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 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>Vertiv Holdings is moving to extend its reach deeper into the AI data-center power chain through its proposed acquisition of UtilityInnovation Group, or UIG.</li><li>Vertiv Corporation agreed to acquire the business for approximately $1.45 billion in cash at closing, with up to another $1.15 billion payable through earnouts tied to EBITDA targets over the following 12 to 24 months.</li><li>The transaction comes as Vertiv is already experiencing rapid growth from AI infrastructure spending, with second-quarter 2026 sales rising 24% year over year and management raising full-year revenue guidance to $14 billion.</li></ul>

Vertiv Holdings is moving to extend its reach deeper into the AI data-center power chain through its proposed acquisition of UtilityInnovation Group, or UIG.Vertiv Corporation agreed to acquire the business for approximately $1.45 billion in cash at closing, with up to another $1.15 billion payable through earnouts tied to EBITDA targets over the following 12 to 24 months.The transaction comes as Vertiv is already experiencing rapid growth from AI infrastructure spending, with second-quarter 2026 sales rising 24% year over year and management raising full-year revenue guidance to $14 billion.

Vertiv Acquisition Gamble: Can UtilityInnovation Accelerate The Race To Power AI Data Centers?

Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>
Medium term: Vertiv's Gray-space leadership is extending into white space through liquid cooling, integrated infrastructure and 800VDC; management targets 20-22% organic revenue CAGR through 2030, with further content/share upside.</li>
<li>
Short term: 2Q26 weakness was driven by supply-chain constraints and execution on larger integrated projects. FY26 guidance 40%+ 2H26 organic growth, making 2H26 backlog conversion the key debate near-term.</li>
<li>
Valuation: Recent consensus earnings have upgraded, accompanied by P/E de-rating to bottom-of-range. Our base case implies roughly 80% upside and bull case 100%+, driven mainly by earnings growth.</li>
</ul>



Medium term: Vertiv's Gray-space leadership is extending into white space through liquid cooling, integrated infrastructure and 800VDC; management targets 20-22% organic revenue CAGR through 2030, with further content/share upside.

Short term: 2Q26 weakness was driven by supply-chain constraints and execution on larger integrated projects. FY26 guidance 40%+ 2H26 organic growth, making 2H26 backlog conversion the key debate near-term.

Valuation: Recent consensus earnings have upgraded, accompanied by P/E de-rating to bottom-of-range. Our base case implies roughly 80% upside and bull case 100%+, driven mainly by earnings growth.


Vertiv Holdings Co (VRT US): Buy Into Near-Term Weakness - Gray-Space Leadership, White-Space Upside

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.</li>
<li>While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.</li>
<li>I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.</li>
</ul>


Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.
While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.
I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.


The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

<ul><li>Vertiv Holdings Co. reported strong financial and operational results for the second quarter of 2026, characterized by notable increases in sales, profitability, and cash flow, alongside raised full-year guidance.</li><li>Vertiv's net sales reached $3.274 billion, marking a 24% increase from the previous year, driven by solid organic growth of 18%, contributions from acquisitions (approximately 5%), and favorable currency effects.</li><li>Regional performance showed the Americas and Asia-Pacific (APAC) both growing organically by 21% and 26%, respectively, while Europe, Middle East, and Africa (EMEA) experienced a slight organic decline of 2%, though total net sales in EMEA increased by 2%.</li></ul>

Vertiv Holdings Co. reported strong financial and operational results for the second quarter of 2026, characterized by notable increases in sales, profitability, and cash flow, alongside raised full-year guidance.Vertiv's net sales reached $3.274 billion, marking a 24% increase from the previous year, driven by solid organic growth of 18%, contributions from acquisitions (approximately 5%), and favorable currency effects.Regional performance showed the Americas and Asia-Pacific (APAC) both growing organically by 21% and 26%, respectively, while Europe, Middle East, and Africa (EMEA) experienced a slight organic decline of 2%, though total net sales in EMEA increased by 2%.

Vertiv Holdings’ NVIDIA Partnership — 800-Volt DC Power Reaches A Tipping Point!

United States

Vertiv Holdings Co operates as a holding company. The Company, through its subsidiaries, provides electrical power equipment, thermal management, racks and enclosures, monitoring and management, tools, and other services. Vertiv Holdings serves data centers, communication networks, commercial, and industrial environments worldwide.

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Vertiv Holdings Co (VRT US)

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

Vertiv Acquisition Gamble: Can UtilityInnovation Accelerate The Race To Power AI Data Centers?

Vertiv Holdings is moving to extend its reach deeper into the AI data-center power chain through its proposed acquisition of UtilityInnovation...

Baptista Research