Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul><li>SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.</li><li>Despite the market downturn our cumulative redemptions are a mere basis points of the fund.</li><li>We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.</li><li>With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.</li><li>We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.</li></ul>

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.Despite the market downturn our cumulative redemptions are a mere basis points of the fund.We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.

SaltLight Capital Management Q3 2022 Co-Investor Letter

<ul><li>We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will determine the portfolio’s return (and its risk).</li><li>Most of our work is devoted to seeking out individual investment opportunities and analyzing them rather than to macroeconomic forecasting.</li><li>As we expected, the need for capital investment over the long term has been, and will likely remain, higher than we anticipated.</li></ul>

We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will determine the portfolio’s return (and its risk).Most of our work is devoted to seeking out individual investment opportunities and analyzing them rather than to macroeconomic forecasting.As we expected, the need for capital investment over the long term has been, and will likely remain, higher than we anticipated.

Vltava Fund Q3 2022 Letter To Shareholders

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Commonwealth Bank of Australia / Event-Driven

<ul>
<li>In my <a href="https://www.smartkarma.com/compose/insight/248125/https:/skr.ma/sa8Bu" target="_blank" rel="noopener">weekly insight on short positions</a> in Australia, it was noteworthy seeing <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a> knock <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto (RIO AU)</a> off the top spot.</li>
<li>
<a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac (WBC AU)</a> was No. 4 (in A$mn short), up from No. 11 a year ago. <a href="https://www.smartkarma.com/entities/national-australia-bank-ltd" target="_blank" data-smartkarma-citation="entities:15:1" rel="noopener">National Australia Bank (NAB AU)</a> was at No. 9, and <a href="https://www.smartkarma.com/entities/anz-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40898:1" rel="noopener">ANZ (ANZ AU)</a> No. 14.</li>
<li>There are a multitude of factors for increased banking short positions. Revolut gaining a full banking licence Down Under is unlikely one of them. But it's still worth digging into.</li>
</ul>


In my weekly insight on short positions in Australia, it was noteworthy seeing Commonwealth Bank of Australia (CBA AU) knock Rio Tinto (RIO AU) off the top spot.

Westpac (WBC AU) was No. 4 (in A$mn short), up from No. 11 a year ago. National Australia Bank (NAB AU) was at No. 9, and ANZ (ANZ AU) No. 14.
There are a multitude of factors for increased banking short positions. Revolut gaining a full banking licence Down Under is unlikely one of them. But it's still worth digging into.


Revolut's Turn To Take On Aussie Big Four

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>There appears to be far less geopolitical risk with Singapore's banks than large globals</li>
<li>Impairment costs may be the best risk gauge, but also lending appetite</li>
<li>High oil prices and rising rates can both be highly positive to net profit</li>
</ul>


There appears to be far less geopolitical risk with Singapore's banks than large globals
Impairment costs may be the best risk gauge, but also lending appetite
High oil prices and rising rates can both be highly positive to net profit


Singapore Banks - Limited Geopolitical Risk

There is a vast difference in ROA stability across banks globally and Asia. We wonder if ROA stability may be as important or more so than absolute levels of returns, or even profit growth. Public Bank stands out positively in our sample set.

There is a vast difference in ROA stability across banks globally and Asia. We wonder if ROA stability may be as important or more so than absolute levels of returns, or even profit growth. Public Bank stands out positively in our sample set.

United States

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

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Citigroup Inc (C US)

SaltLight Capital Management Q3 2022 Co-Investor Letter

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process...

Fund Newsletters

Vltava Fund Q3 2022 Letter To Shareholders

We may have different expectations concerning inflation, interest rates, or economic growth, but, at the end of the day, what we buy will...

Fund Newsletters

Revolut's Turn To Take On Aussie Big Four

Disrupting the encumbents is no bad thing. I'm not confident this is it. From a valuation standpoint, all four banks appear expensive. Especially...

David Blennerhassett

Singapore Banks - Limited Geopolitical Risk

There appears to be less geopolitical risk with Singapore's banks than some other large global banks. Singapore's banks can better benefit from...

Daniel Tabbush

Which Banks Have Best ROA Stability?

There is a vast difference in ROA stability across banks globally and Asia. Public Bank stands out with some of the best ROA stability over the...

Daniel Tabbush

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