Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
Offshore relative value: We tested 12-month relative returns across onshore vs. offshore, and both vs. EM. Offshore China is the oversold leg, driven by its own weakness rather than onshore strength. </li>
<li>
AI rotation: The performance gap reflects capital favoring the onshore industrial upgrades vs. offshore consumption. Re-rating requires offshore earnings pickup regardless of how cheap the multiple looks.</li>
<li>
Stock selection:<a href="https://www.smartkarma.com/entities/msci-china-index" target="_blank" data-smartkarma-citation="entities:22895:1" rel="noopener">MSCI China Index (MXCN INDEX)</a> is dominated by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> while dispersion across the index is wide. We built an investable bucket.
</li>
</ul>



Offshore relative value: We tested 12-month relative returns across onshore vs. offshore, and both vs. EM. Offshore China is the oversold leg, driven by its own weakness rather than onshore strength. 

AI rotation: The performance gap reflects capital favoring the onshore industrial upgrades vs. offshore consumption. Re-rating requires offshore earnings pickup regardless of how cheap the multiple looks.

Stock selection:MSCI China Index (MXCN INDEX) is dominated by Tencent (700 HK) and Alibaba (9988 HK) while dispersion across the index is wide. We built an investable bucket.



China Equities: Relative Upside in Offshore Vs. Onshore Stocks

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

<ul>
<li>We rank more than 350 Global equity funds using our proprietary Quality framework to identify the highest-quality portfolios, which we classify as Quality Leaders.</li>
<li>Quality investing is driven more by stock selection than large country or sector bets, with broad ownership of Microsoft, Alphabet, TSMC and NVIDIA across Quality Leader portfolios.</li>
<li>Quality comes at a price. Despite owning many of the world’s strongest businesses, Quality Leaders have been the weakest-performing group over the past five years.</li>
</ul>


We rank more than 350 Global equity funds using our proprietary Quality framework to identify the highest-quality portfolios, which we classify as Quality Leaders.
Quality investing is driven more by stock selection than large country or sector bets, with broad ownership of Microsoft, Alphabet, TSMC and NVIDIA across Quality Leader portfolios.
Quality comes at a price. Despite owning many of the world’s strongest businesses, Quality Leaders have been the weakest-performing group over the past five years.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Tencent's stock price has firmly established itself above the support level throughout July.</li>
<li>Tencent holds the third-largest global share in LLM API calls, which will drive existing businesses.</li>
<li>Based on the five-year P/E band, the stock offers a 35% upside by the end of 2027.</li>
</ul>


Tencent's stock price has firmly established itself above the support level throughout July.
Tencent holds the third-largest global share in LLM API calls, which will drive existing businesses.
Based on the five-year P/E band, the stock offers a 35% upside by the end of 2027.


Tencent (700 HK): Trading Above Support Line, Popular Large Language Model to Boost Businesses

Equity Long-Short

Mo Aziz

<ul>
<li>The 22 July rout traded gross receipts as revenue. They are not: Spring Festival deferrals flow into 2Q's P&amp;L, so domestic games should print +13% against perceived decline.</li>
<li>We forecast 2Q26E revenue RMB203.3bn (+10%), non-IFRS net profit RMB68.0bn (+8%), both above street; 2H catalysts stack up — Xiaowei launch, official HY3, Manus stake, ASIC-backed capex step-up.</li>
<li>We are BULLISH with fair value of HK$670, set on SOTP — 20x games and marketing earnings, 4.0–4.5x fintech/cloud sales, investments at 30% discount; +41% upside.</li>
</ul>


The 22 July rout traded gross receipts as revenue. They are not: Spring Festival deferrals flow into 2Q's P&amp;L, so domestic games should print +13% against perceived decline.
We forecast 2Q26E revenue RMB203.3bn (+10%), non-IFRS net profit RMB68.0bn (+8%), both above street; 2H catalysts stack up — Xiaowei launch, official HY3, Manus stake, ASIC-backed capex step-up.
We are BULLISH with fair value of HK$670, set on SOTP — 20x games and marketing earnings, 4.0–4.5x fintech/cloud sales, investments at 30% discount; +41% upside.


Tencent (700 HK) 2Q2026 Results Preview: The Gaming Scare Is a Head-Fake, the Shorts Are Mistaken

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is scheduled to report its H1 / Q2 2026 financial results on August 11–12, 2026. In our <a href="https://www.smartkarma.com/insights/tencent-700-hk-tactical-outlook-imminent-pullback-buy-entry-ahead-of-q2-earnings" target="_blank" rel="noopener">recent insight</a> (July 17) we signaled a BUY opportunity.</li>
<li>There has been some bottoming process and the PROFIT TARGETS have been reset on our model.</li>
<li>This insight updates the profit targets for a rally that may be starting from the current lows. Consensus ratings remains overwhelmingly bullish: "Buy" or "Strong Buy".</li>
</ul>



Tencent (700 HK) is scheduled to report its H1 / Q2 2026 financial results on August 11–12, 2026. In our recent insight (July 17) we signaled a BUY opportunity.
There has been some bottoming process and the PROFIT TARGETS have been reset on our model.
This insight updates the profit targets for a rally that may be starting from the current lows. Consensus ratings remains overwhelmingly bullish: "Buy" or "Strong Buy".


Tencent (700 HK) Tactical Outlook UPDATE: Rally Profit Targets

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

China Equities: Relative Upside in Offshore Vs. Onshore Stocks

Offshore China is improving relative to onshore China. We anticipate a re-ratings cycle and selected a basket of offshore stocks for active returns.

Damanick Dantes, CMT

Defining Global Quality

Quality investing is synonymous with owning the world’s best businesses. But what does a Global Quality fund actually look like, and have they...

Steven Holden

Tencent (700 HK): Trading Above Support Line, Popular Large Language Model to Boost Businesses

Tencent's stock price has firmly established itself above the support level throughout July. Tencent holds the third-largest global share in LLM...

Ming Lu

Tencent (700 HK) 2Q2026 Results Preview: The Gaming Scare Is a Head-Fake, the Shorts Are Mistaken

The market pre-sold Tencent's 2Q on billings data that isn't revenue. Deferred Spring Festival receipts carry the print; Xiaowei carries 2H....

Mo Aziz

Tencent (700 HK) Tactical Outlook UPDATE: Rally Profit Targets

Tencent (700 HK) to report Q2 2026 results on Aug 11-12. Our model signaled a BUY opportunity, rally profit targets have been updated. Consensus...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Equities: Relative Upside in Offshore Vs. Onshore Stocks

Offshore China is improving relative to onshore China. We anticipate a re-ratings cycle and selected a basket of offshore stocks for active returns.

Damanick Dantes, CMT

Defining Global Quality

Quality investing is synonymous with owning the world’s best businesses. But what does a Global Quality fund actually look like, and have they...

Steven Holden

Tencent (700 HK): Trading Above Support Line, Popular Large Language Model to Boost Businesses

Tencent's stock price has firmly established itself above the support level throughout July. Tencent holds the third-largest global share in LLM...

Ming Lu

Tencent (700 HK) 2Q2026 Results Preview: The Gaming Scare Is a Head-Fake, the Shorts Are Mistaken

The market pre-sold Tencent's 2Q on billings data that isn't revenue. Deferred Spring Festival receipts carry the print; Xiaowei carries 2H....

Mo Aziz

Tencent (700 HK) Tactical Outlook UPDATE: Rally Profit Targets

​Tencent (700 HK) to report Q2 2026 results on Aug 11-12. Our model signaled a BUY opportunity, rally profit targets have been updated. Consensus...

Nico Rosti

Tencent (700 HK) to report Q2 2026 results on Aug 11-12. Our model signaled a BUY opportunity, rally profit targets have been updated. Consensus...