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

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Asian Consumer Staples - Inflation Hedge?

More Covering on Consumer Staples and Discretionary

Asia Short Interest Weekly - Tencent, HSBC, Fast Retailing, Semco, Yageo

Market Goes Short Industrials; Covers Consumer Discretionary and Consumer Staples Names

The Big Short: All Sectors See An Increase

Huge Increase in Shorts on Nikkei225 & Topix ETFs

Quantitative Analysis

Japan Consumer staples / Quantitative Analysis

<div><p>The short notional in the market for the data released 21 April is US$33.19bn (down by US$351mm excluding FX movements and ETFs) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1"></a><a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a>. <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:27445:1"></a></p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/aiming-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:27325:1">Aiming Inc (3911 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a> and <a href="https://www.smartkarma.com/entities/nitta-gelatin-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1481:1">Nitta Gelatin (4977 JP)</a> <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1"></a>while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/nitta-gelatin-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1481:1">Nitta Gelatin (4977 JP)</a>, <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a>, <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a> and <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>.</p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:280:1">Tokyo Electron (8035 JP)</a>, <a href="https://www.smartkarma.com/entities/ms-ad-insurance-group-holdin" target="_blank" rel="noopener" data-smartkarma-citation="entities:631:1">Ms&amp;Ad Insurance Group Holdin (8725 JP)</a>, <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:732:1">Suzuki Motor (7269 JP)</a> and <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18107:1">Advantest Corp (6857 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/kao-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:12933:1">Kao Corp (4452 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:3:1">Aeon Co Ltd (8267 JP)</a> and <a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:5718:1">Shiseido Co Ltd (4911 JP)</a>.</p></div><div><p>Sectorally, short positions increased in Information Technology (US$329m), Financials (US$129m) and Real Estate (US$127m) while shorts decreased in Consumer Staples (US$550m) and Consumer Discretionary (US$367m).</p></div>

The short notional in the market for the data released 21 April is US$33.19bn (down by US$351mm excluding FX movements and ETFs) with the largest short positions in Itochu Corp (8001 JP), Fast Retailing (9983 JP), Toyota Motor (7203 JP), Canon Inc (7751 JP) and KDDI Corp (9433 JP). Most shorted stocks as a percentage of free float are Aruhi Corp (7198 JP), Anritsu Corp (6754 JP), Aiming Inc (3911 JP), Taiyo Yuden (6976 JP) and Nitta Gelatin (4977 JP) while the stocks with the highest days to cover are Nitta Gelatin (4977 JP), Aruhi Corp (7198 JP), Katakura Industries (3001 JP), Vital Ksk Holdings (3151 JP) and Itochu Corp (8001 JP).The largest increases in short notional over the week were Tokyo Electron (8035 JP), Ms&amp;Ad Insurance Group Holdin (8725 JP), Suzuki Motor (7269 JP) and Advantest Corp (6857 JP) while shorts were covered in Fast Retailing (9983 JP), Kao Corp (4452 JP), Aeon Co Ltd (8267 JP) and Shiseido Co Ltd (4911 JP).Sectorally, short positions increased in Information Technology (US$329m), Financials (US$129m) and Real Estate (US$127m) while shorts decreased in Consumer Staples (US$550m) and Consumer Discretionary (US$367m).

Big Short Covering in Consumer Staples