Company Overview - SLB is reorienting its business to adapt to depressed activity levels, particularly in the onshore US market, with a focus on long-term growth in its New Energy and Digital businesses [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, seeks to identify market dislocations due to poor understanding of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [1] - The research process emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon targeting deeply undervalued stocks [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with industries facing stagnation or secular decline, which may improve business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments, resulting in a large pool of capital chasing limited investment opportunities, driving up asset prices and compressing risk premia over time [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University, along with having passed the CFA exams [1]

Group 1 - AST SpaceMobile's stock has been stable recently, but there are positive developments in its business fundamentals [1] - Competing services are experiencing initial challenges, yet there are indications of increasing demand [1] - Narweena, an asset manager, focuses on identifying market dislocations due to misinterpretations of long-term business prospects [1] Group 2 - Narweena aims for excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with entry barriers [1] - The research process emphasizes company and industry fundamentals to uncover unique insights [1] - The investment strategy is characterized by a high risk appetite and a long-term horizon, focusing on deeply undervalued stocks [1] Group 3 - An aging population with low growth and stagnating productivity is expected to create new investment opportunities [1] - Many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - Other businesses may encounter rising costs and diseconomies of scale, impacting their performance [1] Group 4 - Economies are increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] - Richard Durant, the leader of Narweena, has a strong educational background in engineering, finance, and an MBA, along with CFA exam completion [1]

Cognex's ( CGNX ) share price has come under further pressure in recent months, due in part to the company's valuation and mixed demand across end markets. In addition, Cognex's exposure to the logistics, automotive and consumer electronics sectors, andRichard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of a businesses long-term prospects. Narweena believes that excess risk adjusted returns can be achieved by identifyi ...

Group 1 - Joby's share price has faced pressure recently due to reduced investor risk appetite and perceived lack of progress compared to Archer Aviation [1] Group 2 - Narweena, led by Richard Durant, focuses on identifying market dislocations and believes in achieving excess risk-adjusted returns through secular growth opportunities in markets with entry barriers [2] - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [2] - Narweena's investment strategy is influenced by an aging population, low population growth, and stagnating productivity, which may create different investment opportunities compared to the past [2] - Many industries may experience stagnation or secular decline, potentially improving business performance due to decreased competition, while others may face rising costs [2] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments, resulting in a large pool of capital chasing limited investment opportunities [2]