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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of 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 of 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


October Themes and Thematic Portfolio Review

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Thematic (Sector/Industry)

<ul>
<li>Precious Metals and the associated equities have been a high-conviction investment idea for us in 2024</li>
<li>Gold is up 32% YTD and a representative index of gold miners is up 39%</li>
<li>Should we take the money and run? Is it over?</li>
</ul>


Precious Metals and the associated equities have been a high-conviction investment idea for us in 2024
Gold is up 32% YTD and a representative index of gold miners is up 39%
Should we take the money and run? Is it over?


As Good as Gold – Take the Money and Run?

September Themes and Thematic Portfolio Review

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>We take a look at how some of the markets we focus on reacted to the aftermath of the Federal Reserve Decision.</li>
<li>China is watching key levels on the Shanghai Composite Index</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
We take a look at how some of the markets we focus on reacted to the aftermath of the Federal Reserve Decision.
China is watching key levels on the Shanghai Composite Index


United States

SPDR Gold Shares is an investment fund incorporated in the USA.  The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.

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

SPDR Gold Shares (GLD US)

October Themes and Thematic Portfolio Review

This insight was Incorrectly titled September review while it is a review of markets and themes for October including HK/China, Japan, India,...

Rikki Malik

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

As Good as Gold – Take the Money and Run?

2024 has been a strong year for precious metals and associated equities, with gold up 32% YTD and gold miners up 39%. The question now is whether...

Rikki Malik

September Themes and Thematic Portfolio Review

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

Rikki Malik

Overview #9 Fallout from the Fed

A review of recent events/data impacting our investment themes and outlook. We look at the usual suspects of Gold, the JPY, Topix and the Hang...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

October Themes and Thematic Portfolio Review

This insight was Incorrectly titled September review while it is a review of markets and themes for October including HK/China, Japan, India,...

Rikki Malik

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

As Good as Gold – Take the Money and Run?

​2024 has been a strong year for precious metals and associated equities, with gold up 32% YTD and gold miners up 39%. The question now is whether...

Rikki Malik

September Themes and Thematic Portfolio Review

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

Rikki Malik

Overview #9 Fallout from the Fed

A review of recent events/data impacting our investment themes and outlook. We look at the usual suspects of Gold, the JPY, Topix and the Hang...

Rikki Malik

2024 has been a strong year for precious metals and associated equities, with gold up 32% YTD and gold miners up 39%. The question now is whether...