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

Rikki Malik

Cross Asset Strategy

<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>A review of recent events/data impacting our investment themes and outlook</li>
<li>Fast and furious moves up in silver, PGM and related metals</li>
<li>Sectors we have highlighted as inflation beneficiaries starting to attract capital</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Fast and furious moves up in silver, PGM and related metals
Sectors we have highlighted as inflation beneficiaries starting to attract capital


Overview # 28 – Capital Flows into Hard Assets Continue

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Wednesday from Copenhagen.</li><li>Trump now has to deal with a reality where Russia is not going to end this war without being forced to—probably always the case—but Trump allowed himself to be friend-zoned by Putin in the run-up to these peace talks.</li><li>Various media outlets have already reported that a sanctions package is being prepared to put pressure on Russia, and in the following, we’ll try to assess the potential content and ramifications of such a package.</li></ul>

Happy Wednesday from Copenhagen.Trump now has to deal with a reality where Russia is not going to end this war without being forced to—probably always the case—but Trump allowed himself to be friend-zoned by Putin in the run-up to these peace talks.Various media outlets have already reported that a sanctions package is being prepared to put pressure on Russia, and in the following, we’ll try to assess the potential content and ramifications of such a package.

The Drill: Input prices about to go Nuclear

Podcast by Hedge Fund Manager Erik Townsend, Macro Voices

Macro Voices

Podcast by Hedge Fund Manager Erik Townsend

Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC

<ul><li>December S&amp;P 500 futures are up 116 basis points, trading at 6900, with potential levels to watch.</li><li>US Dollar Index is down 11, consolidating 2-year highs.</li><li>January WTI crude oil contract down 68 basis points, remaining in a primary downtrend.</li><li>Additional points discussed include tech companies embracing nuclear energy, the uranium market outlook, and commentary on market trends for gold, bonds, and equities. Each market is assessed for potential trends and indicators that may influence future movements.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

December S&amp;P 500 futures are up 116 basis points, trading at 6900, with potential levels to watch.US Dollar Index is down 11, consolidating 2-year highs.January WTI crude oil contract down 68 basis points, remaining in a primary downtrend.Additional points discussed include tech companies embracing nuclear energy, the uranium market outlook, and commentary on market trends for gold, bonds, and equities. Each market is assessed for potential trends and indicators that may influence future movements.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

MacroVoices #457 Justin Huhn: The Fundamentals For Nuclear Keep Getting Better

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul>
<li>Take aways: As liquidity and growth improve so will equity markets.</li>
<li>The RTY rotation story is not all rosy. Momentum suggests that we are not as concentrated in equity markets as we think</li>
<li>Three weeks ago, when the dovish CPI print landed, the immediate reaction was a sell-off in large caps followed by an influx into small caps, with RTY rising &gt;10% over the week following the release. </li>
</ul>


Take aways: As liquidity and growth improve so will equity markets.
The RTY rotation story is not all rosy. Momentum suggests that we are not as concentrated in equity markets as we think
Three weeks ago, when the dovish CPI print landed, the immediate reaction was a sell-off in large caps followed by an influx into small caps, with RTY rising &gt;10% over the week following the release. 


Equity Watch: Analyzing Rotation, Momentum, and Sentiment in the Equity Markets

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Uranium (UXA COMDTY)

Mid-Year Themes Review - Part II

Investor focus on hard assets ramps up. Overnight news that the Pentagon will take a US$400M stake in MP Materials is another boost for the rare...

Rikki Malik

Overview # 28 – Capital Flows into Hard Assets Continue

A review of recent events/data impacting our investment themes and outlook. We look at the continued move up in inflation beneficiaries

Rikki Malik

The Drill: Input prices about to go Nuclear

Happy Wednesday from Copenhagen. Trump now has to deal with a reality where Russia is not going to end this war without being forced to—probably...

Steno Research

MacroVoices #457 Justin Huhn: The Fundamentals For Nuclear Keep Getting Better

The December S&P 500 features are up, US Dollar Index is down, WTI crude oil contract is down, and there is discussion on advanced nuclear...

Macro Voices

Equity Watch: Analyzing Rotation, Momentum, and Sentiment in the Equity Markets

Take aways: As liquidity and growth improve so will equity markets The RTY rotation story is not all rosy Momentum suggests that we are not as...

Steno Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)