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We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.</li><li>The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.</li><li>Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.</li></ul>

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Equity Long-Short

Mo Aziz

Cross Asset Strategy

<ul>
<li>Korea Economic Daily reports Solidigm — SK Hynix's AI-storage arm — pursuing a KRW5-10T pre-IPO raise at ~US$35bn; SK Hynix's Form 6-K denies a decision but commits to 4 Sep.</li>
<li>SK Hynix's US$738bn market cap assigns near-zero value to Solidigm — a QLC eSSD franchise tripling revenue QoQ — creating a base-case +3-4% stub re-rating catalyst.</li>
<li>Reiterate BULLISH; Fair Value KRW3,500,000 (KRX)/US$236 (ADR), based on our DRAM/HBM earnings model; Solidigm pre-IPO crystallisation is additive optionality — 4 Sep the trigger.</li>
</ul>


Korea Economic Daily reports Solidigm — SK Hynix's AI-storage arm — pursuing a KRW5-10T pre-IPO raise at ~US$35bn; SK Hynix's Form 6-K denies a decision but commits to 4 Sep.
SK Hynix's US$738bn market cap assigns near-zero value to Solidigm — a QLC eSSD franchise tripling revenue QoQ — creating a base-case +3-4% stub re-rating catalyst.
Reiterate BULLISH; Fair Value KRW3,500,000 (KRX)/US$236 (ADR), based on our DRAM/HBM earnings model; Solidigm pre-IPO crystallisation is additive optionality — 4 Sep the trigger.


The Solidigm Stub: SK Hynix's US$35bn AI-Storage Asset Priced at Zero

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.</li>
<li>Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.</li>
<li>While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.</li>
</ul>


Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.
Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.
While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.


[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

<ul>
<li>SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.</li>
<li>Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.</li>
<li>
<strong>Big-Three:</strong> Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.</li>
</ul>


SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.
Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.

Big-Three: Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.


[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> gained 6.1% in September and its 2x Leveraged Index rose 9.6%, yet combined long-ETF AUM declined 2.7%.</li>
<li>All seven long-leveraged ETFs recorded reductions in units outstanding, while September net outflows reached KRW 514bn and daily flow activity remained subdued.</li>
<li>In contrast, the inverse ETF’s units outstanding more than doubled and its market capitalisation increased 68%, despite the product losing 17.0% during September.</li>
</ul>



SK hynix (000660 KS) gained 6.1% in September and its 2x Leveraged Index rose 9.6%, yet combined long-ETF AUM declined 2.7%.
All seven long-leveraged ETFs recorded reductions in units outstanding, while September net outflows reached KRW 514bn and daily flow activity remained subdued.
In contrast, the inverse ETF’s units outstanding more than doubled and its market capitalisation increased 68%, despite the product losing 17.0% during September.


SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

South Korea

SK hynix Inc. provides products and services for the electronic components industries. The Company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (SKHY US)

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

The Solidigm Stub: SK Hynix's US$35bn AI-Storage Asset Priced at Zero

SK Hynix's AI-storage arm Solidigm seeks KRW5-10T pre-IPO raise, potential catalyst for +3-4% re-rating. Fair value KRW3,500,000/US$236, bullish...

Mo Aziz

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

September gains failed to reverse outflows from SK hynix (000660 KS) long 2x leveraged ETFs, while investors added inverse exposure despite the...

Gaudenz Schneider

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Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

The Solidigm Stub: SK Hynix's US$35bn AI-Storage Asset Priced at Zero

​SK Hynix's AI-storage arm Solidigm seeks KRW5-10T pre-IPO raise, potential catalyst for +3-4% re-rating. Fair value KRW3,500,000/US$236, bullish...

Mo Aziz

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

​SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

September gains failed to reverse outflows from SK hynix (000660 KS) long 2x leveraged ETFs, while investors added inverse exposure despite the...

Gaudenz Schneider

SK Hynix's AI-storage arm Solidigm seeks KRW5-10T pre-IPO raise, potential catalyst for +3-4% re-rating. Fair value KRW3,500,000/US$236, bullish...

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...