Jason Horton
Portfolio Update Week Ending 2022-11-11 Disclosure: I am invested in the following companies referenced below – MAXR (Maxar), $TER (Teradyne Inc), BA.L (BAE Systems), $HO.PA (Thales Group), $SESG.PA (SES GLOBAL FDR), $BA (Boeing), $LMT (Lockheed Martin Corporation) and RKLB (Rocket Lab). Portfolio performance over the last week: 🟢 @Space-Investor: 1.61% 🟢 S&P 500: 5.90% Benchmark ETFs 🟢 ARKX: 5.72% 🟢 ROKT: 2.79% 🟢 ITA: 1.46% 🟢 UFO: 5.50% 🟢 Benchmark ETF Average: 3.87% Portfolio performance over the last 12 months: 🟢 @Space-Investor: 4.04% 🔴 S&P 500: (-14.73%) Benchmark ETFs 🔴 ARKX: (-34.39%) 🔴 ROKT: (-4.92%) 🟢 ITA: 1.75% 🔴 UFO: (-31.14%) 🔴 Benchmark ETF Average: (-17.18%) 15 of our 23 holdings had gains this week. 🟢 MAXR (Maxar) was up 15.74%. This appears to have more to do with last week’s exuberance over lower than expected US inflation rather than anything fundamental. They did put out a media release stating that the two satellites they built for Intelsat are operating nominally after last week’s launch: www.maxar.com/press-releases/maxar-built-galaxy-31-and-galaxy-32-satellites-for-intelsat-performing-properly-after-launch 🟢 TER (Teradyne) appreciated 13.68%. Again, this seems to be more about inflation rather than any new news from the company. 🔴 BA.L (BAE Systems) fell (-10.58%). There wasn’t any direct negative news, however some commentators are concerned that Ukraine’s recent success in the war might lead to lower sales for defense contractors like BAE. On the brighter side, they did announce a $17 million contract with the US Air Force Research Laboratory to add AI to some of the planning/training software: www.baesystems.com/en/article/bae-systems-to-develop-autonomy-based-video-game-experience-for-mission-planners 🔴 HO.PA (Thales) was down (-9.97%). This happened despite a Refinitive report that upgraded their rating to 8/10 – a 12 month high. There didn’t appear to be any negative fundamental news and this drop appears to be for similar reasons to BAE Systems. And in other news… SES and Hughes Demonstrated SATCOM with a General Atomics MQ-9B SkyGuardian The MQ-9B is a type of remotely piloted military aircraft which typically rely on Geostationary satellites to communicate with their ground stations. While this experiment had the aircraft sitting on the ground, it demonstrated connecting with mixed orbit satellites involving both GEO and MEO sats which can reduce latency and also increase bandwidth, particularly once SES’ new 2nd generation O3b mPower constellation becomes operational next year. The RAF (Royal Air Force) has already ordered the MQ-9B and could become the first customer for this upgrade. SES is a leader with this new type of multi-orbit SATCOM and I believe it will find many new applications and become a significant revenue generator for the company over the next few years. The official announcement is available at www.ses.com/press-release/ga-asi-ses-and-hughes-team-demonstrate-nextgen-satcom-mq-9b-skyguardian Also, Space News recently ran an article about SES’ O3b mPower at spacenews.com/o3b-mpower-flexibility/ LOFTID - Low-Earth Orbit Flight Test of an Inflatable Decelerator A week after it was initially scheduled, NASA and ULA (JV 50% Boeing + 50% Lockheed Martin) conducted a test of an inflatable heat shield designed to help spacecraft decelerate in the upper atmosphere. NASA wants the technology for Mars and ULA wants it for their SMART reuse program and the inflatable heat shield will enable them to return the engine section of their new Vulcan rocket for use on subsequent flights – saving them up to ~60% on the booster’s production costs. While final details of the experiment haven’t yet been published, based on videos and photographs it looks like it was an outstanding success! Here’s a video of the inflation, release and splashdown: www.youtube.com/watch?v=PZlFiv3IKJM&t=1s This shows it aboard the recovery vessel: twitter.com/torybruno/status/1590810170229395456/photo/2 Rocket Lab Q3 Results The company reported record quarterly revenue – I’ve provided more detail at www.etoro.com/posts/0__entry__acdd5c88-7bee-47b3-a0ab-815b284e882f ترجم
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