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 Oct 2025 TOPIX FFW Rebal - $35bn of Flows To Trade

[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

Nikkei 225 (NKY) Outlook After Surprise Nov 5 Rebalance

Quantifying BOJ Change in ETF Policy: Affecting Single Stocks

The 2025 Japan September-End Rebal and Dividend Trade

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>In Friday's Monetary Policy Statement, the BOJ announced it would start selling down its holdings in ETFs and J-REITs at the pace of ¥620bn and ¥5.5bn/year, respectively. <strong>BIG NEWS!</strong>
</li>
<li>That is US$17mm of ETFs and US$150k of J-REITs per day. The BOJ suggests it is 0.05% of volume per day. That's close. <strong>SMALL EFFECT. </strong>
</li>
<li>Given ¥15trln of buybacks and ¥5trln+ of dividend reinvestment + NISA account buys, plus ¥trlns of cross-holding selldowns/year, this is a total nothingburger, even if they up the pace.</li>
</ul>


In Friday's Monetary Policy Statement, the BOJ announced it would start selling down its holdings in ETFs and J-REITs at the pace of ¥620bn and ¥5.5bn/year, respectively. BIG NEWS!

That is US$17mm of ETFs and US$150k of J-REITs per day. The BOJ suggests it is 0.05% of volume per day. That's close. SMALL EFFECT. 

Given ¥15trln of buybacks and ¥5trln+ of dividend reinvestment + NISA account buys, plus ¥trlns of cross-holding selldowns/year, this is a total nothingburger, even if they up the pace.


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

Japan Post Bank

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