Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%.  Since inception, the portfolio has outperformed HK indexes by 60% to 84%. HK ALPHA is up 14.35% YTD.</li>
<li>The Sharpe ratio stands at 1.21, compared with a benchmark of 0.68 since inception.  This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.</li>
<li>The portfolio gained in the healthcare, industrial, and technology sectors in August, while utilities and telecom exposure dragged on performance.</li>
</ul>


HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%.  Since inception, the portfolio has outperformed HK indexes by 60% to 84%. HK ALPHA is up 14.35% YTD.
The Sharpe ratio stands at 1.21, compared with a benchmark of 0.68 since inception.  This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.
The portfolio gained in the healthcare, industrial, and technology sectors in August, while utilities and telecom exposure dragged on performance.


Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International</li>
<li>A group of moderate Senate Democrats have reportedly agreed to support a deal to re-open the US government as well as fund some departments and agencies for the next year, which could end the government shutdown.</li>
<li>Under the agreement, Congress would pass full-year funding for the departments of Agriculture, Veteran Affairs and Congress, while funding other agencies until 30 January 2026.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International
A group of moderate Senate Democrats have reportedly agreed to support a deal to re-open the US government as well as fund some departments and agencies for the next year, which could end the government shutdown.
Under the agreement, Congress would pass full-year funding for the departments of Agriculture, Veteran Affairs and Congress, while funding other agencies until 30 January 2026.


Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>KKR is strategically investing in Japan's real estate sector amid rising energy costs and market challenges.</li><li>Mapletree is set to close its $1.3 billion student housing fund due to underwhelming performance metrics.</li><li>In Vietnam, BW Industrial aims to develop 700MW in data centers, while Sun Hung Kai Properties secures $2.6 billion refinancing.</li></ul>

KKR is strategically investing in Japan's real estate sector amid rising energy costs and market challenges.Mapletree is set to close its $1.3 billion student housing fund due to underwhelming performance metrics.In Vietnam, BW Industrial aims to develop 700MW in data centers, while Sun Hung Kai Properties secures $2.6 billion refinancing.

Asia Real Estate Tracker (27-Mar-2026): KKR invests in Japan real estate amid risks.

<ul><li>Sun Hung Kai Properties has secured $2.6 billion in refinancing, impacting the APAC real estate market.</li><li>Daiwa Office REIT has acquired a Tokyo building for $167 million in a deal linked to Blackstone.</li><li>Japan Hotel REIT announced a 28.5% payout increase due to rising tourism and plans to renovate the Tokyo Hyatt.</li></ul>

Sun Hung Kai Properties has secured $2.6 billion in refinancing, impacting the APAC real estate market.Daiwa Office REIT has acquired a Tokyo building for $167 million in a deal linked to Blackstone.Japan Hotel REIT announced a 28.5% payout increase due to rising tourism and plans to renovate the Tokyo Hyatt.

Asia Real Estate Tracker (26-Mar-2026): Sun Hung Kai Properties scores $2.6B refinancing deal.

<ul><li>Fosun has sold a 50% stake in the Andaz Xintiandi Hotel located in Shanghai for $5 million.</li><li>Mitsui's Nippon Building Fund has acquired a significant asset valued at $300 million recently.</li><li>In addition to the acquisition, Mitsui has also divested a Tokyo office block as part of its strategy.</li></ul>

Fosun has sold a 50% stake in the Andaz Xintiandi Hotel located in Shanghai for $5 million.Mitsui's Nippon Building Fund has acquired a significant asset valued at $300 million recently.In addition to the acquisition, Mitsui has also divested a Tokyo office block as part of its strategy.

Asia Real Estate Tracker (12-Jan-2026): APAC Real Estate News - People Update 2026-01-12

China

Fosun International Limited is a Chinese multinational conglomerate operating across four primary business segments: Health, Happiness, Wealth, and Intelligent Manufacturing. The company's diverse portfolio includes pharmaceuticals, healthcare services, tourism, fashion, insurance, banking, and intelligent manufacturing. It was founded in 1992 and is headquartered in Shanghai, China.

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Fosun International (656 HK)

HONG KONG ALPHA PORTFOLIO: (August 2026)

HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%. Since inception, the portfolio has outperformed HK indexes by 60%...

David Mudd

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International

Lucror Analytics

Asia Real Estate Tracker (27-Mar-2026): KKR invests in Japan real estate amid risks.

KKR invests in Japan's real estate amid rising energy costs, while Mapletree closes its student housing fund, Centaline buys a hotel, and BW...

Asia Real Estate Tracker

Asia Real Estate Tracker (26-Mar-2026): Sun Hung Kai Properties scores $2.6B refinancing deal.

Sun Hung Kai Properties secured $2.6 billion in refinancing, while Daiwa Office REIT bought a Tokyo building for $167 million, and Japan Hotel REIT...

Asia Real Estate Tracker

Asia Real Estate Tracker (12-Jan-2026): APAC Real Estate News - People Update 2026-01-12

On January 12, 2026, Fosun sold a 50% stake in Shanghai's Andaz Xintiandi Hotel for $5 million, while Mitsui's Nippon Building Fund acquired a $300...

Asia Real Estate Tracker

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