Research

Idea generation is a rigorous and often contrarian process and adherence to fundamental discipline in volatile markets is tantamount to success. At the core of our process is identification of securities and sectors for investment along with an on-going maintenance of the valuation and event universe to provide advanced insights to unfolding investment landscapes.

Our research process incorporates these in a disciplined process:

Portfolio Idea

  • Selection based on differences to PBV with identifiable catalysts in place to realize returns
  • Diversification across sectors and capitalizations
  • Independent portfolio risk management

 

Identify Catalysts

  • Hard catalysts
  • Soft catalysts
  • Time frame for realizing value

 

Private Business Value (PBV1)

  • Value to strategic buyer of the entire business (PBV1)
  • Intrinsic value plus the strategic premium
  • Rigorous asset valuation

 

Horizon Research Universe

  • Global proprietary analysis
  • Bottom up rigorous assessment of fundamentals
  • Search globally while focusing on core research skill sets

 

[1Our method of analysis involves looking at businesses as a function of their assets and earnings power.payday loansWe look at companies as if we were owners, and want to know everything that will impact our fundamental analysis. ‘Private Business Value’ refers to a price an informed industrialist would pay to acquire a company in its entirety. We determine what an informed buyer would pay for a group of assets in a privately negotiated transaction. We do that by looking at tangible metrics and transactions within sectors.]