Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Thematic (Sector/Industry)

<ul><li>I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.</li><li>But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.</li><li>Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets</li></ul>

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>US interest rate expectations continue to whip markets around, even as more cracks emerge in the AI trade.</li>
<li>Japan goes for broke with its latest budget and debt issuance.</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
US interest rate expectations continue to whip markets around, even as more cracks emerge in the AI trade.
Japan goes for broke with its latest budget and debt issuance.


Overview #42 – What a Difference a Day Makes!

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.</li>
<li>USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.</li>
<li>Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.</li>
</ul>


Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.
USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.
Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.


Nikkei Index Options Weekly (Apr 14 – 18):  Vol Unwinds, Nikkei Rebounds and USD Cracks

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

<ul><li>High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62.</li><li>Realized volatility vs. Implied volatility at 6M historical highs.</li><li>Nikkei 225 options’ volumes spiked with a lot of interests from 36,000 to 39,000.</li></ul>

High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62.Realized volatility vs. Implied volatility at 6M historical highs.Nikkei 225 options’ volumes spiked with a lot of interests from 36,000 to 39,000.

Nikkei Volatility Update (Apr 4th – Apr 11th)

<ul><li>The Nikkei 225 dividend curve shifted lower again this week.            </li><li>Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.</li><li>Nikkei 225 dividend calendars at historical lows.</li></ul>

The Nikkei 225 dividend curve shifted lower again this week.            Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.Nikkei 225 dividend calendars at historical lows.

Nikkei Dividends Update (Apr 4th – Apr 11th)

Japan

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

Nikkei 225 (NKY INDEX)

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.

Altay Capital

Overview #42 – What a Difference a Day Makes!

A review of recent events/data impacting our investment themes and outlook. Fed rate cuts, Japan spending and Lithium upgrades

Rikki Malik

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

John Ley

Nikkei Volatility Update (Apr 4th – Apr 11th)

High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62. Realized volatility vs. Implied volatility at 6M...

Vantage Capital Markets Japan

Nikkei Dividends Update (Apr 4th – Apr 11th)

The Nikkei 225 dividend curve shifted lower again this week. Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.

Vantage Capital Markets Japan

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.

Altay Capital

Overview #42 – What a Difference a Day Makes!

A review of recent events/data impacting our investment themes and outlook. Fed rate cuts, Japan spending and Lithium upgrades

Rikki Malik

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

​Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

John Ley

Nikkei Volatility Update (Apr 4th – Apr 11th)

High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62. Realized volatility vs. Implied volatility at 6M...

Vantage Capital Markets Japan

Nikkei Dividends Update (Apr 4th – Apr 11th)

The Nikkei 225 dividend curve shifted lower again this week. Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.

Vantage Capital Markets Japan

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...