Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul><li>SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.</li><li>Despite the market downturn our cumulative redemptions are a mere basis points of the fund.</li><li>We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.</li><li>With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.</li><li>We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.</li></ul>

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.Despite the market downturn our cumulative redemptions are a mere basis points of the fund.We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.

SaltLight Capital Management Q3 2022 Co-Investor Letter

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

Walgreens Boots Alliance / Equity Bottom-Up

<ul><li>Walgreens’ stock had a disappointing performance during the course of the year but there as been some recovery after a decent result.</li><li>In the quarter pharmacy performance benefitted from the improved trends from maintenance medications and seasonal scripts.</li><li>We provide the stock of Walgreens with a ‘Hold’ rating and a revision in the target price.dditional workstreams for its consumer-facing digital assistant.</li></ul>

Walgreens’ stock had a disappointing performance during the course of the year but there as been some recovery after a decent result.In the quarter pharmacy performance benefitted from the improved trends from maintenance medications and seasonal scripts.We provide the stock of Walgreens with a ‘Hold’ rating and a revision in the target price.dditional workstreams for its consumer-facing digital assistant.

Walgreens Boots Alliance: The CareCentrix Acquisition & Other Drivers

<ul><li>We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will determine the portfolio’s return (and its risk).</li><li>Most of our work is devoted to seeking out individual investment opportunities and analyzing them rather than to macroeconomic forecasting.</li><li>As we expected, the need for capital investment over the long term has been, and will likely remain, higher than we anticipated.</li></ul>

We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will determine the portfolio’s return (and its risk).Most of our work is devoted to seeking out individual investment opportunities and analyzing them rather than to macroeconomic forecasting.As we expected, the need for capital investment over the long term has been, and will likely remain, higher than we anticipated.

Vltava Fund Q3 2022 Letter To Shareholders

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>One trend that has accelerated in the last few quarters is the pace of acquisitions being made by cash-rich companies.</li><li>The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only accelerated the pace of industry consolidation.</li><li>It's no secret that high-quality De-SPACs with strong earnings have been prime takeover/acquisition targets in recent months after seeing their shares take a beating through the year.</li></ul>

One trend that has accelerated in the last few quarters is the pace of acquisitions being made by cash-rich companies.The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only accelerated the pace of industry consolidation.It's no secret that high-quality De-SPACs with strong earnings have been prime takeover/acquisition targets in recent months after seeing their shares take a beating through the year.

<ul><li>Walgreens Boots Alliance is off to a strong start to the year with growth in first-quarter sales and adjusted earnings, a performance that was beyond Wall Street experience.</li><li>The company had a particularly strong quarter online, which includes purchasing online pickup in-store.</li><li>We provide the stock of Walgreens Boots Alliance with a ‘Hold’ rating with a revision in the target price.</li></ul>

Walgreens Boots Alliance is off to a strong start to the year with growth in first-quarter sales and adjusted earnings, a performance that was beyond Wall Street experience.The company had a particularly strong quarter online, which includes purchasing online pickup in-store.We provide the stock of Walgreens Boots Alliance with a ‘Hold’ rating with a revision in the target price.

Walgreens Boots Alliance Inc.: Digital Transformation

United States

Walgreens Boots Alliance, Inc., operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. Walgreens' also offers health services, including primary and acute care, wellness, pharmacy and disease management services and health and fitness.

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Walgreens Boots Alliance (WBA US)

SaltLight Capital Management Q3 2022 Co-Investor Letter

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process...

Fund Newsletters

Walgreens Boots Alliance: The CareCentrix Acquisition & Other Drivers

Walgreens’ stock had a disappointing performance during the course of the year but there as been some recovery after a decent result. In the...

Baptista Research

Vltava Fund Q3 2022 Letter To Shareholders

We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will...

Fund Newsletters

Reinventing American Healthcare

The significant Macroeconomic uncertainties that lie ahead, coupled with record cash balances at the largest firms on Wall Street, have only...

subSPAC

Walgreens Boots Alliance Inc.: Digital Transformation

Walgreens Boots Alliance is off to a strong start to the year with growth in first-quarter sales and adjusted earnings, a performance that was...

Baptista Research

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