Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China's cloud companies like <a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> and <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan Cloud Group (909 HK)</a> benefit from the democratization of AI its concurrent increased data needs.</li>
<li>China's telecom companies like <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> , <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a> and <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom (H) (728 HK)</a> are now major players in the country's AI ecosystem.</li>
<li>China's data center companies like GDS Holdings (9698 HK) , 21Vianet Group (VNET US) , and SUNeVision Holdings (1686 HK) are benefiting from the increased data needs of AI industry.</li>
</ul>


China's cloud companies like Kingsoft Cloud Holdings (3896 HK) and Ming Yuan Cloud Group (909 HK) benefit from the democratization of AI its concurrent increased data needs.
China's telecom companies like China Mobile (941 HK) , China Unicom Hong Kong (762 HK) and China Telecom (H) (728 HK) are now major players in the country's AI ecosystem.
China's data center companies like GDS Holdings (9698 HK) , 21Vianet Group (VNET US) , and SUNeVision Holdings (1686 HK) are benefiting from the increased data needs of AI industry.


Deepseek Rally Creates Winners in CLOUD, TELECOM and DATA CENTERS

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 or outlook</li>
<li>The narrative change around US tech spending on AI has potentially positive implications for Chinese technology shares</li>
<li>India sets the stage for interest rate cuts and the budget cuts taxes for the middle classes to boost consumption </li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The narrative change around US tech spending on AI has potentially positive implications for Chinese technology shares
India sets the stage for interest rate cuts and the budget cuts taxes for the middle classes to boost consumption 


Overview #14 - The Emperor Has No Clothes Moment

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>DeepSeek R1 is more than an open-source AI platform; it’s a geopolitical tool designed to reshape global collaboration, attract talent, and influence AI standards under the guise of transparency.</li>
<li>DeepSeek R1’s low-budget claim crafts the illusion of cost-efficiency, aimed at redirecting capital away from expensive U.S.-based AI ventures toward China’s AI ecosystem.</li>
<li>Launched during Trump’s inward-focused rhetoric, DeepSeek projects China as a viable, inclusive, and progressive alternative to the U.S., signaling a collaborative economic and trade option for nations.</li>
</ul>


DeepSeek R1 is more than an open-source AI platform; it’s a geopolitical tool designed to reshape global collaboration, attract talent, and influence AI standards under the guise of transparency.
DeepSeek R1’s low-budget claim crafts the illusion of cost-efficiency, aimed at redirecting capital away from expensive U.S.-based AI ventures toward China’s AI ecosystem.
Launched during Trump’s inward-focused rhetoric, DeepSeek projects China as a viable, inclusive, and progressive alternative to the U.S., signaling a collaborative economic and trade option for nations.


DeepSeek R1: An Attempt at Rearranging the World’s AI Furniture & Global Influence

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

<ul>
<li>Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.</li>
<li>About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.</li>
<li>At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> .</li>
</ul>


Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.
About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.
At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and Weibo (9898 HK) .


HONG KONG ALPHA PORTFOLIO (December 2024)

China

Alibaba Group Holding Limited is a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology, offering C2C, B2C, and B2B sales services through various marketplaces. It also provides digital media and entertainment, logistics, and cloud computing services. The company was founded in Hangzhou, China, in 1999.

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Alibaba (9988 HK)

Deepseek Rally Creates Winners in CLOUD, TELECOM and DATA CENTERS

Cloud, Telecom and Data Center companies are winners from the DeepSeek sparked AI revolution. Increased data storage, processing and distribution...

David Mudd

Overview #14 - The Emperor Has No Clothes Moment

A review of recent events/data impacting our investment themes and outlook. We look at the potential implications of Deepseek on Chinese tech...

Rikki Malik

DeepSeek R1: An Attempt at Rearranging the World’s AI Furniture & Global Influence

DeepSeek R1 is more than AI; it's a geopolitical tool reshaping global influence. Its low-budget claim fosters an illusion of cost-efficiency,...

Pyari Menon

CrossASEAN Indonesia Strategy - Parting Clouds

The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...

Angus Mackintosh

HONG KONG ALPHA PORTFOLIO (December 2024)

Hong Kong Alpha porfolio returned 5.29% in December and has outperformed Hong Kong indexes by 10% to 14% since its inception on 10/01/24.The...

David Mudd

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