Northlake is swapping out of purely small cap exposure, moving half to mid cap and half to large cap. The large cap is coming from Style exposure as we stay neutral on growth vs. value but move from small cap to large cap ETFs. In Market Cap, the swap is from small cap to mid […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-03-01 18:31:092021-03-01 18:31:09Taking the Small Cap Win
Interest rates on bonds maturing more than a year in the future have risen since our last update on income equities. At the end of November, the 10-year US Treasury bond yield was a little less than 1.00%. Today, the yield is about 1.45%. Short-term interest rates that are fully controlled by the Federal Reserve […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-03-01 16:14:492021-03-01 16:14:49Income Equity and Bond Quarterly Review
Home Depot reported better than expected EPS, sales, and comp store sales, but had a small margin shortfall. The stock has reacted poorly to the results, but we remain bullish on the outlook. HD shares are unchanged since last summer even as quarterly earnings have consistently grown at 20%. This has led to a material […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-24 20:58:232021-02-24 20:58:23HD Shares Will Be Repaired
Nexstar Media Group (NXST) reported better than expected 4Q20 results despite elevated expectations. More importantly, guidance for free cash flow in the 2021/2022 cycle came in way above estimates. The 21/22 outlook validates the strategy that NXST has followed since we first became familiar with the company back in 2013. NXST management has steadily built […]
Disney (DIS) reported its first quarter under its new reporting structure which is designed to isolate the company’s three main businesses and especially highlights the Direct-To-Consumer (DTC) streaming businesses that are the future of the company’s media businesses. Results in the company’s 1Q21 were better than guidance and analyst expectations but are not a short-term […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-16 18:11:222021-02-16 18:11:22Streaming and Dreaming at Disney
Activision Blizzard (ATVI) reported 4Q20 results roughly in line with Wall Street estimates that were above the company’s own guidance. More importantly, management provided initial 2021 guidance that was above analyst estimates and appears to be based on conservative assumptions. ATVI shares have been fantastic performers for Northlake over the years and had a particularly […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-10 16:48:572021-02-10 16:48:57Patience Will Continue to be Rewarding at Activision Blizzard
Sony (SNE) provided a great boost to our investment thesis with the company’s 3Q20 earnings results. Earnings easily beat Wall Street estimates with strength in almost all segments. Gaming and Image Sensors led the way. Gaming got a boost from the rollout of the PS5 console, popular new games, and continuing subscription growth. Image Sensors […]
Alphabet (GOOG/GOOGL) reported excellent 4Q20 results across the board in all segments and on all financial metrics. Revenue, EPS, Operating income and profit margins each easily and materially beat Wall Street estimates. These factors alone are worth a nice boost in GOOG/GOOGL shares. However, the company also took another meaningful step to improve financial disclosure […]
Facebook (FB) reported a strong beat on 4Q20 sales and earnings, topping expectations for the third consecutive quarter. Guidance for 2021 was unchanged from the initial outlook provided last quarter. FB continues to caution investors about a potential headwind in 2021 from changes to Apple’s data privacy policy and warned that 2H21 faces difficult comparisons […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-02 13:20:332021-02-02 13:20:33Facebook Outperforms Again While Keeping 2021 Expectations in Check
There are no changes to our thematic recommendations and positions for February. Northlake remains all-in on small cap and neutral on growth vs. value. Clients will continue to hold positions in the Russell 1000 (IWM), the Russell 1000 Growth (IWO), and the Russell 1000 Value (IWN) for at least another month. Small cap did very […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-02 01:12:582021-02-02 01:12:58Sticking With Small Cap and Our Take on GameStop
Taking the Small Cap Win
Northlake is swapping out of purely small cap exposure, moving half to mid cap and half to large cap. The large cap is coming from Style exposure as we stay neutral on growth vs. value but move from small cap to large cap ETFs. In Market Cap, the swap is from small cap to mid […]
Income Equity and Bond Quarterly Review
Interest rates on bonds maturing more than a year in the future have risen since our last update on income equities. At the end of November, the 10-year US Treasury bond yield was a little less than 1.00%. Today, the yield is about 1.45%. Short-term interest rates that are fully controlled by the Federal Reserve […]
HD Shares Will Be Repaired
Home Depot reported better than expected EPS, sales, and comp store sales, but had a small margin shortfall. The stock has reacted poorly to the results, but we remain bullish on the outlook. HD shares are unchanged since last summer even as quarterly earnings have consistently grown at 20%. This has led to a material […]
Nexstar Achieves and Validates Long-Term Strategy
Nexstar Media Group (NXST) reported better than expected 4Q20 results despite elevated expectations. More importantly, guidance for free cash flow in the 2021/2022 cycle came in way above estimates. The 21/22 outlook validates the strategy that NXST has followed since we first became familiar with the company back in 2013. NXST management has steadily built […]
Streaming and Dreaming at Disney
Disney (DIS) reported its first quarter under its new reporting structure which is designed to isolate the company’s three main businesses and especially highlights the Direct-To-Consumer (DTC) streaming businesses that are the future of the company’s media businesses. Results in the company’s 1Q21 were better than guidance and analyst expectations but are not a short-term […]
Patience Will Continue to be Rewarding at Activision Blizzard
Activision Blizzard (ATVI) reported 4Q20 results roughly in line with Wall Street estimates that were above the company’s own guidance. More importantly, management provided initial 2021 guidance that was above analyst estimates and appears to be based on conservative assumptions. ATVI shares have been fantastic performers for Northlake over the years and had a particularly […]
Sony Raises Guidance and Northlake Raises Target
Sony (SNE) provided a great boost to our investment thesis with the company’s 3Q20 earnings results. Earnings easily beat Wall Street estimates with strength in almost all segments. Gaming and Image Sensors led the way. Gaming got a boost from the rollout of the PS5 console, popular new games, and continuing subscription growth. Image Sensors […]
Perfect ABCs at Alphabet
Alphabet (GOOG/GOOGL) reported excellent 4Q20 results across the board in all segments and on all financial metrics. Revenue, EPS, Operating income and profit margins each easily and materially beat Wall Street estimates. These factors alone are worth a nice boost in GOOG/GOOGL shares. However, the company also took another meaningful step to improve financial disclosure […]
Facebook Outperforms Again While Keeping 2021 Expectations in Check
Facebook (FB) reported a strong beat on 4Q20 sales and earnings, topping expectations for the third consecutive quarter. Guidance for 2021 was unchanged from the initial outlook provided last quarter. FB continues to caution investors about a potential headwind in 2021 from changes to Apple’s data privacy policy and warned that 2H21 faces difficult comparisons […]
Sticking With Small Cap and Our Take on GameStop
There are no changes to our thematic recommendations and positions for February. Northlake remains all-in on small cap and neutral on growth vs. value. Clients will continue to hold positions in the Russell 1000 (IWM), the Russell 1000 Growth (IWO), and the Russell 1000 Value (IWN) for at least another month. Small cap did very […]