Arete Research

Arete is a leading independent provider of equity research, specialising in the global technology, telecoms and alternative energy sectors. Founded in early 2000, Arete was the pioneer in independent research.

Over the past decade Arete has grown to 26 analysts, sales and support staff with offices in London, New York, Boston and Hong Kong. Research from Arete presents investors with a global perspective of the key themes and companies across the sectors it covers. Arete research is totally independent, free of any conflict of interest from corporate advisory work and proprietary trading. As a matter of principle Arete never receives any form of compensation from the companies it analyses; its sole purpose is to help investors better understand the complex dynamics of the sectors it covers.

	Arete is a leading independent provider of equity research, specializing in the global technology, telecoms and alternative energy sectors.
	Arete Research provides a global perspective on key themes and market-leading companies across the sectors our analysts cover.
	Arete Best Ideas is a monthly publication highlighting the firm's highest conviction long and short recommendations.
	Arete Access is the firm's global corporate access initiative providing clients with access to top management teams around the world.

While we have extensive coverage of these stocks, we pride ourselves on thematic research in each of the following spaces.

Alternative Energy

First Solar (FSLR US)	GCL-Poly Energy (3800 HK)	JA Solar (JASO US)
LDK (LDK US)	Meyer Burger (MBTN SE)	Motech (6244 TT)
REC (REC NO)	SMA Solar Technology (S92:GR)	Sungrow (300274 CH)
Suntech (STP US)	Yingli Green Energy (YGE US)

Digital Consumer

LG Electronics (066570 KS)

Technicolor (TCH.FR)

Internet

Baidu (BIDU US)	Google (GOOG.US)	Tencent Holdings (700 HK)
Youku Tudou (YOKU US)

Semi Cap Equipment

ASML Holding (ASML NA)

Semiconductors

Advanced Micro Devices (AMD US)	ARM (ARM LN)	Broadcom (BRCM US)
Fusion-io (FIO US)	Imagination (IMG LN)	Infineon (IFX GR)
Intel (INTC US)	InterDigital (IDCC US)	Lenovo (992 HK)
LG Display (034220 KS)	MediaTek (2454 TT)	Micron Technology (MU US)
NVIDIA (NVDA.US)	Qualcomm (QCOM US)	Samsung Electronics (005930 KS)
SanDisk (SNDK US)	SK Hynix (000660 KS)	Spreadtrum (SPRD US)
STEC (STEC.US)	STMicro (STM US)	Synaptics (SYNA US)
Texas Instruments (TXN US)	TSMC (2330.TT)	Universal Display (PANL.US)

Software and IT

Atos (ATO FP)	Capgemini (CAP FP)	Citrix (CTXS US)
Informatica (INFA US)	Microsoft (MSFT.US)	Oracle (ORCL US)
Red Hat (RHT US)	Salesforce.com (CRM US)	SAP (SAP GR)
Temenos (TEMN.SW)	Teradata (TDC US)	VMware (VMW US)

Telecom Equipment

ADVA Optical (ADV GR)	Alcatel-Lucent (ALU FP)	Apple (AAPL US)
BlackBerry (BBRY US)	Cisco (CSCO US)	Ericsson (ERICB SS)
HTC (2498 TT)	Juniper Networks (JNPR US)	Nokia (NOK1V FH)
Spirent (SPT LN)	ZTE (763:HK)

Telecom Operators

America Movil (AMX US)	AT&T (T US)	BSkyB (BSY LN)
BT Group (BT/A LN)	C&W Communications (CWC:LN)	Deutsche Telekom (DTE GR)
France Telecom (FTE FP)	Iliad (ILD FP)	Kabel Deutschland (KD8 GR)
KPN (KPN NA)	Liberty Global (LBTYA US)	NII Holdings (NIHD US)
OTE (HTO GA)	Sprint Nextel (S.US)	TalkTalk Telecom Group (TALK:LN)
Telefonica (TEF SM)	Telefonica Deutschland (O2D GR)	Telenet (TNET BB)
Telenor (TEL NO)	T-Mobile US (TMUS US)	Verizon (VZ US)
Vimpelcom (VIP US)	Virgin Media (VMED US)	Vodafone (VOD LN)
Ziggo (ZIGGO NA)

Arete tracks over 100 other companies which we do not formally cover.

Arete's research is thematic, fundamental, action-oriented and typically <5pp in length. Arete analysts uncover unique opportunities in the sectors they cover and write their research on these areas & companies. Arete does not publish earnings reports or maintenance research. Arete's research is not published on FirstCall & is not widely distributed.

Below please find a representative sampling of our research: