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 32 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)	Phoenix Solar (PS4 GR)	SolarWorld (SWV GR)
JA Solar (JASO US)	Q-Cells (QCE GR)	Sunpower (SPWRB US)
LDK (LDK US)	REC (REC NO)	Suntech (STP US)
Meyer Burger (MBTN SE)	SMA Solar Technology (S92:GR)	Yingli Green Energy (YGE US)
Motech (6244 TT)

Digital Consumer

Activision Blizzard (ATVI US)	Nintendo (7974 JP)	THQ (THQI US)
Apple (AAPL US)	Sony (6758 JP)	Ubisoft (UBI FP)
Electronic Arts (ERTS US)

Semi Cap Equipment

Applied Materials (AMAT US)	Lam Research (LRCX US)	Novellus (NVLS US)
ASML Holding (ASML NA)	MEMC Electronics (WFR US)	Varian Semiconductor (VSEA US)
KLA-Tencor (KLAC US)

Semiconductors

Advanced Micro Devices (AMD US)	CSR (CSR LN)	MediaTek (2454 TT)
ARM (ARM LN)	Infineon (IFX GR)	Qualcomm (QCOM US)
Atheros Communications (ATHR US)	Intel (INTC US)	STMicro (STM US)
Broadcom (BRCM US)	InterDigital (IDCC US)	Texas Instruments (TXN US)

Software and IT

Atos Origin (ATO FP)	Dimension Data (DDT LN)	Salesforce.com (CRM:US)
Autonomy (AU/ LN)	Logica (LOG LN)	SAP (SAP GR)
Capgemini (CAP FP)	Oracle (ORCL US)	Software AG (SOW GR)
Citrix (CTXS US)	Sage (SGE LN)	VMWare (VMW US)

Telecom Equipment

Alcatel-Lucent (ALU FP)	HTC (2498 TT)	Nokia (NOK1V FH)
Cisco (CSCO US)	Laird (LRD LN)	Opera Software (OPERA NO)
Ericsson (ERICB SS)	Motorola (MOT US)	Research In Motion (RIMM US)

Telecom Operators

America Movil (AMX US)	Iliad (ILD FP)	Telecom Italia (TIT IM)
Belgacom (BELG BB)	Kabel Deutschland (KD8 GR)	Telefonica (TEF SM)
BSkyB (BSY LN)	KPN (KPN NA)	Telekom Austria (TKA AV)
BT Group (BT/A LN)	Level 3 (LVLT US)	Telenet (TNET BB)
C&W Communications (CWC:LN)	Liberty Global (LBTYA US)	Telenor (TEL NO)
C&W Worldwide (CW/:LN)	MTS (MBT US)	Verizon (VZ US)
Cogent Communications (CCOI US)	NII Holdings (NIHD US)	Vimpelcom (VIP US)
Colt (COLT LN)	OTE (HTO GA)	Virgin Media (VMED US)
Deutsche Telekom (DTE GR)	Swisscom (SCMN VX)	Vodafone (VOD LN)
France Telecom (FTE FP)	TalkTalk Telecom Group (TALK:LN)

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: