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

Rikki Malik

Commodities

Commodity Research Bureau BLS Spot Indices. CRB BLS Spot Indices base: (1967=100)

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Japan and US Central Banks continue to add fuel to the monetary fire</li>
<li>China consumption weakness is likely to spur a tangible response in the New Year</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Japan and US Central Banks continue to add fuel to the monetary fire
China consumption weakness is likely to spur a tangible response in the New Year


Overview #43 – Not Too Hot, Not Too Cold

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Central banks add fuel to the ongoing commodity bull market</li>
<li>Could we see a meaningful de-escalation in US and China tensions</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Central banks add fuel to the ongoing commodity bull market
Could we see a meaningful de-escalation in US and China tensions


Overview #43 – The Gift that Keeps on Giving

Thematic (Sector/Industry)

<ul>
<li>This insight recommends a basket of Asian-listed base metal producers.</li>
<li>Base metals, especially Copper, have a high probability of moving much higher as the AI race continues</li>
<li>We prefer to invest in the materials needed for the  building out of AI infrastructure  </li>
</ul>


This insight recommends a basket of Asian-listed base metal producers.
Base metals, especially Copper, have a high probability of moving much higher as the AI race continues
We prefer to invest in the materials needed for the  building out of AI infrastructure  


2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices # 2

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!

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.