Smartkarma Daily Briefs

MSCI announced the changes to the Standard and Small Cap Indexes, along with FIF/NOS changes as part of the May SAIR. Plenty of flows in Asia Pacific.
Announcement of changes to the FTSE AW/AC, HSI INDEX, HSCEI INDEX, HSTECH INDEX and SENSEX INDEX will be made after market close on Friday.
There were inflows into Taiwan, Australia and Hong Kong focused ETFs, while there were redemptions from China and Korea focused ETFs.

Japan Post Holdings (6178 JP) – Ugly Group Forecasts But a Very Bigly Buyback

Japan Post Holdings (6178 JP) and its two main components Japan Post Insurance (7181 JP) and Japan Post Bank (7182 JP) reported excellent earnings for the year to March 2022…
….but not so excellent forecasts for the year to March 2023. Some of that is conservative. Some is “finger-in-the-air”, and some of it is the vagaries of insurance sales accounting.
But they all pay high dividends and Japan Post Holdings announced a ¥200bn buyback. And remember, there will likely Never Be Another JPH Equity Offering, Ever Again. Ever.

NIFTY50 Index Rebalance Preview: High Probability Add; Impact Higher than the Headline Numbers

We are past the halfway mark in the review period of the NIFTY Index (NIFTY INDEX) September rebalance. We see one potential change which should be announced end August.
There is a high probability of Adani Enterprises (ADE IN) being included in the index, while either Shree Cement (SRCM IN) or Hero Motocorp (HMCL IN) will be deleted.
The impact of passive fund trading on the stocks is high in terms of days of ADV, but very high in terms of delivery volume.

Hitachi Maxell (6810 JP) – Very Big On-Market Buyback

Maxell Ltd (6810 JP) has been restructuring itself and the cost-cutting and rationalising of sales efforts and regions has led to post-relisting record OP.
But another (non-cash) write-off this past year has led to the third year of net losses in a row.
The company has, however, taken its actual cashflows and turned them into a large buyback

ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC’s lists tomorrow, while Delhivery’s bookbuild wasn’t great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.

Before it’s here, it’s on Smartkarma

May 15

Japan: Toshiba Corp, Wacoal Holdings, Sakata Inx Corp, Maxell Ltd, Nintendo Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Toshiba (6502) – Iffy Earnings, Worse Projections, A Special Div, But Privatisation Process Proceeds
HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist
Sakata Inx (4633) HUGE Buyback Makes Things Interesting
Hitachi Maxell (6810 JP) – Very Big On-Market Buyback
Toshiba – Special Dividend Not Enough To Offset Negatives
Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

Toshiba (6502) – Iffy Earnings, Worse Projections, A Special Div, But Privatisation Process Proceeds

Toshiba announces meh-to-weak earnings and surprisingly conservative revenue guidance for next year given better order books and backlog and much higher USD/yen.
The company announced a slightly higher March 2022 dividend (giving money to past shareholders) and a big special dividend and higher March 2023 dividend.
The Privatisation Proposal Process continues. It may get a result, or not. New director choices will wait. Now we start a quiet period where privatisation news competes with analyst bearishness.

HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist

On Friday, Wacoal Holdings (3591 JP) announced earnings, adoption of IFRS this year (US GAAP til now), dividends, a div hike and higher earnings this year, and a HUGE buyback.
The buyback is for up to 5.5mm share (8.95% of shares) spending up to ¥10bn.
Given the structure of the shareholder base, this opens up interesting possibilities.

Sakata Inx (4633) HUGE Buyback Makes Things Interesting

Sakata Inx Corp (4633 JP) and Toyo Ink Sc Holdings (4634 JP) are finally getting around to unwinding the rest of their cross-holdings from their decision 5yrs ago.
This is highly accretive. +10% on EPS this year on a weighted average basis and +16.8% on a spot basis.
The reason is good governance and capital efficiency. A side effect is it shifts the shareholder structure more in favor of economic investors.

Hitachi Maxell (6810 JP) – Very Big On-Market Buyback

Maxell Ltd (6810 JP) has been restructuring itself and the cost-cutting and rationalising of sales efforts and regions has led to post-relisting record OP.
But another (non-cash) write-off this past year has led to the third year of net losses in a row.
The company has, however, taken its actual cashflows and turned them into a large buyback

Toshiba – Special Dividend Not Enough To Offset Negatives

By Mio Kato

Toshiba reported results on Friday which were just a touch above their revised February guidance at ¥3.35trn in revenue and ¥159bn in OP.
Guidance was poor with revenue of ¥3.3trn below consensus ¥3.4trn and OP of ¥170bn noticeably below consensus’ ¥202bn.
The nomination of directors was also postponed and some segments showed a marked deterioration in profitability.

Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The NTT (9432 JP) / NTT Data (9613 JP) transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain.
Both Link Administration (LNK AU) and Dye & Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect – before a price recovery to close the week.
MCB says the AGL Energy Ltd (AGL AU) de-merger plan is bad, and now analysts say it is “underwhelming.” Duh. But the alternative? Underwhelming too, but less independent.

Before it’s here, it’s on Smartkarma

May 15

Health Care: Celltrion Inc, Digital Turbine, Figs Inc, Accenture Plc Cl A, Adidas AG and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure
Greenhaven Road Capital Q1 2022 Letter
1 Main Capital Partners Q1 2022 Fund Letter
Polen Global Growth Q1 2022 Portfolio Manager Commentary
Polen International Growth Q1 2022 Portfolio Manager Commentary

Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure

By Tina Banerjee

Celltrion Inc (068270 KS) reported muted Q1 results, with revenue, operating profit, and net profit declining quarter-over-quarter. Its biosimilar products in the EU are facing price competition.
Celltrion has recalled its COVID-19 rapid antigen test kits in the U.S. in April, which marks its third such recall in less than two months.
Celltrion shares plunged 15% since I published bearish insight on the company on March 8. Bear thesis of biosimilar competition still holds good for the company.

Greenhaven Road Capital Q1 2022 Letter

Greenhaven Road Capital Partners Fund returned approximately -26.5% net in the first quarter.
The three big factors that currently appear to be dominating investors’ focus are rising interest rates/inflation, rising oil prices, and war in Ukraine.

1 Main Capital Partners Q1 2022 Fund Letter

For the first quarter, 1 Main Capital Partners, L.P.
(the “Fund’s) returned (11.4)% net of fees and expenses, according to the “Fund’s” quarterly results.
The first quarter of the first year, the fund returned 11.

Polen Global Growth Q1 2022 Portfolio Manager Commentary

Polen Capital is a high-conviction growth investment manager.
We scour the globe in search of the highest quality, sustainable companies to invest in.
Aon, Visa, and Mastercard were the top absolute performers during the quarter.

Polen International Growth Q1 2022 Portfolio Manager Commentary

Polen International Growth Composite Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return of the MSCI All Country World ex-USA Index.
The most significant detractors from performance included ICON, Evolution AB, and Sage Group.

Before it’s here, it’s on Smartkarma

May 15

South Korea: NCSOFT Corp, Celltrion Inc and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Top 20 Best Performers in the Korean Stock Market (Week of 13 May)
Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure

Top 20 Best Performers in the Korean Stock Market (Week of 13 May)

By Douglas Kim

This is the second weekly series on the “Top 20 Best Performers in the Korean Stock Market Adjusted for Trading Value & Mkt Cap.”
Starting this weekly, we include stocks in both KOSPI and KOSDAQ. All the stocks in KOSPI and KOSDAQ are ranked, adjusted for market cap and trading value.
Among the top 20 performers, NCSoft, Hyundai Motor, Kia Motors, Dohwa Engineering, DB Hitek, SK Telecom, and KT Corp were included.

Celltrion (068270 KS): Muted Q1 2022 Performance Reflects Continuing Biosimilars Pricing Pressure

By Tina Banerjee

Celltrion Inc (068270 KS) reported muted Q1 results, with revenue, operating profit, and net profit declining quarter-over-quarter. Its biosimilar products in the EU are facing price competition.
Celltrion has recalled its COVID-19 rapid antigen test kits in the U.S. in April, which marks its third such recall in less than two months.
Celltrion shares plunged 15% since I published bearish insight on the company on March 8. Bear thesis of biosimilar competition still holds good for the company.

Before it’s here, it’s on Smartkarma

May 15

Equity Capital Markets: Life Insurance Corp of India (LIC) and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC’s lists tomorrow, while Delhivery’s bookbuild wasn’t great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.

Before it’s here, it’s on Smartkarma

May 15

TMT: Tata Elxsi Ltd, Infomedia Ltd, Maxell Ltd, Nintendo Co Ltd, NCSOFT Corp, Silergy Corp, Digital Turbine, Apple Inc, Accenture Plc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Index Rebalance & ETF Flow Recap: MSCI STD/SC, FTSE AW/AC, EPRA, MVIS, TW50, Mindtree/L&T, AMFI
Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal
Hitachi Maxell (6810 JP) – Very Big On-Market Buyback
Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma
Top 20 Best Performers in the Korean Stock Market (Week of 13 May)
Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.
Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum
Greenhaven Road Capital Q1 2022 Letter
Polen Focus Growth Q1 2022 Portfolio Manager Commentary
Polen Global Growth Q1 2022 Portfolio Manager Commentary

Index Rebalance & ETF Flow Recap: MSCI STD/SC, FTSE AW/AC, EPRA, MVIS, TW50, Mindtree/L&T, AMFI

MSCI announced the changes to the Standard and Small Cap Indexes, along with FIF/NOS changes as part of the May SAIR. Plenty of flows in Asia Pacific.
Announcement of changes to the FTSE AW/AC, HSI INDEX, HSCEI INDEX, HSTECH INDEX and SENSEX INDEX will be made after market close on Friday.
There were inflows into Taiwan, Australia and Hong Kong focused ETFs, while there were redemptions from China and Korea focused ETFs.

Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal

Online auto parts and service provider Infomedia Ltd (IFM AU) has received a non-binding proposal – by way of a Scheme – from TA Associates and Viburnum Funds.
The Offer price is A$1.70/share, a 32.8% premium to last close.
Via a tie-in with Viburnum, TA disclosed a 14.46% interest. IFM said it is also in preliminary discussions with other interested parties.

Hitachi Maxell (6810 JP) – Very Big On-Market Buyback

Maxell Ltd (6810 JP) has been restructuring itself and the cost-cutting and rationalising of sales efforts and regions has led to post-relisting record OP.
But another (non-cash) write-off this past year has led to the third year of net losses in a row.
The company has, however, taken its actual cashflows and turned them into a large buyback

Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The NTT (9432 JP) / NTT Data (9613 JP) transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain.
Both Link Administration (LNK AU) and Dye & Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect – before a price recovery to close the week.
MCB says the AGL Energy Ltd (AGL AU) de-merger plan is bad, and now analysts say it is “underwhelming.” Duh. But the alternative? Underwhelming too, but less independent.

Top 20 Best Performers in the Korean Stock Market (Week of 13 May)

By Douglas Kim

This is the second weekly series on the “Top 20 Best Performers in the Korean Stock Market Adjusted for Trading Value & Mkt Cap.”
Starting this weekly, we include stocks in both KOSPI and KOSDAQ. All the stocks in KOSPI and KOSDAQ are ranked, adjusted for market cap and trading value.
Among the top 20 performers, NCSoft, Hyundai Motor, Kia Motors, Dohwa Engineering, DB Hitek, SK Telecom, and KT Corp were included.

Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.

By Patrick Liao

The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, with revenue growing 50% YoY and -2.6% QoQ. Silergy considers its own business will grow quarter by quarter in 2022.
Silergy expects to see ~3% revenue contribution for Automotive in 2022, which means it should grow over 3% by the end of 2022.
Silergy’s order visibility is extended from 3 quarters to over 6~8 quarters now. Meanwhile, Silergy aims to split the share to let more retail investors to hold their shares.

Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum

By Arun George

TA Associates and Viburnum Funds’ non-binding indicative privatisation proposal is A$1.70 per Infomedia Ltd (IFM AU) share in cash, a 32.8% premium to the last close.
The timing of the bid looks opportunistic in the context of the shares hitting a 3-year low on 9 May. Viburnum with a 14.5% stake is the largest shareholder.
The Board notes expressions of interest from other parties. TA and Viburnum’s bid is the catalyst for other bidders to show their hands.

Greenhaven Road Capital Q1 2022 Letter

Greenhaven Road Capital Partners Fund returned approximately -26.5% net in the first quarter.
The three big factors that currently appear to be dominating investors’ focus are rising interest rates/inflation, rising oil prices, and war in Ukraine.

Polen Focus Growth Q1 2022 Portfolio Manager Commentary

Polen Capital is a high-conviction growth investment manager.
During the first quarter of 2022, the Polen Focus Growth Composite Portfolio returned -13.39% and -12.56% gross and net of fees.

Polen Global Growth Q1 2022 Portfolio Manager Commentary

Polen Capital is a high-conviction growth investment manager.
We scour the globe in search of the highest quality, sustainable companies to invest in.
Aon, Visa, and Mastercard were the top absolute performers during the quarter.

Before it’s here, it’s on Smartkarma

May 15

Event-Driven: Toshiba Corp, Wacoal Holdings, Sakata Inx Corp, Tata Elxsi Ltd, Infomedia Ltd, Maxell Ltd, Nintendo Co Ltd, AGL Energy Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Toshiba (6502) – Iffy Earnings, Worse Projections, A Special Div, But Privatisation Process Proceeds
HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist
Sakata Inx (4633) HUGE Buyback Makes Things Interesting
Index Rebalance & ETF Flow Recap: MSCI STD/SC, FTSE AW/AC, EPRA, MVIS, TW50, Mindtree/L&T, AMFI
Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal
Hitachi Maxell (6810 JP) – Very Big On-Market Buyback
Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma
Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum
Asia-Pac Weekly Risk Arb Wrap: Mindtree/Larsen, AGL, Link Admin, Link Net, Comany, Infomedia

Toshiba (6502) – Iffy Earnings, Worse Projections, A Special Div, But Privatisation Process Proceeds

Toshiba announces meh-to-weak earnings and surprisingly conservative revenue guidance for next year given better order books and backlog and much higher USD/yen.
The company announced a slightly higher March 2022 dividend (giving money to past shareholders) and a big special dividend and higher March 2023 dividend.
The Privatisation Proposal Process continues. It may get a result, or not. New director choices will wait. Now we start a quiet period where privatisation news competes with analyst bearishness.

HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist

On Friday, Wacoal Holdings (3591 JP) announced earnings, adoption of IFRS this year (US GAAP til now), dividends, a div hike and higher earnings this year, and a HUGE buyback.
The buyback is for up to 5.5mm share (8.95% of shares) spending up to ¥10bn.
Given the structure of the shareholder base, this opens up interesting possibilities.

Sakata Inx (4633) HUGE Buyback Makes Things Interesting

Sakata Inx Corp (4633 JP) and Toyo Ink Sc Holdings (4634 JP) are finally getting around to unwinding the rest of their cross-holdings from their decision 5yrs ago.
This is highly accretive. +10% on EPS this year on a weighted average basis and +16.8% on a spot basis.
The reason is good governance and capital efficiency. A side effect is it shifts the shareholder structure more in favor of economic investors.

Index Rebalance & ETF Flow Recap: MSCI STD/SC, FTSE AW/AC, EPRA, MVIS, TW50, Mindtree/L&T, AMFI

MSCI announced the changes to the Standard and Small Cap Indexes, along with FIF/NOS changes as part of the May SAIR. Plenty of flows in Asia Pacific.
Announcement of changes to the FTSE AW/AC, HSI INDEX, HSCEI INDEX, HSTECH INDEX and SENSEX INDEX will be made after market close on Friday.
There were inflows into Taiwan, Australia and Hong Kong focused ETFs, while there were redemptions from China and Korea focused ETFs.

Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal

Online auto parts and service provider Infomedia Ltd (IFM AU) has received a non-binding proposal – by way of a Scheme – from TA Associates and Viburnum Funds.
The Offer price is A$1.70/share, a 32.8% premium to last close.
Via a tie-in with Viburnum, TA disclosed a 14.46% interest. IFM said it is also in preliminary discussions with other interested parties.

Hitachi Maxell (6810 JP) – Very Big On-Market Buyback

Maxell Ltd (6810 JP) has been restructuring itself and the cost-cutting and rationalising of sales efforts and regions has led to post-relisting record OP.
But another (non-cash) write-off this past year has led to the third year of net losses in a row.
The company has, however, taken its actual cashflows and turned them into a large buyback

Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The NTT (9432 JP) / NTT Data (9613 JP) transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain.
Both Link Administration (LNK AU) and Dye & Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect – before a price recovery to close the week.
MCB says the AGL Energy Ltd (AGL AU) de-merger plan is bad, and now analysts say it is “underwhelming.” Duh. But the alternative? Underwhelming too, but less independent.

Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum

By Arun George

TA Associates and Viburnum Funds’ non-binding indicative privatisation proposal is A$1.70 per Infomedia Ltd (IFM AU) share in cash, a 32.8% premium to the last close.
The timing of the bid looks opportunistic in the context of the shares hitting a 3-year low on 9 May. Viburnum with a 14.5% stake is the largest shareholder.
The Board notes expressions of interest from other parties. TA and Viburnum’s bid is the catalyst for other bidders to show their hands.

Asia-Pac Weekly Risk Arb Wrap: Mindtree/Larsen, AGL, Link Admin, Link Net, Comany, Infomedia

There are 37 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three news deals this week: Mindtree Ltd (MTCL IN)/ Larsen & Toubro Infotech (LTI IN)‘s merger, Comany Inc (7945 JP) ‘s MBO, Infomedia Ltd (IFM AU)‘s proposal from TA/Viburnum Funds.
Key updates took place for: AGL Energy Ltd (AGL AU), Link Administration Holdings (LNK AU), Virtus Health (VRT AU), Link Net (LINK IJ) & Beijing Enterprises Urban Resources (3718 HK).

Before it’s here, it’s on Smartkarma

May 15

China: Silergy Corp, Life Insurance Corp of India (LIC) and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.
ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.

By Patrick Liao

The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, with revenue growing 50% YoY and -2.6% QoQ. Silergy considers its own business will grow quarter by quarter in 2022.
Silergy expects to see ~3% revenue contribution for Automotive in 2022, which means it should grow over 3% by the end of 2022.
Silergy’s order visibility is extended from 3 quarters to over 6~8 quarters now. Meanwhile, Silergy aims to split the share to let more retail investors to hold their shares.

ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC’s lists tomorrow, while Delhivery’s bookbuild wasn’t great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.

Before it’s here, it’s on Smartkarma

May 15

Consumer: Wacoal Holdings, Figs Inc, Adidas AG, Life Insurance Corp of India (LIC) and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist
1 Main Capital Partners Q1 2022 Fund Letter
Polen International Growth Q1 2022 Portfolio Manager Commentary
ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

HUGE Wacoal (3591) Buyback – Buyback Structure Unknown But Interesting Possibilities Exist

On Friday, Wacoal Holdings (3591 JP) announced earnings, adoption of IFRS this year (US GAAP til now), dividends, a div hike and higher earnings this year, and a HUGE buyback.
The buyback is for up to 5.5mm share (8.95% of shares) spending up to ¥10bn.
Given the structure of the shareholder base, this opens up interesting possibilities.

1 Main Capital Partners Q1 2022 Fund Letter

For the first quarter, 1 Main Capital Partners, L.P.
(the “Fund’s) returned (11.4)% net of fees and expenses, according to the “Fund’s” quarterly results.
The first quarter of the first year, the fund returned 11.

Polen International Growth Q1 2022 Portfolio Manager Commentary

Polen International Growth Composite Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return of the MSCI All Country World ex-USA Index.
The most significant detractors from performance included ICON, Evolution AB, and Sage Group.

ECM Weekly (15th May 22) – LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC’s lists tomorrow, while Delhivery’s bookbuild wasn’t great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.

Before it’s here, it’s on Smartkarma

May 15

United States: S&P 500, Apple Inc, Digital Turbine, Figs Inc, Accenture Plc Cl A, Adidas AG and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

SPX 4,100 Barrier – Next Draw Down Sets up a Better Trade
Polen Focus Growth Q1 2022 Portfolio Manager Commentary
Greenhaven Road Capital Q1 2022 Letter
1 Main Capital Partners Q1 2022 Fund Letter
Polen Global Growth Q1 2022 Portfolio Manager Commentary
Polen International Growth Q1 2022 Portfolio Manager Commentary

SPX 4,100 Barrier – Next Draw Down Sets up a Better Trade

By Thomas Schroeder

The US equity decline still lacks real capitulation/outflows/redemptions for a major low but the next leg down does offer a better tactical long entry point.
RSI near 25 is the ideal buy zone for the SPX (this week or into late May). The weekly cycle has yet to show a convincing bottom.
NDX 12,700 is rejection resistance to induce a slide closer to 11,000 higher degree support for a better tradable rally sequence. RTY bull near 1,650.

Polen Focus Growth Q1 2022 Portfolio Manager Commentary

Polen Capital is a high-conviction growth investment manager.
During the first quarter of 2022, the Polen Focus Growth Composite Portfolio returned -13.39% and -12.56% gross and net of fees.

Greenhaven Road Capital Q1 2022 Letter

Greenhaven Road Capital Partners Fund returned approximately -26.5% net in the first quarter.
The three big factors that currently appear to be dominating investors’ focus are rising interest rates/inflation, rising oil prices, and war in Ukraine.

1 Main Capital Partners Q1 2022 Fund Letter

For the first quarter, 1 Main Capital Partners, L.P.
(the “Fund’s) returned (11.4)% net of fees and expenses, according to the “Fund’s” quarterly results.
The first quarter of the first year, the fund returned 11.

Polen Global Growth Q1 2022 Portfolio Manager Commentary

Polen Capital is a high-conviction growth investment manager.
We scour the globe in search of the highest quality, sustainable companies to invest in.
Aon, Visa, and Mastercard were the top absolute performers during the quarter.

Polen International Growth Q1 2022 Portfolio Manager Commentary

Polen International Growth Composite Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return of the MSCI All Country World ex-USA Index.
The most significant detractors from performance included ICON, Evolution AB, and Sage Group.

Before it’s here, it’s on Smartkarma