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Undiscovered Global Opportunities

The international equity markets continues to be plagued by a lack of high-quality, comprehensive equity research.  While attractive overseas companies struggle to attract institutional attention, insufficient research coverage in special situations, such as spin-offs, is even more pronounced.  In fact, many recently spun off companies of significant size will take several quarters to attract traditional sell-side coverage, despite the fact that spin-offs often present the most investment opportunity prior to the transaction and one to two quarters thereafter.

Please keep in mind that Voyant Global, which is listed under the "Short Selling / Risk Management" category is exclusively focused in identifying high-risk companies in overseas markets.  Several arbitrage services are also internationally focused.


 

International Equities

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European Muzea Insider Consulting Muzea
In October 2010, Muzea Insider Consulting Services began analyzing legal "insider" activity in European companies leveraging the analyst team's 80+ years of experience in US markets. Muzea focuses on filtering out the most indicative and significant insider activity from "normal" activity, in order to generate buy and sell recommendations on European equities. The service ranks all European corporate insiders based on their predictive ability to buy and sell their company's stock. Company specific rankings are continuously generated and updated based on these transactions and are relayed daily via email reports and a comprehensive website solely for our institutional clients. Monthly macro analysis of various market and industry trends, customized portfolio monitoring, and routine conference calls are also available to clients.
PDF August 2011 European Muzea Insider Highlights
PDF February 16, 2011 Muzea European Insider Daily Report


The Global Contrarian Horizon Research Group
The Global Contrarian Report identifies undervalued companies primarily in Western Europe and Asia that have minimal to zero exposure to U.S. economic cycles. These companies meet the proven investment criteria of high and sustainable returns on invested capital that enable them to act as compounding investment vehicles. THe service focuses on companies with under-valued or undiscovered natural resources; operating in monopoly, oligopoly or consolidating industries; often with substantial exposure to emerging economies.
PDF Buy Recommendation on De La Rue plc (DLAR LN) from October 28, 2009.
PDF March 2009 "Global Contrarian Compendium"


The Global Spin-Off Report Horizon Research Group
The Global Spin-Off Report identifies and analyzes all spin-offs outside the United States. Coverage of each spin-off begins upon announcement, and continues through the first quarter of trading. A monthly Global Spin-Off Calendar monitors the status of every pending transaction, and "Flash" reports are published to update clients on critical spin-off dates, share distribution ratios, finalized capital structure and other critical information. A comprehensive analysis of each spin-off is published before share redistribution occurs, providing fair value estimates for the parent company and spin-off. Another feature of the service, The Global Spin-Off Report Compendium, provides an effective forum for Murray Stahl to discuss a range of compelling divestitures in foreign markets.
PDF Buy Recommendation - Jelmoli Holdings (JEL SW) - December 29, 2008 (Spin-off from Athris Holding AG)
PDF October 2009 Global Spin-Off Calendar


Bits & Pieces Institutional Research Group, Horizon Research Group
The Bits & Pieces Report is a monthly arbitrage supplement that identifies opportunities that occur when substantial fluctuations in the value of a company’s public and private holdings create an undervalued “stub” security.  Given the signficant cross-ownership of companies in international markets, many published ideas will be focused on international companies.  Pronounced valuation discrepancies may provide a more efficient means to gain exposure to equities held by the parent, or may be exploited by the use of pair trades or similar strategies. These situations are highlighted and monitored on a continuous basis.
PDF September 2009 Bits & Pieces Report
PDF June 2011 Spin-Off Bits & Pieces


Value Investment Principals Value Investment Principals LTD

Value Investment Principals (VIP), authored by Sandy Mehta, focuses on the identification of attractive “deep value” investments across the globe. Recommendations will not include the small, illiquid, low growth companies that are typically associated with this area of investing. Instead the service seeks out growing companies with clean balance sheets that provide investors with the benefit of a deeply depressed valuation. To avoid the value traps that can befall investors in this space, each recommendation identifies a specific catalyst for share price appreciation. Many such companies have been dismissed by Wall Street and therefore have minimal or no analyst coverage. The service has a global, rather than region-specific focus, which affords them the ability to identify the most liquid and inefficiently priced companies, regardless of location. The service provides comprehensive initiation reports on one to two companies each month. Updates are routinely provided on current recommendations, and contact with the analyst is welcomed and encouraged.



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