Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

Thematic (Sector/Industry)

<ul><li>Most active funds tout their ability to discriminate between good and poor quality management, and accordingly weight their portfolios towards businesses that they consider to be well managed.&nbsp; In the past decade, portfolio managers have also boasted of their ability to identify and invest in companies that score strongly across environment, governance and social (ESG) dimensions.</li></ul><ul><li>In the second instalment of Evidente's Dissecting Quality series, I show that management quality and corporate governance matter more for complex companies, where shareholders face high monitoring costs. To that end, I develop a systematic model of complexity and agency costs for the ASX200 based on eight company specific factors.</li><li>Some of the industrials that make up the top 20 complex stocks include: Qantas, Amcor, Computershare, Seek and Brambles. Investors can use the model to integrate their assessments of company management and corporate governance. In particular, investors should avoid complex stocks that score poorly across management quality and governance practices.</li></ul>

Most active funds tout their ability to discriminate between good and poor quality management, and accordingly weight their portfolios towards businesses that they consider to be well managed.&nbsp; In the past decade, portfolio managers have also boasted of their ability to identify and invest in companies that score strongly across environment, governance and social (ESG) dimensions.In the second instalment of Evidente's Dissecting Quality series, I show that management quality and corporate governance matter more for complex companies, where shareholders face high monitoring costs. To that end, I develop a systematic model of complexity and agency costs for the ASX200 based on eight company specific factors.Some of the industrials that make up the top 20 complex stocks include: Qantas, Amcor, Computershare, Seek and Brambles. Investors can use the model to integrate their assessments of company management and corporate governance. In particular, investors should avoid complex stocks that score poorly across management quality and governance practices.

Dissecting Quality: When Does Management Quality and Corporate Governance Matter Most?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 16th March, published ~9AM on the 20th March.</li>
<li>The largest industry net increase in the past week was into "Diversified Banks"; the largest industry net decrease was out of "Industrial REITs". Net shorts increased A$2.3bn week-on-week.
</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/goodman-fielder-ltd" target="_blank" data-smartkarma-citation="entities:171:1" rel="noopener">Goodman Fielder (GFF AU)</a>, <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a>, <a href="https://www.smartkarma.com/entities/tpg-telecom-ltd-5b64c473-761f-4a0a-a7f9-95770efefa20" target="_blank" data-smartkarma-citation="entities:30984:1" rel="noopener">TPG Telecom (TPG AU)</a>, <a href="https://www.smartkarma.com/entities/droneshield-ltd" target="_blank" data-smartkarma-citation="entities:30509:1" rel="noopener">DroneShield Ltd (DRO AU)</a>, <a href="https://www.smartkarma.com/entities/electro-optic-systems-holdin" target="_blank" data-smartkarma-citation="entities:20402:1" rel="noopener">Electro Optic Systems Hldg (EOS AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 16th March, published ~9AM on the 20th March.
The largest industry net increase in the past week was into "Diversified Banks"; the largest industry net decrease was out of "Industrial REITs". Net shorts increased A$2.3bn week-on-week.

Companies mentioned in this regular weekly report include: Goodman Fielder (GFF AU), Woodside Petroleum (WPL AU), TPG Telecom (TPG AU), DroneShield Ltd (DRO AU), Electro Optic Systems Hldg (EOS AU).


Aussie Shorts (16th Mar 2026): Goodman Fielder, Woodside Petroleum, TPG Telecom, DroneShield

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 13th (reported today). The aggregated short interest was USD37.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Insurance Australia, CSL, Transurban, James Hardie Industries, Evolution Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 13th (reported today). The aggregated short interest was USD37.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Insurance Australia, CSL, Transurban, James Hardie Industries, Evolution Mining.


ASX Short Interest Weekly (Mar 13th): Insurance Australia, CSL, Transurban, James Hardie Industries

Macroeconomics

As with most macroeconomic releases, there was something for everyone in today’s December quarter CPI. For the doves, the precipitous fall in petrol prices has pulled down the headline CPI which is around 1.6% higher than a year ago. For the hawks, the various measures of core or underlying inflation came in stronger than expected, growing by 0.66% in the quarter. Nonetheless, on a year on year basis, they remain close to the bottom end of the Reserve Bank’s inflation target range of 2-3%.

As with most macroeconomic releases, there was something for everyone in today’s December quarter CPI. For the doves, the precipitous fall in petrol prices has pulled down the headline CPI which is around 1.6% higher than a year ago. For the hawks, the various measures of core or underlying inflation came in stronger than expected, growing by 0.66% in the quarter. Nonetheless, on a year on year basis, they remain close to the bottom end of the Reserve Bank’s inflation target range of 2-3%.

Tame Inflation data and the bond market signal that the yield trade is yet to run its course

Commonwealth Bank of Australia / Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 9nd March, published ~9AM on the 13th March.</li>
<li>The largest industry net increase in the past week was into "Diversified Banks"; the largest industry net decrease was out of "Diversified Metals/Mining". Net shorts decreased A$1.5bn WoW.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a>, <a href="https://www.smartkarma.com/entities/mcmillan-shakespeare-ltd" target="_blank" data-smartkarma-citation="entities:3023:1" rel="noopener">Mcmillan Shakespeare (MMS AU)</a>, <a href="https://www.smartkarma.com/entities/silex-systems-ltd" target="_blank" data-smartkarma-citation="entities:20181:1" rel="noopener">Silex Systems (SLX AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health (RHC AU)</a>, and <a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News (NWS AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 9nd March, published ~9AM on the 13th March.
The largest industry net increase in the past week was into "Diversified Banks"; the largest industry net decrease was out of "Diversified Metals/Mining". Net shorts decreased A$1.5bn WoW.
Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Mcmillan Shakespeare (MMS AU), Silex Systems (SLX AU), Ramsay Health (RHC AU), and News (NWS AU).


Aussie Shorts (9th Mar 2026): CBA, Mcmillan Shakespeare, Silex Systems, Ramsay Health, News

Australia

Treasury Wine Estates Ltd was founded in 2010 and is headquartered in Southbank, Victoria, Australia. The Company's line of business includes vineyard operations and international marketing and distribution of wine.

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Treasury Wine Estates (TWE AU)

Dissecting Quality: When Does Management Quality and Corporate Governance Matter Most?

Most active funds tout their ability to discriminate between good and poor quality management, and accordingly weight their portfolios towards...

Sam Ferraro

Aussie Shorts (16th Mar 2026): Goodman Fielder, Woodside Petroleum, TPG Telecom, DroneShield

The largest industry net increase in the past week was into "Diversified Banks"; the largest industry net decrease was out of "Industrial REITs"....

David Blennerhassett

ASX Short Interest Weekly (Mar 13th): Insurance Australia, CSL, Transurban, James Hardie Industries

We analyzed ASX short interest report for the past week and highlight short interest changes in Insurance Australia, CSL, Transurban, James Hardie...

Ke Yan, CFA, FRM

Tame Inflation data and the bond market signal that the yield trade is yet to run its course

As with most macroeconomic releases, there was something for everyone in today’s December quarter CPI. For the doves, the precipitous fall in...

Sam Ferraro

Aussie Shorts (9th Mar 2026): CBA, Mcmillan Shakespeare, Silex Systems, Ramsay Health, News

Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Mcmillan Shakespeare (MMS AU), Silex Systems...

David Blennerhassett

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