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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Indian market has discounted some of the issues the country faces </li>
<li>The best performing assets in Q1 2025 continue to be our favourites</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Indian market has discounted some of the issues the country faces 
The best performing assets in Q1 2025 continue to be our favourites


Overview #21 India, Gold and the Slow Death of AI

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.</li>
<li>About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.</li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> , <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> , <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> , and trimmed <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> .</li>
</ul>


HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.
About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.
At month-end we sold AAC Technologies Holdings (2018 HK) , Trip.com Group (9961 HK) , MINISO Group Holding (9896 HK) , and trimmed Xiaomi Corp (1810 HK) .


HONG KONG ALPHA PORTFOLIO (February 2025)

Thematic (Sector/Industry)

<ul>
<li>Gold continues to make new highs to little, if any fanfare</li>
<li>Traditional drivers of gold like lower real rates and a weaker dollar yet to come into play</li>
<li>What does this mean for the precious metals mining sector and is it time to buy?</li>
</ul>


Gold continues to make new highs to little, if any fanfare
Traditional drivers of gold like lower real rates and a weaker dollar yet to come into play
What does this mean for the precious metals mining sector and is it time to buy?


What’s the Best-Performing Major Asset Class This Year? Hint-Its Yellow and Shiny!

Equity Bottom-Up

Sunny Optical Technology Group / Equity Bottom-Up

<ul>
<li>HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  </li>
<li> About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials. </li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/china-cinda-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:372:1" rel="noopener">China Cinda Asset Management (1359 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-ltd" target="_blank" data-smartkarma-citation="entities:20590:1" rel="noopener">Citic Ltd (267 HK)</a> , <a href="https://www.smartkarma.com/entities/china-galaxy-securities-co-h" target="_blank" data-smartkarma-citation="entities:165:1" rel="noopener">China Galaxy Securities (H) (6881 HK)</a> and <a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> .  </li>
</ul>


HK Alpha Portfolio returned -1.29% in December and outperformed the benchmark by 0.34%. The portfolio has outperformed Hong Kong indexes by 7.93% to 9.64% since its inception on 10/01/24.  
 About 75% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy or Materials.  
At month-end we sold China Cinda Asset Management (1359 HK) , Citic Ltd (267 HK) , China Galaxy Securities (H) (6881 HK) and GDS Holdings (9698 HK) .  


<ul>
<li>Hong Kong Alpha portfolio lost 2.9% in November, but has outperformed its benchmark by 4.9% since inception on October 1st.  It has outperformed HSI, HSCI and HSCEI by 9%.</li>
<li>Hong Kong Alpha has generated idiosyncratic returns during the market correction.  The portfolio has no exposure to energy, healthcare and property sectors. </li>
<li>We exit 4 positions at the end of the month and add positions in software, tech components, travel and restaurant sectors.</li>
</ul>


Hong Kong Alpha portfolio lost 2.9% in November, but has outperformed its benchmark by 4.9% since inception on October 1st.  It has outperformed HSI, HSCI and HSCEI by 9%.
Hong Kong Alpha has generated idiosyncratic returns during the market correction.  The portfolio has no exposure to energy, healthcare and property sectors. 
We exit 4 positions at the end of the month and add positions in software, tech components, travel and restaurant sectors.


HONG KONG ALPHA PORTFOLIO (November 2024)

China

Lingbao Gold Group Co., Ltd. operates as a mining company. The Company explores, mines, smelts, refines, and processes gold bullion, silver, copper products, and sulfuric acid. Lingbao Gold Group serves customers internationally.

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Lingbao Gold Co Ltd H (3330 HK)

Overview #21 India, Gold and the Slow Death of AI

A review of recent events/data impacting our investment themes and outlook. Revisiting India, our top 2 allocations and the ongoing US bear market

Rikki Malik

HONG KONG ALPHA PORTFOLIO (February 2025)

HK Alpha portfolio returned 13.6% in February outperforming its benchmark and all HK indexes. Since inception HK Alpha has returned 13.1% with...

David Mudd

What’s the Best-Performing Major Asset Class This Year? Hint-Its Yellow and Shiny!

Gold is reaching new highs without much attention, traditional drivers like low real rates and a weak dollar have not impacted yet. What does this...

Rikki Malik

HONG KONG ALPHA PORTFOLIO (January 2025)

Hong Kong Alpha portfolio lost 1.29% in January and outperformed its benchmark. We sold GDS, Citic, Cinda and China Galaxy Securities. We added...

David Mudd

HONG KONG ALPHA PORTFOLIO (November 2024)

Hong Kong Alpha portfolio continues to outperform during the market correction in HK/China stocks. We continue to like the consumer discretionary...

David Mudd

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #21 India, Gold and the Slow Death of AI

A review of recent events/data impacting our investment themes and outlook. Revisiting India, our top 2 allocations and the ongoing US bear market

Rikki Malik

HONG KONG ALPHA PORTFOLIO (February 2025)

HK Alpha portfolio returned 13.6% in February outperforming its benchmark and all HK indexes. Since inception HK Alpha has returned 13.1% with...

David Mudd

What’s the Best-Performing Major Asset Class This Year? Hint-Its Yellow and Shiny!

​Gold is reaching new highs without much attention, traditional drivers like low real rates and a weak dollar have not impacted yet. What does this...

Rikki Malik

HONG KONG ALPHA PORTFOLIO (January 2025)

Hong Kong Alpha portfolio lost 1.29% in January and outperformed its benchmark. We sold GDS, Citic, Cinda and China Galaxy Securities. We added...

David Mudd

HONG KONG ALPHA PORTFOLIO (November 2024)

Hong Kong Alpha portfolio continues to outperform during the market correction in HK/China stocks. We continue to like the consumer discretionary...

David Mudd

Gold is reaching new highs without much attention, traditional drivers like low real rates and a weak dollar have not impacted yet. What does this...