Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

In our earlier insight, <a href="https://www.smartkarma.com/insights/pli-schemes-let-s-not-get-carried-away" target="_blank" data-smartkarma-citation="insights:45394" rel="noopener">PLI Schemes: Let's Not Get Carried Away</a> we had discussed our take on the recent PLI introduced by the government and how it can shape the economy. This insight focuses on the White goods PLI which have been handed a total budget of INR 62.4 bn. We further narrow our take on the air conditioners (ACs) segment of the white goods.
Domestic AC manufacturers were particularly abuzz when the first thought of PLI came in from the government. However the recent development of the scheme, which targets only the component manufacturing has left most of the domestic large companies thinking whether to opt for the PLI or not.

In our earlier insight, PLI Schemes: Let's Not Get Carried Away we had discussed our take on the recent PLI introduced by the government and how it can shape the economy. This insight focuses on the White goods PLI which have been handed a total budget of INR 62.4 bn. We further narrow our take on the air conditioners (ACs) segment of the white goods.
Domestic AC manufacturers were particularly abuzz when the first thought of PLI came in from the government. However the recent development of the scheme, which targets only the component manufacturing has left most of the domestic large companies thinking whether to opt for the PLI or not.

PLI for White Goods: Domestic Companies Left Stranded

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

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.Average allocations in the Industrials sector fell from a peak of 11.4% in mid-2011 to a low of just 4.82% in July of last year.  Since that trough, allocations have started to increase, with today's levels of 5.46% the highest since late 2019.We highlight 7 companies that have attracted new investment in the early stages of the reallocation towards the Industrials sector.

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.Average allocations in the Industrials sector fell from a peak of 11.4% in mid-2011 to a low of just 4.82% in July of last year.  Since that trough, allocations have started to increase, with today's levels of 5.46% the highest since late 2019.We highlight 7 companies that have attracted new investment in the early stages of the reallocation towards the Industrials sector.  

Macroeconomics

The previous insight related to our Covid-19 coverage, <a href="https://www.smartkarma.com/insights/covid-19-dull-economic-package-lock-down-4-0-consequences" target="_blank" data-smartkarma-citation="insights:39665" rel="noopener">Covid-19: Dull Economic Package, Lock-Down 4.0 Consequences</a> highlighted that the economy is inching towards relaxation. The government announced the three stages of unlocking beginning June, that will gradually open up all the industries, month by month.In this insight, we justify whether the timing of the unlock announced was a high gamble, and who would be the likely beneficiaries given the current crisis scenario

The previous insight related to our Covid-19 coverage, Covid-19: Dull Economic Package, Lock-Down 4.0 Consequences highlighted that the economy is inching towards relaxation. The government announced the three stages of unlocking beginning June, that will gradually open up all the industries, month by month.In this insight, we justify whether the timing of the unlock announced was a high gamble, and who would be the likely beneficiaries given the current crisis scenario

Unlock 1 Ill-Effects: Boon for the Consumer Discretionary?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s Int’l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. In today’s report we highlight our favorite setups within Industrials, spanning the Vermilion international Manufacturing, Services, and Transportation Sectors.

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s Int’l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. In today’s report we highlight our favorite setups within Industrials, spanning the Vermilion international Manufacturing, Services, and Transportation Sectors.

Global Equity Strategy: Global Equities Beginning a New Leg Higher

The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments which we highlight below. Still, there are several indicators that continue to tell us we are not yet out of the woods. In this report we outline key technical levels and drivers across major markets, and highlight attractive set ups in the following areas: European &amp; UK Banks, Exchanges/Markets, Asset Managers, and Insurance, Major Autos and Communications.

The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments which we highlight below. Still, there are several indicators that continue to tell us we are not yet out of the woods. In this report we outline key technical levels and drivers across major markets, and highlight attractive set ups in the following areas: European &amp; UK Banks, Exchanges/Markets, Asset Managers, and Insurance, Major Autos and Communications.

Global Equity Strategy: Bullish Breakout Probability on the Rise

India

Voltas Limited is an Indian multinational home appliance and engineering solutions company, known for its air conditioning products and a wide range of cooling and home appliances. It also provides electro-mechanical project services and engineering products. The company is headquartered in Mumbai, India, and was founded in 1954.

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Voltas (VOLT IN)

PLI for White Goods: Domestic Companies Left Stranded

AC manufacturers were particularly abuzz when the first thought of PLI came in. However, the recent development of the scheme has left most of the...

Nitin Mangal

Asia Ex-Japan: Industrials Rotation

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.

Steven Holden

Unlock 1 Ill-Effects: Boon for the Consumer Discretionary?

The previous insight related to our Covid-19 coverage, Covid-19: Dull Economic Package, Lock-Down 4.0 Consequences highlighted that the economy is...

Nitin Mangal

Global Equity Strategy: Global Equities Beginning a New Leg Higher

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s...

Vermilion Research

Global Equity Strategy: Bullish Breakout Probability on the Rise

The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments...

Vermilion Research

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