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

Quiddity Advisors

Event-Driven

<ul>
<li>In May 2023, <a href="https://www.smartkarma.com/entities/furukawa-co-ltd" target="_blank" data-smartkarma-citation="entities:19521:1" rel="noopener">Furukawa Co Ltd (5715 JP)</a> decided it would review cross-holdings as part of its <em>Actions to Implement Management Awareness of Capital Cost and Share Price.</em>
</li>
<li>In February 2024, it announced a cross-holding reduction policy, and then accelerated it in May 2024. They've been selling. They did a small buyback too. </li>
<li>Monday they announced a LARGE buyback (looks larger than it is) leaving future capital allocation policy better, but still wanting. The question is now the forward-forward bet.</li>
</ul>


In May 2023, Furukawa Co Ltd (5715 JP) decided it would review cross-holdings as part of its Actions to Implement Management Awareness of Capital Cost and Share Price.

In February 2024, it announced a cross-holding reduction policy, and then accelerated it in May 2024. They've been selling. They did a small buyback too. 
Monday they announced a LARGE buyback (looks larger than it is) leaving future capital allocation policy better, but still wanting. The question is now the forward-forward bet.


Furukawa (5715 JP) - Third Capital Policy Change in a Year Means Big Buyback