Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>Treasuries rose yesterday, with the UST curve bull-steepening after US President Donald Trump said he would postpone strikes against Iran’s energy infrastructure.</li>
<li>This was despite Tehran’s denial that talks had taken place.</li>
<li>Yields on the 2Y and 10Y USTs fell 5 bps and 4 bps to 3.85% and 4.34%, respectively. </li>
</ul>


Treasuries rose yesterday, with the UST curve bull-steepening after US President Donald Trump said he would postpone strikes against Iran’s energy infrastructure.
This was despite Tehran’s denial that talks had taken place.
Yields on the 2Y and 10Y USTs fell 5 bps and 4 bps to 3.85% and 4.34%, respectively. 


<ul>
<li>UST yields jumped 7-11 bps yesterday, mainly driven by inflation concerns, amid the surge in oil prices and higher than expected prices paid component in the ISM manufacturing index.</li>
<li>This largely wiped out the yield declines from haven-driven demand last Thursday and Friday.</li>
<li>The UST curve bear flattened, with the yields on the 2Y and 10Y UST jumping 10 bps to 3.48% and 4.04%, respectively. </li>
</ul>


UST yields jumped 7-11 bps yesterday, mainly driven by inflation concerns, amid the surge in oil prices and higher than expected prices paid component in the ISM manufacturing index.
This largely wiped out the yield declines from haven-driven demand last Thursday and Friday.
The UST curve bear flattened, with the yields on the 2Y and 10Y UST jumping 10 bps to 3.48% and 4.04%, respectively. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 stocks added into the portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 223% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added into the portfolio
Since its inception, the portfolio has generated a before-fee total return of 223% versus MSCI ASEAN’s 30%


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, and 11 stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 259% versus MSCI ASEAN’s 44%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, and 11 stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 259% versus MSCI ASEAN’s 44%


Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

Lucror Analytics - Morning Views Asia

Treasuries rose yesterday, with the UST curve bull-steepening after US President Donald Trump said he would postpone strikes against Iran’s energy...

Lucror Analytics

Lucror Analytics - Morning Views Asia

UST yields jumped 7-11 bps yesterday, mainly driven by inflation concerns, amid the surge in oil prices and higher than expected prices paid...

Lucror Analytics

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

The Stocks to Own in ASEAN – Vol. 50

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Since its inception, the portfolio has generated a...

A. Stotz Investment Research

The Stocks to Own in ASEAN – Vol. 49

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 stocks added.

A. Stotz Investment Research

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