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Bandai Namco: Entertainment Company With Strong IP and Culture

June 22, 2023 in Asia, Audio, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts, Wide Moat, Wide-Moat Investing Summit 2023, Wide-Moat Investing Summit 2023 Featured

Clement Loh of Lion Rock Partners presented his in-depth investment thesis on Bandai Namco Holdings (Japan: 7832) at Wide-Moat Investing Summit 2023.

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About the instructor:

Clement Loh is the Investment Manager of Lion Rock Partners, a private family fund based in Hong Kong. The fund applies the principles of value investing to seek out companies with competitive advantages selling at a reasonable price with a focus on emerging Asian markets and smaller companies. Clement holds a master’s degree in business administration from the University of Toronto and a degree in pharmacy. Prior to entering the investment profession, Clement worked in the pharmaceutical industry and is a non-practicing pharmacist. His interests include economics, strategy, science, education and history.

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.

Bel Fuse: Successfully Repositioning as Wide-Moat, Niche Business

June 22, 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

Samir Patel of Askeladden Capital presented his in-depth investment thesis on Bel Fuse (US: BELFA/BELFB) at Wide-Moat Investing Summit 2023.

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Samir Patel manages Askeladden Capital, the investment advisor to separately managed accounts, utilizing a concentrated, long-only, value-oriented small-cap strategy.

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.

O-I Glass: Well-Run, Predictable, Quality Business With Low Cyclicality

June 22, 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

Gary Mishuris of Silver Ring Value Partners presented his in-depth investment thesis on O-I Glass (US: OI) at Wide-Moat Investing Summit 2023.

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Gary Mishuris, CFA is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy. He also teaches the Value Investing Seminar at the F.W. Olin Graduate School of Business. Prior to founding the firm in 2016, Mr. Mishuris was a Managing Director at Manulife Asset Management since 2011, where he was the Lead Portfolio Manager of the US Focused Value strategy. From 2004 through 2010, Mr. Mishuris was a Vice President at Evergreen Investments (later part of Wells Capital Management) where he started as an Equity Analyst and assumed roles with increasing responsibilities, including serving as the co-PM of the Large Cap Value strategy between 2007 and 2010. He began his career in 2001 at Fidelity as an Equity Research Associate. Mr. Mishuris received a S.B. in Computer Science and a S.B. in Economics from the Massachusetts Institute of Technology (MIT).

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.

Clearpoint Neuro: Tightly Owned, Net Cash, High-Margin Platform

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

Peter Mantas of Logos LP presented his in-depth investment thesis on Clearpoint Neuro (US: CLPT) at Wide-Moat Investing Summit 2023.

This is an update of Peter’s presentation from Wide-Moat Investing Summit 2022.

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Peter Mantas serves as a general partner of Toronto-based private firm Logos LP. Peter is also one of the managing partners at Orion Legal Group and sits as an advisor for a number of venture-backed technology and life-science related companies. Prior to this, he held various economic research positions at the Export Development Bank of Canada, Statistics Canada and held management roles at various large cap technology companies. Peter has both an LL.B. and B.C.L. from McGill University’s Faculty of Law. Prior to studying law he obtained an Honours Baccalaureate in Commerce, Magna Cum Laude, from the University of Ottawa, Telfer School of Management.

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.

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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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.

El regreso del optimismo en los mercados

June 19, 2023 in Miscelánea, MOI Global en Español

NOTA DEL EDITOR: El siguiente texto es un extracto de una carta trimestral de Invexcel Patrimonio.

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La opinión general ha cambiado en cuestión de días, especialmente a raíz del rescate de varias entidades financieras. El consenso descontaba una recesión inminente, acompañada de inflación y subidas de tipos de interés adicionales. El nuevo escenario anticipa un aterrizaje suave de la economía, recorte de tipos en la segunda mitad de año y crecimiento en los beneficios empresariales. Con ello, los inversores han vuelto a favorecer las compañías de crecimiento independientemente de su valoración.

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Por qué no invertir en bancos: El caso de Silicon Valley Bank

June 16, 2023 in Miscelánea, MOI Global en Español

NOTA DEL EDITOR: Este texto es extraído de una carta de EQUAM Global Value Fund.

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Las reglas de contabilidad permiten a los bancos ocultar las pérdidas de valor de las inversiones manteniéndolas en la categoría de “a vencimiento”, pero la realidad es que la subida de tipos reduce el valor de esas inversiones. Todos los bancos, en mayor o menor medida, están afectados por el impacto de la subida de tipos en el valor sus inversiones y es probable que sigan aflorando pérdidas, por ejemplo, cuando se vean obligados a vender activos de su “cartera a vencimiento” por falta de liquidez. Los bancos centrales pueden ayudar ofreciendo liquidez para que no tengan que materializar pérdidas vendiendo activos, especialmente a los más pequeños, que son los que están perdiendo depósitos. Pero a su vez, inyectar más liquidez puede agravar los problemas de inflación que estamos sufriendo, por lo que la capacidad de ayuda no es ilimitada.

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Invertir del balance general al estado de resultados

June 14, 2023 in MOI Global en Español, Traducciones

NOTA DEL EDITOR: El siguiente artículo es escrito por Steven Kiel, CIO & Presidente de Arquitos Capital Management.

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Read in English

Las personas que no comprenden la inversión en valor a menudo dicen que para obtener una rentabilidad mayor, se debe asumir más riesgo. Sin riesgo, no hay recompensa. Por supuesto, sabemos que estas personas están equivocadas. El desafío es encontrar e invertir en oportunidades donde el riesgo es bajo y la posibilidad de ganancias es alta.

Vamos a dividir esto en dos partes: uno, ¿dónde están las oportunidades donde el riesgo de pérdida de capital permanente es bajo?; Y dos, ¿cuáles son algunas características que pueden llevar a ganancias exponenciales?

Podemos reducir la posibilidad de pérdida permanente de capital buscando compañías con balances de situación sólidos, baja deuda, una gran cantidad de efectivo en relación con su capitalización de mercado, operaciones predecibles, ventajas competitivas, entre otras características. Esta parte no es tan difícil. La parte difícil es encontrar empresas con esas características que cotizan a buenos precios. Queremos buscar empresas cuyos otros inversores estén interesados en la compañía debido a su balance de situación. Queremos que la base de inversores sea conservadora y que el precio sea razonable. Queremos que los inversores vean la empresa por su seguridad, no por su potencial.

¿Qué características buscamos que puedan llevar a ganancias exponenciales? Estas compañías suelen tener oportunidades significativas de reinversión. Sus equipos directivos tienen sólidas habilidades de asignación de capital. Los retornos sobre el patrimonio (ROE) y los retornos sobre el capital invertido (ROIC) son altos. Por lo general, son operadas por propietarios, donde los directivos y gerentes poseen un número significativo de acciones. También a menudo hay incentivos establecidos que recompensan el crecimiento, ya sea una estructura de incentivos, bases imponibles negativas (NOLs) o directivos comprometidos o accionistas mayoritarios enfocados en el rendimiento.

La oportunidad para nosotros es encontrar una empresa de la primera categoría que también tenga las características de la segunda categoría. Luego podemos comprar junto con todos los otros inversores que se enfocan en el balance de situación, pero a precios que no reflejen la oportunidad de crecimiento y potencial de ganancias. La buena noticia es que no hay tantas empresas como esta. Esa es la mala noticia también. Cuando encontramos estas oportunidades, necesitamos reconocerlas por lo que son y estar dispuestos a invertir una cantidad significativa a ellas.

La manera de obtener ganancias exponenciales es mejorar los resultados operativos y expandir los múltiplos. Las ganancias pueden ser aún mayores si los inversores actuales de la compañía están pagando un múltiplo del valor contable, pero los futuros inversores están dispuestos a pagar un múltiplo de las ganancias o el flujo de caja o el EBITDA. Esto es lo que llamo inversión del balance general al estado de resultados.

La empresa que presenté en el Best Ideas 2017 es un gran ejemplo de inversión del balance general al estado de resultados. Tiene varias características mencionadas anteriormente: es una de mis mayores posiciones y de mis ideas favoritas; y ofrece tanto seguridad como potencial de ganancias significativas.

En cuanto a la seguridad, esta empresa cotiza con un descuento significativo respecto a su valor contable. Aún mejor, tiene varios elementos fuera del balance que hacen que su verdadero valor contable sea aún mayor que su valor contable GAAP. La empresa es una caníbal. Ha recomprado una gran parte de sus acciones en circulación en los últimos años y recomprará otro 9% de sus acciones el próximo año. Las acciones se cotizan solo por el 80% del valor contable declarado de la compañía, por lo que todas las recompras hacen que crezca gradualmente, aún más cuando se tienen en cuenta sus activos no declarados.

Esta compañía también tiene un potencial de ganancias significativo. Se ha involucrado en varios emprendimientos donde las posibilidades de éxito son altas. Si bien estas empresas son relativamente nuevas, los retornos sobre el capital invertido son altos. Los directivos compran activamente acciones y sus incentivos están alineados con los accionistas. La compañía también tiene activos fiscales que recién comienzan a aplicarse a sus ganancias.

Los inversores actuales están interesados en la seguridad del balance de situación de esta empresa. Los futuros inversores invertirán en esta compañía basándose en múltiplos de ganancias. En este caso, no se necesita asumir un alto riesgo para tener potencial de ganancias significativas.

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