Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Insurers / In Depth: China’s insurers prepare to shine a light into their financial black box</li><li>Plastic /: China proposes U.N. plastic pollution treaty ‘respect nations’ circumstances’</li><li>Stocks /: Why Trump’s rise sounded like a sure bet for China’s small-cap stock investors</li></ul>

Insurers / In Depth: China’s insurers prepare to shine a light into their financial black boxPlastic /: China proposes U.N. plastic pollution treaty ‘respect nations’ circumstances’Stocks /: Why Trump’s rise sounded like a sure bet for China’s small-cap stock investors

CX Daily: China’s Insurers Prepare to Shine a Light Into Their Financial Black Box 

<ul><li>Debt / In Depth: China’s multitrillion-dollar salve for local government hidden debt</li><li>Argentina /: Argentinian President’s ‘chainsaw’ economic reforms catch Elon Musk’s eye</li><li>Jobless /: Hong Kong to require unpaid work for jobless welfare recipients</li></ul>

Debt / In Depth: China’s multitrillion-dollar salve for local government hidden debtArgentina /: Argentinian President’s ‘chainsaw’ economic reforms catch Elon Musk’s eyeJobless /: Hong Kong to require unpaid work for jobless welfare recipients

CX Daily: China’s Multitrillion-Dollar Salve for Local Government Hidden Debt 

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Asia is cheap relative to the US - trading at less than 40% of US's P/BV - but that's because Asia's ROE has consistently declined relative to US's.</li>
<li>Over the next couple of years Asian ROEs are forecast to revive relative to the US's but all Asian markets are not forecast to participate in this recovery.</li>
<li>The "ROE Winners" (rising forecast ROEs) are Korea, Taiwan, India, Malaysia. Indonesia to stay flat but solidly higher than Asian average. We are skeptical of HK/China and Thailand's ROE recovery.</li>
</ul>


Asia is cheap relative to the US - trading at less than 40% of US's P/BV - but that's because Asia's ROE has consistently declined relative to US's.
Over the next couple of years Asian ROEs are forecast to revive relative to the US's but all Asian markets are not forecast to participate in this recovery.
The "ROE Winners" (rising forecast ROEs) are Korea, Taiwan, India, Malaysia. Indonesia to stay flat but solidly higher than Asian average. We are skeptical of HK/China and Thailand's ROE recovery.


Asian Equities: Be Selective - Focus on The "ROE Winners"

<ul><li>Livestreaming / Cover Story: Livestreamed stock tips worry regulators as novice investors rush in</li><li>Trade /Analysis: Southeast Asia gained from Trump’s China tariffs</li><li>Supply chains /In Depth: Trump is already shaking up U.S.-China trade</li></ul>

Livestreaming / Cover Story: Livestreamed stock tips worry regulators as novice investors rush inTrade /Analysis: Southeast Asia gained from Trump’s China tariffsSupply chains /In Depth: Trump is already shaking up U.S.-China trade

CX Daily: Livestreamed Stock Tips Worry Regulators as Novice Investors Rush In 

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>USA hits record weights of 56.55% but remains a large underweight.  Europe's big 4 comprise a +6.75% overweight. </li>
<li>Taiwan closes in on China &amp; HK as ownership soars to record highs.  Argentina hits fresh highs as Australia, Brazil and Sweden are increasingly avoided.</li>
<li>Japan exposure falls to record lows of 4.24% and  India overtakes China as the top EM country underweight among Global investors.</li>
</ul>


USA hits record weights of 56.55% but remains a large underweight.  Europe's big 4 comprise a +6.75% overweight. 
Taiwan closes in on China &amp; HK as ownership soars to record highs.  Argentina hits fresh highs as Australia, Brazil and Sweden are increasingly avoided.
Japan exposure falls to record lows of 4.24% and  India overtakes China as the top EM country underweight among Global investors.


Active Global Funds:  Country Positioning - USA Highs, Japan Lows, Taiwan Record Ownership

Cross Asset Strategy
Cross Asset Strategy Insights

CX Daily: China’s Insurers Prepare to Shine a Light Into Their Financial Black Box

Insurers / In Depth: China’s insurers prepare to shine a light into their financial black box China’s insurance companies are going through a...

Caixin Global

CX Daily: China’s Multitrillion-Dollar Salve for Local Government Hidden Debt

Debt / In Depth: China’s multitrillion-dollar salve for local government hidden debt At a press conference on Nov. 8, China unveiled a 10...

Caixin Global

Asian Equities: Be Selective - Focus on The "ROE Winners"

Asia's cheap P/BV compared to the US is due to low ROE. Over the next couple of years Asian ROE is forecast to revive relative to US, driven by...

Manishi Raychaudhuri

CX Daily: Livestreamed Stock Tips Worry Regulators as Novice Investors Rush In

Livestreaming / Cover Story: Livestreamed stock tips worry regulators as novice investors rush in While livestreaming and social media have made...

Caixin Global

Active Global Funds: Country Positioning - USA Highs, Japan Lows, Taiwan Record Ownership

USA hits record highs, remains key U/W. Taiwan and Argentina hit new ownership peaks, Japan slumps to new lows. Europe's big 4 remain a key...

Steven Holden

CX Daily: China’s Insurers Prepare to Shine a Light Into Their Financial Black Box

Insurers / In Depth: China’s insurers prepare to shine a light into their financial black box China’s insurance companies are going through a...

Caixin Global

CX Daily: China’s Multitrillion-Dollar Salve for Local Government Hidden Debt

Debt / In Depth: China’s multitrillion-dollar salve for local government hidden debt At a press conference on Nov. 8, China unveiled a 10...

Caixin Global

Asian Equities: Be Selective - Focus on The "ROE Winners"

​Asia's cheap P/BV compared to the US is due to low ROE. Over the next couple of years Asian ROE is forecast to revive relative to US, driven by...

Manishi Raychaudhuri

CX Daily: Livestreamed Stock Tips Worry Regulators as Novice Investors Rush In

Livestreaming / Cover Story: Livestreamed stock tips worry regulators as novice investors rush in While livestreaming and social media have made...

Caixin Global

Active Global Funds: Country Positioning - USA Highs, Japan Lows, Taiwan Record Ownership

USA hits record highs, remains key U/W. Taiwan and Argentina hit new ownership peaks, Japan slumps to new lows. Europe's big 4 remain a key...

Steven Holden

Asia's cheap P/BV compared to the US is due to low ROE. Over the next couple of years Asian ROE is forecast to revive relative to US, driven by...