Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Samsung posts record 4Q earnings keeps the memory train running. Sandisk up again, HDD down</li>
<li>Market warming up to Intel's Core Ultra Series 3 which seemed to be lost in the static after yesterday's announcement at CES</li>
<li>Cheesesteak for breakfast?? Its no different to eating carrots and broccoli according to Bobby Kennedy's inverted pyramid</li>
</ul>


Samsung posts record 4Q earnings keeps the memory train running. Sandisk up again, HDD down
Market warming up to Intel's Core Ultra Series 3 which seemed to be lost in the static after yesterday's announcement at CES
Cheesesteak for breakfast?? Its no different to eating carrots and broccoli according to Bobby Kennedy's inverted pyramid


Japan Morning Connection: Trump Looking to Hike Defense Budget 50% to Outweigh Governance Gripes

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>Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.</li>
<li>Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.</li>
<li>Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.</li>
</ul>


Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.
Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.
Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.


<ul>
<li>Dell bouncing in regular trading after initial weakness after-mkt on numbers the day before.</li>
<li>Semi-Cap names strong led by Teradyne and ASML sets a good tone for Japan SPE overall.</li>
<li>Homebuilders follow through with more gains on rate outlook, watch Shin Etsu on PVC.</li>
</ul>


Dell bouncing in regular trading after initial weakness after-mkt on numbers the day before.
Semi-Cap names strong led by Teradyne and ASML sets a good tone for Japan SPE overall.
Homebuilders follow through with more gains on rate outlook, watch Shin Etsu on PVC.


Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain's 36m Shs Sale a Blip at Best

<ul>
<li>IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.</li>
<li>Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.</li>
<li>Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.</li>
</ul>


IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.
Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.
Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.


Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood

<ul>
<li>Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.</li>
<li>Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.</li>
<li>Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?</li>
</ul>


Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.
Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.
Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?


Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

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: Trump Looking to Hike Defense Budget 50% to Outweigh Governance Gripes

Likely to see a weakness in Japan's semiconduction production chemical companies with new competition from China. Homebuilders took a hit from...

Andrew Jackson

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain's 36m Shs Sale a Blip at Best

Big moves up from semi-cap names bodes well for Japan SPE, with Ibiden as a dip buying candidate. Kioxia may find support trading close to its 50...

Andrew Jackson

Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood

Defense and nuclear could get a lift from the bilateral summit with Trump and PM Takaichi. Memory had another strong session on Friday. Excessive...

Andrew Jackson

Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

Power and analog semi's may take a hit after Texas Instruments fell after hours. May be a buy the dip opportunity for Rohm, Fuji Elec and Renesas....

Andrew Jackson

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