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US-Equity Focused Research

At Trivariate Research we combine fundamental, quantitative, and macro analysis to produce actionable research, practical investment advice and analytically rigorous risk management for our clients.

Latest Research

Level Set – Valuation, Margins, and Size — Facts Not Feelings

Thinking About Small Cap Exposure? For months, investors have been asking us about small caps, aiming to understand the factors that might spark a lasting rally. Many cross-asset investors continue to make the case to overweight small caps, based on the contention that small caps appear attractively valued relative to history. Our general stance has

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Do You Worry About Stocks At 50x Earnings?

Costco (Ticker: COST) bottomed after it posted disappointing earnings in May 2022, but since then the stock has more than doubled. At the same time, its price-to-forward earnings has expanded from 31x to 50x. While we can certainly appreciate many merits of Costco’s unique business model, it strikes us as a lofty increase in valuation

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Level Set – What’s the Bear Case?

What Is the Bear Case? Last week we wrote about the Bull Case for the US equity market (SEE HERE). We outlined that a combination of the average stock having gross margin expansion, the early phases of Fed accommodation, the US deficit essentially helping mega-cap US equities, the specter of incremental China stimulus, and some

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Level Set – What’s the Bull Case?

Up 23% Year-to-Date The S&P500 and NASDAQ are up 23% year-to-date, and the majority of portfolio managers we speak with believe the market will end the year higher than current levels. There is a long list of concerns from a risk-taking perspective, including potentially over-optimistic estimates for 2025, geopolitical uncertainty, a polarized and difficult-to-forecast US

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Do You Know This About Small Cap Value?

We have a meeting every day where we are asked about small cap stocks. We have recently written about mega / large cap value (LCV) investing and compared large-to-small cap. value (SCV) investing for asset allocators. SCV stocks have cumulatively performed in line with (LCV) stocks since the Financial Crisis but have lagged the S&P500 materially since 2019. SCV

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OUR GOAL IS TO PROVIDE OUR CLIENTS WITH GREATER CLARITY AND CONVICTION

We help them do this by impacting their conviction on single stocks and improving their risk management by analyzing Fundamental, Quantitative, and Macro variables to create practical investment advice.

In a addition to our research, clients can request custom work to bolster their own investment decisions, augment letters, and marketing materials, or use our unique and proprietary quantitative engine to improve their risk management.

SOLUTIONS & FEATURES

An outline of our subscription tiers

Tier One

  • Bespoke services including customized projects, outsourced risk management & portfolio diagnostics
  • One on one meetings with Trivariate Team
  • Access to all written research
  • Access to Trivariate Research model outputs
  • Access to investor, corporate & quantitative themed
    events (subject to availability)
  • Access to conference calls, webcasts, videos & podcasts
  • Access to research library

Tier Two

  • Access to all written research
  • Access to research library
  • Access to conference calls, webcasts, videos & podcasts
  • Limited access to the firm’s strategist, research analysts & sales team

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