Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Global uranium demand is escalating quickly as China doubles its nuclear power plants by 2030 and the U.S. increases its inventory for its energy independence and growing energy needs.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">CGN Mining (1164 HK)</a> is China's largest uranium trading company, with partnerships with the Kazakhstan government in some of the largest uranium mines in the world.
</li>
<li>CGN secured an off-take contract with China General Nuclear Power Group at prices that are 50% higher than previous contract.  Approximately 60% of CGN's revenue is from EU and U.S.</li>
</ul>


Global uranium demand is escalating quickly as China doubles its nuclear power plants by 2030 and the U.S. increases its inventory for its energy independence and growing energy needs.

CGN Mining (1164 HK) is China's largest uranium trading company, with partnerships with the Kazakhstan government in some of the largest uranium mines in the world.

CGN secured an off-take contract with China General Nuclear Power Group at prices that are 50% higher than previous contract.  Approximately 60% of CGN's revenue is from EU and U.S.


CGN Mining (1164 HK) - THE NUCLEAR OPTION!

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

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>More government  deals in the critical minerals sector support our outlook</li>
<li>Grasberg mine accident and closure highlights tightness in the copper market</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
More government  deals in the critical minerals sector support our outlook
Grasberg mine accident and closure highlights tightness in the copper market


Overview #36 - AI Hype, Mineral Might, and the Nuclear Revival

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in April 2022, around six weeks after Russia’s invasion of Ukraine, I touched on the disruption to the uranium supply chain in <a href="https://skr.ma/hkBPx" target="_blank" rel="noopener">Uranium: Fuelling Fears</a>. </li>
<li>The war spurred renewed interest in nuclear energy as a source of domestic power. Uranium prices have tripled since the invasion. </li>
<li>A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, together with a material output drop from mines "as deposits are exhausted".</li>
</ul>


Back in April 2022, around six weeks after Russia’s invasion of Ukraine, I touched on the disruption to the uranium supply chain in Uranium: Fuelling Fears. 
The war spurred renewed interest in nuclear energy as a source of domestic power. Uranium prices have tripled since the invasion. 
A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, together with a material output drop from mines "as deposits are exhausted".


Uranium's Shortfall And Nuclear Viability

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">Cgn Mining (1164 HK)</a> is an add to both indices. <a href="https://www.smartkarma.com/entities/endesa-sa" target="_blank" data-smartkarma-citation="entities:21264:1" rel="noopener">Endesa SA</a> is a delete from the Uranium&amp;Nuclear Energy Index, <a href="https://www.smartkarma.com/entities/encore-energy-corp" target="_blank" data-smartkarma-citation="entities:39218:1" rel="noopener">Encore Energy</a> is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.</li>
<li>The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.

Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&amp;Nuclear Energy Index, Encore Energy is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.
The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

Travis Lundy

<ul>
<li>The MV Global Uranium &amp; Nuclear Energy index represents the performance of the biggest and the most liquid companies in the Uranium and Nuclear industries.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">Cgn Mining (1164 HK)</a> will be an ADD and <a href="https://www.smartkarma.com/entities/endesa-sa" target="_blank" data-smartkarma-citation="entities:21264:1" rel="noopener">Endesa SA (ELE SM)</a> will be a DELETE in June 2025.</li>
<li>There are also some big capping flows so we expect a one-way flow of US$227mn for June 2025, which translates to a turnover of 15.7%.</li>
</ul>


The MV Global Uranium &amp; Nuclear Energy index represents the performance of the biggest and the most liquid companies in the Uranium and Nuclear industries.

Cgn Mining (1164 HK) will be an ADD and Endesa SA (ELE SM) will be a DELETE in June 2025.
There are also some big capping flows so we expect a one-way flow of US$227mn for June 2025, which translates to a turnover of 15.7%.


[Quiddity Index] MV Global Uranium & Nuclear Energy Jun25 Rebalance Results: Flow Expectations

United Kingdom

Yellow Cake PLC operates as an uranium investment company. The Company specializes in purchase and storage of uranium oxide. Yellow Cake serves uranium sector in Jersey.

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Yellow Cake PLC (YCA LN)

CGN Mining (1164 HK) - THE NUCLEAR OPTION!

CGN Mining said its uranium production for the third quarter totaled 644.3 tonnes, achieving 96.5% of the planned output of 667.7 tonnes, according...

David Mudd

Overview #36 - AI Hype, Mineral Might, and the Nuclear Revival

A review of recent events/data impacting our investment themes and outlook. We look at recent news impacting commodities

Rikki Malik

Uranium's Shortfall And Nuclear Viability

A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, coupled with a material...

David Blennerhassett

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

CGN Mining is a double add, while Endesa and enCore Energy are deletes. Estimated net round-trip trade across both indices is US$560m.

Brian Freitas

[Quiddity Index] MV Global Uranium & Nuclear Energy Jun25 Rebalance Results: Flow Expectations

One ADD, one DELETE, but some big capping flows this time so one-way flow is 15+%. That's a lot. Some flows are decent ADV count.

Travis Lundy

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