Specialist in Global Macro and Quantitative Research
Specialist in Global Macro and Quantitative Research
Putamen Capital is an independent research firm focusing on global macro and quantitative equity research.
What We Do
Our investment process starts with understanding where we are in the cycle and the outlook for fiscal and monetary policies. Only by understanding the terrain ahead we could provide asset allocation strategy that allows for capital compounding while limiting downside risks. Learn more in the Investment Strategy section.
Utilizing quantitative tools in our stock selection process allows us to screen and monitor development of close to a thousand North American equities. Our quantamental stock ranking model has been tested across the cycles and is the backbone of our bottom-up equity portfolio construction. Learn more in the Quantitative Model section.
Researchers at heart, at Putamen Capital we continuously assess our asset allocation mix, equity sector positioning, and stock selection. In addition, we always strive to improve our portfolio constituents by constantly looking for attractive opportunities in the equity and commodity market. Find more of our ideas in the Research section
Research Highlight
Our Service
Macro Monthly
A discussion and our view on the U.S. business cycle, policies, and select development outside North America
S&P 500 Stock Ranking
Monthly update on our quantamental ranking for stocks included in the S&P 500 index.
S&P/TSX Stock Ranking
Monthly update on our quantamental ranking for stocks included in the S&P/TSX index.
Equity Insights
A qualitative research on sector outlook and related stock selection in conjunction of our quantitative equity ranking.
We understand that constructing a portfolio that does well across the cycle is a difficult endeavor. Our goal is to provide macro and quantitative equity research for you to build portfolio that not only outperforms the benchmark, but also protects capital from material downside risk.
We are a group of friend and former colleague that loves debating issues in the market while also managing our personal capital. Our background varies from macro research in a boutique firm, equity research for a large bank, to managing money for high net worth clients. All of us hold the CFA® designation, and some also hold the FRM® and CAIA® charter.
Our Recent Research and Investment Ideas
- Eight Things to Watch in 2026This year has certainly been full of surprises for investors, with AI remaining the core equity investment theme. DeepSeek translated to a brief correction in the U.S. favorite AI names in February and March, followed by the U.S. tariffs announcementContinue reading “Eight Things to Watch in 2026”
- Navigating Through the AI Revolution“You can see the computer age everywhere, except in productivity statistics” – Robert Solow, 1987. “Thus for the first time since his creation man will be faced with his real, his permanent problem how to use his freedom from pressingContinue reading “Navigating Through the AI Revolution”
- Quantitative Sub-sector Rotation Strategy (QSRS)Introduction Research shows that the equity market responds to macro news, with favorable macro news tend to be followed by increases in revenues, profits, and investment activities of companies (Modugno and Palazzo, 2024). In the study, the authors concluded thatContinue reading “Quantitative Sub-sector Rotation Strategy (QSRS)”
- Twelve Questions on Top of MindIt’s summertime and volatility in the financial market has been relatively muted compared to what we saw earlier this year. Indeed, summertime has historically been a period of relative quiet in the market before volatility started to pick up inContinue reading “Twelve Questions on Top of Mind”
- U.S. Economy Running Below Potential, Takeaways from Earnings SeasonIn last month’s piece we suggested that the U.S. labour market and economic growth have likely grown at a below-trend rate: “Below the surface, however, we are watching for the crosscurrent in U.S. labour market data that is the AchillesContinue reading “U.S. Economy Running Below Potential, Takeaways from Earnings Season”
- Back to… Normal?The events that transpired so far this year have made investing a stomach-churning experience. As many investors have seen their portfolio allocation to U.S. stocks increase amid the massive outperformance in 2023 and 2024, rising volatility for the S&P 500Continue reading “Back to… Normal?”
- Higher Risk Premium on U.S. Assets and Fiscal MathFor the past fifteen years, U.S. assets are the only thing that matters. Foreign investors require little risk premium for investing in U.S. government bonds, which was and still is de facto safe-haven assets, and bid valuation for U.S. stocksContinue reading “Higher Risk Premium on U.S. Assets and Fiscal Math”
- U.S. Economy and Financial Market: Mean-reversion to TrendFor several years now strategists and geopolitical analysts have been talking about the changing global order. But events over the past one month have accelerated this discussion, with global investors selling U.S. equity, bonds, and the greenback. As of theContinue reading “U.S. Economy and Financial Market: Mean-reversion to Trend”
- Global Growth Convergence in the Making (Part II)One of the themes that could be observed in both the global equity and bond market is the convergence between U.S. and the rest of the world. Following two years of strong U.S. economy and weak growth in the restContinue reading “Global Growth Convergence in the Making (Part II)”
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The information, recommendations, analysis and research materials presented in this website are provided for information purposes only and should not be considered or used as an offer or solicitation to sell or buy financial securities or other financial instruments or products, nor to constitute any advice or recommendation with respect to such securities, financial instruments or products. The text, images and other materials contained or displayed on any Putamen Capital products, services, reports, emails or website are proprietary to Putamen Capital and should not be circulated without the expressed authorization of Putamen Capital. Any use of graphs, text or other material from this report by the recipient must acknowledge Putamen Capital as the source and requires advance authorization. Putamen Capital relies on a variety of data providers for economic and financial market information. The data used, or referred to, in this report are judged to be reliable, but Putamen Capital cannot be held responsible for the accuracy of data used herein.
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