Every investment is a claim on a future that has not arrived. The price you pay determines how much of that future must come true.
A company can grow and still disappoint its shareholders. A technological breakthrough can create extraordinary value for customers while leaving investors with poor returns. And a stronger thesis can justify holding a position without making it sensible to buy more.
VMF Research connects those judgements to the decisions investors actually face: what deserves capital, at what price, in what size, and under which conditions.
This is VMF’s Market View, our free publication. Here, you can examine the thinking behind the paid research and decide whether the process deserves a place in your own investment work.
Why I publish
I’m Vasco Marques de Freitas, CFA, CMT, founder of VMF Research. My background spans nearly two decades in professional investing, including roles as Portfolio Manager, Head of Equities, Investment Committee member and co-owner at Golden Wealth Management. Portugal’s leading independent wealth manager, the firm now oversees more than €2 billion in client assets. I also serve on the board of a publicly listed investment company.
I built VMF Research for investors who want to retain control of their capital and examine the reasoning behind an investment decision. That means showing the evidence, the assumptions, the risks and the judgement connecting them.
Follow the idea all the way to the Model Portfolio
Our work connects the macroeconomic environment to asset allocation, individual businesses, valuation and portfolio construction. Fundamentals help us assess economic value. Liquidity, sentiment and technical evidence help us judge the conditions in which that value may be recognised, or remain overlooked.
Cheaper intelligence may expand what businesses can achieve while shifting profits away from established winners. Physical bottlenecks may become more valuable as technology advances. Policy decisions may change the financing conditions on which an otherwise convincing thesis depends.
We investigate who benefits, what the market already expects and which investments offer an attractive balance of potential reward and risk. We then revisit those judgements as prices and evidence change.
A recommendation begins a research commitment. It creates a reason to keep asking whether the investment still deserves its place.
Start with the question that interests you
How do we interpret the macro environment?
We examine the tension between monetary credibility and government refinancing, its implications for markets and the evidence that could weaken our view.
Published on Market View: 20 September 2026.
How do we decide what a business is worth?
Our analysis of Regeneron connects scientific capabilities and business economics to valuation, downside risks and an initial Model Portfolio allocation. It demonstrates the work required to turn an attractive company into an investment case.
Published on Market View: 29 July 2026.
How do we decide how much to own?
The Thesis Strengthens. The Weight Does Not.
Improving evidence behind our China thesis did not lead us to increase the allocation. Existing exposures, overlapping holdings and market confirmation mattered too. This piece explains the decision.
Published on Market View: 14 August 2026.
These are dated examples of our research. Read them in their original context; subsequent publications may have updated the views or positions discussed.
What paid research adds
Market View publishes substantial essays and selected excerpts. Some include valuation scenarios and portfolio decisions, so you can assess the work for yourself.
Paid subscriptions provide the full publications, their Model Portfolios and the continuing assessment of the ideas within them. Subscribers receive the full research when it is published and follow-up updates as the assessment develops.
You can follow how a thesis develops, why an allocation changes and why, sometimes, the decision is to maintain it.
Choose the research that serves your decisions
VMF’s Strategic Asset Allocation
For investors deciding where capital should sit across asset classes. We build the Model Portfolio with ETFs spanning Equities, Fixed Income and Alternative Investments, from precious metals and crypto to other alternatives becoming increasingly accessible to investors. We also publish a proprietary, investable benchmark based on the Global Market Portfolio, providing a consistent reference for assessing allocation decisions and results.
VMF’s Security Selection
For investors choosing individual stocks from around the world. We publish several Model Portfolios built around risk factors such as Value and Quality, alongside Special Situations and sector strategies such as Property and Casualty Insurers. The research connects business quality, management, valuation, catalysts and risks to the role each company can play in a portfolio.
Membership also includes Strategic Asset Allocation.
Alpha Tier
For investors seeking our most active Model Portfolio. Alpha draws on the opportunity set developed across the other tiers, combining selection, timing, position sizing and ongoing portfolio adjustments. When market conditions warrant, we add an options overlay, using covered calls, put selling, protective puts and other structures to hedge selected portfolio risks or shape the payoffs available from those positions.
Membership also includes Strategic Asset Allocation and Security Selection.
Put the process to work
For the full analysis, Model Portfolios and continuing updates, choose the publication that fits the decisions you make with your capital.
Explore VMF Research’s paid publications
You can also subscribe free to VMF’s Market View to receive new essays and selected research excerpts by email.
Good investing,
Vasco Marques de Freitas, CFA, CMT
Founder, VMF Research
VMF Research publishes general investment research and does not manage client assets or provide personalised investment advice. Model Portfolios are illustrative. Investments involve risk, including loss of capital.