Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carsome-group" target="_blank" data-smartkarma-citation="entities:35913:1" rel="noopener">Carsome (CARSOME1 SP)</a>, Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange</a>.</li>
<li>Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.</li>
<li>The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.</li>
</ul>



Carsome (CARSOME1 SP), Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and Singapore Exchange.
Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.
The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.


Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

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

Cross Asset Strategy

<ul>
<li>Saudi Arabia overtakes China is the largest country underweight among EM active investors.</li>
<li>Despite exposure among active managers reaching all-time highs and new funds entering the market, index weights are outpacing active increases.</li>
<li>Nearly 3/4 of the 246 funds in our analysis are still without Saudi Arabia exposure. In our view, the rising ownership trend has a long way to run.</li>
</ul>


Saudi Arabia overtakes China is the largest country underweight among EM active investors.
Despite exposure among active managers reaching all-time highs and new funds entering the market, index weights are outpacing active increases.
Nearly 3/4 of the 246 funds in our analysis are still without Saudi Arabia exposure. In our view, the rising ownership trend has a long way to run.


Saudi Arabia:  Takes Underweight Crown from China

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul>
<li>
Cover Story: Why the wild ride for oil and gas prices isn’t over. 
</li>
<li>
China ramps up curbs in race to contain local omicron outbreaks. 
</li>
<li>
Analysis: The seven factors that’ll shape China’s economy this year. 
</li>
</ul>



Cover Story: Why the wild ride for oil and gas prices isn’t over. 


China ramps up curbs in race to contain local omicron outbreaks. 


Analysis: The seven factors that’ll shape China’s economy this year. 



CX Daily: Why the Wild Ride for Oil and Gas Prices Isn’t Over

<ul>
<li>Despite the geopolitical wrench Vlad just threw into the cogs of world financial markets, LIC's IPO seems to be on track. So here is another ESG-related observation about the deal.</li>
<li>In the Insight <a href="https://www.smartkarma.com/insights/life-insurance-corporation-of-india-s-pursuit-of-pre-ipo-esg-ratings-is-positive-but-with-some-risk" target="_blank" data-smartkarma-citation="insights:66085" rel="noopener">Life Insurance Corporation of India's Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk</a>, I mentioned th very generic ESG-related wording in the prospectus.</li>
<li>There wasn't much in the prospectus, and that lack of a substantive ESG narrative runs counter to LIC's public push for pre-IPO ESG ratings and begs several related questions.</li>
</ul>


Despite the geopolitical wrench Vlad just threw into the cogs of world financial markets, LIC's IPO seems to be on track. So here is another ESG-related observation about the deal.
In the Insight Life Insurance Corporation of India's Pursuit of Pre-IPO ESG Ratings Is Positive, But With Some Risk, I mentioned th very generic ESG-related wording in the prospectus.
There wasn't much in the prospectus, and that lack of a substantive ESG narrative runs counter to LIC's public push for pre-IPO ESG ratings and begs several related questions.


Life Insurance Corporation of India: The IPO Prospectus Is Weak on ESG Strategy

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over the past 3 years, and implemented in its current state for 20 months, the model has a solid real-world alpha-generating performance track record, set out in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over the past 3 years, and implemented in its current state for 20 months, the model has a solid real-world alpha-generating performance track record, set out in detail below.


Saudi Arabia

Saudi Arabian Oil Co., doing business as Saudi Aramco, operates as an oil exploration company. The Company focuses on hydrocarbons exploration, production, refining, distribution, and shipping, as well as provides crude oil marketing services. Saudi Aramco serves customers worldwide.

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Saudi Aramco (ARAMCO AB)

Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Carsome has reportedly filed for an IPO (dual Nasdaq/SGX listing), and has a great ESG story to tell investors including the role that used car...

Kyle Rudden

Saudi Arabia: Takes Underweight Crown from China

Saudi Arabia overtakes China is the largest country underweight among EM active investors. Despite exposure among managers reaching all-time...

Steven Holden

CX Daily: Why the Wild Ride for Oil and Gas Prices Isn’t Over

Cover Story: Why the wild ride for oil and gas prices isn’t over. China ramps up curbs in race to contain local omicron outbreaks

Caixin Global

Life Insurance Corporation of India: The IPO Prospectus Is Weak on ESG Strategy

In a recent Insight, I praised LIC's voluntary pursuit of pre-IPO ESG ratings and noted a few concerns. I briefly mentioned its generically-worded...

Kyle Rudden

Screening for GEMs: January 2022

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

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