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

Naspers Drives South Africa Positioning to All-Time Lows, but Bright Spots Emerge

Prosus/Naspers - Operation Ouroboros Commences, And It's Big (Discount, Flows, Index Impact)

StubWorld: Prosus & Naspers Gain On Buyback Funded By Tencent Share Sale

Naspers/Prosus Initial Index Changes Done, Now To Reverse the Trade

Naspers Deal Done - Flex Participation and Pro-Ration, Misunderstandings, and INDEX CHANGES GALORE!

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Quiddity Advisors

Event-Driven

<p>This summer saw the <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> Offer for <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> complete in early August, with Prosus now owning just under 50% of Naspers and Naspers owning ~38% of Prosus in what <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> called the new <a href="https://www.smartkarma.com/insights/naspers-prosus-south-african-keswicks" target="_blank" data-smartkarma-citation="insights:51401" rel="noopener"><em>South African "Keswicks"</em></a> (a reference to the circular relationship of the Jardines complex, recently unwound, where for years/decades it just went on as the Keswick family thought was in their own interests.</p>
<p>Pre-Offer results, I reco'd going long the Naspers-Prosus spread where it was trading ex-Offer at 670bp or so in <a href="https://www.smartkarma.com/insights/naspers-deal-done-flex-participation-and-pro-ration-misunderstandings-and-index-changes-galore" target="_blank" data-smartkarma-citation="insights:56011" rel="noopener">Naspers Deal Done - Flex Participation and Pro-Ration, Misunderstandings, and INDEX CHANGES GALORE!</a> </p>
<p>Just after the offer results were out and the initial index changes were made, the spread between Naspers and Prosus widened significantly to near (and briefly above) 20% against Offer Terms. I recommended unwinding the spread-widening trade and putting on a spread-narrowing trade in <a href="https://www.smartkarma.com/insights/naspers-prosus-initial-index-changes-done-now-to-reverse-the-trade" target="_blank" data-smartkarma-citation="insights:56256" rel="noopener">Naspers/Prosus Initial Index Changes Done, Now To Reverse the Trade</a>.</p>
<section class="figure">
<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/232/375/original/Screenshot+2021-09-28+at+6.27.38+PM.png?1632826281" class="editor-image img-responsive" data-smartkarma-image-id="232375"></figure>
<p></p>
</section>
</section>
<p><em>So what next? </em></p>

This summer saw the Prosus (PRX NA) Offer for Naspers (NPN SJ) complete in early August, with Prosus now owning just under 50% of Naspers and Naspers owning ~38% of Prosus in what David Blennerhassett called the new South African "Keswicks" (a reference to the circular relationship of the Jardines complex, recently unwound, where for years/decades it just went on as the Keswick family thought was in their own interests.
Pre-Offer results, I reco'd going long the Naspers-Prosus spread where it was trading ex-Offer at 670bp or so in Naspers Deal Done - Flex Participation and Pro-Ration, Misunderstandings, and INDEX CHANGES GALORE! 
Just after the offer results were out and the initial index changes were made, the spread between Naspers and Prosus widened significantly to near (and briefly above) 20% against Offer Terms. I recommended unwinding the spread-widening trade and putting on a spread-narrowing trade in Naspers/Prosus Initial Index Changes Done, Now To Reverse the Trade.






So what next? 

Naspers

Naspers/Prosus Spread - What Next?