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

iShares MSCI China ETF / Technical Analysis

<ul>
<li>We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.</li>
<li>We continue to expect rangebound price action in the months ahead on the MSCI ACWI.</li>
<li>And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)</li>
</ul>


We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.
We continue to expect rangebound price action in the months ahead on the MSCI ACWI.
And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)


Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

<ul>
<li>The theme we have seen over the past four weeks is an increasing number of indexes reversing 4-10-month downtrends and/or breaking above important resistance levels, with no failed breakouts.</li>
<li>We continue to believe that global equities are going through a bottoming process, but the real test will come during the eventual pullback, which we believe we are now experiencing.</li>
<li>We are watching to see whether these breakout levels and important moving averages (e.g., 50-day MAs) will hold.</li>
</ul>


The theme we have seen over the past four weeks is an increasing number of indexes reversing 4-10-month downtrends and/or breaking above important resistance levels, with no failed breakouts.
We continue to believe that global equities are going through a bottoming process, but the real test will come during the eventual pullback, which we believe we are now experiencing.
We are watching to see whether these breakout levels and important moving averages (e.g., 50-day MAs) will hold.


Japan Among the Latest to Break Out; Buy Ideas in Growth/Cyclicals and Consumer Staples

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

<ul>
<li>Global equity managers are positioned at their highest ever overweight in French equities</li>
<li>France is the 4th largest country allocation globally and the largest in the European Union. Versus the benchmark, only the Netherlands has more funds positioned overweight.</li>
<li>Sanofi and Cap Gemini SA have benefited from fund rotation this year, with the percentage of funds invested in each name rising by 4.1% and 3.3% respectively</li>
</ul>


Global equity managers are positioned at their highest ever overweight in French equities
France is the 4th largest country allocation globally and the largest in the European Union. Versus the benchmark, only the Netherlands has more funds positioned overweight.
Sanofi and Cap Gemini SA have benefited from fund rotation this year, with the percentage of funds invested in each name rising by 4.1% and 3.3% respectively


France: Europe’s High Conviction Holding

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Belle International Holdings / Equity Capital Markets

<ul>
<li>Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.</li>
<li>Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). </li>
<li>In this note, we'll talk about the not so positive aspects of the deal.</li>
</ul>


Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.
Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). 
In this note, we'll talk about the not so positive aspects of the deal.


Belle Fashion Pre-IPO - The Negatives - You'll Stumble in My Footsteps

<ul>
<li>Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.</li>
<li>Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.
Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). 
In this note, we will talk about the positive aspects of the deal.


Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

France

LVMH Moet Hennessy Louis Vuitton SE is a diversified luxury goods group. The Company produces and sells wine, cognac, perfumes, cosmetics, luggage, and watches and jewelry.

LVMH Moet Hennessy Louis Vuitton SE (MC FP)

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LVMH Moet Hennessy Louis Vuitton SE (MC FP)

Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

We remain neutral on global equities $ACWI and expect rangebound price action in the months (possibly year) ahead. Specific $ACWI trading range we...

Vermilion Research

Japan Among the Latest to Break Out; Buy Ideas in Growth/Cyclicals and Consumer Staples

Japan is the latest major country to break out, and we are buyers. Japan continues to be considerably further along in the bottoming process...

Vermilion Research

France: Europe’s High Conviction Holding

Global equity funds are at record overweights in French equities. Average weights are towards the top end of the 8-year range at 4.16%, pushing net...

Steven Holden

Belle Fashion Pre-IPO - The Negatives - You'll Stumble in My Footsteps

Belle Fashion aims to raise around US$1bn in its HK listing, which would mark its return to the stock market after five years. In this note, we...

Sumeet Singh

Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)