Equity Research Thematic Investing 4 August 2025 Thematic Investing This Summer in Thematics (2025): Themes in Bloom Looking for some summer reading to stay on top of the latest in Thematic Investing? We summarise our latest research on Unicorns, Fund Reviews, Powering AI, Critical Raw Materials, AI in Healthcare, PFAS Solutions, Fertility, Next-Gen Materials, and feedback from investor meetings. To help navigate the summer season, we highlight the most important takeaways from our recent reports. Let us kn ...

With an investment banking cash and derivatives trading background, Binary Tree Analytics ('BTA') aims to provide transparency and analytics in respect to capital markets instruments and trades. BTA focuses on CEFs, ETFs and Special Situations, and aims to deliver high annualized returns with a low volatility profile. We have been investing for over 20 years after obtaining a Finance major at a top university.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the compan ...

Group 1 - The article highlights Germany's strong performance in the context of European markets, contrasting it with the underperformance of Europe against the USA [1] - It discusses the factors influencing this performance, including optimism following the end of the Ukraine war and ongoing tariff issues [1] - The piece emphasizes the role of iShares MSCI in reflecting these market dynamics and the overall investment landscape [1] Group 2 - FinHeim Research is identified as a firm specializing in investment analysis and portfolio management, with a focus on thematic investing and macroeconomic trends [1] - The firm aims to uncover hidden value in both traditional companies and technology sectors, providing objective analysis for investors [1]

Core Viewpoint - The electric air taxi industry, led by companies like Joby Aviation, is experiencing significant investor interest due to its potential to disrupt urban transportation, despite Joby currently generating no revenue and facing high cash burn rates [1][5][12]. Company Overview - Joby Aviation is a leader in the electric vertical takeoff and landing (eVTOL) market, with stock prices rising over 100% in 2025, recently surpassing an all-time high of $17.50 per share [1][2]. - The company is working with major partners like Delta Air Lines and Uber Technologies to develop point-to-point air taxi networks in cities such as Los Angeles, New York, and Dubai [4][5]. Market Potential - The potential market for electric air taxis is substantial, with around 100 metropolitan areas globally having populations over 5 million, many of which suffer from severe traffic congestion [11]. - Joby Aviation's market capitalization is approaching $15 billion, reflecting investor excitement about the future demand for air taxi services, despite the company currently generating zero revenue [5][12]. Production and Financials - Joby Aviation is heavily investing in research and development, spending over $135 million in the last quarter alone, while also facing a negative free cash flow of nearly $500 million over the past year [8][9]. - The company has a long production timeline, with plans to ramp up manufacturing after receiving FAA approval, but currently can only produce 24 electric air taxis per year, indicating a slow scale-up [6][7]. Challenges and Risks - Joby Aviation's business model is characterized by high cash burn and low margins, making it challenging to achieve profitability even if revenue grows significantly in the future [12][13]. - The company will likely need to continue fundraising to support its operations, with around $1 billion in cash available, including commitments from Toyota [9][12].

Group 1 - Thematic ETFs have evolved to become more nuanced in recent quarters, indicating a shift in investment strategies [1] - The Fundstrat Granny Shots US Large Cap ETF (GRNY) is highlighted as a portfolio that tracks Tom Lee's investment strategies, showcasing the growing interest in thematic investing [1] Group 2 - The article emphasizes the importance of creating engaging and educational content related to financial data, which is essential for attracting everyday investors [1] - There is a focus on analyzing various asset classes, including stocks, bonds, commodities, currencies, and crypto, to identify macro drivers that influence market conditions [1]

Group 1 - The investor has 15 years of experience in financial services, focusing on macro trends and identifying undervalued sectors such as metals, gold, and cryptocurrency [1] - The investor has a strong educational background with a BS in Finance and an MBA, and has worked in both New York and North Carolina [1] - The investor emphasizes the importance of diligent saving and investing, having transitioned from a middle-class background to co-managing a seven-figure investment account [2] Group 2 - The investor maintains an updated portfolio that includes a variety of funds, stocks, and sectors, which is shared with followers [3] - Key investments include broad market ETFs like DIA, VOO, QQQM, and sector-specific funds such as XLE and VPU, along with alternatives like Bitcoin and gold [3] - The investor contributes to the CEF/ETF Income Laboratory, focusing on managed income portfolios targeting approximately 8% yields, appealing to both active and passive investors [3]

Group 1 - The article highlights a key investment theme where larger market capitalization companies tend to outperform smaller ones, specifically noting that the S&P 100 has outperformed the S&P 500, which in turn has outperformed the S&P MidCap 400 over the past three years [1] Group 2 - The author emphasizes the importance of creating engaging and accessible financial content, focusing on thematic investing, market events, and economic data analysis to relate to everyday investors [2] Group 3 - There is a clear distinction made regarding the lack of any financial positions or relationships with the companies mentioned, ensuring that the analysis is independent and unbiased [3][4]

Core Viewpoint - The article emphasizes the importance of creating engaging and educational financial content that resonates with everyday investors, focusing on thematic investing and macro drivers of various asset classes [1]. Group 1: Content Creation - The company specializes in producing written content for financial advisors and investment firms in a cost-efficient manner [1]. - It collaborates with teams including senior editors, investment strategists, and data analysts to ensure content is relevant and measurable [1]. - The focus is on making complex financial data accessible and engaging through storytelling and empirical data [1]. Group 2: Investment Analysis - The company has expertise in analyzing stock market sectors, ETFs, economic data, and broad market conditions [1]. - It aims to communicate financial insights in a creative and educational style, utilizing charts and other tools to enhance storytelling [1]. - The macro drivers of asset classes such as stocks, bonds, commodities, currencies, and crypto are highlighted as key areas of interest [1].

Thematic Investing & ETF Market - The ETF market is evolving towards active management, with active equity funds accounting for 30-40% of flows in the last three months [17][18] - Thematic investing is not new, with early ETFs targeting small emerging markets and select sector spiders [16][17] - Investors are using actively managed ETFs as an "explore strategy" against their core, which is typically cheap beta [29][30] - The industry is aware that relative performance is something to be mindful of, and technical research teams are helpful in this regard [24] FundStrat's "Granny Shots" Strategy - FundStrat uses a thematic-based research approach, identifying long story arcs and population trends to drive investment decisions [4] - The "Granny Shots" strategy involves selecting stocks tied to at least two important themes to reduce risk [8][9] - The "Granny Shots" portfolio consists of 35 stocks from the S&P 500, tied to seven key themes driving the market [10] - FundStrat rebalances the portfolio every quarter and reviews themes monthly, potentially adding or deleting themes [15][24][25] Cryptocurrency & Bitcoin ETFs - Bitcoin ETFs have been a successful product launch, but Bitcoin's price has churned due to in-kind exchanges and early investors taking profits [33][34][35] - The next big thing in crypto ETFs may be staking, with filings for Solana and ETH staking products [39][41] - Buying the cheapest Bitcoin ETF is cheaper than most direct cash to Bitcoin transactions on crypto exchanges [39] International Investing - The S&P 500 has underperformed core emerging and developed markets year-to-date, partly due to a weaker dollar [44][45] - International diversification is beneficial, especially for those with a strong home bias towards US investments [47] - Over 95% of international markets are small and mid-cap companies, unlike the US market with its large, dominant tech companies [49]

Thematic Investing - Tematica Research 的首席投资官 Chris Versace 加入 Yahoo Finance 的 "Stocks in Translation" 节目，讨论主题投资，即投资于受益于人工智能或清洁能源等长期结构性趋势的公司 [1] - Chris Versace 强调使用每日新闻信号来验证或重新评估主题风险敞口的重要性 [1] - Chris Versace 关注关税驱动的价格上涨可能导致的未来通货膨胀 [1] Podcast Overview - "Stocks In Translation" 旨在剖析市场混乱、嘈杂的数字和夸张言论，为投资者提供做出正确交易决策所需的信息 [1] - 该节目每周播出两次，可在 Apple Podcasts、Spotify 和其他平台收听 [1] - 可以在 Yahoo Finance 网站或流媒体服务上找到更多剧集 [1] Yahoo Finance - Yahoo Finance 提供免费的股票代码数据、最新新闻、投资组合管理资源、全面的市场数据和高级工具，以帮助用户管理财务生活 [1] - 用户可以在 finance.yahoo.com 获取最新新闻和数据，并在 Apple 或 Android 上下载 Yahoo Finance 应用程序 [1] - Yahoo Finance 在多个社交媒体平台（包括 X、Instagram、TikTok、Facebook 和 LinkedIn）上提供内容 [1]