Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>The <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> appears oversold vs. world equities, but has not sustained upside momentum to warrant a broad allocation. Although dividends are nice over the long run.</li>
<li>We constructed a 12-name basket that can scale as the index trend improves. The basket holds a mix of cyclical and defensive stocks.</li>
<li>A narrower rate differential with the US may help, but significantly less so for USD-investors like us. The bar is high for Aussie equities, so we prefer stock selection.</li>
</ul>


The S&amp;P/ASX 200 (AS51 INDEX) appears oversold vs. world equities, but has not sustained upside momentum to warrant a broad allocation. Although dividends are nice over the long run.
We constructed a 12-name basket that can scale as the index trend improves. The basket holds a mix of cyclical and defensive stocks.
A narrower rate differential with the US may help, but significantly less so for USD-investors like us. The bar is high for Aussie equities, so we prefer stock selection.


Australia: Value Down Under Awaiting Confirmation. Here’s a Stock Basket That Scales

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Weak mill profitability remains the key drag on iron ore, while elevated inventories and fading freight support continue to weigh on the near-term demand-supply balance.</li>
<li>The divergence in grade spreads shows 61% Fe underperforming both premium and lower-grade ore, pointing to weaker relative demand for the benchmark.</li>
<li>Options positioning remains tilted towards upside exposure, but unwinding at key strikes and a rising put-call ratio signal fading bullish conviction.</li>
</ul>


Weak mill profitability remains the key drag on iron ore, while elevated inventories and fading freight support continue to weigh on the near-term demand-supply balance.
The divergence in grade spreads shows 61% Fe underperforming both premium and lower-grade ore, pointing to weaker relative demand for the benchmark.
Options positioning remains tilted towards upside exposure, but unwinding at key strikes and a rising put-call ratio signal fading bullish conviction.


Iron Ore Monthly Derivatives Chartbook (September 2026)

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>Based on prices and turnover from 16 January, there could be four additions for the index in January. Plus there will be capping and float changes.</li>
<li>Estimated one-way turnover is 2.9% resulting in a round-trip trade of US$420m. There are many stocks with multiple days of ADV to trade.</li>
<li>The index is up 108% over the last year and there have been large creations in <a href="https://www.smartkarma.com/entities/global-x-uranium-etf" target="_blank" data-smartkarma-citation="entities:32107:1" rel="noopener">Global X Uranium ETF (URA US)</a> over the last 9 months.</li>
</ul>


Based on prices and turnover from 16 January, there could be four additions for the index in January. Plus there will be capping and float changes.
Estimated one-way turnover is 2.9% resulting in a round-trip trade of US$420m. There are many stocks with multiple days of ADV to trade.
The index is up 108% over the last year and there have been large creations in Global X Uranium ETF (URA US) over the last 9 months.


Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Four Potential Adds + Capping

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>After a solid FY26, BHP&rsquo;s FY27 production guidance has missed consensus across commodities with copper the standout on lower grades and maintenance.</li><li> BHP Group&rsquo;s FY27 copper production guidance fell&rsquo;s short of expectation FY26 iron ore/copper production largely in line with consensus Coal production a substantial beat Potential for an upside dividend surprise for shareholders in August</li></ul>

After a solid FY26, BHP&rsquo;s FY27 production guidance has missed consensus across commodities with copper the standout on lower grades and maintenance. BHP Group&rsquo;s FY27 copper production guidance fell&rsquo;s short of expectation FY26 iron ore/copper production largely in line with consensus Coal production a substantial beat Potential for an upside dividend surprise for shareholders in August

<ul>
<li>FY27 guidance signals lower copper production of 1.65-1.80 Mt, contrasting with stable iron ore volumes of 260-272 Mt.</li>
<li>Consensus EPS estimates have moved lower over the past month, with FY26 and FY27 forecasts revised down to USD 5.06 and USD 5.15, respectively.</li>
<li>Elevated implied volatility and bearish August options positioning point to a cautious outlook ahead of BHP's FY26 earnings announcement. </li>
</ul>


FY27 guidance signals lower copper production of 1.65-1.80 Mt, contrasting with stable iron ore volumes of 260-272 Mt.
Consensus EPS estimates have moved lower over the past month, with FY26 and FY27 forecasts revised down to USD 5.06 and USD 5.15, respectively.
Elevated implied volatility and bearish August options positioning point to a cautious outlook ahead of BHP's FY26 earnings announcement. 


Iron Ore Cannot Fully Offset BHP's Looming ~12% Copper Production Decline in FY27

Australia

BHP Group Ltd operates as an international resources company. The Company offers mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel, and copper concentrate, as well as petroleum exploration, production, and refining. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP AU)

Australia: Value Down Under Awaiting Confirmation. Here’s a Stock Basket That Scales

Australian shares have lagged for a while, but we see opportunity in a basket of trending stocks. We can scale up if the index improves, while...

Damanick Dantes, CMT

Iron Ore Monthly Derivatives Chartbook (September 2026)

Iron Ore's OI activity has shifted away from higher strikes, with the earlier 120-strike buildup largely unwound, signaling weaker conviction...

Mint Finance

Solactive Global Uranium & Nuclear Components Index Rebalance Preview: Four Potential Adds + Capping

We highlight 4 potential inclusions for the index in January. Estimated one-way turnover is 2.9% resulting in a round-trip trade of US$420m. There...

Brian Freitas

A Dividend Surprise From BHP in August?

After a solid FY26, BHP’s FY27 production guidance has missed consensus across commodities with copper the standout on lower grades and...

FNArena

Iron Ore Cannot Fully Offset BHP's Looming ~12% Copper Production Decline in FY27

Strong commodity prices cushioned FY26, but falling copper production, easing earnings expectations and a cautious options market raise fresh...

Mint Finance

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