Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Macroeconomics

<ul>
<li>China is mobilizing the entire nation to achieve the critical technological advancements it needs as the country faces increasing blockades by the United States and allies. </li>
<li>The semiconductor industry is the most glaring example of how the battle for intellectual property rights leads to deglobalization.</li>
<li>On a macro level, splitting global supply chains into local ones, whether through political intervention or not, will likely lead to higher prices.</li>
</ul>


China is mobilizing the entire nation to achieve the critical technological advancements it needs as the country faces increasing blockades by the United States and allies. 
The semiconductor industry is the most glaring example of how the battle for intellectual property rights leads to deglobalization.
On a macro level, splitting global supply chains into local ones, whether through political intervention or not, will likely lead to higher prices.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> IPO, <a href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" target="_blank" data-smartkarma-citation="entities:18582:1" rel="noopener">Nippon Express Holdings (9147 JP)</a> placement and <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> lock-up expiry.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Trial Holdings (5882 JP) IPO, Nippon Express Holdings (9147 JP) placement and ARM Holdings (ARM US) lock-up expiry.
Event-Driven developments: JSR Corp (4185 JP), Alumina Ltd (AWC AU), Azure Minerals (AZS AU), Genex Power Ltd (GNX AU), Vinda International (3331 HK). 


Weekly Deals Digest (10 Mar) - Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in March but there are a lot of float and capping changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is the largest buy while capping results in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> being the largest sell by far.</li>
<li>Estimated one-way turnover is 8.3% resulting in a round-trip trade of nearly US$3bn. There are a few stocks with more than 0.2x ADV to trade.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in March but there are a lot of float and capping changes.

Taiwan Semiconductor (TSMC) - ADR (TSM US) is the largest buy while capping results in NVIDIA Corp (NVDA US) being the largest sell by far.
Estimated one-way turnover is 8.3% resulting in a round-trip trade of nearly US$3bn. There are a few stocks with more than 0.2x ADV to trade.


MV US Listed Semiconductor 25 Index Rebalance: Over US$1bn to Sell in NVIDIA

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.
ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review at how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions  added or removed  from the thematic investment portfolio</li>
</ul>


A monthly review at how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions  added or removed  from the thematic investment portfolio


February Themes and Thematic Portfolio Review

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NVIDIA Corp (NVDA US)

Deglobalization Is Real!

Politically driven deglobalization is happening. Countries will try to outmaneuver one another in preserving or attaining intellectual property and...

Jeroen Blokland

Weekly Deals Digest (10 Mar) - Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda

Last week, notable developments occurred in Event-Driven (JSR, Alumina, Azure, Genex, Vinda) and ECM (ARM, Trial Holdings, Nippon Express).

Arun George

MV US Listed Semiconductor 25 Index Rebalance: Over US$1bn to Sell in NVIDIA

TSMC is the largest buy and NVIDIA is the largest sell at the SMH rebalance in March. Estimated one-way turnover is 8.3% resulting in a round-trip...

Brian Freitas

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

February Themes and Thematic Portfolio Review

We review market performance, our investment themes, highlighting additions and subtractions in the thematic investment portfolio.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)