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Atkore: High-ROIC Leader in Attractive Electrical Component Niche Markets

June 21, 2023 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts, Wide Moat, Wide-Moat Investing Summit 2023, Wide-Moat Investing Summit 2023 Featured

Chris Crawford of Crawford Fund Management presented his investment thesis on Atkore (US: ATKR) at Wide-Moat Investing Summit 2023.

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About the instructor:

Chris Crawford is the Managing Partner and Chief Investment Officer of Crawford Fund Management, LLC, a Boston-based Investment Partnership. The firm manages a long/short fund that invests in equities and options with an emphasis on underfollowed public companies. Prior to co-founding Crawford Fund Management in 2009, Chris was Managing Director, Portfolio Manager and head of the Boston office with Stark Investments, a $10B multi-strategy global hedge fund. At Stark, Chris built the firm’s equity long/short team and managed $1.5B in equity long/short assets as well as a $200M short-biased portfolio. From 2003-2006, Chris was Senior Vice President and Portfolio Manager with Putnam Investments, and co-Portfolio Manager of the $3B Putnam International Capital Opportunities Fund and related client accounts. From 2000 to 2003, Chris was a Partner and Senior Analyst with ABRY Partners on a team managing a $400M TMT-focused hedge fund. From 1996 to 2000, Chris was with Wellington Management Company, where he served as a Global Industry Analyst covering the media industry and as a Portfolio Manager for $600M in client sector-fund and institutional assets. Chris holds an MBA from The Wharton School of Business and graduated magna cum laude from University of Pennsylvania with a BA in Physics, BS in Economics, BAS in Systems Engineering and an MA in International Relations.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Flex: Successful Transition Toward Higher-Margin, Long-Cycle Businesses

June 21, 2023 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts, Wide Moat, Wide-Moat Investing Summit 2023, Wide-Moat Investing Summit 2023 Featured

Arvind Mallik and Jonathon Fite of KMF Investments presented their investment thesis on Flex (US: FLEX) at Wide-Moat Investing Summit 2023.

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About the instructors:

Arvind Mallik is a Managing Partner of KMF Investments, a pure Pay-for-Performance Private Investment Partnership based in Denton, Texas. KMF seeks long-term capital appreciation by investing in companies whose intrinsic value is significantly higher than the market price. Since its founding in 2008, KMF has found opportunities in world dominating franchises, hard assets below replacement costs, businesses at large discounts to liquidation value, and firms with beneficial exposure to rising interest rates. Prior to founding KMF Investments, Mr. Mallik was a Senior Manager in the Strategy practice of Accenture. At Accenture, he helped global companies formulate and execute strategies to enter new markets, develop innovative new services and solutions, and reduce their operating costs to improve shareholder returns. Mr. Mallik obtained a BS in Chemical Engineering and BS in Bioengineering from UC Berkeley, and an MS in Chemical Engineering from MIT. He graduated with highest honors from both institutions.

Jonathon Fite is a Managing Partner of KMF Investments, a pure Pay-for-Performance Private Investment Partnership based in Denton, Texas.KMF seeks long-term capital appreciation by investing in companies whose intrinsic value is significantly higher than the market price. Since its founding in 2008, KMF has found opportunities in world dominating franchises, hard assets below replacement costs, businesses at large discounts to liquidation value, and firms with beneficial exposure to rising interest rates.Prior to founding KMF Investments, Mr. Fite was a Senior Manager in the Strategy practice of Accenture, where he helped companies improve shareholders returns. He is also an Adjunct Professor for the College of Business at the University of North Texas. Mr. Fite graduated with honors from the University of Arkansas with a BS and MS in Industrial Engineering.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Vedant Fashions: Branded, Growing Leader in Indian Wedding Wear

June 20, 2023 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Wide Moat

Gautam Baid of Stellar Wealth Partners presented his investment thesis on Vedant Fashions Limited (VFL) (India: MANYAVAR) at Wide-Moat Investing Summit 2023.

Thesis summary:

Vedant Fashions, headquartered in Kolkata, provides Indian wedding and celebration wear for men, women, and kids. VFL offers a one-stop destination for a wide range of product offerings for every celebratory occasion in India through its bouquet of brands — with clear placements and propositions for each of them.

Manyavar is the oldest brand, launched in 1999. Manyavar is a category leader in the branded Indian wedding and celebration wear market, with a pan-India presence. The brand is strong enough for the company to not offer any discounts or end-of-season sales. Other brands in this category are one-seventh the size of the Manyavar brand.

Apart from Manyavar, which generates the majority of the company’s revenue, VFL has ventured into adjacent markets with other brands. The new ventures offer significant potential for growth and profitability. With the Mohey brand’s focus on the mid-premium women’s Indian wedding and celebration wear market, Manthan’s value brand for men’s Indian wedding and celebration wear, Twamev’s premium brand for men’s Indian wedding, and the separate vertical for kids, VFL is diversifying its offerings and positioning itself for further growth. In Gautam’s view, these new ventures offer optionality and make VFL an attractive investment opportunity.

Vedant Fashions has all the makings of a long-term compounder — a large estimated market size of INR 1.8 lakh crore (roughly $220 billion); a highly fragmented, unbranded market; dominant market share; industry-leading gross margins of ~67%; operating margins nearing 50%, which trickles down to the bottom-line due to an asset-light business model; net profit margins of 30%; and ROCE of 47% even in covid-hit FY22 — so all the characteristics of a “big fish in the ocean” that can continue growing for a long time. Finally, the founding family runs the business and has lots of “skin in the game”.

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About the instructor:

Gautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. Gautam is also the Equity Advisor of Complete Circle Stellar Wealth PMS, a portfolio management service which is available to Indian citizens and NRIs globally. Both funds are modeled after the Buffett Partnership fee structure and invest in listed Indian equities with a long-term, fundamental, and value-oriented approach.

Previously, Gautam served as Portfolio Manager at Summit Global Investments, an SEC-registered investment advisor based in Salt Lake City, USA. Before that, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as Senior Analyst in their investment banking teams.

Gautam is author of the international best-seller on value investing, The Joys of Compounding. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Adam Rozencwajg on Intelligent Investing in the Oil and Gas Sector

June 12, 2023 in Audio, Document, Equities, Full Video, Gain Industry Insights Podcast, Industry Primers, Interviews, Member Podcasts, Podcast

We had the pleasure of speaking with Adam Rozencwajg, managing partner of Goehring & Rozencwajg Associates, about the value-oriented investment case for oil and gas equities.

The interview was conducted by MOI Global contributor Rohith Potti and follows a conversation from August 2021.

This conversation is available as an episode of Gain Industry Insights, a member podcast of MOI Global. (Learn how to access member podcasts.)

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About the guest:

Adam A. Rozencwajg serves as a Managing Partner at Goehring & Rozencwajg Associates, LLC. Adam has nearly two decades years of investment experience. Between 2007 and 2015, he worked exclusively on the Global Natural Resources Fund at Chilton Investment Company with Leigh R. Goehring, now a fellow Managing Partner of Goehring & Rozencwajg. Prior to joining Chilton, Adam worked in the Investment Banking department at Lehman Brothers between 2006 and 2007. Adam holds a Bachelor of Arts degree with a major in Economics/Philosophy from Columbia University. He is a CFA charterholder.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Techno Medica: Undervalued, Cash-Rich Company With Clear Catalyst

April 27, 2023 in Asia, Asian Investing Summit 2023, Asian Investing Summit 2023 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Jiro Yasu and Patrick Rial of Varecs Partners presented their investment thesis on Techno Medica (Japan: 6678) at Asian Investing Summit 2023.

Thesis summary:

Techno Medica is the dominant provider of blood testing preparation machines in Japan. The company is a fabless producer and generates profit mainly from consumables such as labels and printer ink.

Varecs Partners is proposing that the company raise its dividend payout ratio to 100%, reflecting the lack of capex needs and the large cash balance.

The shares recently traded at an EV/EBIT multiple of 3.2x. Jiro and Patrick believe the share price could double if the dividend policy is changed. A similar proposal garnered significant support at last year’s annual meeting. With support from a few other like-minded shareholders, Jiro and Patrick believe success is near.

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About the instructor:

Jiro Yasu has two decades of investment experience in the Japanese equity markets including at Varecs Partners, First Eagle Investment Management and Daiwa Securities America. As the Representative Director of Varecs Partners, Jiro spearheads the investment firm’s efforts to identify mid-sized listed Japanese companies where corporate value can be realized for all stakeholders by working together with management. Jiro holds a BA in economics with a specialty in econometrics from Keio University.

Patrick Rial joined VARECS Partners in 2015 as Senior Analyst. He joined from J.P. Morgan Securities Japan where he worked in equity strategy and small cap research. Prior to J.P. Morgan, he was a product manager at Morgan Stanley MUFG Securities. Mr. Rial began his career as a financial journalist covering Japanese equity markets. He has been a CFA charterholder since 2011. He holds a BA in economics and history from Georgetown University.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Japanese Small Value: Opportunity Set, Constraints, Valuations

April 27, 2023 in Asia, Asian Investing Summit 2023, Asian Investing Summit 2023 Featured, Audio, Equities, Ideas, Invest Intelligently Podcast, Member Podcasts, Transcripts

Nick Schmitz of Verdad Advisers presented his research findings into Japanese small-cap value equities at Asian Investing Summit 2023.

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About the instructor:

Nick Schmitz serves as Partner and Japan Portfolio Manager at Verdad Advisers. Before joining Verdad, Nick worked at Goldman Sachs. He earned a BS from the US Naval Academy, a Masters of Philosophy from Oxford University as a Rhodes Scholar, and an MBA from the Stanford Graduate School of Business. Nick served as a Captain in the Marine Corps in Afghanistan and taught at the US Naval Academy. He has completed language immersion in Tokyo and worked at the Japanese Defense Academy in Yokosuka. Nick has published academic articles on constitutional law and testified before Congress on his research.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Quantitative Value with Momentum: Strategy, Algorithm, Holdings

April 27, 2023 in Asia, Asian Investing Summit 2023, Asian Investing Summit 2023 Featured, Audio, Equities, Ideas, Invest Intelligently Podcast, Member Podcasts

Gaurang Merani of Global Investing Insight presented his “Quantitative Value with Momentum” strategy at Asian Investing Summit 2023.

Thesis summary:

The “Quantitative Value with Momentum” strategy, as the name suggests, is a systematic investing strategy that has outperformed the global equity market as well as a selection of value-oriented funds since inception in 2017.

In this presentation, Gaurang details the algorithm powering the strategy as well as identifies some past and current holdings from the Asia Pacific region.

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About the instructor:

Gaurang Merani is an advisor to family offices in Europe and Asia as well as a dedicated private investor. Since 2016, following almost 15 years in corporate finance and forensic accounting Gaurang focussed his time and energy on global equity research and portfolio management. His research efforts resulted in the development and implementation of two systematic investment strategies based on the value and momentum factors, in addition to two more conventional strategies based on principles of deep value and event driven situations. Gaurang has had the distinction of having his research published by Alpha Architect, a highly regarded research based asset management firm led by Jack Vogel PhD and Wes Gray PhD. Gaurang graduated from the University of Technology, Sydney with a Bachelor of Business and is a Certified Practising Accountant (CPA), Australia member.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

CCLP: Leading Coffee Processor with Improving Business Quality

April 27, 2023 in Asia, Asian Investing Summit 2023, Asian Investing Summit 2023 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Mehul Bhatt of OysterRock Capital presented his investment thesis on CCL Products (India: CCLP) at Asian Investing Summit 2023.

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About the instructor:

Mehul Bhatt serves as Founder and Managing Partner at OysterRock Capital, an India-centric investment firm. Previously, Mehul headed equity fund management at HSBC Asset Management in India. Before that, he worked with Credit Suisse India Asset Management, where he managed discretionary equity and fixed income capital on the wealth management platform in India. Mehul is a mechanical engineer and a management graduate from the Indian School of Business.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Inox Wind: Undervalued Wind Energy Player on Cusp of Turnaround

April 27, 2023 in Asia, Asian Investing Summit 2023, Asian Investing Summit 2023 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Amey Kulkarni of Candor Investing presented his investment thesis on Inox Wind (India: INXW) at Asian Investing Summit 2023.

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About the instructor:

Amey Kulkarni operates a boutique investment advisory that partners with select individuals and family offices in their journey of wealth creation through investments in the Indian equity markets. Amey worked in the corporate sector for a decade with experience spanning across India, Europe and African markets. Amey has also worked closely with the top management of L&T (Chairman’s office) and the MD&CEO office at Jindal Steel & Power handling responsibilities of corporate strategy and business planning. Having gained unique insights into the internal workings of large diversified businesses from close quarters, Amey now applies the learnings to run an investment fund at Candor Investing. At Candor Investing, Amey invests in companies that don’t require external capital, have the ability to grow for a long time and are run by honest and hungry management. Being passionate about sharing the learnings and insights gained out of his investment experience, Amey occasionally takes up visiting faculty assignments at various Indian business schools. He is also a contributing author to the Moneylife Magazine which is renowned for pointing out corporate governance issues and championing investor awareness campaigns.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Boeing: Compelling Investment in Light of Volatile US-China Relations

April 27, 2023 in Asia, Asian Investing Summit 2023, Asian Investing Summit 2023 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Max Hu of ZZ Capital international presented his investment thesis on Boeing (US: BA) at Asian Investing Summit 2023. Max also discussed his macro outlook.

Thesis summary:

Boeing is a leading global company that sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide. The company generated revenue of $66 billion in 2022 (~40% Commercial Aviation, ~35% Defense & Space, and ~25% Aviation Services).

Boeing shares recently traded at a price-to-book multiple of 1.8x. The stock price has declined by ~40% since 2017 and has underperformed over the last five years, likely due to bad US-China relations, 737 MAX-related news, and covid.

Max believes that the stagnating stock price provides an attractive entry point for long-term investors. The shares could benefit either if (1) China-US relations improve and Boeing receives new orders from China, or (2) China-US relations deteriorate further, in which case dual-use aviation and military assets could become highly valuable.

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About the instructor:

Max Hu serves as the executive director for ZZ Capital international. ZZ Capital International is the Hong Kong-based oversea investing platform for the ZEG, a leading Chinese privately-owned investment group with an AUM over 150 billion USD. Previously, Max was Head of Asset Management for JT Asset Management. He was also the co-founder and fund manager of Tyee Capital Group. He managed Tyee Capital’s global opportunity fund, an equity-based, long-biased multi-strategy fund with a focus on extraordinary businesses. Max’s investment approach is contrarian, long-term, and concentrated. His investments have been focused on easy to understand, wide-moat companies with solid long-term growth prospects. He has worked at Deutsche Asset Management and is a CFA Charterholder. Max graduated from Tsinghua University in China with a degree in physics and mathematics. He has done Ph.D. research in Financial Economics at ETH Zurich and holds a Masters’s degree from University Heidelberg.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
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