Vision Research Fundamental

Vision Research LLC is an independent research firm that uses fundamental analysis to help investors avoid risk and profit from structurally challenged equities. Founded in 2004, the company is focused on US and European equities and IPOs. Vision issues approximately 25-30 new shorts per year, ~10 European with the remainder US, as well as IPO reports, as determined by the calendar. The subscriber base for each product is capped to avoid crowding and impacting the stock price upon initiation.

Research Products:

Shorts
- US Alerts – Market cap greater than $1bn and an AD$V above $10mn
- Non-US Alerts – European stocks with market cap greater than $1bn and an AD$V above $10mn
As of 8/31/19, VR's 29 active shorts have:Average: Mkt Cap of $20.6bn, AD$V of $91mn, and SI% < 5% Median: Mkt Cap of $4.8bn, AD$V of $39, and SI% of < 3%

IPO Radar – Independent and objective analysis of initial public offerings prior to pricing (future source of short ideas)

Sectors Covered:
 Frequent – Consumer, Industrials, TMT
 Infrequent – Healthcare Equipment/Services, Materials
 Very Rare – Pharma/Biotech, Energy/Utilities, Financials

Types of Shorts:
 Secular Headwinds / Competitive (majority)
 Fraud / Promotional Management
 Quality of Earnings / Forensic Accounting
 Credit / Dividend Cut