In today’s briefing:
- When They Were Up, They Were up ?
- Japan Strategy Weekly | AI Jitters Cap Gains as BOJ Rate-Hike Bets Build
- Singapore Market Roundup (09-Oct-2026): CGSI is optimistic about Sembcorp.
- Semi – Liquid or Fully – Liquid?
- AUCTUS ON FRIDAY – 09.10.2026
When They Were Up, They Were up ?
- The return to a rising interest rate environment changes the outlook for private assets.
- The headwinds to private equity transaction activity from higher borrowing costs are likely to persist. The venture and growth segments that provide exposure to AI companies are less sensitive given the weight of money chasing these opportunities.
- Real estate faces the double hit of higher borrowing costs and the increased relative attractiveness of risk -free assets.
Japan Strategy Weekly | AI Jitters Cap Gains as BOJ Rate-Hike Bets Build
- AI profit-taking caps the Nikkei, but strength in semiconductor equipment and domestic software points to rotation rather than retreat.
- Strong wages keep October and December BOJ hikes in play, even as easing bond yields weigh on banks.
- Rorze surges on record orders and higher guidance, while INFRONEER slumps on a dilutive share offering.
Singapore Market Roundup (09-Oct-2026): CGSI is optimistic about Sembcorp.
- CGSI has a positive outlook on Sembcorp.
- Maybank downgrades Sheng Siong to ‘hold’ with reduced target price.
- DBS keeps ‘buy’ rating on Singtel amid Airtel’s postpaid price hike.
Semi – Liquid or Fully – Liquid?
- 8 of the 10 largest semi -liquid funds have scaled back redemptions in the past year validating skeptics, but that doesn’t automatically mean traded funds win.
- Semi-liquid structures show higher risk -adjusted returns (better Sharpe ratios) across 1, 3, and 5-year periods, with much lower volatility than their traded counterparts.
- But traded funds are cheap right now: private equity and private credit trading vehicles sit at discounts to NAV well above historical norms —a genuine valuation opportunity, if you can stomach the volatility and navigate thin volumes.
AUCTUS ON FRIDAY – 09.10.2026
- AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund shallow oil seismic – CanCambria has raised C$6.9 mm through an offering of 23.0 mm units at C$0.30 per unit, each comprising one share and one warrant exercisable at C$0.40 per share for 36 months.
- Proceeds fund a proprietary 3D seismic survey over the Soltvadkert/Tázlár/Alpár (STA) shallow oil fairway (C$4 mm in 4Q26 in our model) and the de-risking of ten shallow oil prospects.
- There are 400 legacy wells across CanCambria’s licence, and neighbouring analogue fields have collectively produced over 160 mmboe from 15 fields, with oil gravities of 22–40° API.
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