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

Mori Hills REIT (3234) - Large Sponsor Buy in Market as % of Max Real World Float

Hankyu Hanshin REIT (8977) - Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come

Tokyu Corp (9005) To Lift Stake in Tokyu REIT (8957) Again - Bigger Than You Think It Is

3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)

Quiddity Advisors

Event-Driven

<ul>
<li>It has been a sport of the J-REITs the past 18-24mos to buy back their units at well under PNAV 1.0x and to have sponsor entities up their stakes. </li>
<li>The goal? Get valuation to PNAV1+ so they can, in good faith, get the REIT to buy assets with an equity raise. Below PNAV1 would work with a rights offering.</li>
<li>Now the <a href="https://www.smartkarma.com/entities/orix-jreit-inc" target="_blank" data-smartkarma-citation="entities:314:1" rel="noopener">Orix JREIT Inc (8954 JP)</a> has announced it will triple its small holding. Meaningful portion of ADV, more meaningful portion of MRWF.</li>
</ul>


It has been a sport of the J-REITs the past 18-24mos to buy back their units at well under PNAV 1.0x and to have sponsor entities up their stakes. 
The goal? Get valuation to PNAV1+ so they can, in good faith, get the REIT to buy assets with an equity raise. Below PNAV1 would work with a rights offering.
Now the Orix JREIT Inc (8954 JP) has announced it will triple its small holding. Meaningful portion of ADV, more meaningful portion of MRWF.


ORIX JREIT (8954) Sponsor To Buy Units - Looks Minor, It's Bigger