Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>We provide a timeline and analysis of key measures from May 2019 to December 2022.</li>
<li>How successive tightening steps led to a critical consolidation in October 2022.</li>
<li>Recent developments show the U.S. has motivated additional countries to participate and more restrictions are likely in 2023E.</li>
</ul>


We provide a timeline and analysis of key measures from May 2019 to December 2022.
How successive tightening steps led to a critical consolidation in October 2022.
Recent developments show the U.S. has motivated additional countries to participate and more restrictions are likely in 2023E.


China Semiconductor Restrictions: How the Vice Is Becoming Tighter and Tighter

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

Cross Asset Strategy

<ul>
<li>Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.</li>
<li>Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.</li>
<li>Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.</li>
</ul>


Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.
Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.
Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.


Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Kioxia set for inclusion in the Nikkei Semiconductor Index next week, alongside JX Advanced Metals, less than one day's average daily volume in passive inflow at the close.</li>
<li>Kioxia's Q2 2025 results show an accelerating QoQ recovery and solid Q3 2025 forecasts, driven by high demand from data center and smart device products, confirming effective business structure reform.</li>
<li>Stock is fairly valued after 2025 rally, potential weaknesses being value metrics such as P/E alongside execution of margin and product pipeline targets.</li>
</ul>


Kioxia set for inclusion in the Nikkei Semiconductor Index next week, alongside JX Advanced Metals, less than one day's average daily volume in passive inflow at the close.
Kioxia's Q2 2025 results show an accelerating QoQ recovery and solid Q3 2025 forecasts, driven by high demand from data center and smart device products, confirming effective business structure reform.
Stock is fairly valued after 2025 rally, potential weaknesses being value metrics such as P/E alongside execution of margin and product pipeline targets.


The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

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 margin trading positions of JPX stocks as of Oct 31st. The aggregated net margin trading position is USD18,547m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial, Fujikura, Kioxia, Keyence, Tokyo Electron, IHI, Socionext, Advantest, Kobe Bussan, Disco, Mitsubishi Ufj Financial, Fujikura.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 31st. The aggregated net margin trading position is USD18,547m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial, Fujikura, Kioxia, Keyence, Tokyo Electron, IHI, Socionext, Advantest, Kobe Bussan, Disco, Mitsubishi Ufj Financial, Fujikura.


JPX Margin Trading Weekly (Oct 31st): Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>SMCI (bad)and AMD (good) numbers failing to lift the mood AH with CEO’s of GS, MS, Capital Group calling for a correction.</li>
<li>Lasertec, Advantest, TEL and Kokusai likely to wobble at the open, but it may be too early for dip-buying yet.</li>
<li>Nintendo posts impressive numbers and guidance looks obviously conservative with the NSW2 set to be their best selling console ever.</li>
</ul>


SMCI (bad)and AMD (good) numbers failing to lift the mood AH with CEO’s of GS, MS, Capital Group calling for a correction.
Lasertec, Advantest, TEL and Kokusai likely to wobble at the open, but it may be too early for dip-buying yet.
Nintendo posts impressive numbers and guidance looks obviously conservative with the NSW2 set to be their best selling console ever.


Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

China Semiconductor Restrictions: How the Vice Is Becoming Tighter and Tighter

Recent developments show the U.S. has motivated additional countries to participate and more restrictions are likely in 2023E.

Vincent Fernando, CFA

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...

Jay Cameron

JPX Margin Trading Weekly (Oct 31st): Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Kobe Bussan (3038 JP), Disco (6146 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

Nintendo guidance looks conservative, with CEO comments that the NSW2 could surpass the Nintendo DS as the best selling console ever. SMCI -10% in...

Andrew Jackson

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52-week Range

Market Cap (USDm)

P/E

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China Semiconductor Restrictions: How the Vice Is Becoming Tighter and Tighter

Recent developments show the U.S. has motivated additional countries to participate and more restrictions are likely in 2023E.

Vincent Fernando, CFA

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

​Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...

Jay Cameron

JPX Margin Trading Weekly (Oct 31st): Advantest, Kobe Bussan, Disco, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Kobe Bussan (3038 JP), Disco (6146 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

Nintendo guidance looks conservative, with CEO comments that the NSW2 could surpass the Nintendo DS as the best selling console ever. SMCI -10% in...

Andrew Jackson

Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...