Coverage Universe

Our Healthcare franchise is deeply rooted in Biotech, Medical Devices, Healthcare IT, Vaccines and Therapeutics. We view the sector as highly idiosyncratic and believe that the uncorrelated nature of these business models relative to the broader economy makes it a target-rich landscape for stock picking.

Some of the best opportunities are often those that don’t fall into an obvious industry vertical and that is why we have a Special Situations Team. Opportunities we are drawn to include orphan stocks, spin-offs, forced selling situations, de-SPACs and activist campaigns.

We view Sustainability as the process of moving from depletive economic models to broader sustainable advancement via resource optimization. Core subsectors that we believe are compelling include: Renewables/Distributed Energy Resources, Grid Technologies and Energy Efficiency, Mobility & Transport (Electric Vehicles, Batteries and Autonomy), Hydrogen Economy, Food, Feed and Fuels (AgTech, Ingredients & Alternative Fuels), Green Building and Materials, Water & Wastewater and Recycling & Remediation.

Our REIT franchise spans across several verticals, including mortgages, hotels, offices, retail, industrial, self-storage and apartment complexes. We take a holistic view on the universe, analyzing properties on a standalone basis, while also gaining insights on the tenants and zip-code level micro economic drivers.

The United States is a consumer-driven economy and this sector offers a wide array of public companies to choose from. This includes discretionary companies across retail in both physical, online and omnichannel models, as well as staples companies such as food and beverage. Other opportunities include restaurants, travel & leisure as well as consumer electronics.

Our energy expertise spans the full value chain from oil field services, E&P, midstream and refining. Beyond the barrel, we also analyze natural gas, coal, hydro and nuclear.

We see opportunities across the industry landscape including capital equipment manufacturers, the automobile supply chain and specialty distributors.

The Service Sector is wide-ranging and touches all parts of the domestic economy. Our coverage universe includes business services, consulting practices and technology services.

We believe that some of the most compelling long-duration growth stories exist in the TMT sector and are actively following semiconductors, software and hardware. Proprietary content platforms are of particular interest to our media team and focus spans from traditional legacy models such as radio to next-generation OTT services.