Products & Services

The GARP Monitor®:

Each quarter we publish GARP’s Best Ideas, which includes our most recent summary reports on what our analysts consider their top Buy recommendations within their respective coverage. These summaries distill our opinion into three written pages and one financial page to form a profile of each recommendation. Our financial analysis usually includes our estimates of distinct businesses within each company, whether or not this data is disclosed in regulatory filings. The text portion includes the rationale for our recommendation rating plus descriptive material about a company’s operations, competition, served markets, threats to its business as we see them, and a recap of recent developments. Additionally, the book contains tables of our rankings and EPS estimates for each stock through three years into the future, plus scores generated from our proprietary quintile-based statistical ranking system. Each summary report for all companies covered is released in real time on Bloomberg, First Call and other platforms; assembly and printing of the GARP Monitor® occurs once per quarter.

Recommendations & Reiterations:

Our basic reports elaborate GARP’s investment thesis from operational, competitive, and market potential perspectives. These contain fresh, original research which exposes the best and worst aspects of a potential investment. Our spreadsheets are detailed and typically provide granular insight into revenue and operating margin at segment and sub-segment levels, as well as balance sheet and cash flow projections. In the interest of space conservation, all of our spreadsheets appear only on our web site or can be emailed to clients.

We currently have in-depth coverage of approximately 100 stocks. Additionally, our analysts visit over 50 companies each year in order to cull 15 new ideas. Our recommendations are based on our investment philosophy that focuses on long-term growth, profitability, and reasonable valuations. We tend to favor companies that boast high market share, high gross margins, a limited need to employ capital, and possess enduring competitive advantages. In contrast to many “short”-oriented firms, we focus less on short-term indicators such as channel checks on inventory and prefer to analyze competitive threats and customer needs to assess how business will develop over the next three years. We also evaluate production facilities to ascertain likely changes in efficiency or to make judgments on competitiveness.

Industry Themes:

GARP occasionally publishes articles that discuss sweeping industry themes, such as our prescient Genomics Overview (1998), our comprehensive EDA Trilogy (2000), our Pharmaceutical Contract Research Organization Primer (2004) our LED Industry Update (2005), and our Analog Semiconductor industry report (2006). These extensive reviews contain industry and competitive data, attempt to bring a historical perspective to current events, and lay out an intelligent assessment of the future.

Research Notes:

We publish periodic one to two page updates and analyses on our recommended companies. We try not to be “news repeaters,” but write on our ideas when critical information is discovered that reinforces or weakens our investment thesis. Additionally, we write when a stock has broken new ground in our proprietary growth and valuation quintile system –- either to the upside or the downside.

Research Alerts:

We publish quick updates on our recommended companies on an as-needed basis. The Alerts format is intended to be concise (less elaborate than Research Notes) yet offer context and analysis.

Client Service:

Our institutional sales professionals spend a majority of their time working with money managers to identify GARP ideas that meet their investment style and preferences. These individuals essentially are “non-publishing” analysts who participate in our trips to see managements and production facilities. We endeavor to understand the client’s appetite for information flow and tailor our communications accordingly. We attempt to visit clients at least once per year, depending upon geographic location. Major financial centers such as New York , Boston , San Francisco , Houston and Denver are frequented more often.

Bi-Annual Investment Conference:

GARP Research hosts a bi-annual investment conference featuring approximately 25 presenting companies. Our event is small by design to ensure a high degree of interaction between companies and investors. Most companies are represented by their CEO and/or CFO, along with their senior investor relations executive. The ratio of buysiders to companies is highly favorable, leading to meaningful interactions between managements and institutional investors.

Company Road Trips:

GARP covers approximately 100 companies. We work with senior management teams to arrange visits to our clients during the year. In certain regions we sponsor trips to bring clients to see multiple companies within a one-to-two day time period.

Distribution:

GARP’s reports are electronically disseminated in real-time through Bloomberg, First Call, Multex, Factset, Capital IQ, Zacks Investment Research, and other smaller platforms. The GARP Monitor® is mailed to clients at the end of each quarterly earnings reporting cycle.

Website:

Our password-protected website, www.garpresearch.com, provides clients easy access to all of GARP’s material dating back to 1996, including company research reports, spreadsheets, industry reports, and performance history. The site is updated frequently and contains annual and quarterly models for all recommended companies.