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>Global equities and commodities contributed to gains throughout our portfolio suite, driven by positive selection effects.</li>
<li>Aggressive strategies continue to outperform their respective benchmarks YTD, especially as tech and crypto stabilize.</li>
<li>Positioning carries over into September, maintaining an underweight to bonds and overweights to global stocks and commodities.</li>
</ul>


Global equities and commodities contributed to gains throughout our portfolio suite, driven by positive selection effects.
Aggressive strategies continue to outperform their respective benchmarks YTD, especially as tech and crypto stabilize.
Positioning carries over into September, maintaining an underweight to bonds and overweights to global stocks and commodities.


Portfolio Update: Selective in Global Stocks, Commodities, Underweight Bonds

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li>There are several notable ETFs (SMH ETF, VanEck Semiconductor UCITS ETF, and KODEX US Semiconductor ETF) that will include SK Hynix (SKHY US) ADRs in their upcoming rebalances.</li>
<li>The expected capital inflow from the passive funds is expected to be significant at about $3.8 billion (5.2 trillion won). </li>
<li>A $3.8 billion inflow represents 11.3% of the total ADR market cap. ADTV is $4.3 billion. Flow/ADTV (no of days) is 0.88. </li>
</ul>


There are several notable ETFs (SMH ETF, VanEck Semiconductor UCITS ETF, and KODEX US Semiconductor ETF) that will include SK Hynix (SKHY US) ADRs in their upcoming rebalances.
The expected capital inflow from the passive funds is expected to be significant at about $3.8 billion (5.2 trillion won). 
A $3.8 billion inflow represents 11.3% of the total ADR market cap. ADTV is $4.3 billion. Flow/ADTV (no of days) is 0.88. 


SK Hynix ADR Inclusions in the SMH ETF, VanEck Semi UCITS ETF, and KODEX US Semi ETF Rebalances

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold.</li><li>Broad ETF hedges unwound sharply — IJH and CIBR each posted double-digit short interest drops.</li><li>Borrow markets tightened in pockets, with MSFT seeing its sharpest SI spike in months.</li></ul>

Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold.Broad ETF hedges unwound sharply — IJH and CIBR each posted double-digit short interest drops.Borrow markets tightened in pockets, with MSFT seeing its sharpest SI spike in months.

Weekly Digest: Short Sellers Reload Into Cyber, Flee ETF Hedges

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>Advance/Decline (A/D) lines for the QQQ and IWM also hit YTD highs over the past week, signaling this is a healthy, broad-based advance. </li>
<li>SPX and QQQ have refused to even close below their 8-day EMAs (a sign of a strongly trending market), while IWM tested its 20-day MA and $278 support level yesterday</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
Advance/Decline (A/D) lines for the QQQ and IWM also hit YTD highs over the past week, signaling this is a healthy, broad-based advance. 
SPX and QQQ have refused to even close below their 8-day EMAs (a sign of a strongly trending market), while IWM tested its 20-day MA and $278 support level yesterday


Downgrading Communications to Underweight; Buy/Stay Long SMH, CHAT, WGMI, BITQ, HYDR, NASA, REMX

<ul>
<li>We are upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...</li>
<li>...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.</li>
<li>Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.</li>
</ul>


We are upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...
...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.
Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.


Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

United States

VanEck Vectors Semiconductor is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance results of the MVIS US Listed Semiconductor 25 Index. The fund invests in the largest and most liquid companies listed in the US, which are active in the semiconductor sector. The E-TF will not hold more than 20% in any one security.

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VanEck Vectors Semiconductor (SMH US)

Portfolio Update: Selective in Global Stocks, Commodities, Underweight Bonds

Breakdown of our global multi-asset portfolios with performance and positioning. We're overweight stocks and commodities and underweight bonds,...

Damanick Dantes, CMT

SK Hynix ADR Inclusions in the SMH ETF, VanEck Semi UCITS ETF, and KODEX US Semi ETF Rebalances

With the expiration of the lock-up period for SK Hynix’s ADRs (7 October), it has become possible to issue additional ADRs. I think SK Hynix could...

Douglas Kim

Weekly Digest: Short Sellers Reload Into Cyber, Flee ETF Hedges

Short interest built across cybersecurity names this week, with CRWD leading single-stock moves as analysts cut targets and insiders sold. Broad...

ORTEX Market Intel

Downgrading Communications to Underweight; Buy/Stay Long SMH, CHAT, WGMI, BITQ, HYDR, NASA, REMX

Downgrading Communications $XLC to Underweight; Buy/Stay Long $SMH $CHAT $WGMI $BITQ $HYDR $NASA $REMX $ARKK $ARKW. Still Bullish since April 21

Vermilion Research

Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

Upgrading Outlook to Bullish $SPX $QQQ $IWM $IJH; Buy the Dips Market; Downgrading Staples to Market Weight $XLP; Add to Growth and Technology $IWF...

Vermilion Research

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