Investments

We are long Aixtron (Frankfurt:AIXA), a $1.8 billion market capitalization semiconductor capital equipment company. Despite its low profile, Aixtron may be one of the most strategically important companies in the industry. Aixtron is the dominant supplier of metal-organic chemical vapor deposition (MOCVD) equipment required to produce compound semiconductors, and its 70-90% market share across most of its product portfolio might even make ASML blush…

We are long shares of Buzzi SpA (Milan: BZU), an €8.9 billion market capitalization cement company headquartered in Italy. Buzzi is the best managed cement company in the world. Over the past 30 years, the company has grown EPS at a CAGR of 15%, transforming a….

We are long shares of Seagate Technology Holdings, a leading supplier of hard disk drives (HDDs). HDDs hold almost 90% of the data residing in large-scale data centers, and as a result over 80% of Seagate’s revenue is derived…

We are long shares of ACM Research (NASDAQ: ACMR), an emerging, high-growth semiconductor wafer fabrication equipment (WFE) company. ACMR, domiciled in the U.S. but with its main operations in Shanghai, is the leading Chinese supplier of wafer cleaning tools. The company….

We are long shares of Maxar Technologies, a leading provider of space-based imagery and infrastructure as it nears the launch of a game-changing new constellation, WorldView Legion. The operational and financial benefits of the new fleet once it enters service will be nothing short of transformative…

We are long shares of Acutus Medical, a small-cap medical device company that we believe will play a central role in changing the treatment paradigm for persistent atrial fibrillation (AF) and other complex arrhythmias. Evidence that catheter ablation successfully treats less advanced forms of AF has been mounting for years, but persistent AF remains intractable: pharmaceutical intervention rarely succeeds and 30-50% of patients undergoing ablation suffer a relapse into AF in less than a year. Because unresolved AF increases the risk of stroke, heart failure, dementia, and other cardiac disease, the unmet need for…

We are long shares of UP Fintech, the holding company of Tiger Brokers, which we believe is positioned to become the Robinhood of China. Love it or hate it, you have to admit that Robinhood has created an enormous amount of value for its investors in a very short time: having debuted its trading app in 2015, the company…

“I’ve heard a lot about Korn Ferry’s ability to build a brand around digital transformation and attract the  right leaders…and to make use of the data and insights to drive strategic sales growth…as we prioritize our own digital transformation, they’re favored to win projects” – HR executive from a $10bn+ global business…

We are long shares of Intelsat and SES, two large satellite operators with significant and underappreciated 5G spectrum assets. For us, this is an unusual position to be in. For years, with our reports on Globalstar (2014), Straight Path (2015) and DISH (2016), we have publicly railed against the excesses of spectrum hype. Time and again, we have argued, equity investors have gotten carried away with their enthusiasm about offbeat frequencies and futuristic…

We are long shares of Adamas Pharmaceuticals, a small-cap drug company on the eve of launching its first product: a treatment called Gocovri for patients with Parkinson’s disease. The mainstay therapy for Parkinson’s is a drug called levodopa, which usually works well but frequently causes involuntary and often painful movements called dyskinesias. High-quality Phase 3 studies have proven that Gocovri significantly reduces dyskinesias and improves patients’ overall conditions, leading the FDA to designate Gocovri the one and only drug approved for…

We were impressed with the quality of Luxoft’s people. More than 70% of Luxoft employees are senior specialists with over 7 years of experience, and over 80% are educated to Master’s or Ph.D. level. At Luxoft we’ve found teams of experts ready to grill you with tough questions. And that’s what you need on complex projects.

– Daniel Marovitz, Former COO at DB’s global banking unit…

We are long shares of Webster Financial (WBS). Our full 44-page report is available here.

We also issued a letter to the company this morning encouraging management and the board of directors to explore strategic options to highlight the value of HSA Bank, including a potential spin-off of the asset.

Additionally, we will host in-person meetings on March 5th and 6th in New York to discuss our views with interested investors. Please contact myself and Theresa Callahan at tcallahan@kerrisdalecap.com if you would be interested in attending these meetings…