Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

Mitsui Kinzoku Company / Equity Bottom-Up

<ul>
<li>An AI bottleneck that has handed back most of its gains and is now regaining momentum</li>
<li>Of the two main products, one has no real competitor at the leading edge, and the other has a moat that holds for at least two more years.</li>
<li>It also contains a metals kicker that is still to come – if you believe gold/silver/copper move up from here.</li>
</ul>


An AI bottleneck that has handed back most of its gains and is now regaining momentum
Of the two main products, one has no real competitor at the leading edge, and the other has a moat that holds for at least two more years.
It also contains a metals kicker that is still to come – if you believe gold/silver/copper move up from here.


Tactical Trading – 5706.T - The Copper Foil in Every AI Server

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.</li>
<li>These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.</li>
<li>In this insight, we take a look at Quiddity's final predictions for the names that are likely to see their Liquidity Factors removed in April 2026 and their flow implications.</li>
</ul>


In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.
These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.
In this insight, we take a look at Quiddity's final predictions for the names that are likely to see their Liquidity Factors removed in April 2026 and their flow implications.


TOPIX Index Upweights: Final Expectations For "The Big April Basket" 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>Just after I last wrote a couple of weeks ago noting that the Top DELETE candidate had changed just weeks after the 3rd ADD candidate had changed, two caps arrived.</li>
<li>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">Tokyo Electron (8035 JP)</a> went over 10% and have stayed up. <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> is about 6% away. But FR and Advantest are negatively-correlated.</li>
<li>Newly available data tells us more about <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>. The DELETE candidates are tougher.  </li>
</ul>


Just after I last wrote a couple of weeks ago noting that the Top DELETE candidate had changed just weeks after the 3rd ADD candidate had changed, two caps arrived.

Advantest Corp (6857 JP) and Tokyo Electron (8035 JP) went over 10% and have stayed up. Fast Retailing (9983 JP) is about 6% away. But FR and Advantest are negatively-correlated.
Newly available data tells us more about JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP). The DELETE candidates are tougher.  


[Quiddity Index] Nikkei 225 Sep26 Rebal - Easy ADDs, Tough DELETEs, Two(?) Caps; And Squeeziness

<ul>
<li>In early May, as with many months before, I had written about the nature of the Nikkei 25 rebal prediction decision tree. A week later, a branch, well... branched.</li>
<li>The third ADD changed in mid-month last month. Now, the first DELETE has changed. It likely isn't an auto-delete anymore. </li>
<li>Given the rankings of tech stocks, that may mean only two ADDs and two DELETES and it changes the calculus on the DELETEs as a whole.</li>
</ul>


In early May, as with many months before, I had written about the nature of the Nikkei 25 rebal prediction decision tree. A week later, a branch, well... branched.
The third ADD changed in mid-month last month. Now, the first DELETE has changed. It likely isn't an auto-delete anymore. 
Given the rankings of tech stocks, that may mean only two ADDs and two DELETES and it changes the calculus on the DELETEs as a whole.


[Quiddity Index] Nikkei 225 Sep26 Rebal - Changing Horses on the Top DELETE

Japan

JX Advanced Metals Corporation mines and distributes non ferrous metal products. The Company smelts, refines, and markets non ferrous metals such as copper, gold, silver, and more. JX Advanced Metals also sells semiconductor materials, special steel materials, and other products.

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JX Advanced Metals (5016 JP)

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Tactical Trading – 5706.T - The Copper Foil in Every AI Server

An AI materials play that fell for both stock-specific catalysts and the general AI sell-off is starting to turn, the valuation is more supportive,...

Rikki Malik

TOPIX Index Upweights: Final Expectations For "The Big April Basket" 2026

The official results for the TOPIX 0.75x Liquidity Factor removal were announced after market close yesterday (7th April 2026). There will be 17...

Janaghan Jeyakumar, CFA

[Quiddity Index] Nikkei 225 Sep26 Rebal - Easy ADDs, Tough DELETEs, Two(?) Caps; And Squeeziness

The Sep 2026 Nikkei 225 rebal is challenging. Two ADDs are easy. The third seems easy. The DELETEs are not, but I rarely recommend shorting them....

Travis Lundy

[Quiddity Index] Nikkei 225 Sep26 Rebal - Changing Horses on the Top DELETE

Volume traded has removed the Top Delete candidate from the likely delete list for Sep26. That changes the calculus. I was leaning to 3 adds 3...

Travis Lundy

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