+1,999%
cumulative return since inception
Since May 2020
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2026 YTD trajectory
+0.0%
Fiat Elpis Fund
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View fund overviewChina tech is moving aggressively with KWEB breaking above major resistance levels.
KWEB reclaimed the 50-day moving average and broke a large negative trend line.
Positioning and expectations in China equities remain muted despite the rally.
Goldman Sachs views the near-term tactical setup for China equities as increasingly constructive ahead of an expected mid-May Trump–Xi meeting.
ChiNext has closed above major resistance levels and is now in largely uncharted territory.
Earlier strategy suggested expressing upside via KWEB call spread structures due to cheap upside convexity.
KWEB surged 4.5% on the day noted; rolling options into higher strikes was suggested to maintain convexity exposure.
The S&P 500’s six-week advance is among the longest and strongest winning streaks in more than 70 years, making a pullback statistically normal.
Goldman Sachs’ Risk Appetite Indicator reached 1 for the first time since the start of the year; readings above 1 are rare and have historically preceded corrections (last seen in 2021).
Equity theme measures suggest an “everything is overbought” market, with several mechanical flow/positioning indicators near max long and limited perceived upside.
A positioning reset could occur in a single day, making short entry/exit difficult; a slow grind lower would undermine long-volatility positions if conditions remain benign.
Some popular ETF flow data indicate a gradual shift toward shorting gains rather than extending momentum, though this has not yet materially changed market direction.
Fundamental bear-market signals are described as limited: earnings remain strong, inflation expectations are only modestly higher, and recent US jobs data reduced recession fears.
Equity gains are highly concentrated in AI-linked leaders; semiconductor stocks account for nearly 40% of the market’s advance since March.
Nomura warns that an AI/market-structure shock could trigger a Nasdaq limit-down-type move, with semiconductor ETFs potentially falling around 15% in a single session.
Company: Vonovia (VNAn.DE), Europe Real Estate; market cap €18.8bn; enterprise value €63.9bn
Goldman Sachs reiterates Buy (on Conviction List) after Vonovia’s 1Q26 results update
12-month price target raised ~2% to €31.8; prior close price €22.21; implied upside ~43%
2026–2030 EPS estimates revised roughly -1% to +2% due to slightly higher rental income, lower interest costs, and lower tax/minority impacts at 1Q26
Management maintained 2028 organic rental growth guidance of 5%+ and EBT growth guidance of mid-single digits
Non-rental EBITDA forecasts for 2026/27 are 20%/31% above Visible Alpha consensus; energy business expected to contribute >€100mn by 2028
Management targets LTV around 43% by 2028 via organic value growth plus disposals; GS forecasts PF LTV declining to ~43% by FY27 (guidance 40–45%)
Goldman Sachs hosted Zevia CEO Amy Taylor and CFO Girish Satya at the Global Staples Forum 2026.
FY26 net sales guidance is $170M-$175M (~+5% to +9% y/y); Q2 net sales guidance is $43M-$45M (~-3% to +1% y/y).
Management cited growth drivers including increased velocity, expanded distribution (mass/club/c-store), higher household penetration, and faster innovation/new launches.
Zevia executed a national Costco rotation in Q1 and expanded distribution to 200+ Walmart Canada stores; management sees potential for additional club expansion (e.g., Sam’s Club).
Q1 gross margin declined ~170 bps y/y to 48.4%; margin pressure is attributed mainly to ~$11M incremental aluminum costs and some mix shift to club.
Productivity initiatives delivered ~$20M annualized savings over the past two years, with an additional ~$3M-$5M expected in 4Q26 or 1Q27.
Marketing initiatives include stepped-up spending, a partnership with Cardi B, and a brand-wide packaging refresh expected to be fully rolled out by end of Q2.
Goldman maintains a Neutral rating with a 12-month price target of $2.75 (vs. $1.45 as of 11 May 2026 close).
Goldman Sachs attended Wise’s dual-listing investor presentation in New York on May 12, 2026, after Wise relocated its primary listing to the US on May 11.
Management cited a total addressable market of $43tn across personal ($4tn), SMB ($19tn) and large enterprise ($20tn) cross-border flows, with Wise having <1% overall share.
Wise reported 80+ global licenses, 90+ domestic bank integrations, and 8 live direct payment-system connections (UK, Hungary, EU, Philippines, Singapore, Australia, Brazil, Japan).
Management stated 75% of transactions complete in under 20 seconds (up from 65% a year ago).
Wise said it saved customers about $3.3bn in cross-border fees in FY26.
Customer holdings were about $40bn, including about $9bn in Wise assets as of March 2026.
Mid-term targets reiterated: 15–20% underlying income growth and 20–25% PBT margins (now under US GAAP), with an expected capital allocation framework update at FY26 results (late June).
GS maintains a Buy rating with 12-month targets of $19 for WSE and 1,400p for WISEa.L (prices as of 12 May 2026 close: $14.17 and 1,040p).
Wise completed relocation of its primary share listing to the US on May 11 and adopted US GAAP and USD reporting (from IFRS and GBP).
Goldman Sachs maintains a Buy rating (Conviction List) with price targets of US$19 for WSE and 1,400p for WISEa.L.
As of the 11 May 2026 close, WSE price was US$15.40 (23.4% implied upside) and WISEa.L price was 1,081.4p (29.5% implied upside).
From 1H FY27, Wise will shift top-line reporting to net revenue growth (keeping a 15%–20% mid-term target on a constant-currency basis).
From 1H FY27, profitability reporting moves from underlying PBT margin (13%–16% target) to income before tax margin, implying a 15%–20% guidance range on the new basis.
FY26E–FY28E net revenue is forecast at US$2,513.8m, US$2,972.5m, and US$3,557.2m, respectively.
Platforms volumes are cited as growing ~3x faster than the rest of the business, with management expecting Platforms to reach 10% of volumes within 3–5 years.
Goldman Sachs equity research on Via Transportation Inc. (VIA) maintained a BUY rating and set a 12-month price target of $24 (reduced from $28); price cited $16.93 as of 11 May 2026 close.
1Q26 total/platform revenue was $127.4m, above GS/consensus estimate of $123.6m (~3% beat) and +29% YoY; adjusted EBITDA was $(5.8)m (margin -4.6%), modestly ahead of consensus.
Management raised FY26 total revenue guidance to $547.0m–$550.0m (from $542.9m–$545.1m) and kept FY26 adjusted EBITDA guidance at $(12.5)m–$(7.5)m, citing FX headwinds.
Gross margin remained around ~40% (1Q26 non-GAAP gross margin ~39.8%), with limited near-term visibility to material improvement.
Total customers were 838 (+23% YoY), implying +17 net customer adds sequentially (+9% organic).
Platform ARR was reported at $509.7m (above GS estimate of $494.2m); pipeline opportunity ended the quarter at a record $650m after >50% YoY pipeline growth in FY25.
Via launched a new division, Via AI Labs, targeting public-sector use cases beyond transit (e.g., waste management, road maintenance, data optimization) and noted a partnership with Beep for autonomous shuttles in West Palm Beach.
Report assesses how advancing AI capabilities change cyber risk and potential macroeconomic costs.
Many major recent US cyberattacks involved data theft/deletion, unauthorized access, and ransomware; extreme cases imposed up to $1bn in costs on targeted firms.
FBI IC3 received over one million reported cyber incidents in 2025, though reporting likely understates true prevalence.
FBI-reported monetary losses averaged about $20k per attack in 2025, or $40k for AI-related attacks, despite rare critical-infrastructure incidents exceeding $1bn.
Estimated total US cost of cyberattacks in 2025 was roughly $300bn (about 1% of GDP) when including indirect costs like lost productivity and downstream effects.
AI can accelerate and cheapen attacks, improve evasion, and help discover/exploit vulnerabilities including zero-days.
AI can also strengthen defense via faster detection/response and AI-simulated attacks to find vulnerabilities pre-exploitation; early studies suggest near-term advantage to attackers.
Company: Unipres Corp. (5949.T); Goldman Sachs Equity Research; rating maintained at SELL with 12-month target price ¥1,000 (price ¥1,358; 26.4% downside).
FY3/26 operating profit was ¥13.6bn, above Goldman Sachs prior estimate (¥11.0bn) and IFIS consensus (¥10.5bn).
FY3/26 net result was a loss of ¥8.3bn, driven by ¥11.6bn impairment losses (Japan/Europe/Asia) and ¥7.5bn China business reorganization losses.
FY3/26 operating profit by region: Japan ¥3.1bn, Americas ¥9.7bn, Europe -¥0.4bn, Asia +¥1.2bn.
FY3/27 guidance: sales ¥285.0bn (-11.5% YoY), operating profit ¥11.5bn (-15.5% YoY), net profit ¥4.5bn.
FY3/27 operating profit guidance is below IFIS consensus (¥12.5bn) but near Goldman Sachs prior estimate (¥11.2bn).
Dividend guidance: FY3/27 DPS ¥70; company targets DOE >2% and aims for 3% over the medium term; results briefing scheduled for May 27.
Under Armour (UAA) fell 17.0% on May 12, 2026 vs S&P 500 down 0.2% after a 4Q miss and below-consensus FY27 guidance.
F4Q26 adjusted EPS was -$0.03 vs FactSet consensus around -$0.02; net revenues declined -0.8% Y/Y (-4.2% ex-FX).
Gross margin in the quarter contracted about 350 bps Y/Y to 43.1%, attributed to elevated promotionality; adjusted EBIT margin was 0.2%.
Company FY27 guidance: adjusted EPS $0.08–$0.12; revenue expected to decline slightly; gross margin expansion guided at 220–270 bps.
FY27 adjusted operating profit (adj. EBIT) guided at $140–$160 million, incorporating a $70 million IEEPA tariff refund tailwind.
Guidance offsets include an incremental ~$35 million supply-chain headwind tied to Middle East conflict impacts and ~$30 million additional marketing investment.
Goldman Sachs updated EPS estimates to $0.10 (FY27E), $0.22 (FY28E), and introduced $0.30 (FY29E); 12-month price target lowered to $6.00 with a NEUTRAL rating.
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