Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Meta, Tesla and Microsoft all post big capex guidance beats which sets strong tone for JP SPE.</li>
<li>Lam Research numbers beat, while Advantest AH yesterday knocked it out of the park.</li>
<li>Seagate +19% will add fuel to the fire for HDD components and memory names.</li>
</ul>


Meta, Tesla and Microsoft all post big capex guidance beats which sets strong tone for JP SPE.
Lam Research numbers beat, while Advantest AH yesterday knocked it out of the park.
Seagate +19% will add fuel to the fire for HDD components and memory names.


Japan Morning Connection: Huge Earnings After Hours All Point to Increased AI Capex Spending

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Insilico Medicine entered into outlicensing agreement for ISM8969 with Hygtia Therapeutics for upfront and milestone payment of $66M. Daiichi Sankyo’s Enhertu got its sixth indication approval in China.</li>
<li>Shionogi will pick up Pfizer’s 11.7% stake in HIV-focused ViiV Healthcare for $2.1B. Alteogen signed an exclusive license agreement with GSK’s subsidiary Tesaro for ALT-B4 for upfront payment of $20M.</li>
<li>HK inno.N completes enrolment for Phase 3 clinical trial for its once-weekly GLP-1 obesity drug candidate, IN-B00009. Sun Pharmaceutical has received approval for generic version of semaglutide injection in India.</li>
</ul>


Insilico Medicine entered into outlicensing agreement for ISM8969 with Hygtia Therapeutics for upfront and milestone payment of $66M. Daiichi Sankyo’s Enhertu got its sixth indication approval in China.
Shionogi will pick up Pfizer’s 11.7% stake in HIV-focused ViiV Healthcare for $2.1B. Alteogen signed an exclusive license agreement with GSK’s subsidiary Tesaro for ALT-B4 for upfront payment of $20M.
HK inno.N completes enrolment for Phase 3 clinical trial for its once-weekly GLP-1 obesity drug candidate, IN-B00009. Sun Pharmaceutical has received approval for generic version of semaglutide injection in India.


APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

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

Cross Asset Strategy

<ul>
<li>Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.</li>
<li>Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.</li>
<li>Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.</li>
</ul>


Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.
Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.
Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.


<ul>
<li>Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.</li>
<li>Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.</li>
<li>Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.</li>
</ul>


Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.
Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.
Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.


Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

<ul>
<li>Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.</li>
<li>Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. </li>
<li>Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.</li>
</ul>


Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.
Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. 
Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.


APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Japan

Hoya Corp manufactures electro-optics products such as mask blanks for semiconductors, photomasks for LCD panels, optical glasses, glass memory disks for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The Company also provides information system architecture.

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Hoya Corp (7741 JP)

Japan Morning Connection: Huge Earnings After Hours All Point to Increased AI Capex Spending

Meta is surging +11% after reporting 1Q sales guidance. Tesla plans to invest $2bn in Musk’s xAI. Expect whole SPE ecosystem in Japan to be sharply...

Andrew Jackson

APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

InSilico entered outlicensing deal. Daiichi’s Enhertu got China approval for 6th indication. Shionogi will pick up Pfizer’s stake in ViiV...

Tina Banerjee

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

Teradyne's 3Q numbers set a strong tone for the testing market. Skyworks and Qorvo merging may be a negative for Murata which will have to compete...

Andrew Jackson

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

Innovent Biologics announced collaboration with Takeda. FDA approves two additional indications for Celltrion's Humira biosimilar. Syngene is...

Tina Banerjee

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