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

Rikki Malik

Cross Asset Strategy

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on</li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on
We revisit our outlook for each of those asset classes for H2 25


HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

<ul><li>Podcast delayed, markets rebounded last week, led by news of reduced impact of Trump's tariffs</li><li>Fed slowed pace of quantitative tightening, reducing pressure on treasury market liquidity</li><li>Bitcoin and gold prices fluctuate, Chinese stocks rebound, DAX up 20% year to date, US equities impacted by tariffs and job losses</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Podcast delayed, markets rebounded last week, led by news of reduced impact of Trump's tariffsFed slowed pace of quantitative tightening, reducing pressure on treasury market liquidityBitcoin and gold prices fluctuate, Chinese stocks rebound, DAX up 20% year to date, US equities impacted by tariffs and job lossesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Tariffs, Tapering, and Tectonic Shifts: Markets Brace for April | The New Barbarians #013

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>We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks</li>
<li>We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.</li>
<li>The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight</li>
</ul>


We discussed last week (Feb. 27 Int'l Compass) how both ACWI-US and the S&amp;P 500 displayed false breakouts, and to look for near-term pullbacks
We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&amp;P 500 in the coming weeks, where we would be buyers.
The S&amp;P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight


Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Friday! Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro.</li><li>These insights are shared with hedge funds and institutional clients, and each Friday, we’re bringing them directly to you.</li><li>While the macro landscape can be complex, we believe it doesn’t have to be intimidating.</li></ul>

Happy Friday! Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro.These insights are shared with hedge funds and institutional clients, and each Friday, we’re bringing them directly to you.While the macro landscape can be complex, we believe it doesn’t have to be intimidating.

Here is what we told Hedge Funds this week – and how we’re trading it!

<ul><li>Wow! What a day in the markets with the Trump trade roaring in the FX space, bond space, and equity space.</li><li>Buying U.S.-based equities in spread to, for example, Germany and China has yielded significant profits for us.</li><li>The unrest in both China and Germany makes Trump’s victory particularly ill-timed for those markets in several ways.</li></ul>

Wow! What a day in the markets with the Trump trade roaring in the FX space, bond space, and equity space.Buying U.S.-based equities in spread to, for example, Germany and China has yielded significant profits for us.The unrest in both China and Germany makes Trump’s victory particularly ill-timed for those markets in several ways.

China/Germany Flash Watch: How will China navigate the Trump victory?

Germany

The German Stock Index is a total return index of 40 selected German blue chip stocks traded on the Frankfurt Stock Exchange. The equities use free float shares in the index calculation. The DAX has a base value of 1,000 as of December 31, 1987. As of June 18, 1999 only XETRA equity prices are used to calculate all DAX indices.

German Stock Index (DAX INDEX)

Mid-Year Themes Review - Part I

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

Tariffs, Tapering, and Tectonic Shifts: Markets Brace for April | The New Barbarians #013

Due to market volatility, the podcast will be delayed, with stocks rebounding last week and continuing to rise today, especially with the Dow up...

William Mann

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

Here is what we told Hedge Funds this week – and how we’re trading it!

Happy Friday! Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro. These...

Steno Research

China/Germany Flash Watch: How will China navigate the Trump victory?

Wow! What a day in the markets with the Trump trade roaring in the FX space, bond space, and equity space. Buying U.S.-based equities in spread...

Steno Research

Mid-Year Themes Review - Part I

​A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

Tariffs, Tapering, and Tectonic Shifts: Markets Brace for April | The New Barbarians #013

Due to market volatility, the podcast will be delayed, with stocks rebounding last week and continuing to rise today, especially with the Dow up...

William Mann

Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More

Upgrading Europe to Overweight; Monitoring U.S. $SPX for a Downgrade to Market Weight. $ACWI and $SPX likely bottoming here at 200-day MAs. Bullish...

Vermilion Research

Here is what we told Hedge Funds this week – and how we’re trading it!

Happy Friday! Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro. These...

Steno Research

China/Germany Flash Watch: How will China navigate the Trump victory?

Wow! What a day in the markets with the Trump trade roaring in the FX space, bond space, and equity space. Buying U.S.-based equities in spread...

Steno Research

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...