1. What do we publish?

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01.

Events & Situation report

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20+ ideas are flagged every month
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Published once every month
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02.

Project-X

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7+ ideas are flagged every month
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Published once every month
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03.

13D summary

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All significant activist filings are summarized
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Published once a week/month
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04.

Special reports

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BETA
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2. Sample report pages

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Cornerstone Building Brands (CNR): New CEO is a former top executive of $47 billion Dupont; Recent divestments to repay the debt; Insider buying
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What Our Clients Say

Snowball is a tremendous research tool for value- and change-orientated investors that literally does the heavy lifting to help you find great, needle-in-the-haystack investment ideas.

William C. Martin, Raging Capital Ventures / Raging Capital Management LLC

In a world of too many research services providing too many reports of dubious value, Snowball stands out as a worthwhile and differentiated publisher. Further Snowball’s key personnel are responsive to input from clients and always trying to improve their product, which bodes well for the future.

– Portfolio Manager , AUM: $200M


 

Raghu’s research saves us an enormous amount of time researching what other activists are doing with domestic public companies. He is on top of the latest news and he often supplements the news with value-added analysis and background about the activists and the executives. Our payback on subscribing is enormous.

– David Nierenberg, The D3 Family Funds


 

Your product is a good statistical reminder of companies that are ongoing changes. It exposes me to companies I might not be taking a look at. While limited, it is a good starting point for further investigation.” 

– Portfolio Manager, AUM: $200M

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3. Focus & expected outcome

Focus is on idea generation

It is not the scarcity of “money”; instead, it is the scarcity of “time” that underscores the importance of idea generation. Even if a fund manager has an army of analysts and a huge research budget, he/she is still required to “prioritize” the stock to spend time researching and thinking—that’s where “filters” play a significant role.

Snowball Research helps you with your idea generation process. Except for shareholder activism, we focus exclusively on US-listed stocks under $5 billion market capitalization

Expected outcome after reading the report

The stocks that we flag are worthy of “further research.” In other words, the best outcome after reading our report is this – you pick a stock highlighted in the report for the next level of research and/or add it to your watch list.

How do we differ?

Unlike focusing on quantitative data, we focus mostly on "qualitative information" to filter ideas. Our process is tied heavily to plenty of reading. As such, many qualitative factors that we highlight are typically hidden in quantitative screening techniques

In short, Snowball Research focuses on the "most ignored" section in the equity research process: narrowing down ideas from plenty of screens.

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4. List of screens we use to shortlist ideas

I. Recent Significant Events & Situations

We focus on stocks under $5B New CEOs track record 8-K filings Insider buying Moat Segments Changes after CEO's appointment 13G filing CEO compensation 13D fililng Mutual fund letters Hedge fund letters

New CEO

Every time a company appoints a new CEO, we research the track record of the CEO. We flag CEOs with A+ track record.

Significant changes after CEO appointment

We highlight the changes the newly hired CEOs are making after their appointment.

13G

We review all 13G filings (mostly first-time filers) and flag the companies that is worth your attention.

13D

We flag companies that are targeted by activists where the probability of potential divestment/sale is high; we also highlight the significant changes that companies are making after activist involvement.

8-K (Keywords)

We predominantly use keywords to narrow down filings from the thousands of 8-K filings. We flag qualitative “significant events/change”.

Insider buying

We review all insider buying and flag the companies that warrants further research

NT & restatement

We flag companies that emerge from annual/quarterly filing delay and restatements.

II. Project X

Segment

Companies with multiple segments are analyzed.

Moat

We flag good businesses irrespective of their valuation and catalyst.

Owner-operator

We review companies that are run by owners.

Mutual fund

We review mutual funds’ annual and semi-annual reports. We flag interesting companies.

13F

We write about the investor and an interesting idea from the investor’s 13F.

III. 13D

13D

We summarize all significant 13Ds filing. We also send weekly alerts.

Snowball Research offers a free trial

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    raghu@snowballresearch.com | https://snowballresearch.com/

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    Contact
    raghu@snowballresearch.com

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