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


Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Thematic (Sector/Industry)

<ul><li>Interview with Vuslat, who runs a mining investment company in South Africa</li><li>South Africa is rich in commodities like PGMs, Chrome, Manganese, Coal, and Iron Ore</li><li>South Africa offers rule of law, democracy, and security of tenure, making it an attractive investment destination for mining companies</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Interview with Vuslat, who runs a mining investment company in South AfricaSouth Africa is rich in commodities like PGMs, Chrome, Manganese, Coal, and Iron OreSouth Africa offers rule of law, democracy, and security of tenure, making it an attractive investment destination for mining companiesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Extracting value from overlooked mines (Vuslat Bayoglu Interview)

Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Commodities

<ul>
<li>Global platinum demand declined ~18% in the past decade, with the consumption nadir will be reached during 2025.</li>
<li>Decline in diesel vehicle sales have plateaued, with Industrial/chemical demand to exceed autocatalyst by 2035.</li>
<li>Platinum prices to remain flat for foreseeable future, but others in the basket may climb (e.g. palladium).</li>
</ul>


Global platinum demand declined ~18% in the past decade, with the consumption nadir will be reached during 2025.
Decline in diesel vehicle sales have plateaued, with Industrial/chemical demand to exceed autocatalyst by 2035.
Platinum prices to remain flat for foreseeable future, but others in the basket may climb (e.g. palladium).


Platinum Demand to Grow from 2025 Onwards

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>South Africa was downweighted in global, emerging markets, and ex-China indices for a second consecutive quarter. </li>
<li>Brazil was the largest upweight in global, emerging markets, and ex-China indices.</li>
<li>Tencent was downweighted in the emerging markets index but upweighted in global index.</li>
</ul>


South Africa was downweighted in global, emerging markets, and ex-China indices for a second consecutive quarter. 
Brazil was the largest upweight in global, emerging markets, and ex-China indices.
Tencent was downweighted in the emerging markets index but upweighted in global index.


Aug 24 Indices Rebalance: Brazil Takes the EM Flow, SA & China Downweighted Again (Tencent)

<ul><li>Indices were rebalanced in the closing auction last week Thursday.</li><li>Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).</li><li>Turnover at the November rebalance was R40.6bn. </li></ul>

Indices were rebalanced in the closing auction last week Thursday.Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).Turnover at the November rebalance was R40.6bn. 

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

South Africa

Impala Platinum Holdings Limited, or Implats, is the holding company for a group of companies which operate platinum mines.  In addition to platinum, Implats mines, produces, and markets other platinum group metals such as palladium, rhodium, and nickel.  Implats also provides refining services for base and precious metals producers.

Price Gauge
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Impala Platinum Holdings (IMP SJ)

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Extracting value from overlooked mines (Vuslat Bayoglu Interview)

In summary, Mina is a private mining investment company in South Africa, benefiting from the country's rich ore deposits and supportive government...

Money of Mine

Platinum Demand to Grow from 2025 Onwards

Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...

Gaius King

Aug 24 Indices Rebalance: Brazil Takes the EM Flow, SA & China Downweighted Again (Tencent)

Aug 24 Indices Rebalance: Brazil was the largest beneficiary of passive flows at the rebalance last Friday. South Africa and China were...

DMA

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

Indices were rebalanced in the closing auction last week Thursday. Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing...

DMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Extracting value from overlooked mines (Vuslat Bayoglu Interview)

In summary, Mina is a private mining investment company in South Africa, benefiting from the country's rich ore deposits and supportive government...

Money of Mine

Platinum Demand to Grow from 2025 Onwards

​Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...

Gaius King

Aug 24 Indices Rebalance: Brazil Takes the EM Flow, SA & China Downweighted Again (Tencent)

Aug 24 Indices Rebalance: Brazil was the largest beneficiary of passive flows at the rebalance last Friday. South Africa and China were...

DMA

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

Indices were rebalanced in the closing auction last week Thursday. Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing...

DMA

Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...