Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.</li>
<li>The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.</li>
<li>We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.</li>
</ul>


The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.
The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.
We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.


HONG KONG ALPHA PORTFOLIO: (November 2025)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. </li>
<li>The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>, and <a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">Power Assets Holdings (6 HK)</a> also have net cash. </li>
</ul>


In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. 
The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.

China Mobile (941 HK), CNOOC Ltd (883 HK), Haidilao International Holding (6862 HK), China Unicom Hong Kong (762 HK), and Power Assets Holdings (6 HK) also have net cash. 


Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Asia’s base oils prices extend steep fall vs gasoil prices.</li><li>Weaker outright prices compound the drop.</li><li>Sliding price-differentials, combined with increasingly firm diesel premium to crude oil, increase pressure on refiners to adjust output in response.</li></ul>

Asia’s base oils prices extend steep fall vs gasoil prices.Weaker outright prices compound the drop.Sliding price-differentials, combined with increasingly firm diesel premium to crude oil, increase pressure on refiners to adjust output in response.

Asia base oils supply outlook: Week of 10 November

<ul><li>Asia’s base oils demand likely to stay muted.</li><li>Expectations of healthy availability of supply and seasonal slowdown in demand curb urgency to lock in additional volumes.</li><li>Seasonal slowdown could limit immediate impact of any adjustment in base oils output because of lower margins.</li></ul>

Asia’s base oils demand likely to stay muted.Expectations of healthy availability of supply and seasonal slowdown in demand curb urgency to lock in additional volumes.Seasonal slowdown could limit immediate impact of any adjustment in base oils output because of lower margins.

Asia base oils demand outlook: Week of 10 November

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.


HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

China

PetroChina is a Chinese oil and gas company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas, as well as new energy operations. It also refines crude oil and petroleum products, produces and markets petrochemical products, and sells natural gas. The company was founded on November 5, 1999, and is headquartered in Beijing, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PetroChina (857 HK)

HONG KONG ALPHA PORTFOLIO: (November 2025)

We made small changes to the HK Alpha portfolio mid-month. At the close on 12/12 we sold all of First Pacific (142 HK) and added 2% to our...

David Mudd

HK Strategy: Focusing Back on Yields

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

Asia base oils supply outlook: Week of 10 November

Asia’s base oils prices extend steep fall vs gasoil prices. Weaker outright prices compound the drop. Sliding price-differentials, combined with...

Base Oil News

Asia base oils demand outlook: Week of 10 November

Asia’s base oils demand likely to stay muted. Expectations of healthy availability of supply and seasonal slowdown in demand curb urgency to lock...

Base Oil News

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HONG KONG ALPHA PORTFOLIO: (November 2025)

We made small changes to the HK Alpha portfolio mid-month. At the close on 12/12 we sold all of First Pacific (142 HK) and added 2% to our...

David Mudd

HK Strategy: Focusing Back on Yields

​High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

Asia base oils supply outlook: Week of 10 November

Asia’s base oils prices extend steep fall vs gasoil prices. Weaker outright prices compound the drop. Sliding price-differentials, combined with...

Base Oil News

Asia base oils demand outlook: Week of 10 November

Asia’s base oils demand likely to stay muted. Expectations of healthy availability of supply and seasonal slowdown in demand curb urgency to lock...

Base Oil News

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...