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

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. Major indexes around the world continue to do next to nothing, making Sector, Group, and stock selection all the more important. We prefer to use a barbell strategy of growth and safety. Attractive and actionable themes highlighted in today’s report include IT Services/Tech Software, Communications, Precious Metals, and Utilities.

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. Major indexes around the world continue to do next to nothing, making Sector, Group, and stock selection all the more important. We prefer to use a barbell strategy of growth and safety. Attractive and actionable themes highlighted in today’s report include IT Services/Tech Software, Communications, Precious Metals, and Utilities.

Global Equity Strategy: Stay on the Defensive

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aequs-ltd" target="_blank" data-smartkarma-citation="entities:45903:1" rel="noopener">Aequs Ltd (1009206D IN)</a> raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Aequs is an Indian aerospace precision component manufacturer providing vertically integrated product solutions for the aerospace and consumer industries, serving global OEMs and Tier-1 suppliers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aequs Ltd (1009206D IN) raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Aequs is an Indian aerospace precision component manufacturer providing vertically integrated product solutions for the aerospace and consumer industries, serving global OEMs and Tier-1 suppliers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

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

Indian allocations among Asia Ex-Japan funds have hit record levels after the Modi re-election last month.  In this report, we analyse the holdings of 120 Asia Ex-Japan long-only equity funds, detailing the sectors, stocks and funds that have driven Indian exposures to their highest levels on record.

Indian allocations among Asia Ex-Japan funds have hit record levels after the Modi re-election last month.  In this report, we analyse the holdings of 120 Asia Ex-Japan long-only equity funds, detailing the sectors, stocks and funds that have driven Indian exposures to their highest levels on record.

India - Record Asia Ex-Japan Fund Exposure After Modi Re-Election

We continue to believe that caution is warranted in U.S. equities and we are concerned that key support levels may not hold -- notably 2,800 and the 200-day MA on the S&amp;P 500 and 4,125 and the 200-day MA on the equal-weighted S&amp;P 500. In this report we highlight several negative developments which increase the likelihood of a breakdown below these key S&amp;P 500 support levels, as well as some attractive Groups and stocks within Consumer Discretionary, Communications, Services, and Transportation.

We continue to believe that caution is warranted in U.S. equities and we are concerned that key support levels may not hold -- notably 2,800 and the 200-day MA on the S&amp;P 500 and 4,125 and the 200-day MA on the equal-weighted S&amp;P 500. In this report we highlight several negative developments which increase the likelihood of a breakdown below these key S&amp;P 500 support levels, as well as some attractive Groups and stocks within Consumer Discretionary, Communications, Services, and Transportation.

U.S. Equity Strategy: Caution Warranted; Downgrading Materials

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.


MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

Global Equity Strategy: Stay on the Defensive

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain...

Vermilion Research

Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

Aequs Ltd raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.

Akshat Shah

India - Record Asia Ex-Japan Fund Exposure After Modi Re-Election

Indian allocations among Asia Ex-Japan funds have hit record levels after the Modi re-election last month. In this report, we analyse the holdings...

Steven Holden

U.S. Equity Strategy: Caution Warranted; Downgrading Materials

We continue to believe that caution is warranted in U.S. equities and we are concerned that key support levels may not hold -- notably 2,800 and...

Vermilion Research

MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

We analyzed MS-India's consensus for May 2026 and highlighted changes of EPS in Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries,...

Ke Yan, CFA, FRM

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52-week Range

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