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

AngloGold Ashanti Spon Adr / Technical Analysis

<ul>
<li>We continue to see more global indexes/Sectors breaking out to new highs, with the latest being the MSCI Emerging Markets index (local currency), breaking out from a 2-year base--add exposure.</li>
<li>In terms of MSCI EM specifically, this is a huge risk-on signal for global equities, as EM is pretty much as risky as it gets across the global landscape.</li>
<li>Our bullish outlook (since early November 2023) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
</ul>


We continue to see more global indexes/Sectors breaking out to new highs, with the latest being the MSCI Emerging Markets index (local currency), breaking out from a 2-year base--add exposure.
In terms of MSCI EM specifically, this is a huge risk-on signal for global equities, as EM is pretty much as risky as it gets across the global landscape.
Our bullish outlook (since early November 2023) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.


MSCI Emerging Markets Finally Join the Rally; China/HK Improve; Upgrading Taiwan, Downgrading Brazil

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul>

The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.

Portfolio Watch: What if We Add a Rate Cut to This Fire..

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>A victory for Lai in the upcoming election has the potential to significantly elevate geopolitical risks.</li><li>Should Taipei fail to maintain a satisfactory relationship with Beijing threats of retaliation will fuel derisking going forwardThe Taiwan election could reignite another round of cold trade sanctions between the United States and China.</li><li>Given the current hawkishness of the Biden administration, it’s unlikely that this stance will be softened in the upcoming U.S. election.</li></ul>

A victory for Lai in the upcoming election has the potential to significantly elevate geopolitical risks.Should Taipei fail to maintain a satisfactory relationship with Beijing threats of retaliation will fuel derisking going forwardThe Taiwan election could reignite another round of cold trade sanctions between the United States and China.Given the current hawkishness of the Biden administration, it’s unlikely that this stance will be softened in the upcoming U.S. election.

EM by EM #37: The Taiwan election & the Trade war

<ul>
<li>We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).</li>
<li>Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.</li>
<li>Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.</li>
</ul>


We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).
Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.
Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.


Finding Leadership Within Emerging Markets

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Thematic (Sector/Industry)

<ul>
<li>In this first Taiwan Tech weekly roundup, we examine: Key stock performers both before and after Nancy Pelosi’s visit.</li>
<li>The relationship between analyst coverage and market cap for Taiwan tech stocks - At what size does analyst coverage expand dramatically?</li>
<li>A screen for significantly-sized Taiwan stocks that have zero analyst coverage - Are these dead stocks or diamonds in the rough?</li>
</ul>


In this first Taiwan Tech weekly roundup, we examine: Key stock performers both before and after Nancy Pelosi’s visit.
The relationship between analyst coverage and market cap for Taiwan tech stocks - At what size does analyst coverage expand dramatically?
A screen for significantly-sized Taiwan stocks that have zero analyst coverage - Are these dead stocks or diamonds in the rough?


Our First Taiwan Tech Weekly - “Pelosi Ex Post”

Taiwan

The MSCI Taiwan Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31 1987.

MSCI Taiwan Index (TAMSCI INDEX)

MSCI Emerging Markets Finally Join the Rally; China/HK Improve; Upgrading Taiwan, Downgrading Brazil

MSCI EM Finally Joins the Rally; China/Hong Kong Continue to Improve; Downgrading Brazil to Market Weight; Upgrading Taiwan to Overweight;...

Vermilion Research

Portfolio Watch: What if We Add a Rate Cut to This Fire..

The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt...

Steno Research

EM by EM #37: The Taiwan election & the Trade war

Main takeaways:A victory for Lai in the upcoming election has the potential to significantly elevate geopolitical risks. Should Taipei fail to...

Steno Research

Finding Leadership Within Emerging Markets

We are starting to see early signs of a potential bottom on $EEM. Specifically, the EEM has reversed topside its 6-month downtrend. If EEM has...

Vermilion Research

Our First Taiwan Tech Weekly - “Pelosi Ex Post”

In our first Taiwan weekly roundup, we examine key stock performers before and after Nancy Pelosi’s visit and identify the market cap at which...

Vincent Fernando, CFA