Hugo Angelo Lucien Manenti - etoro Popular Investor

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𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲 - 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟬𝟮𝟲 Dear all, August was largely a continuation of July – a choppy market and volatile AI complex, while value and software continued to perform well. Our portfolio benefited from this rotation, helped by excellent earnings from several of our largest... Show More

Greece

1mo

𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲 -- 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟲 Dear all, July saw an exceptionally violent momentum reversal. The year's biggest winners were sold hard, while the software and services names nobody wanted finally caught a bid. Most of our companies did well - but a few high-momentum names took... Show More

From AI Pilots to Production: The Mispriced Middle Layer

Greece

2mo

𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲 — 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟲 Dear all, June was again defined by one theme – AI. Our portfolio, by design, sits largely outside it. Index leadership stayed extraordinarily narrow, capital crowding into AI "winners" while the rest of the market lagged. Let me explain where... Show More

Cognizant, EPAM and Concentrix have sold off as AI losers. But as enterprises struggle to move AI from pilots to production, the market may be mispricing the very companies built to bridge that gap.

Greece

3mo

𝗠𝗮𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 𝗠𝗮𝗰𝗿𝗼 & 𝗣𝗼𝗹𝗶𝗰𝘆 𝗧𝗵𝗲𝗺𝗲𝘀 May was another strange month for markets. On one hand, the market increasingly traded as if the Middle East shock was behind us. Oil sold off, equities jumped to ATHs, and the dominant narrative became de-escalation... Show More

Greece

4mo

Q1 earnings season is now in full swing, so I wanted to share a few early updates from companies in our portfolio. Overall, it has been a strong start to the year. Today’s update focuses on some of the easier reports to interpret - companies where the thesis is progressing clearly. 𝗪𝗲𝘀𝗰𝗼 $WCC... Show More

Greece

5mo

Dear all, I published an updated writeup on $CNXC (Concentrix Corporation) on my substack – link here: hugomanenti.substack.com/p/concentrix-same-old?utm_source=etoro&utm_medium=social Here's the summary. 𝗤𝟭 𝗦𝗻𝗮𝗽𝘀𝗵𝗼𝘁 Revenue of $2.5 billion, up 1.9% in constant currency. Adjusted... Show More

Concentrix – Same Old

It all hinges on margins

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Concentrix: AI Roadkill or Deep Value?

Latest post - Concentrix $CNXC (Concentrix Corporation) One of of large, long term holdings currently held at a significant loss. I decided to revisit the investment thesis and see if it still holds. I am pasting the conclusion below. For the full article - please follow the link: hugomanenti.substack.com/p/concentrix-ai-roadkill-or-deep-value?utm_source=etoro&utm_medium=social ... Show More

AI narratives have made CX the most hated sector on Wall Street. Yet, CNXC's growth is accelerating. At 2.7x EPS, is this the most asymmetric play against AI doom?

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War in the Middle East – The Strait of Hormuz

I am posting a summary of a longer Substack post – which you can find here: hugomanenti.substack.com/p/war-in-the-middle-east-the-strait Questions welcome! 🛢️ 𝗪𝗮𝗿 𝗶𝗻 𝘁𝗵𝗲 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁 – 𝗘𝘂𝗿𝗼𝗽𝗲 𝗮𝗻𝗱 𝗔𝘀𝗶𝗮 𝗶𝗻 𝘁𝗵𝗲 𝗙𝗶𝗿𝗶𝗻𝗴 𝗟𝗶𝗻𝗲 War broke out late Friday. The U.S.... Show More

Europe and Asia are in the Firing Line, U.S. Structurally Advantaged

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Dear all, As mentioned yesterday, I launched a Substack. The first post is a $IWG.L (IWG PLC) deep dive. You can find it here: tinyurl.com/IWG-office-etoro TL;DR: IWG is the largest global flex operator - orders of magnitude larger than WeWork. It has massive scale advantages. The market still values... Show More

IWG: Return to Office

IWG is the key beneficiary of the trend towards flexible and decentralised workspaces. At only 6x EBITDA, the stock is an overlooked opportunity.

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