is an independent energy industry equity and commodity boutique
providing analysis and trading/investment recommendations to hedge funds, mutual funds, oil
and gas producing companies, energy consuming companies and high net worth individuals.
WHB Energy Research LLC fills a major void by providing top level fundamental and
qualitative research complemented by state of the art quantitative modeling. WHB Energy
Research LLC also engages in physical oil trading activity as an agent/intermediary and also
provides expert witness consultation and testimony. From 2003-2005 Mr. Brown established and
managed an energy hedge fund for a single investor/client. Specialties: Economic and financial
analysis and forecasting of the NYMEX, ICE, and international physical petroleum markets and
energy equities in the integrated, independent producer, refining, drilling, service, and
transportation sectors.

<ul>
<li>Although we concede we are probably leaving money on the table, we have sold our long positions in MPC (NYSE $397.77) and VLO (NYSE $382.85) in our model energy portfolio.                 </li>
<li>The refiners have been stars of the energy sector, with our MPC and VLO gaining 144.6% and 135.2% this year due to attacks on refinery facilities in the Arabian Gulf.                                 </li>
<li>In addition, a major contributing factor has been the increased refined fuel consumption by the military.         </li>
</ul>


Although we concede we are probably leaving money on the table, we have sold our long positions in MPC (NYSE $397.77) and VLO (NYSE $382.85) in our model energy portfolio.                 
The refiners have been stars of the energy sector, with our MPC and VLO gaining 144.6% and 135.2% this year due to attacks on refinery facilities in the Arabian Gulf.                                 
In addition, a major contributing factor has been the increased refined fuel consumption by the military.         


Morning Market Notes: We Have Sold Our MPC and VLO From Our Model Energy Portfolio

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

<ul><li>The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.</li><li>These companies support our societal well-being and are less likely to be subject to hype.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.These companies support our societal well-being and are less likely to be subject to hype.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

Global Life Essential (Shariah) Portfolio (14-Sep-2026)

<ul><li>Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -2% vs. MSCI World (-1.3%) – underperformed the benchmark by -0.7%.</li></ul>

Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -2% vs. MSCI World (-1.3%) – underperformed the benchmark by -0.7%.

Global Income (Shariah) Portfolio (14-Sep-2026)

United States

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

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Valero Energy (VLO US)

Sustainable Investing Surveyor : Focus on VLO: Strong Position with Heavy-Crude Advantage...

New York awarded 1.7 GW of renewable and energy storage projects backed by more than US$3.7 billion in investment, targeting operation by 2030.

Water Tower Research

Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Full breakdown of our portfolio suite, performance, and new positioning. We broadened our commodity positioning, added Japan, and maintained a core...

Damanick Dantes, CMT

Morning Market Notes: We Have Sold Our MPC and VLO From Our Model Energy Portfolio

We have sold our MPC (NYSE $397.77) and VLO (NYSE $$382.85) in our model energy portfolio following year to gains of 144.6% and 135.2%, respectively.

William H Brown III

Global Life Essential (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services. These companies support our societal...

Crea8

Global Income (Shariah) Portfolio (14-Sep-2026)

Dividends are a key component of overall returns. The strategy seeks to invest in high dividend and Shariah compliant stocks globally. By adopting...

Crea8

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