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Cut through the noise with quality, peer-reviewed investment research from top analysts and rising stars in the fund industry.
SumZero is an industry thought leader attracting high-quality, fundamental research from vetted buy-side analysts/PMs at funds operating around the world, from New York to London, Hong Kong, Singapore, and beyond. Transparent, actionable investment ideas with a focus on primary research, rigorous valuation work, and contrarian opportunities.
– Sid Choraria, APS Asset Management
$3B Singapore-Based Hedge Fund
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SumZero’s research database is 100% comprised of actionable, peer-reviewed, long-form research from members of the hedge fund, mutual fund, and private equity fund analyst community. Research is 100% transparent, including analyst name, fund name, and disclosure status.
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Research reports in SumZero are forward-looking with defined price targets, expected timeframes, valuation discussion, risk analysis, and catalyst review.
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SumZero has been a fantastic platform for us to differentiate our fund by the quality of the ideas our process generates, as the transparency into each key position allows prospective investors to both understand how we research and execute investments, and holds us accountable to past decisions. We can’t think of a better way to promote transparency in the industry than by having access to our key investment decisions over time
– Steven Wood
Founder/PM, GreenWood Investors
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One of the best characteristics about SumZero is not only the transparency but the users in general - and thus, the exclusivity - I have yet to reach out to someone who didn't reply within a few hours and offered to get on the phone and tell me everything. Prior to joining this platform, I had such a bad taste in my dealings with users from other mediums; this platform really changed the way I perceive the industry, and if anything, it gave me the confidence to speak with people that I otherwise would have assumed would've never responded - much less act like as an open book and offer a lending hand - you just don't get that anywhere else, not even close.
– Taylor Mann
Founder/PM, Pine Capital Partners
Excerpts From SumZero Research
As the company is continuously buying back stock at the current depressed share price, the earnings accretion drives the P/E down to ~12x. This is at discount of 10%-15% to the high quality names in the tobacco sector, which is a very significant de-rating from the historic premium of ~4 multiple points. If we were to exclude that from operating earnings the discount is ~20%.— Founder/PM at $150M London-Based Long/Short Equity Hedge Fund
Off-balance sheet liabilities mostly relate to aging populations with the future holding a much greater demand for pension and welfare payments to older citizens as well as greater demands for healthcare. Under-investment in infrastructure is another way governments have been postponing expenditure. Bailouts of banks is another iceberg that can cause a shipwreck, with Ireland’s government debt to GDP ratio going from 44.5% to 121.7% in four years primarily as a result of poor lending and bank bailouts.— Founder/PM at $40M Sydney-Based Distressed Credit Hedge Fund
These changes in demand have not occured as rapidly as expected. Extensive channel checks with suppliers in a dozen different countries, done in the last week, showed that demand did not slow in the 3rd quarter, though it has begun to slow very slightly in the fourth, with suppliers in Italy expecting it to pick up with the renewal of rebates in January.— PM at $275M NY-Based Long/Short Equity Hedge Fund
42% of SAFM’s COGS are feed costs comprised of 75% corn, 25% soy meal. A $1.00/bushel decline in corn price adds $100mm of operating income for SAFM. (However, on the risk side, a $1.00/bushel rise in corn prices also detracts $100M in opinc. Keep in mind this leverage when considering this idea.)— PM at $1T+ California-Based Credit Mutual Fund
Chorus undertakes a dilutive equity issue to provide additional head room under its debt covenants. Chorus has ruled out an equity issue until the regulator's decision is given in April 2015. The market had been concerned that a distressed equity raising may be possible but that risk has now been eliminated due to the extension of debt facilities including relaxation of key covenants. It is still possible that the company may wish to raise equity if the regulatory decision is positive in April and the stock prices rallies to more attractive levels.— Senior Analyst at $80M Hong Kong-Based Event Driven Hedge Fund
In terms of a potential take-out, a larger driller like Ensco (ESV), Noble (NE), Transocean (RIG), or Seadrill (SDRL) would be attracted to VTG b/c of its newer fleet, the ability to refinance the high-cost leverage at much lower rates, and a fleet that is already working instead of waiting 3yrs for a newbuild. Further, as MLPs are formed (have SDLP and RIG likely to announce one in 2014), these new entities should trade at higher multiples and thus be able to make acquisitions accretive more easily - better buyers and new class of potential buyers.— Analyst at $4.5T NY-Based Asset Manager
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SumZero has been a critical component in my job search. I had interviews with prominent hedge funds that I never would have had the chance to interview with. It's been a great experience all around.
– Analyst at $6B Event Driven Hedge Fund
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SumZero was able to introduce us to high-caliber investors, and to generate feedback on our business from a wide swath of credible allocators in a short period of time. I’d highly recommend any new fund contemplating a launch to use SumZero’s capital introduction services.
– Stormy Scott
President & COO, Banbury Partners
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We have been very impressed with the quality and pedigree of the investors on the SumZero platform. The capital raising process is inherently inefficient for both investors and fund managers and the SumZero platform addresses specific challenges for both sides. We have found the platform to be very productive in establishing a dialogue with emerging manager investors.
– Jeff Knupp
Former COO, Cloud Gate Capital
“It’s pretty amazing that before you even meet the manager, I’ve already done all the background research. It makes my job a lot more efficient. It saves me a lot of time.”— Analyst, $400M NY-Based Hedge Fund of Funds via Bloomberg’s Full Review of SumZero Allocator
I am very impressed with the SumZero Cap Intro platform. We've had several in-person interviews with prospective investors since joining the platform. The interactions are far better than other cap intro platforms we have tried in the past. As an emerging manager, I value my partners above all else. SumZero has done an excellent job bringing on institutions who are interested in my long-term success.
– Ian Clark
Founder/Managing Partner, Dichotomy Capital
SumZero cap intro is an innovative platform that is leveling the play field for emerging managers and allocators. Nick, Divya and their team have taken feedback from both LPs and GPs to produce a valued-added service that has a high return on time for all parties, resulting in greater transparency and efficiency through the entire process.
– Daniel W. Lawrence
Founder/Managing Partner, Elmrox Investment Group
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