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>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> has been one of the most prolific executors of corporate buybacks in the past 20yrs. Up there with Toyota. </li>
<li>Historically, its buybacks were finished very early in the buyback period, and were a big percentage of volume while being executed. The current one is different. Slower. Lower impact. </li>
<li>This piece is a study. Our data shows Canon has underperformed during the buyback as EPS expectations have suffered vs Peers. The study shows post-buyback-end underperformance isn't a thing.</li>
</ul>



Canon Inc (7751 JP) has been one of the most prolific executors of corporate buybacks in the past 20yrs. Up there with Toyota. 
Historically, its buybacks were finished very early in the buyback period, and were a big percentage of volume while being executed. The current one is different. Slower. Lower impact. 
This piece is a study. Our data shows Canon has underperformed during the buyback as EPS expectations have suffered vs Peers. The study shows post-buyback-end underperformance isn't a thing.


[Japan Buyback] Canon's ¥200bn Buyback Is Almost Done - A Short Study