Research
Industry & Sector Research
Research on how industries work, what drives company returns and which risks matter to investors.
Latest publication · 25 October 2026
Company & Sector Research · No. 02
Cybersecurity: A Growing Market, but Does That Make It a Good Investment?
An examination of the cybersecurity market, its disciplines and threat actors, regional regulations, competitive landscape, valuation risks and role in a diversified portfolio.
Read the research paper →Previous publication · 18 October 2026
Company & Sector Research · No. 01
AI Infrastructure: A Powerful Investment Theme, but Who Actually Captures the Return?
A study of the companies, capital and infrastructure behind the AI build-out, with particular attention to regional differences, investor positioning, private credit, valuation and bubble risk.
Read the research paper →For company research
A ten-part company-note framework
- 01Investment question
- 02Business model
- 03Industry & competitive position
- 04Revenue and margin drivers
- 05Valuation
- 06Bull, base and bear cases
- 07Catalysts
- 08Principal risks
- 09What would change my view
- 10Portfolio connection
Research transparency
What each paper sets out
- Publication date and research cut-off
- Sources and key assumptions
- Known limitations and uncertainty
- Evidence that could change the assessment
- Company notes: valuation date and relevant interests
Sector studies use a broader structure. The ten questions are designed for single-company research.