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)	JA Solar (JASO US)	LDK (LDK US)
Meyer Burger (MBTN SE)	Motech (6244 TT)	REC (REC NO)
SMA Solar Technology (S92:GR)	SolarWorld (SWV GR)	Suntech (STP US)
Yingli Green Energy (YGE US)

Digital Consumer

LG Electronics (066570 KS)

Technicolor (TCH.FR)

Semi Cap Equipment

ASML Holding (ASML NA)

Semiconductors

Advanced Micro Devices (AMD US)	ARM (ARM LN)	Broadcom (BRCM US)
Epistar (2448.TW)	Hynix Semiconductor (000660 KS)	Imagination (IMG LN)
Infineon (IFX GR)	Inotera Memories (3474 TT)	Intel (INTC US)
InterDigital (IDCC US)	LG Display (034220 KS)	LG Innotek (011070 KS)
MediaTek (2454 TT)	Micron Technology (MU US)	Nanya Technology (2408 TT)
NVIDIA (NVDA.US)	Qualcomm (QCOM US)	Samsung Electronics (005930 KS)
SanDisk (SNDK 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)
Microsoft (MSFT.US)	Oracle (ORCL US)	Salesforce.com (CRM US)
SAP (SAP GR)	Temenos (TEMN.SW)	VMware (VMW US)

Telecom Equipment

ADVA Optical (ADV GR)	Alcatel-Lucent (ALU FP)	Apple (AAPL US)
Cisco (CSCO US)	Ericsson (ERICB SS)	HTC (2498 TT)
Juniper Networks (JNPR US)	Motorola Mobility (MMI.US)	Nokia (NOK1V FH)
Research In Motion (RIMM US)	Spirent (SPT LN)	ZTE (763:HK)

Telecom Operators

America Movil (AMX 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)
Telenet (TNET BB)	Telenor (TEL NO)	Verizon (VZ US)
Vimpelcom (VIP US)	Virgin Media (VMED US)	Vodafone (VOD 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: