TEVA bullish conv. core aumentar Teva Pharmaceutical Industries Limited
Turnaround
Drug manufacturer que a gestora continua a aumentar à medida que a
empresa executa o seu plano para acelerar crescimento, primariamente
através do sucesso do pipeline. Posição central detida desde 2023 e
adicionada novamente no T2 durante a fraqueza causada por incerteza
regulatória em healthcare. Pipeline a executar e fundamentos sólidos
permanecem intactos apesar do overhang policy.
drug manufacturer Teva Pharmaceutical was a name we added to as the company continues to execute on its plan to accelerate growth, primarily through the success of its pipeline
"drug manufacturer Teva Pharmaceutical was a name we added to as the company continues to execute on its plan to accelerate growth, primarily through the success of its pipeline"
Posição actual desde 2023
HOLX bullish conv. core aumentar Hologic, Inc.
Stalwart
Medical technology supplier focado primariamente em diagnostics e
saúde feminina. A gestora adicionou à posição no T2 em fraqueza
causada por incerteza regulatória healthcare. Rumores de possível
PE buyout offer surfaceram em finais de Maio, destacando o valor em
partes do healthcare sector e a valuation particularmente atractiva
de Hologic próxima de 14 vezes lucros. Tese de qualidade a preço
atractivo intacta.
we added to Hologic, Inc., a medical technology supplier primarily focused on diagnostics and improving women's health
"we added to Hologic, Inc., a medical technology supplier primarily focused on diagnostics and improving women's health"
Target: Adicionada próxima de 14x lucros
FLEX neutral conv. core manter Flex Ltd.
Cyclical
Outsource manufacturer e holding de longo prazo (desde 2020) que
beneficiou como fornecedor de data centres num contexto de AI a
impulsionar demand por semicondutores. Top contribuidor do
trimestre e YTD. Tese consistente com a articulação da carta T4
2024 sobre necessidade de mais data centres e electricidade para
alimentar o build-out de AI.
Outsource manufacturer and long-term holding FLEX benefited as a supplier to data centers. The stock was our best performer for the last three months and year-to-date.
"Outsource manufacturer and long-term holding FLEX benefited as a supplier to data centers. The stock was our best performer for the last three months and year-to-date."
Posição actual desde 2020
AES neutral conv. core manter The AES Corporation
Turnaround
Power generator penalizada no T2 por mudanças prospectivas em
investment tax credits para fontes de energia renovável. Apesar do
overhang policy, a base de clientes continua a colocar ordens para
sistemas renováveis para alimentar data centres, independentemente
da situação fiscal. Post-quarter — em 9 de Julho, AES era rumored
de ter recebido interesse de private equity e fundos de
infraestrutura, com possibilidade de takeover a fazer subir a acção.
power generator AES has been hampered by prospective changes to investment tax credits for renewable energy sources
"power generator AES has been hampered by prospective changes to investment tax credits for renewable energy sources"
DIS neutral conv. core manter The Walt Disney Company
Stalwart
Media and entertainment leader com escala e sucesso no repositioning
das suas offerings num contexto de transição acelerada para
streaming digital. A gestora vê risk/reward atractivo com potencial
de crescer nos US e internacionalmente. A acção atingiu novo máximo
no T2 após o mercado aplaudir o plano de lançar o flagship ESPN
streaming até final de 2025, com further upside daqui em diante.
we believe portfolio holding Disney is an attractive risk/reward with potential to grow both in the US and abroad. The stock recently hit a new high as the market applauded their plan to launch the flagship ESPN streaming service by end of 2025
"we believe portfolio holding Disney is an attractive risk/reward with potential to grow both in the US and abroad. The stock recently hit a new high as the market applauded their plan to launch the flagship ESPN streaming service by end of 2025"