Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

On a tactical level, both onshore and offshore listed Chinese equities are starting to appear somewhat oversold and would rally sharply if the US offered any meaningful concessions resulting in some sort of agreement in either one or both of the disputes around trade and technology. Taking a more strategic perspective however, the inexorable shift towards a more Autarkic Governance Regime implies severe costs for both the Chinese economy and equity market(s).

On a tactical level, both onshore and offshore listed Chinese equities are starting to appear somewhat oversold and would rally sharply if the US offered any meaningful concessions resulting in some sort of agreement in either one or both of the disputes around trade and technology. Taking a more strategic perspective however, the inexorable shift towards a more Autarkic Governance Regime implies severe costs for both the Chinese economy and equity market(s).

China: The Shift to a More Autarkic Governance Regime Will Hurt the Economy and Investors

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas. We split the stocks eligible for the Shanghai/Shenzhen Connect trade into two groups: stocks with a market capitalization above USD 5 billion, as well as between USD 1 billion and USD 5 billion. In this insight, we will highlight the consecutive three weeks of net outflow from the A-share market. We highlight the inflows into <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1">Foshan Haitian Flavouring &amp; Food (603288 CH)</a>, a leading culinary ingredient manufacturer, in contrast to the outflows from <a href="https://www.smartkarma.com/entities/1553" target="_blank" data-smartkarma-citation="entities:1553:1">Kweichow Moutai Co Ltd A (600519 CH),</a> a leading premium hard liquor manufacturer.

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas. We split the stocks eligible for the Shanghai/Shenzhen Connect trade into two groups: stocks with a market capitalization above USD 5 billion, as well as between USD 1 billion and USD 5 billion. In this insight, we will highlight the consecutive three weeks of net outflow from the A-share market. We highlight the inflows into Foshan Haitian Flavouring &amp; Food (603288 CH), a leading culinary ingredient manufacturer, in contrast to the outflows from Kweichow Moutai Co Ltd A (600519 CH), a leading premium hard liquor manufacturer.

Shanghai/​Shenzhen Connect Snippet: Moutai Out, Foshan Haitian In (2019-05-31)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

This report looks at A-Share positioning among GEM, Asia-Ex Japan and Global funds.  It serves to highlight the continued growth in both the size and breadth of A-Share holdings and provides detail on the next wave of stocks that are capturing the attention of international investors. Specifically, ownership levels in <a href="https://www.smartkarma.com/entities/4364" target="_blank" data-smartkarma-citation="entities:4364:1">Nari Technology Co Ltd A (600406 CH)</a>, <a href="https://www.smartkarma.com/entities/12310" target="_blank" data-smartkarma-citation="entities:12310:1">Luxshare Precision Industry (002475 CH)</a>, <a href="https://www.smartkarma.com/entities/18441" target="_blank" data-smartkarma-citation="entities:18441:1">Han'S Laser Technology In A (002008 CH)</a>  and <a href="https://www.smartkarma.com/entities/20183" target="_blank" data-smartkarma-citation="entities:20183:1">Sany Heavy Industry Co., (600031 CH)</a> have risen, particularly among Asia-Ex and GEM managers.

This report looks at A-Share positioning among GEM, Asia-Ex Japan and Global funds.  It serves to highlight the continued growth in both the size and breadth of A-Share holdings and provides detail on the next wave of stocks that are capturing the attention of international investors. Specifically, ownership levels in Nari Technology Co Ltd A (600406 CH), Luxshare Precision Industry (002475 CH), Han'S Laser Technology In A (002008 CH)  and Sany Heavy Industry Co., (600031 CH) have risen, particularly among Asia-Ex and GEM managers.

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas. We split the stocks eligible for the Shanghai/Shenzhen Connect trade into two groups: stocks with a market capitalization above USD 5 billion, as well as between USD 1 billion and USD 5 billion. In this insight, we will highlight the consecutive three weeks of net outflow from the A-share market. We will also briefly discuss the outflows from <a href="https://www.smartkarma.com/entities/1553" target="_blank" data-smartkarma-citation="entities:1553:1">Kweichow Moutai Co Ltd A (600519 CH)</a> and <a href="https://www.smartkarma.com/entities/7152" target="_blank" data-smartkarma-citation="entities:7152:1">Hangzhou Hikvision (002415 CH)</a>.

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas. We split the stocks eligible for the Shanghai/Shenzhen Connect trade into two groups: stocks with a market capitalization above USD 5 billion, as well as between USD 1 billion and USD 5 billion. In this insight, we will highlight the consecutive three weeks of net outflow from the A-share market. We will also briefly discuss the outflows from Kweichow Moutai Co Ltd A (600519 CH) and Hangzhou Hikvision (002415 CH).

Shanghai/​Shenzhen Connect Snippet: 3 Weeks of Outflows, Moutai, Hikvision (2019-05-24)

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to help our investors understand the flow of northbound trades via the Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas. We split the stocks eligible for the Shanghai/Shenzhen Connect trade into two groups: stocks with a market capitalization above USD 5 billion, as well between USD 1 billion and USD 5 billion.In this insight, we will highlight the consecutive two weeks of net outflow from the A-share market. We will also briefly discuss Hikvision, Muyuan, Moutai, and Wuliangye.

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to help our investors understand the flow of northbound trades via the Shanghai and Shenzhen Connect, as analyzed by our proprietary data engine and highlight interesting trade ideas. We split the stocks eligible for the Shanghai/Shenzhen Connect trade into two groups: stocks with a market capitalization above USD 5 billion, as well between USD 1 billion and USD 5 billion.In this insight, we will highlight the consecutive two weeks of net outflow from the A-share market. We will also briefly discuss Hikvision, Muyuan, Moutai, and Wuliangye. 

Shanghai/Shenzhen Connect Ideas: Technologies, Porks and Hard Liquors (2019-05-17)

China

Hangzhou Hikvision Digital Technology Co., Ltd develops, manufactures and sells video surveillance products.  The Company manufactures video and audio compression card, network hard disk video recorders, video servers, cameras, network storage, and other digital products.

Price Gauge
52-week Range	0.00 - 0.00
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Hangzhou Hikvision (002415 CH)

China: The Shift to a More Autarkic Governance Regime Will Hurt the Economy and Investors

On a tactical level, both onshore and offshore listed Chinese equities are starting to appear somewhat oversold and would rally sharply if the US...

John-Paul Smith

Shanghai/Shenzhen Connect Snippet: Moutai Out, Foshan Haitian In (2019-05-31)

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and...

Ke Yan, CFA, FRM

China A-Shares: The 3rd Wave

This report looks at A-Share positioning among GEM, Asia-Ex Japan and Global funds. It serves to highlight the continued growth in both the size...

Steven Holden

Shanghai/Shenzhen Connect Snippet: 3 Weeks of Outflows, Moutai, Hikvision (2019-05-24)

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Connect Ideas: Technologies, Porks and Hard Liquors (2019-05-17)

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to help our investors understand the flow of northbound trades via the Shanghai and...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China: The Shift to a More Autarkic Governance Regime Will Hurt the Economy and Investors

On a tactical level, both onshore and offshore listed Chinese equities are starting to appear somewhat oversold and would rally sharply if the US...

John-Paul Smith

Shanghai/​Shenzhen Connect Snippet: Moutai Out, Foshan Haitian In (2019-05-31)

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and...

Ke Yan, CFA, FRM

China A-Shares: The 3rd Wave

This report looks at A-Share positioning among GEM, Asia-Ex Japan and Global funds. It serves to highlight the continued growth in both the size...

Steven Holden

Shanghai/​Shenzhen Connect Snippet: 3 Weeks of Outflows, Moutai, Hikvision (2019-05-24)

In our weekly Shanghai/Shenzhen Connect Snippet series, we aim to help our investors understand the flow of northbound trades via the Shanghai and...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Connect Ideas: Technologies, Porks and Hard Liquors (2019-05-17)

In our weekly Shanghai/Shenzhen Connect Ideas series, we aim to help our investors understand the flow of northbound trades via the Shanghai and...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Connect Snippet: Moutai Out, Foshan Haitian In (2019-05-31)

Shanghai/Shenzhen Connect Snippet: 3 Weeks of Outflows, Moutai, Hikvision (2019-05-24)