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    Adam Beatty

    Senior Equity Analyst at UBS

    Adam Beatty is a Senior Equity Analyst at UBS specializing in the U.S. financial sector, with coverage of over 20 companies including notable names such as TPG Inc and Cohen & Steers. Demonstrating a strong performance track record, Beatty holds a 59% success rate on 64 ratings and an average return of 12.3% per rating, ranking #1,771 among Wall Street analysts and #4,250 among all financial experts on TipRanks. Beatty has been issuing analyst ratings since 2014, prior to which his professional background details are less public, and he currently focuses on both quantitative and qualitative analyses to guide investment decisions. He holds relevant securities licenses and FINRA registration, distinguishing himself as a reliable source within the investment research community.

    Adam Beatty's questions to Victory Capital Holdings (VCTR) leadership

    Adam Beatty's questions to Victory Capital Holdings (VCTR) leadership • Q2 2024

    Question

    Adam Beatty from UBS inquired about flow trends across different channels, particularly retail and direct, and asked if Victory sees retail recovering faster than institutional. He also asked for the next milestone and timing for the Amundi transaction.

    Answer

    CEO David Brown detailed the flow dynamics, noting institutional rebalancing has been a factor, but he expects delayed fundings to pick up. The intermediary channel has seen ETF momentum, while the direct channel is steady. He stated that in Victory's experience, one channel does not necessarily recover faster than another. The next and final milestone for the Amundi deal is the closing, which is expected in late 2024 or early 2025, with no other material interim steps anticipated.

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    Adam Beatty's questions to Bridge Investment Group Holdings (BRDG) leadership

    Adam Beatty's questions to Bridge Investment Group Holdings (BRDG) leadership • Q2 2024

    Question

    Asked for details on the incentive fee structure for the triple net lease product, specifically its long-term crystallization cadence and lookback period. He also asked a broader question about whether an increase in transactions from motivated sellers could negatively pressure market-wide valuations.

    Answer

    The incentive fee for the net lease product has a 3-year crystallization for the initial cohort, but will move to a regular basis after a 12-month waiting period; future products will have a 12-month crystallization. They do not expect broad-based distress to pressure valuations, as pent-up equity demand and orderly sales from lenders should support market prices.

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    Adam Beatty's questions to Bridge Investment Group Holdings (BRDG) leadership • Q2 2024

    Question

    Adam Beatty of UBS asked for details on the incentive fees from the triple net product, specifically the long-term cadence of crystallization and the lookback period. He also posed a broader question about real estate valuations, questioning if a pickup in transactions from motivated sellers could pressure marks across the industry.

    Answer

    CFO Katherine Elsnab explained the Q3 incentive fee crystallization is from a 3-year lookback on their open-ended net lease product, and that going forward it will be on a more regular basis. CEO Jonathan Slager addressed valuations, stating he does not expect broad-based distress. He anticipates an orderly market for assets from motivated sellers, supported by pent-up equity demand and a competitive lending environment, which should not materially drag down overall values.

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    Adam Beatty's questions to Bridge Investment Group Holdings (BRDG) leadership • Q1 2024

    Question

    Adam Beatty from UBS followed up on fundraising, asking about the expected size of successor funds compared to prior vintages. He also inquired about the liquidity features available to individual investors in the wealth channel, particularly for the new accredited investor product.

    Answer

    Executive Chairman Robert Morse explained that while they size funds to match deployment opportunities, the growth of their teams and markets allows for larger successor funds, citing Logistics and Secondaries as key growth areas. On liquidity, he stated the new vehicle has defined features consistent with similar retail products and that the underlying portfolio of discrete, smaller assets enhances marketability to meet potential redemption requests.

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    Adam Beatty's questions to Bridge Investment Group Holdings (BRDG) leadership • Q1 2024

    Question

    Adam Beatty of UBS followed up on fundraising, asking if the "4 horsemen" successor funds are expected to be larger than prior vintages. He also inquired about the liquidity features for individual investors in the wealth channel, particularly for the new product.

    Answer

    Executive Chairman Robert Morse confirmed the potential for larger successor funds, citing team growth and expanding market opportunities in key verticals like Logistics and Secondaries. On liquidity, he explained the new wealth product has defined liquidity parameters, a strong seed portfolio with minimal redemption requests, and invests in a diversified pool of smaller, marketable assets. He also mentioned a likely initial lockup period of around one year.

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    Adam Beatty's questions to Bridge Investment Group Holdings (BRDG) leadership • Q4 2023

    Question

    Asked for the rationale behind the 4Q portfolio markdown given an improving rate outlook, and for more detail on the "seller capitulation" mentioned in prepared remarks.

    Answer

    The Q4 markdown was driven by the continued reset in real estate valuations and cap rate expansion, primarily in multifamily, which lagged the rally in public markets and created a buying opportunity. True "seller capitulation" is still slow and sporadic, as changing rate expectations cause sellers to pull back. A more significant transaction volume recovery is expected over the next 18-24 months.

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