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

The 2025 Japan September-End Rebal and Dividend Trade

The BOJ Announces the Start of ETF/JREIT Selldowns - Basically a Nothing-Burger

[Japan Event] Sony Financial Spin-Off Trades Monday - Fina(Ncia)L Thoughts

[Quiddity Index] The Sony Financial Spinoff - What To Do?

[Quiddity Index] Nikkei 225 Sep25 Review: Shift (3697) In, Citizen Watch (7762) Out. Kokusai Misses

[Quiddity Index] Nikkei 225 Sep25 Rebal: Final Liquidity Rankings

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sony-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Holdings (8729 JP)</a> (now called Sony Financial Group Inc ("SFGI")) spinoff approaches. It will start trading 20 days from now.</li>
<li>Yesterday, the TSE confirmed approval (<a href="https://www.jpx.co.jp/english/listing/stocks/new/sjcobq000002509n-att/09SonyFinancialGroup-OutlineEN.pdf" target="_blank" rel="noopener">outline</a>, <a href="https://www.jpx.co.jp/english/listing/stocks/new/sjcobq000002509n-att/09SonyFinancialGroup-1s.pdf" target="_blank" rel="noopener">Securities Report</a> (J), <a href="https://www.jpx.co.jp/english/listing/stocks/new/sjcobq000002509n-att/09SonyFinancialGroup-cg.pdf" target="_blank" rel="noopener">Corporate Governance Report</a> (J). The company provided details of a possible ToSTNeT-3 buyback on Day 2 pre-open. That complicates things.</li>
<li>The introduction of that type of buyback flexibility indicates that supply overhang may be managed better than buyers would hope. Means other strategies may be necessary.</li>
</ul>


The Sony Financial Holdings (8729 JP) (now called Sony Financial Group Inc ("SFGI")) spinoff approaches. It will start trading 20 days from now.
Yesterday, the TSE confirmed approval (outline, Securities Report (J), Corporate Governance Report (J). The company provided details of a possible ToSTNeT-3 buyback on Day 2 pre-open. That complicates things.
The introduction of that type of buyback flexibility indicates that supply overhang may be managed better than buyers would hope. Means other strategies may be necessary.


[Japan Event/Buyback] The Sony Financial Spinoff - 'Maybe' BUYBACK Complicates Planning