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
- 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?”
- Strength of the U.S. Economy and Implications of Russia’s Ukraine InvasionDownload PDF: Three market moves have dominated the macro landscape in the past quarter amid the Fed tightening policy and geopolitical tension in Eastern Europe: rise in Treasury yields, strengthening dollar, and rally in oil prices. These all amount toContinue reading “Strength of the U.S. Economy and Implications of Russia’s Ukraine Invasion”
- Macro Landscape and The FedExpectation of a more aggressive Fed rate hike amid longer-than-expected inflationary pressure triggered a violent repricing of U.S. stock market in January this year. Core PCE inflation in December continue to rise 4.85% over the previous year, driven primarily byContinue reading “Macro Landscape and The Fed”
- U.S. Growth Outlook, Commodity and Equity Sector SelectionLast week the Chinese central bank finally cut one-year Loan Prime Rate (LPR) by 10bps from 3.8% to 3.7%, and also cut five-year LPR by 5bps to 4.60%, the first cut since April 2020 when global economy was in theContinue reading “U.S. Growth Outlook, Commodity and Equity Sector Selection”
- Lessons from Japan: Automation and Reshoring of Supply ChainDownload PDF: There are two main drivers of global deflationary trend in the past 30 years: rising global trade allowed by the shift towards greater openness in China and former Soviet countries and the explosion of productive-age population facilitated byContinue reading “Lessons from Japan: Automation and Reshoring of Supply Chain”
- U.S. Equity Strategy: Sector Selection Amid Slowing Global GrowthDownload PDF: The 2021 post-pandemic recovery has been impressive, with record amount of fiscal stimulus propping up household spending and the corporate sector turning into a capex hyperdrive. Meanwhile, the Fed maintained an ultra-loose monetary policy and tilted toward theContinue reading “U.S. Equity Strategy: Sector Selection Amid Slowing Global Growth”
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