Galliano’s Latin Notes Ltd

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.

The focus of the Galliano's Latin Notes Ltd product is to seek out mis-pricings in the market, on a bottom up basis and focused on long and short calls, in the LatAm and Southern European financials space. In addition, the product explores thematic research opportunities in the banking sector, including FinTech.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. The aim is to develop more of a contrarian approach to investment research, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of Gordon's Growth Model (GGM) and Sum of the Parts (SOTP) valuation.