Research Notes

GVIC Portfolio Manager JP Geygan participated in the “Maritime Forum – Investor’s Perspective Panel” at the 16th Annual Capital Link New York Maritime Forum to share our thoughts on capital allocation and investment considerations in the shipping and maritime...

Members of our research team recently traveled to the offices and facilities of companies held in client portfolios to have productive discussions with management teams, observe recent improvements at the facilities, and attend an annual meeting of shareholders. We...

Our team is currently in the thick of “earnings season” following the second quarter of 2023. Within the span of two weeks, we will digest more than twenty-five companies’ financial results along with operational and strategic updates from senior management. The...

In the next two notes we will describe what capital allocation is and the impact it has on investment outcomes. We have split the discussion on capital allocation into two notes because of its importance in our research process and the great effect it can have on the...

There is a fundamental misconception regarding public markets that our team recognizes and uses to its advantage. That misconception is: a rising (or falling) stock price equates to value creation (or destruction). While a public market with adequate liquidity...

Financial media headlines are dominated with prognostications about the future, few of which tend to be based in fact, and many of which end up being wrong. A sample of recent headlines shows: “A recession is coming — and stock markets won’t come through it unscathed,...

In this note we discuss our research team’s recent trip to DNB ASA’s (Den Norske Bank) 2023 Energy and Shipping Conference in Oslo, Norway. DNB is an Oslo-headquartered, full-service financial group that MIAM has developed a strong relationship with as our interest in...

In this note, we will continue to highlight recent developments in the portfolio. Our research process demands that we perform a detail-oriented analysis of each company prior to adding a position to the portfolio. However, the work doesn’t stop there. Our team...

After discussion of our views and philosophy on capital allocation for the previous two letters, this time we will give an update on companies in the portfolio. Despite most pundits forecasting a slowing economy in 2023, we see many of our portfolio companies continue...

In this note we continue our discussion of capital allocation. To further the discussion, we give examples of capital allocation priorities observed in our portfolio companies and discuss our research team’s view on those allocation decisions. As we outlined in...