Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans</li>
<li>Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Tariff chatter is a sideshow; the real focus should be  on the US Administration’s Fed plans
Non-Chinese miners of rare earths and other strategic minerals will command a steep premium.


Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on </li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on 
We revisit our outlook for each of those asset classes for H2 25


<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Fast and furious moves up in silver, PGM and related metals</li>
<li>Sectors we have highlighted as inflation beneficiaries starting to attract capital</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Fast and furious moves up in silver, PGM and related metals
Sectors we have highlighted as inflation beneficiaries starting to attract capital


Overview # 28 – Capital Flows into Hard Assets Continue

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Commonwealth Bank of Australia / Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 14th September, published on the 18th September.</li>
<li>The largest industry net increase in the past week was A$0.2bn into "Banks"; the largest industry net decrease was A$1bn out of "Diversified Metals". Net shorts decreased A$1.6bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">CBA (CBA AU)</a>, <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>, <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac (WBC AU)</a>, <a href="https://www.smartkarma.com/entities/anz-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40898:1" rel="noopener">ANZ (ANZ AU)</a>, <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>, and <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 14th September, published on the 18th September.
The largest industry net increase in the past week was A$0.2bn into "Banks"; the largest industry net decrease was A$1bn out of "Diversified Metals". Net shorts decreased A$1.6bn week-on-week.
Companies mentioned in this regular weekly report include: CBA (CBA AU), Northern Star Resources (NST AU), Westpac (WBC AU), ANZ (ANZ AU), Suncorp (SUN AU), and Sigma Healthcare (SIG AU).


Aussie Shorts [14 Sep 2026]: CBA, Northern Star Resources, Westpac, ANZ, Suncorp, Sigma Healthcare

<ul>
<li>Act 1 of the US bear market is likely complete, with diverging price signals from stocks, bonds and the dollar.</li>
<li>This will be a rebound bounce to sell into, as we are not going back to previous highs.</li>
<li>Looking at companies servicing high-income consumers is a good hunting ground for shorts.</li>
</ul>


Act 1 of the US bear market is likely complete, with diverging price signals from stocks, bonds and the dollar.
This will be a rebound bounce to sell into, as we are not going back to previous highs.
Looking at companies servicing high-income consumers is a good hunting ground for shorts.


Investors Have that “Oh Sh#t Moment” - Part 2:  Trading Opportunities.

Australia

Lynas Corporation Limited explores and mines for rare earth minerals such as cerium and neodymium.

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Lynas Corp Ltd (LYC AU)

Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

Aussie Shorts [14 Sep 2026]: CBA, Northern Star Resources, Westpac, ANZ, Suncorp, Sigma Healthcare

The largest industry net increase in the past week was A$0.2bn into "Banks"; the largest industry net decrease was A$1bn out of "Diversified...

David Blennerhassett

Investors Have that “Oh Sh#t Moment” - Part 2: Trading Opportunities.

US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #30 – the Summer Doldrums-Not! Stage setting for the next phase of the bull market.

A review of recent events/data impacting our investment themes and outlook. We look at the Fed and the implications of DoD's stake in a rare earth...

Rikki Malik

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

Aussie Shorts [14 Sep 2026]: CBA, Northern Star Resources, Westpac, ANZ, Suncorp, Sigma Healthcare

The largest industry net increase in the past week was A$0.2bn into "Banks"; the largest industry net decrease was A$1bn out of "Diversified...

David Blennerhassett

Investors Have that “Oh Sh#t Moment” - Part 2: Trading Opportunities.

​US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...

Rikki Malik

US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...