Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

<ul>
<li>The current macro environment has elements of both the 1970's and mid-2000s commodity bull market</li>
<li>Investor interest and allocation to this asset class is still minimal</li>
<li>A rising cost of capital globally favours a move out of long duration into real assets</li>
</ul>


The current macro environment has elements of both the 1970's and mid-2000s commodity bull market
Investor interest and allocation to this asset class is still minimal
A rising cost of capital globally favours a move out of long duration into real assets


2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>US interest rate expectations continue to whip markets around, even as more cracks emerge in the AI trade.</li>
<li>Japan goes for broke with its latest budget and debt issuance.</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
US interest rate expectations continue to whip markets around, even as more cracks emerge in the AI trade.
Japan goes for broke with its latest budget and debt issuance.


Overview #42 – What a Difference a Day Makes!

Thematic (Sector/Industry)

<ul>
<li>Increasing US and Australian ties in the critical minerals space provide some opportunities</li>
<li>After the initial hype and capital raisings, better entry prices have arisen</li>
<li>The upside-downside ratio is  high and government support provides a backstop</li>
</ul>


Increasing US and Australian ties in the critical minerals space provide some opportunities
After the initial hype and capital raisings, better entry prices have arisen
The upside-downside ratio is  high and government support provides a backstop


A Basket of Strategic, Speculative Australian Mining Stocks

Equity Bottom-Up

Japan Post Bank Co. Ltd. provides general banking services. The Company offers deposits, savings, loans, currency exchange transactions, investment trusts, national bonds, and other related banking services to individuals and businesses. Japan Post Bank also provides other financial services such as insurance agency and financing service.

<ul>
<li>The Bank has reached its three-year target one year ahead of schedule</li>
<li>Focus has now turned to growth and new opportunities as unleashed from full  government supervision</li>
<li>Valuations do not yet discount an improvement in returns from here</li>
</ul>


The Bank has reached its three-year target one year ahead of schedule
Focus has now turned to growth and new opportunities as unleashed from full  government supervision
Valuations do not yet discount an improvement in returns from here


Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

<ul>
<li>Investor positioning and sentiment in the energy sector mean potential upside surprises</li>
<li>The US Natural Gas price breakout will impact European and Asian pricing</li>
<li>Our basket of Asian companies provides a mix of cheap growth and income</li>
</ul>


Investor positioning and sentiment in the energy sector mean potential upside surprises
The US Natural Gas price breakout will impact European and Asian pricing
Our basket of Asian companies provides a mix of cheap growth and income


Natural Gas: The Bridge Fuel, The Breakout Trade - A Basket of Asian Gas Companies

Experienced PM in Asia-focused, long-short, equity hedge funds. Top-down macro overview  generating investment themes and ideas, before moving to sector and stock selection.
The analysis of macro themes can inform your own macro strategy and/or provide a backdrop for your own stock specific research.
All information is from publicly available sources and ideas are based on our own views and analysis.