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Institutional-Grade Insight. Microcap-Scale Potential

Pan Research provides in-depth, fundamental research on illiquid and underfollowed microcap equities, where inefficiencies are greatest and asymmetry thrives.

We explore the overlooked edges of the public markets, publishing research on under-the-radar microcaps where low float, volatility, and neglect create outsized opportunity.

Why Microcaps

Microcaps, especially those under $150 million in market cap, are the last bastion of inefficiency in public markets. They are underfollowed, undercapitalized, and misunderstood.
Institutional capital avoids them. Analyst coverage is scarce. Liquidity constraints keep most allocators away. And yet, these same structural limitations create durable opportunity:

  • Low to no competition from institutional investors

  • Information edge through independent, bottom-up research

  • Illiquidity premium for patient capital

  • Deeper price dislocations, creating real opportunity

Studies going back nearly a century confirm it: the smallest decile of public companies has historically produced the highest returns, driven by both illiquidity and the amplified impact of early-stage growth.

These advantages are structural. They are here to stay.

What We Do

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Deep-Dive Research

We go beyond headlines and stock screeners to uncover the real story behind each business, its underlying economics, catalysts, and strategic inflection points. In a segment where institutional coverage is sparse and most companies fly under the radar, a primary, bottom-up approach isn’t optional, it’s essential.

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Dual-Engine Sourcing

We employ a two-pronged sourcing approach: a scalable screening funnel and a dynamic discovery stream, run in parallel to feed a focused pipeline of research topics and company analysis. Our sourcing universe includes companies across the US and Canada, allowing us to surface early opportunities through both structured analysis and continuous market immersion.

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Research Focus

We seek mispriced businesses offering growth at value, companies with improving fundamentals, clear operating leverage, and strong re-rating potential. Our approach is research-driven, industry-agnostic, and momentum-aware. We aim to identify situations where valuation gaps can close within a 12 to 18 month window, offering a clear risk-reward asymmetry.

Who We Are

  • Alexandre Rinaldi

    Co-founder & Director of Research


    Alexandre Rinaldi brings years of VC experience, having worked as an Analyst in three different funds. Previously the Director at Inovexus, a cross-border accelerator fund. Holds a BSc in Business Management from King's College London and an MSc in Management from ESSEC Business School.

  • Pierre Vanrenterghem

    Co-founder & COO


    Pierre Vanrenterghem is Partner and General Manager at RBA Group, a multi-disciplinary advisory firm providing accounting, tax, and consulting services to entrepreneurs and corporations. He is an Accredited Tax Practitioner and member of the Singapore Chartered Tax Professionals, and a Certified Anti-Money Laundering & Counter Financing of Terrorism Compliance Officer.

  • Noël Amenc

    Co-founder & Senior Advisor


    Noël Amenc, Associate Professor of Finance at EDHEC Singapore, is a leading expert in smart beta, factor investing, and climate finance. He directs Scientific Infra & Private Assets, building on his founding roles at EDHEC-Risk Institute and Scientific Beta. Amenc has published widely in top finance journals. He has contributed to leading finance publications and advised European and Asian regulators on policy matters. He holds graduate degrees and a PhD in finance.

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