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

Rikki Malik

Cross Asset Strategy

<ul>
<li>We first review at Q1 performance in the major markets we follow</li>
<li>The worst may be over in but news flow will drive markets in the short-term</li>
<li>We look at foreign positioning and fund flow data to assess risks</li>
</ul>


We first review at Q1 performance in the major markets we follow
The worst may be over in but news flow will drive markets in the short-term
We look at foreign positioning and fund flow data to assess risks


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

Thematic (Sector/Industry)

<ul>
<li>Leadership globally is rotating to cyclical, materials, and commodity sectors</li>
<li>Japan lacks many pure play companies, so premiums will be commanded</li>
<li>We add a couple of cyclical names to increase Japanese exposure</li>
</ul>


Leadership globally is rotating to cyclical, materials, and commodity sectors
Japan lacks many pure play companies, so premiums will be commanded
We add a couple of cyclical names to increase Japanese exposure


Tactical Trading – Increasing Cyclical Exposure in Japan

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>GDS' DayOne is selecting banks for a significant $5 billion IPO in the U.S. market soon.</li><li>Nuveen's acquisition of Schroders for $13.5 billion creates a massive asset management firm valued at $2.5 trillion.</li><li>Lendlease CEO Tony Lombardo has resigned, while other firms engage in notable real estate and investment deals.</li></ul>

GDS' DayOne is selecting banks for a significant $5 billion IPO in the U.S. market soon.Nuveen's acquisition of Schroders for $13.5 billion creates a massive asset management firm valued at $2.5 trillion.Lendlease CEO Tony Lombardo has resigned, while other firms engage in notable real estate and investment deals.

Asia Real Estate Tracker (13-Feb-2026): GDS to choose banks for $5B US IPO and real estate news.

<ul><li>KKR and Singtel have acquired STT GDC for $10.9 billion, impacting the tech infrastructure sector significantly.</li><li>Heitman and Erben are launching Perth's largest student housing project to meet rising accommodation demand.</li><li>Mitsubishi's investment in an Australian residential venture underscores continued interest in the APAC real estate market.</li></ul>

KKR and Singtel have acquired STT GDC for $10.9 billion, impacting the tech infrastructure sector significantly.Heitman and Erben are launching Perth's largest student housing project to meet rising accommodation demand.Mitsubishi's investment in an Australian residential venture underscores continued interest in the APAC real estate market.

Asia Real Estate Tracker (05-Feb-2026): KKR and Singtel to acquire STT GDC for $10.9B.

Japan

Mitsubishi Corporation is a general trading company.  The Company has business groups such as New Business Initiatives, IT & Electronics, Fuels, Metals, Machinery, Chemicals, Living Essentials, and Professional Services.  Mitsubishi diversifies by satellite communications through a joint venture.

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Mitsubishi Corp (8058 JP)

Q2 Outlook - Asian Equity Markets

Our outlook for Q2 2026 onwards. Separating the short-term noise from our longer-term investment themes. In Part 2 look at Asian equities

Rikki Malik

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

Tactical Trading – Increasing Cyclical Exposure in Japan

Mitsubishi 8058.T rallied 8% yesterday with other potential beneficiaries of the Trump-Takaichi summit. Nikkei link below. Key is the development...

Rikki Malik

Asia Real Estate Tracker (13-Feb-2026): GDS to choose banks for $5B US IPO and real estate news.

GDS' DayOne is planning a $5B IPO, Nuveen acquired Schroders for $13.5B, Lendlease's CEO resigned, and various real estate and investment deals are...

Asia Real Estate Tracker

Asia Real Estate Tracker (05-Feb-2026): KKR and Singtel to acquire STT GDC for $10.9B.

KKR and Singtel acquired STT GDC for $10.9 billion, while Heitman and Erben launched Perth's largest student housing project, and Mitsubishi...

Asia Real Estate Tracker

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