Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>We have heard many concerns from chartists in the past few months about the narrow nature of breadth in the U.S. equity market.</li>
<li>Investors need to distinguish between narrow relative leadership and weak breadth. While leadership is narrow, absolute breadth remains positive.</li>
<li>We reiterate our view that equity investors should adopt a barbell strategy of overweight U.S. large-cap growth and non-U.S. developed market value stocks.</li>
</ul>


We have heard many concerns from chartists in the past few months about the narrow nature of breadth in the U.S. equity market.
Investors need to distinguish between narrow relative leadership and weak breadth. While leadership is narrow, absolute breadth remains positive.
We reiterate our view that equity investors should adopt a barbell strategy of overweight U.S. large-cap growth and non-U.S. developed market value stocks.


<ul>
<li>We’ve been warning forweeks that the U.S. equity market advance was extended and it could pull back at any time.</li>
<li>President Trump’s threat to impose high tariffs on China seems to be the bearish trigger.</li>
<li>Our base case calls for a 5-10% pullback, and we regard any correction as a welcome pause and opportunity to add to equity positions at lower prices.</li>
</ul>


We’ve been warning forweeks that the U.S. equity market advance was extended and it could pull back at any time.
President Trump’s threat to impose high tariffs on China seems to be the bearish trigger.
Our base case calls for a 5-10% pullback, and we regard any correction as a welcome pause and opportunity to add to equity positions at lower prices.


<ul>
<li>We call the stock market recovery off the April panic bottom as a “the dog that didn’t bark” market as there are few signs of speculative excess.</li>
<li>Technical indicators are also supportive of higher prices in the short run</li>
<li>The main risk to the bull is an unwelcome rise in inflation expectations, which could rattle the bond market as well as stock prices.</li>
</ul>


We call the stock market recovery off the April panic bottom as a “the dog that didn’t bark” market as there are few signs of speculative excess.
Technical indicators are also supportive of higher prices in the short run
The main risk to the bull is an unwelcome rise in inflation expectations, which could rattle the bond market as well as stock prices.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on</li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on
We revisit our outlook for each of those asset classes for H2 25


<ul>
<li>The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. </li>
<li>We offer four ways to capitalize on the short-term volatility for traders. </li>
<li>The suggested trades are the combination of identifiable underlying trends and technical breaks as signals for short-term profit.</li>
</ul>


The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. 
We offer four ways to capitalize on the short-term volatility for traders. 
The suggested trades are the combination of identifiable underlying trends and technical breaks as signals for short-term profit.


How to Capitalize on Narrative Volatility

United States

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

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

SPDR S&P 500 (SPY US)

The Challenges of Narrow Breadth

Investors should focus on the positive absolute breadth in the U.S. equity market despite concerns about narrow relative leadership.

Cam Hui

The Return of Tariff Man

The U.S. equity market is expected to pull back due to President Trump's tariff threats on China. Our base case calls for a 5-10% pullback, which...

Cam Hui

The Dog That Didn't Bark

Stock market recovery post-April is calm with little speculation, supported by technical indicators. Main risk is inflation expectations causing...

Cam Hui

Mid-Year Themes Review - Part I

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

How to Capitalize on Narrative Volatility

The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. We offer four ways...

Cam Hui

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Challenges of Narrow Breadth

​Investors should focus on the positive absolute breadth in the U.S. equity market despite concerns about narrow relative leadership.

Cam Hui

The Return of Tariff Man

​The U.S. equity market is expected to pull back due to President Trump's tariff threats on China. Our base case calls for a 5-10% pullback, which...

Cam Hui

The Dog That Didn't Bark

​Stock market recovery post-April is calm with little speculation, supported by technical indicators. Main risk is inflation expectations causing...

Cam Hui

Mid-Year Themes Review - Part I

​A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...

Rikki Malik

How to Capitalize on Narrative Volatility

The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. We offer four ways...

Cam Hui

Investors should focus on the positive absolute breadth in the U.S. equity market despite concerns about narrow relative leadership.

The U.S. equity market is expected to pull back due to President Trump's tariff threats on China. Our base case calls for a 5-10% pullback, which...

Stock market recovery post-April is calm with little speculation, supported by technical indicators. Main risk is inflation expectations causing...

A review of the performance of major investment themes in 2025 and outlook for the second half of the year, focusing on our favoured Asian equity...