Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Airliners have started to find a bottom so we may see a bit of a bid for Japan Airlines and Ana Holdings.</li>
<li>Memory names surge with Sandisk now +28% off its Iran war lows; HDD supply chain names may soon catch a bid.</li>
<li>Wafer names stirring with Soitec +41% last week and Sumco looking attractive as a buy the dip.</li>
</ul>


Airliners have started to find a bottom so we may see a bit of a bid for Japan Airlines and Ana Holdings.
Memory names surge with Sandisk now +28% off its Iran war lows; HDD supply chain names may soon catch a bid.
Wafer names stirring with Soitec +41% last week and Sumco looking attractive as a buy the dip.


Japan Morning Connection: Will HDD Supply Chain Laggards Minebea and Hoya Soon Catch a Bid?

<ul>
<li>Brent surged after Khamenei vowed to open new fronts and keep the Straits closed, with numerous vessels hit.</li>
<li>Memory takes a breather after three days of gains with Kioxia likely finally in for a down day.</li>
<li>Astroscale likely a buy on the open after signing a launch agreement with German space company Isari .</li>
</ul>


Brent surged after Khamenei vowed to open new fronts and keep the Straits closed, with numerous vessels hit.
Memory takes a breather after three days of gains with Kioxia likely finally in for a down day.
Astroscale likely a buy on the open after signing a launch agreement with German space company Isari .


Japan Morning Connection: Trump's 'Very Complete' War Rages On as Khamenei Vows to Open New Fronts

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>Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.</li>
<li>TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.</li>
<li>Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.</li>
</ul>


Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.
TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.
Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.


Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

<ul>
<li>Alphabet announces massive capex plans well ahead of ests as a bright spot, but sentiment is down.</li>
<li>ARM and Qualcomm miss after hours as memory shortage concerns increase.</li>
<li>Home Builders rise on plans for low cost "Trump Homes" which may free up access to federal funding.</li>
</ul>


Alphabet announces massive capex plans well ahead of ests as a bright spot, but sentiment is down.
ARM and Qualcomm miss after hours as memory shortage concerns increase.
Home Builders rise on plans for low cost "Trump Homes" which may free up access to federal funding.


Japan Morning Connection: AMD Weakness Sparks Wide Spread Sell-Off Likely to Continue in US Tmrw

<ul>
<li>Seagate AH beats but stock slightly lower after its 500% gains since April.</li>
<li>Corning tie-up with Meta sends its 15.6% highs and sets a strong tone for JP wire and cable plays.</li>
<li>TXN +10% AH after earnings showed demand for industrial equipment and vehicles is beginning to rebound.</li>
</ul>


Seagate AH beats but stock slightly lower after its 500% gains since April.
Corning tie-up with Meta sends its 15.6% highs and sets a strong tone for JP wire and cable plays.
TXN +10% AH after earnings showed demand for industrial equipment and vehicles is beginning to rebound.


Japan Morning Connection: Micron Expanding NAND Capacity Does Little to Dent Sentiment for Peers

Japan

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic, and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

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Shin Etsu Chemical (4063 JP)

Japan Morning Connection: Will HDD Supply Chain Laggards Minebea and Hoya Soon Catch a Bid?

Memory leads the way as markets stay resilient, with wafer names stirring and airlines may finally catch a bid after weeks of pressure.

Andrew Jackson

Japan Morning Connection: Trump's 'Very Complete' War Rages On as Khamenei Vows to Open New Fronts

Markets closed at session lows as tech and AI were sold off, with rising oil prices adding to the pressure heading into Japan's open.

Andrew Jackson

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

Japan Morning Connection: AMD Weakness Sparks Wide Spread Sell-Off Likely to Continue in US Tmrw

Bloodbath for tech and AI overnight led lower by AMD after earnings disappointed. Some rebounds in heavily sold software names after Jensen Huang...

Andrew Jackson

Japan Morning Connection: Micron Expanding NAND Capacity Does Little to Dent Sentiment for Peers

Upbeat tone for Japan power and semi makers set by US peers. Market will be expecting Fanuc to be a major 'physical AI' play.

Andrew Jackson

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