MD, Leaf & Ledger Limited

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Event-Driven

<ul>
<li>
Trade call: Long the €500MM 2029s (XS2449928543) to underwrite a 2025 SPT 1 miss. Capture +5bps, and any signalling premium from a flagship renewable issuer missing own operations emissions</li>
<li>
High miss risk: SPT 1 likely misses by &gt;50%, while SPT 2 and SPT 3 look on track versus 2025 target thresholds.</li>
<li>
 Catalyst path: Measurement at Dec 31st, 2025, publication and assurance any date before Apr 29th, 2026. Step-up date fixes uplift from the next period after Jun 2026.</li>
</ul>



Trade call: Long the €500MM 2029s (XS2449928543) to underwrite a 2025 SPT 1 miss. Capture +5bps, and any signalling premium from a flagship renewable issuer missing own operations emissions

High miss risk: SPT 1 likely misses by &gt;50%, while SPT 2 and SPT 3 look on track versus 2025 target thresholds.

 Catalyst path: Measurement at Dec 31st, 2025, publication and assurance any date before Apr 29th, 2026. Step-up date fixes uplift from the next period after Jun 2026.


Vestas (VWS) SLB: Trade the Jan to Apr 2026 Publication Window

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>DBS has made a significant investment by acquiring office floors in Hong Kong for $334 million.</li><li>India's Mindspace REIT has expanded its portfolio with the purchase of Chennai Business Park for $321 million.</li><li>Dash and Greystar are collaborating on two apartment projects in Tokyo, indicating growth in APAC real estate.</li></ul>

DBS has made a significant investment by acquiring office floors in Hong Kong for $334 million.India's Mindspace REIT has expanded its portfolio with the purchase of Chennai Business Park for $321 million.Dash and Greystar are collaborating on two apartment projects in Tokyo, indicating growth in APAC real estate.

Asia Real Estate Tracker (16-Apr-2026): DBS buys Hong Kong office floors for $334M.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market joined other Asian markets during the post-war sell-off.  The HSI easily held its long-term support levels, and the overall market breadth remains above 60.</li>
<li>The materials sector has lost momentum as the energy sector emerged as the standout winner in the first quarter of 2026.  Value and dividend yield factors continue to outperform.</li>
<li>
<a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind Science &amp; Technology (2208 HK)</a> has been upgraded by JP Morgan, along with a target price rise from DBS.  The company is experiencing a surge in international orders.
</li>
</ul>


The Hong Kong market joined other Asian markets during the post-war sell-off.  The HSI easily held its long-term support levels, and the overall market breadth remains above 60.
The materials sector has lost momentum as the energy sector emerged as the standout winner in the first quarter of 2026.  Value and dividend yield factors continue to outperform.

Xinjiang Goldwind Science &amp; Technology (2208 HK) has been upgraded by JP Morgan, along with a target price rise from DBS.  The company is experiencing a surge in international orders.



BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

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

ASE Technology Holding   / Technical Analysis

<ul>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.</li>
<li>Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).</li>
<li>Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520) and $141.50 on ACWI-US (up from $134-135.70) continue to hold.
Signs of impending upside are evident with the ACWI-US and all the other MSCI global indexes (MSCI EAFE, ACWI ex-US, EM) breaking out (more on that below).
Our intermediate-term bullish outlook has been in place since our 5/14/25 Compass. Actionable themes include Technology and Industrials, focused in EM, Europe, and Japan.


Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.</li>
<li>International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.</li>
<li>Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables </li>
</ul>


Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.
International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.
Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables 


How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

Denmark

Vestas Wind Systems A/S develops, manufactures, and markets wind turbines that generate electricity. The Company installs and maintenance turbines. Vestas Wind Systems serves customers worldwide.

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

Vestas Wind Systems A/S (VWS DC)

Vestas (VWS) SLB: Trade the Jan to Apr 2026 Publication Window

Summary: Long €500MM 2029s to underwrite a 2025 SPT 1 miss, with high risk but potential for +5bps and signalling premium from renewable issuer's...

EC

Asia Real Estate Tracker (16-Apr-2026): DBS buys Hong Kong office floors for $334M.

DBS acquired Hong Kong office floors for $334M, Mindspace REIT bought Chennai Business Park for $321M, and Dash partnered with Greystar on Tokyo...

Asia Real Estate Tracker

BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

The Hong Kong market joined other Asian markets during the post-war sell-off. The HSI easily held its long-term support levels, and the overall...

David Mudd

Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Breakouts Galore in All MSCI Global Indexes (MSCI $ACWI $ACWX $EFA and $EEM) and tons of countries; Bullish Outlook Intact; Remain Overweight...

Vermilion Research

How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

States and corporations drive U.S. green energy demand. Interest rates, and innovations rather than Trump admin policies will shape renewables...

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vestas (VWS) SLB: Trade the Jan to Apr 2026 Publication Window

​Summary: Long €500MM 2029s to underwrite a 2025 SPT 1 miss, with high risk but potential for +5bps and signalling premium from renewable issuer's...

EC

Asia Real Estate Tracker (16-Apr-2026): DBS buys Hong Kong office floors for $334M.

DBS acquired Hong Kong office floors for $334M, Mindspace REIT bought Chennai Business Park for $321M, and Dash partnered with Greystar on Tokyo...

Asia Real Estate Tracker

BUY/SELL/HOLD: Hong Kong Market Update (4/14/26)

The Hong Kong market joined other Asian markets during the post-war sell-off. The HSI easily held its long-term support levels, and the overall...

David Mudd

Breakouts Galore in All MSCI Global Indexes; Bullish Outlook Intact

Breakouts Galore in All MSCI Global Indexes (MSCI $ACWI $ACWX $EFA and $EEM) and tons of countries; Bullish Outlook Intact; Remain Overweight...

Vermilion Research

How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

States and corporations drive U.S. green energy demand. Interest rates, and innovations rather than Trump admin policies will shape renewables...

Pyari Menon

Summary: Long €500MM 2029s to underwrite a 2025 SPT 1 miss, with high risk but potential for +5bps and signalling premium from renewable issuer's...