Fundamental   |   Quantitative   |   Macro

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

Industrials Will Underperform

In today’s research we assess the industrials sector the “Trivariate Way” by analyzing available alpha, macro conditions, fundamentals (growth and profits), valuation, quant signals and efficacy. Our proprietary industrial activity gauge has been declining for three months now, with key inputs like durable goods and ISM down and overall transportation data (trucks and rails) also…

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New Regime, New Correlations

In today’s note, we identify a major reason why stock picking and alpha generation have been so challenging in recent months.  Fundamental investors often cite several variables when outlining their thesis to buy a stock. These variables include like revenue growth, EBITDA margin expansion, shareholder return (dividend plus buyback yield), price-to-free cash flow, and other signals….

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The Level Set

Our focus over the last two weeks when writing the Level Set has been on corporate earnings. We detailed the primary risks to 2023 earnings, as well as our growing concern that SP500 2024 earnings could be below 2023. This week we pivot our focus to interest rates, which now sit at levels many market…

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Inventory is the KPI

For several months we have been monitoring an important dynamic – manufacturing production vs. consumption in various industries.  Inventory will be the single most important KPI during Q3 earnings.  For large cap stocks, inventory-to-sales is near all-time highs. The industries and stocks that are at particular risk of material downward revisions are…

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The Level Set

In most of our client meetings in New York, Boston, and South Florida this week there was substantial focus on what we discussed in last week’s Level Set – corporate earnings. Here is what we know… It is now the consensus view that 2023 earnings expectations are excessively optimistic. As we showed last week, 2022…

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Why Is It So Difficult to Generate Alpha?

Is generating alpha harder right now? We looked at several common investment approaches, including price-to-forward earnings, free cash flow yield, stock buybacks, short interest, and others, and found that reversals and volatility in performance are at their highest levels in over 15 years. Using a consistent investment discipline has never been more challenging.  Free cash…

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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.


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  • 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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