Why this hedge fund is buying shares of BlackBerry

1. 2 BIG REASONS CITADEL
COULD HAVE MADE THE
MOVE IT DID
Why Buy BlackBerry Ltd?

2. Emerging Markets
The company is
shifting its focus
away from high-
end
smartphones in
the U.S., and
looking towards
lower-priced
phones in
emerging
markets.

3. Emerging Markets
 BlackBerry just came out with its new Z3 phone in
Indonesia, a country which was once referred to as
“BlackBerry Nation.”
 At $190, the price point is much more affordable
than its Z10, which ran nearly $750.
 The performance of the Z3 abroad will be viewed as a
bellwether for new CEO John Chen.

4. Niche Markets That
Need Security
BlackBerry’s
greatest strength
is its status as
the premier
provider of
secure
communications.

5. Niche Security Markets
 BlackBerry became the first company to receive Full
Operational Capability rating to run on the
Department of Defense and the U.S. Defense
Information Systems Agency networks.
 The company also made a recent investment in
NantHealth, which could signal a move into secured
communications for health care service providers.

6. But Let’s Keep This In Perspective
 BlackBerry could end up shifting its focus
successfully into emerging markets and secure
network niches, but the opportunity could also
attract competition.
 That’s probably why, even though it’s a $23 million
stake, Citadel’s investment in the company accounts
for only 0.03% of all of its investments

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