Monday, Dec 6th 2021

Titan Opportunities Trade Update: We’ve bought IQV, sold RDFN and FTDR

Commentary

We’ve initiated a position in IQVIA (IQV) for our Opportunities portfolio. We’ve also added to existing holdings in WillScot Mobile Mini (WSC) and SS&C Technologies (SSNC). We’ve sold out of our positions in Redfin (RDFN) and Frontdoor (FTDR).

Another health checkup

IQV is a leading contract research organization (CRO) helping companies design and execute clinical trials around the globe. Today’s IQV is the result of a 2016 merger between IMS Health and Quintiles.

We view IQV as a “picks and shovels” service provider to the life sciences industry, which we believe is experiencing higher structural demand coming out of the pandemic. As costs in the healthcare industry continue to rise, IQV helps its customers keep costs under control during the drug development process.

We believe IQV may be able to grow revenues in excess of 10% per year while driving double-digit earnings growth. Additionally, with the company’s merger integration now complete, we believe there may be opportunities to unlock shareholder value through scaling its commercial technology business, further streamlining operations, and potential M&A.

Building another module

We recently initiated a position in WSC and added to an existing position in SSNC for Opportunities clients, and we believe the current market environment warrants adding further capital to both of these positions.

WSC is a market leader in the modular and portable storage industry. We believe WSC may be able to expand margins and improve free cash flow generation, while reducing its overall debt load amid growth in the industrial sector.

SSNC is a leading provider of information processing and business operations for the financial services and healthcare industries. At current levels, we believe SSNC shares offer an attractive risk/reward as the company continues to demonstrate best in-class capital allocation, with pending M&A activity a catalyst that we believe may drive the stock higher.

Selling housing

As we wrote in a piece published last month, we believe the road ahead for the housing market is a challenging one.

As a result, we’ve decided to sell our remaining exposure to this industry and exited positions in FTDR and RDFN for Opportunities clients.

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