Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

A/H Premium Tracker (2Wks to 16 Jan 2026):  Spreads Bouncy but ~Flat on Net, Quiddity Port 👍

A/H Premium Tracker (Week to 23 Jan 2026):  Slight H/A Outperf, Quiddity Port Still Better

A/H Premium Tracker (2 Weeks to 6 Feb 2026):  Slight H/A Under-Perf

RMB Dual Counter Trading Is Coming - This Changes AH Relationships

A/H Premium Tracker (Wk to 19 Dec 2025):  Hs Underperform Again, Beautiful Skew Behaving Badly

HK Connect SOUTHBOUND Flows (2Wks To 2 Jan 2026) - Heavier Gross, Lighter Net, Bank Buys, 941 Sells

HK Connect SOUTHBOUND Flows (Wk To 19 Dec 2025) - Lower Activity, Net Buying, but High-Div SOEs Sold

Quiddity Advisors

Event-Driven

Yangtze Optical Fibre and Cable / Event-Driven

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>Hs within the liquid AH pair universe UNDER-performed As on average by 3.1% in two weeks. Beautiful Skew behaved BADLY. Spreads were a bit all over the place.</li>
<li>Quiddity H/A Portfolio performance -70bp of which half was negative alpha, half was H/A "beta." I am staying the course of Beautiful Skew.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers.</li>
</ul>


Hs within the liquid AH pair universe UNDER-performed As on average by 3.1% in two weeks. Beautiful Skew behaved BADLY. Spreads were a bit all over the place.
Quiddity H/A Portfolio performance -70bp of which half was negative alpha, half was H/A "beta." I am staying the course of Beautiful Skew.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers.


A/H Premium Tracker (2Wks to 31 Dec 2025):  Hs Underperform Again, Beautiful Skew Behaving Badly