TopPicks from Shane Obata, portfolio manager, Middlefield Capital
Shane Obata, portfolio manager at Middlefield Capital, discusses his top picks: Amazon, PepsiCo, and Deutsche Telekom AG.While the recent quarter was disappointing – mostly from a margin and outlook standpoint – it did not change our long-term investment thesis for Amazon . We continue to view
as the best logistics company in the world and expect that it will show a significant step up in profitability and FCF generation in 2023 as Amazon Web Services and advertising become larger parts of the business. In addition, we expect that the retail division will show capital expenditure moderation after doubling the size of the fulfillment network during the pandemic.
still trades at a premium to the market, but we think this is justified by its leadership positions in both e-commerce and cloud.One of our preferred names in the staples sector. Pepsi is not cheap; however, we believe that it can generate durable earnings growth for years to come. PEP has demonstrated impressive organic sales growth, mainly attributable to pricing power. As a result – and thanks to other cost-saving initiatives – the company has done a great job protecting operating margins.
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