Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.</li>
<li>A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.</li>
<li>Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.</li>
</ul>


Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.
A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.
Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.


Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Covering dominated the week ending June 27.</li><li>Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in energy, metals, and financials.</li><li>Borrow costs told a split story - tightening hard in some names, collapsing in others.</li></ul>

Covering dominated the week ending June 27.Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in energy, metals, and financials.Borrow costs told a split story - tightening hard in some names, collapsing in others.

Bears Cover, Bulls Borrow: Short Interest Week of June 22

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

Thematic (Sector/Industry)

<ul>
<li>The effect of the COVID pandemic saw an unprecedented level of sector rotation among EM active portfolios in 2020.</li>
<li>Banking stocks were hit the hardest, with Semiconductor, Internet Retail and Interactive Media industry groups the beneficiaries.</li>
<li>Banking exposure is at its lowest levels in over a decade, EM active investors at highest ever weights in Tech related Consumer Discretionary and Communication Services stocks.</li>
<li>Improving outlook for banking stocks, vaccine hopes, plus potential regulation in the Tech sector point to a potential unwind.  </li>
<li>'Beaten Up' banking stocks include <a href="https://www.smartkarma.com/entities/itau-unibanco-holding-sa-9d47d196-e503-471b-a84e-ca4401033062" target="_blank" data-smartkarma-citation="entities:24550:1" rel="noopener">Itau Unibanco Holding Sa (ITUB4 BZ)</a> , <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a> and <a href="https://www.smartkarma.com/entities/standard-bank-group-ltd" target="_blank" data-smartkarma-citation="entities:24988:1" rel="noopener">Standard Bank (SBK SJ)</a> </li>
<li>Fully owned Tech related stocks include <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> , <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> and <a href="https://www.smartkarma.com/entities/mercadolibre-inc" target="_blank" data-smartkarma-citation="entities:27954:1" rel="noopener">MercadoLibre Inc (MELI US)</a> </li>
</ul>


The effect of the COVID pandemic saw an unprecedented level of sector rotation among EM active portfolios in 2020.
Banking stocks were hit the hardest, with Semiconductor, Internet Retail and Interactive Media industry groups the beneficiaries.
Banking exposure is at its lowest levels in over a decade, EM active investors at highest ever weights in Tech related Consumer Discretionary and Communication Services stocks.
Improving outlook for banking stocks, vaccine hopes, plus potential regulation in the Tech sector point to a potential unwind.  
'Beaten Up' banking stocks include Itau Unibanco Holding Sa (ITUB4 BZ) , Kasikornbank PCL (KBANK TB) and Standard Bank (SBK SJ) 
Fully owned Tech related stocks include Meituan (3690 HK) , JD.com Inc (ADR) (JD US) and MercadoLibre Inc (MELI US) 


GEM Fund Positioning Update:  The COVID Unwind.

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The June 2026 index review results for the Nasdaq 100 were announced after market close on 11 June 2026.</li>
<li>There are 5 ADD/DELs for the Nasdaq 100 for Jun26 index rebal event as we predicted (we predicted all of them correctly).</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes.</li>
</ul>


The June 2026 index review results for the Nasdaq 100 were announced after market close on 11 June 2026.
There are 5 ADD/DELs for the Nasdaq 100 for Jun26 index rebal event as we predicted (we predicted all of them correctly).
In this insight, we take a look at our final flow expectations for each of these confirmed index changes.


Quiddity Nasdaq 100 Jun26 Results: First Rebalance Under New Methodology Sees 10 Changes

Cross Asset Strategy

<ul>
<li>EM active managers are running their largest ever overweight in Russian equities, however, absolute weights are drifting lower.</li>
<li>Buying in out-of-benchmark <a href="https://www.smartkarma.com/entities/yandex-nv-a" target="_blank" data-smartkarma-citation="entities:414:1" rel="noopener">Yandex (YNDX US)</a> has been the driver of the increased overweight. </li>
<li>A retreat from the Energy majors was the cause of the fall in absolute Russian fund weights.</li>
<li>EM active managers are now more exposed to Communication Services stocks then they are Energy stocks for the first time in history,</li>
<li>
<a href="https://www.smartkarma.com/entities/sberbank-of-russia-pjsc" target="_blank" data-smartkarma-citation="entities:24142:1" rel="noopener">Sberbank Of Russia Pjsc (SBER LI)</a> is still the most widely held stock in Russia, however managers have trimmed exposure. </li>
<li>Ownership in <a href="https://www.smartkarma.com/entities/magnit-pjsc" target="_blank" data-smartkarma-citation="entities:24632:1" rel="noopener">Magnit PJSC (MGNT LI)</a> continues to rise from a very low base.</li>
</ul>Taken from our Global Emerging Markets analysis, covering 243 active strategies with combined AUM of $360bn.


EM active managers are running their largest ever overweight in Russian equities, however, absolute weights are drifting lower.
Buying in out-of-benchmark Yandex (YNDX US) has been the driver of the increased overweight. 
A retreat from the Energy majors was the cause of the fall in absolute Russian fund weights.
EM active managers are now more exposed to Communication Services stocks then they are Energy stocks for the first time in history,

Sberbank Of Russia Pjsc (SBER LI) is still the most widely held stock in Russia, however managers have trimmed exposure. 
Ownership in Magnit PJSC (MGNT LI) continues to rise from a very low base.
Taken from our Global Emerging Markets analysis, covering 243 active strategies with combined AUM of $360bn.

Russia:  Record Overweight, But Old Guard Losing Ground.

Netherlands

Nebius Group is a technology company providing infrastructure and services to AI builders globally. The group's core business, Nebius, is an AI-centric cloud platform built for AI workloads. Nebius Group serves customers worldwide.

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Nebius Group (NBIS US)

Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

Bears Cover, Bulls Borrow: Short Interest Week of June 22

Covering dominated the week ending June 27. Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in...

ORTEX Market Intel

GEM Fund Positioning Update: The COVID Unwind.

How did Emerging Market managers react to the COVID-19 pandemic? Unprecedented rotation out of Bank stocks and in to Tech. How are managers now...

Steven Holden

Quiddity Nasdaq 100 Jun26 Results: First Rebalance Under New Methodology Sees 10 Changes

Nasdaq confirmed the fast-entry addition of SpaceX to the Nasdaq 100 after the close on 26 June 2026, precisely in line with our timeline....

Anjana Amarasuriya

Russia: Record Overweight, But Old Guard Losing Ground.

EM active managers are running their largest ever overweight in Russian equities. Buying in out-of-benchmark Yandex has been the key driver, but a...

Steven Holden

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Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

​Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

Bears Cover, Bulls Borrow: Short Interest Week of June 22

Covering dominated the week ending June 27. Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in...

ORTEX Market Intel

GEM Fund Positioning Update: The COVID Unwind.

How did Emerging Market managers react to the COVID-19 pandemic? Unprecedented rotation out of Bank stocks and in to Tech. How are managers now...

Steven Holden

Quiddity Nasdaq 100 Jun26 Results: First Rebalance Under New Methodology Sees 10 Changes

Nasdaq confirmed the fast-entry addition of SpaceX to the Nasdaq 100 after the close on 26 June 2026, precisely in line with our timeline....

Anjana Amarasuriya

Russia: Record Overweight, But Old Guard Losing Ground.

EM active managers are running their largest ever overweight in Russian equities. Buying in out-of-benchmark Yandex has been the key driver, but a...

Steven Holden

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...