Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>Participation is broadening across markets as cap-weighted U.S. leadership narrows to a handful of stocks.</li>
<li>We stay invested in core trends and see room for emerging opportunities like China ADRs, which saw an upgrade. See our sample portfolio.</li>
<li>For Asia-focused investors, the dollar's softening is concentrated against EM Asia currencies and the carry complex despite the dollar index's bias against EUR.</li>
</ul>


Participation is broadening across markets as cap-weighted U.S. leadership narrows to a handful of stocks.
We stay invested in core trends and see room for emerging opportunities like China ADRs, which saw an upgrade. See our sample portfolio.
For Asia-focused investors, the dollar's softening is concentrated against EM Asia currencies and the carry complex despite the dollar index's bias against EUR.


Cross-Asset Rotations: China, Asia FX, Commodities, and More

<ul>
<li>U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. </li>
<li>Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.</li>
<li>Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.</li>
</ul>


U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. 
Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.
Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.


Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

iShares MSCI China ETF / Equity Bottom-Up

<ul>
 <li>The <a href="https://smartkarma.com/entities/ishares-msci-china-etf">iShares MSCI China ETF</a> (MCHI US) offers broad exposure to the Chinese equity market, tracking large and mid-cap stocks available to international investors. It provides a vehicle for a single-country investment view on the world's second-largest economy.</li>
 <li>The investment landscape for Chinese equities is characterized by a dichotomy of high growth potential, driven by innovation and a large consumer market, and significant risks, including a complex regulatory environment, geopolitical tensions, and corporate governance concerns.</li>
 <li>Key considerations for investors include the ongoing impact of government policy on various sectors, the valuation of Chinese equities which appear attractive relative to global peers, and the inherent volatility associated with the market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  The iShares MSCI China ETF (MCHI US) offers broad exposure to the Chinese equity market, tracking large and mid-cap stocks available to international investors. It provides a vehicle for a single-country investment view on the world's second-largest economy.
  The investment landscape for Chinese equities is characterized by a dichotomy of high growth potential, driven by innovation and a large consumer market, and significant risks, including a complex regulatory environment, geopolitical tensions, and corporate governance concerns.
  Key considerations for investors include the ongoing impact of government policy on various sectors, the valuation of Chinese equities which appear attractive relative to global peers, and the inherent volatility associated with the market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: iShares MSCI China ETF (MCHI US) - Aug 2026

<ul>
<li>
Offshore relative value: We tested 12-month relative returns across onshore vs. offshore, and both vs. EM. Offshore China is the oversold leg, driven by its own weakness rather than onshore strength. </li>
<li>
AI rotation: The performance gap reflects capital favoring the onshore industrial upgrades vs. offshore consumption. Re-rating requires offshore earnings pickup regardless of how cheap the multiple looks.</li>
<li>
Stock selection:<a href="https://www.smartkarma.com/entities/msci-china-index" target="_blank" data-smartkarma-citation="entities:22895:1" rel="noopener">MSCI China Index (MXCN INDEX)</a> is dominated by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> while dispersion across the index is wide. We built an investable bucket.
</li>
</ul>



Offshore relative value: We tested 12-month relative returns across onshore vs. offshore, and both vs. EM. Offshore China is the oversold leg, driven by its own weakness rather than onshore strength. 

AI rotation: The performance gap reflects capital favoring the onshore industrial upgrades vs. offshore consumption. Re-rating requires offshore earnings pickup regardless of how cheap the multiple looks.

Stock selection:MSCI China Index (MXCN INDEX) is dominated by Tencent (700 HK) and Alibaba (9988 HK) while dispersion across the index is wide. We built an investable bucket.



China Equities: Relative Upside in Offshore Vs. Onshore Stocks

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>SCOTUS invalidated Trump's use of IEEPA to impose tariffs on various countries (and importers can hence demand refunds). Pres. Trump reimposed a 15% tariff on all imports for 150 days.  </li>
<li>In 2025, there was a large decline in US bilateral deficits with China and modest ones with most OECD partners, but big increases in deficits with Mexico, Taiwan, Vietnam, Ireland.</li>
<li>In 2026, the US bilateral deficits are likely to increase faster given the lower tariff, with only modest increases in US goods exports via deals. Good for global trade. </li>
</ul>


SCOTUS invalidated Trump's use of IEEPA to impose tariffs on various countries (and importers can hence demand refunds). Pres. Trump reimposed a 15% tariff on all imports for 150 days.  
In 2025, there was a large decline in US bilateral deficits with China and modest ones with most OECD partners, but big increases in deficits with Mexico, Taiwan, Vietnam, Ireland.
In 2026, the US bilateral deficits are likely to increase faster given the lower tariff, with only modest increases in US goods exports via deals. Good for global trade. 


US: SCOTUS Upends Trump's Tariff Framework; Good for Global Trade

China

iShares MSCI China ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the performance of the MSCI China Index. The Index is a free float adjusted market cap weighted index designed to measure the performance of equity securities in the top 85% in market cap of Chinese equity markets, as represented by the A-Shares, H-Shares, B-Shares, Red Chips, & P-Chips.

iShares MSCI China ETF (MCHI US)

Cross-Asset Rotations: China, Asia FX, Commodities, and More

We scanned a wide universe to establish core and emerging trend positions in US, Chinese, and Japanese equities, commodities, and more.

Damanick Dantes, CMT

Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Full breakdown of our portfolio suite, performance, and new positioning. We broadened our commodity positioning, added Japan, and maintained a core...

Damanick Dantes, CMT

Primer: iShares MSCI China ETF (MCHI US) - Aug 2026

The iShares MSCI China ETF (MCHI US) offers broad exposure to the Chinese equity market, tracking large and mid-cap stocks available to...

αSK Primers

China Equities: Relative Upside in Offshore Vs. Onshore Stocks

Offshore China is improving relative to onshore China. We anticipate a re-ratings cycle and selected a basket of offshore stocks for active returns.

Damanick Dantes, CMT

US: SCOTUS Upends Trump's Tariff Framework; Good for Global Trade

SCOTUS invalidated Trump's tariffs. US deficits declined with China, increased with Mexico, Taiwan, Vietnam, Ireland. Lower tariffs in 2026 will...

Prasenjit K. Basu

Cross-Asset Rotations: China, Asia FX, Commodities, and More

We scanned a wide universe to establish core and emerging trend positions in US, Chinese, and Japanese equities, commodities, and more.

Damanick Dantes, CMT

Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Full breakdown of our portfolio suite, performance, and new positioning. We broadened our commodity positioning, added Japan, and maintained a core...

Damanick Dantes, CMT

Primer: iShares MSCI China ETF (MCHI US) - Aug 2026

The iShares MSCI China ETF (MCHI US) offers broad exposure to the Chinese equity market, tracking large and mid-cap stocks available to...

αSK Primers

China Equities: Relative Upside in Offshore Vs. Onshore Stocks

Offshore China is improving relative to onshore China. We anticipate a re-ratings cycle and selected a basket of offshore stocks for active returns.

Damanick Dantes, CMT

US: SCOTUS Upends Trump's Tariff Framework; Good for Global Trade

​SCOTUS invalidated Trump's tariffs. US deficits declined with China, increased with Mexico, Taiwan, Vietnam, Ireland. Lower tariffs in 2026 will...

Prasenjit K. Basu

SCOTUS invalidated Trump's tariffs. US deficits declined with China, increased with Mexico, Taiwan, Vietnam, Ireland. Lower tariffs in 2026 will...