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
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.
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
- Ten Predictions for 2023This year has been particularly difficult for most investors as there are few places to hide from inflation and rising cost of capital. Both equity and long-term bonds are down over 20% YTD, and even the value of cash isContinue reading “Ten Predictions for 2023“
- An Update on Equity SectorMarket has been trading lower since mid-August peak and we are revisiting our recommendation on sectors given the sharp moves in cyclical and defensives of late. Below are our sector view with a brief rationale and supporting charts. Healthcare: OverweighContinue reading “An Update on Equity Sector“
- The Making of An Accident, Brace for ImpactIt was four decades ago when Federal Reserve last tighten monetary policy in a comparable speed and size to what we are seeing today. This is not surprising as it was also the last time the U.S. saw headline CPIContinue reading “The Making of An Accident, Brace for Impact”
- Show Me the Data: Equity Outlook Through Growth and Liquidity LensesSentiment and technical analysts are bullish. Fundamental and macro analysts are bearish. This captured the tone among the sell-side research I read in the past three weeks. The equity market 15%+ bounce from mid-June low has made several strategists turnedContinue reading “Show Me the Data: Equity Outlook Through Growth and Liquidity Lenses“
- Macro Roadmap: Turning Point and Equity RotationSince early this year, we have been adamant in our view that the U.S. economy will decelerate rapidly this year amid the combination of the rise in the dollar, yields, and oil price, which all amount to a growth taxContinue reading “Macro Roadmap: Turning Point and Equity Rotation”
- Equity Bear Market and Today’s Macro: The Good, The Bad, and The UglyThe U.S. and global stock market have officially entered the bear market in June following upside surprises on U.S. inflation that was followed by the Fed having to raise its interest rate by 75bps – contrary to Chairman Powell’s commentContinue reading “Equity Bear Market and Today’s Macro: The Good, The Bad, and The Ugly”
- Equity Market Riot: Have We Seen the Bottom?There is no doubt that the correction in risk assets has always been a great opportunity for long term investors to further accumulate equity exposure. Investors could boost their return by gearing towards equity every time stocks fell by overContinue reading “Equity Market Riot: Have We Seen the Bottom?”
- Have We Seen the Cyclical Top in Commodity and Stock Market?Download PDF: For the past several months we have ramped up our bearish view towards risk assets amid the unfavorable global macro and geopolitical backdrop. Central banks across the world are tightening aggressively as inflation spiked to decades’ high inContinue reading “Have We Seen the Cyclical Top in Commodity and Stock Market?”
- Can the Stock Market Handle Fed Tightening and Slowing Growth?Download PDF: Three fundamental events have shaped the first quarter of 2022: Russian invasion of Ukraine, Federal Reserve’s hawkish monetary policy guidance and delivery of its first policy rate hike since the pandemic began, and greater reflationary efforts by ChineseContinue reading “Can the Stock Market Handle Fed Tightening and Slowing Growth?”
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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.