In today’s briefing:
- Ohayo Japan | Waller Gives Disinflation a Chance
- China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table
- SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #9 | Special Thematic Edition | 3 Sep 2026
- U.S. IPO & Equity Capital Markets Brief 8/31/2026
- Four Reasons Institutional Investors Should Consider Reinsurance
- Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses
- Asia Real Estate Tracker (03-Sep-2026): Ares raises $4B for Japan logistics with CPPIB support.
- Physical Climate Risk: Ambition Under Pressure: Analytical Leadership vs. Strategic Hesitation
- The Stocks to Own in Asia – Vol. 54
- ‘The Wall Between Discretionary and Quantitative Investing Is Coming Down’: In-Depth Interview
Ohayo Japan | Waller Gives Disinflation a Chance
- US stocks rallied broadly, led by Nasdaq, as dovish Fed remarks eased hike expectations; Treasuries strengthened, while Middle East tensions kept oil well bid
- Federal Reserve Governor Christopher Waller said he would lean toward holding rates steady at the mid-September FOMC meeting if upcoming August inflation data continues to show cooling price pressures
- The yen’s sharp rebound reflects higher Japanese short rates, expectations of faster Bank of Japan tightening, and potential pension-fund shifts into Japanese government bonds.
China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table
- We track 36 major commercial-stage biotech/pharma companies in China to analyse the following key trends: 1) innovative drugs sales growth, 2) BD contribution (upfront + milestone payments), 3) upcoming catalysts/readouts
- Key 1H26 results takeaways: 1) Innovent new revenue target of RMB30-35bn by 2030, 2) Hengrui 2Q26 missed by oncology and generics; 3) CSPC: highest BD income; 4) Hansoh robust 1H26…
- Upcoming catalysts through early 2027: 1) ESMO data in October eg. sac-TMT’s Lung06 data, 2) SMMT/Akeso: Harmoni-3 sqNSCLC: final PFS/interim OS, 3) Innovent IBI363 China pivotal melanoma/ PoC NSCLC data…
SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #9 | Special Thematic Edition | 3 Sep 2026
- Commerce Secretary Lutnick confirmed Phase Two chip tariffs at the G20 Innovation Ministerial: build in the US and pay nothing; build elsewhere and pay to enter.
- The market sold the sector as a basket. That is the error. Micron is the structural winner; Kioxia and SanDisk are structural losers.
- New pair idea: Long Micron (MU US) / Short Kioxia (285A JP) — captures the US footprint premium before the Federal Register makes it official.
U.S. IPO & Equity Capital Markets Brief 8/31/2026
- Period: August 31–September 4, 2026. Coverage: Traditional U.S. operating-company IPOs and consequential ECM transactions of at least $100 million
- There are no qualifying U.S. IPOs of at least $100 million scheduled to price this week.
- The Labor Day-shortened calendar has no active qualifying roadshow or institutional book.
Four Reasons Institutional Investors Should Consider Reinsurance
- By Agecroft Partners, September 2026 Property catastrophe reinsurance , also marketed as insurance linked strategies (ILS), is a hedge fund strategy that many of the largest pension, sovereign wealth, and endowment funds have exposure to and there are 4 reasons other institutional investors should consider the strategy.
- Forward modeled returns remain competitive with most fixed-income-oriented alternatives When evaluating reinsurance as a strategy, forward-looking modeled returns are more important than historical returns.
- When evaluating reinsurance as a strategy, forward-looking modeled returns are more important than historical returns.
Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses
- Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.
- The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.
- Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.
Asia Real Estate Tracker (03-Sep-2026): Ares raises $4B for Japan logistics with CPPIB support.
- Ares Management has closed a $4 billion logistics fund in Japan, supported by CPPIB.
- Mapletree Investments has raised $500 million as part of a $2.1 billion logistics initiative.
- UOL and CapitaLand are bidding $1.12 billion for a site, while Frasers Property converts a cinema.
Physical Climate Risk: Ambition Under Pressure: Analytical Leadership vs. Strategic Hesitation
- The report, Ambition Under Pressure: Analytical Leadership vs. Strategic Hesitation, examines what the climate risk strategy of Norges Bank Investment Management (NBIM), manager of Norway’s Government Pension Fund Global, reveals about the way financial markets are pricing climate risk.
- It finds that NBIM has built one of the most advanced climate and nature risk frameworks among global asset owners.
- Its internal modelling goes beyond many market-standard tools, enabling the fund to assess systemic physical climate risk, climate-nature interdependencies and potential macro-financial spillovers across its portfolio.
The Stocks to Own in Asia – Vol. 54
- We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
- Portfolio changes: Four stocks remain, 10 new join the fray
- Since its inception, it has generated a before-fee total return of 332% versus the MSCI Asia ex Japan of 216%
‘The Wall Between Discretionary and Quantitative Investing Is Coming Down’: In-Depth Interview
- The inaugural Sohn Tokyo Conference is coming up on October 16 at Roppongi Hills Club in central Tokyo.
- Leading up to the event, we caught up with Naohide Une of Investment Lab.
- He told Hedge Fund Alpha that this will be his first time presenting at a Sohn conference, having been introduced by TriVista Capital’s Masaki Gotoh , a former colleague at Goldman Sachs.
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