Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul><li>American Express Business Gold Card offers flexible spending capacity and annual statement credits</li><li>Good news on chip production in the US with TSMC's new fab in Arizona</li><li>Discussion on the design, success, and failure of industrial policy with guest Vivek Chibber</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

American Express Business Gold Card offers flexible spending capacity and annual statement creditsGood news on chip production in the US with TSMC's new fab in ArizonaDiscussion on the design, success, and failure of industrial policy with guest Vivek ChibberThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Average EM fund weights and active fund ownership hits record highs in TSMC</li>
<li>However, investor caution is starting to surface, with 13.4% of funds shifting to underweight  in the last six months, driving the net underweight to a 15-year low of -1.21%.</li>
<li>Net outflows of $3 billion over the past six months, led by Invesco, JP Morgan, and MFS, and with four times more sellers than buyers.</li>
</ul>


Average EM fund weights and active fund ownership hits record highs in TSMC
However, investor caution is starting to surface, with 13.4% of funds shifting to underweight  in the last six months, driving the net underweight to a 15-year low of -1.21%.
Net outflows of $3 billion over the past six months, led by Invesco, JP Morgan, and MFS, and with four times more sellers than buyers.


TSMC:  Caution as GEM Funds Switch to Underweight

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 20th which has an aggregated holding worth USD971.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,487mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Shin Kong Financial, Evergreen Marine Corp Taiwan, Mediatek, Hon Hai Precision Industry, Ase Industrial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 20th which has an aggregated holding worth USD971.7bn.
We estimate that foreign flows to be inflows of USD1,487mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Shin Kong Financial, Evergreen Marine Corp Taiwan, Mediatek, Hon Hai Precision Industry, Ase Industrial.


TWSE Foreign Holding Weekly (Sep 20th): TSMC, Shin Kong Financial, Evergreen Marine Corp Taiwan

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Event-Driven

<ul>
<li>SAMR would draw out review process for too long for a deal to be approved</li>
<li>Intel faces an existential crisis and even the new Foundry division has issues</li>
<li>A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins</li>
</ul>


SAMR would draw out review process for too long for a deal to be approved
Intel faces an existential crisis and even the new Foundry division has issues
A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins


Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis</li>
<li>Global Semi Sales Strength Continues In July. How Long Can It Last? </li>
<li>Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers</li>
</ul>


Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis
Global Semi Sales Strength Continues In July. How Long Can It Last? 
Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers


Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

This Is How Industrial Policy Can Go Bad

The podcast explores American Express business gold card benefits, US industrial policy, TSMC's new fab in Arizona, guest speaker Vivek Chibber...

Odd Lots

TSMC: Caution as GEM Funds Switch to Underweight

Investor caution is starting to surface in TSMC, with 13.4% of funds shifting to underweight in the last six months, driving the net underweight to...

Steven Holden

TWSE Foreign Holding Weekly (Sep 20th): TSMC, Shin Kong Financial, Evergreen Marine Corp Taiwan

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Shin Kong Financial, Evergreen Marine Corp...

Ke Yan, CFA, FRM

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Is How Industrial Policy Can Go Bad

The podcast explores American Express business gold card benefits, US industrial policy, TSMC's new fab in Arizona, guest speaker Vivek Chibber...

Odd Lots

TSMC: Caution as GEM Funds Switch to Underweight

Investor caution is starting to surface in TSMC, with 13.4% of funds shifting to underweight in the last six months, driving the net underweight to...

Steven Holden

TWSE Foreign Holding Weekly (Sep 20th): TSMC, Shin Kong Financial, Evergreen Marine Corp Taiwan

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Shin Kong Financial, Evergreen Marine Corp...

Ke Yan, CFA, FRM

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

​China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

​Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.