Argonautica

Professional investors can review published thought leadership and market updates from the Argonaut Investment Team.

10 posts found for 2016

‘2016.... a look back at the worst year ever’

“F*ck You 2016…a look back on the worst year ever” is the title of a best-selling book, currently sold out on Amazon UK. These are sentiments with which many in the active fund management industry will share, unless you manage a commodity fund or a value strategy, in which case it was a welcome relief (perhaps vindication) after years of purgatory. 2016 has thrown up unique challenges for active managers operating different strategies often irrespective of views on market direction. Generally, the…

‘Inmarsat: Another No-Growth Quarter’

Last Thursday Inmarsat announced results for Q3. Whilst the share price reaction on the day suggested a positive reading of the results by the market, we believe a large part of this was relief that the company did not issue a profit warning. In fact, when looking at the results in more detail, Q3 proved to be yet another quarter of zero growth for the company. In our previous blog ‘Inmarsat: Rough Seas and Cloudy Skies’1 we highlighted our concerns around Inmarsat’s guidance for 2018 – an increase…

‘Politics, Protectionism and Posturing’

It was announced on Monday that the German Federal Ministry of Economic Affairs and Energy was reopening review proceedings for regulatory approval of the takeover of technology company Aixtron by Chinese investment fund Fujian Grand Chip. According to the bidder, the official reasoning stated that “information available to the German Federal Government indicates the knowhow of AIXTRON also compromises security-related technologies, in particular the defence sector, which could be revealed through…

‘Inmarsat: Rough Seas and Cloudy Skies’

The satellite industry is one which is rather complex and opaque at first glance, and the time needed to develop a meaningful understanding of its dynamics relative to the small number of investable opportunities often leads investors to look elsewhere. Having carried out a review of the industry, including interviews with the main satellite operators, resellers and customers, we believe the satellite industry currently bears a striking similarity to the telecommunications sector in the 1990’s –…

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