New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

GMR Airports Infrastructure / Equity Bottom-Up

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

<ul><li>GMR Airports has met the investor test in New Zealand in anticipation of a potential acquisition.</li><li>The most likely targets for GMR Airports in New Zealand include Wellington Airport, regional airports, Queenstown Airport, and Christchurch Airport's investment in Tarras.</li><li>There is a strong possibility that GMR Airports' interest in acquiring New Zealand airports may not result in any actual transactions.</li></ul>

GMR Airports has met the investor test in New Zealand in anticipation of a potential acquisition.The most likely targets for GMR Airports in New Zealand include Wellington Airport, regional airports, Queenstown Airport, and Christchurch Airport's investment in Tarras.There is a strong possibility that GMR Airports' interest in acquiring New Zealand airports may not result in any actual transactions.

Transport Titbits - An Airport Transaction on the Runway?

Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Equity Derivatives

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market index for Indian equity market. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.

<ul>
<li>SEBI intervenes on constantly changing Option contract specifications. NSE halts expiry day shift indefinitely &amp; awaits clarity from regulator. </li>
<li>IVs slid lower to 11% levels - extended weekend being a primary factor. Risk premia is nearing historically low extremes. "Low &amp; Down" state persists for the Vol-Regime model.</li>
<li>Tactical Implications: (1) Scale back Vol harvesting structures as "Low &amp; Down" Vol-state persists. (2) Reverse Calendars for long gamma exposure to upcoming events. Utilize Low IVs &amp; curve Contango.</li>
</ul>


SEBI intervenes on constantly changing Option contract specifications. NSE halts expiry day shift indefinitely &amp; awaits clarity from regulator. 
IVs slid lower to 11% levels - extended weekend being a primary factor. Risk premia is nearing historically low extremes. "Low &amp; Down" state persists for the Vol-Regime model.
Tactical Implications: (1) Scale back Vol harvesting structures as "Low &amp; Down" Vol-state persists. (2) Reverse Calendars for long gamma exposure to upcoming events. Utilize Low IVs &amp; curve Contango.


NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Macroeconomics

<ul>
<li>
Central Bank Rate Decisions in Australia, India, and South Korea.</li>
<li>
Tariffs: US reciprocal tariffs effective from 2 April; secondary tariffs are now a factor.</li>
<li>
Holidays: Good Friday is an exchange holiday in Hong Kong, Australia, India, and the US. Several other national holidays throughout the region.</li>
</ul>



Central Bank Rate Decisions in Australia, India, and South Korea.

Tariffs: US reciprocal tariffs effective from 2 April; secondary tariffs are now a factor.

Holidays: Good Friday is an exchange holiday in Hong Kong, Australia, India, and the US. Several other national holidays throughout the region.


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

Quantitative Analysis

<ul>
<li>Despite gold hitting record highs this month, ownership of key gold mining stocks among EM managers remains muted.</li>
<li>AngloGold Ashanti and Harmony Gold Mining have both experienced consistent gains in ownership since their 2023 lows.</li>
<li>Oaktree, Overstone and Vontobel EM strategies hold some of the larger portfolio positions in select Gold stocks.</li>
</ul>


Despite gold hitting record highs this month, ownership of key gold mining stocks among EM managers remains muted.
AngloGold Ashanti and Harmony Gold Mining have both experienced consistent gains in ownership since their 2023 lows.
Oaktree, Overstone and Vontobel EM strategies hold some of the larger portfolio positions in select Gold stocks.


Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>Weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest.</li>
<li>Implied vol remained stable, and we discuss why it may be sticky at current levels.</li>
<li>With global weakness and the upcoming April 2 reciprocal tariffs announcement, we reiterate a tactical hedge.</li>
</ul>


Weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest.
Implied vol remained stable, and we discuss why it may be sticky at current levels.
With global weakness and the upcoming April 2 reciprocal tariffs announcement, we reiterate a tactical hedge.


Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs

India
Insights on India

Transport Titbits - An Airport Transaction on the Runway?

GMR Airports has met the investor test in New Zealand in anticipation of a potential acquisition. The most likely targets for GMR Airports in New...

Forsyth Barr

NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

SEBI intervenes on Option contract specs, NSE halts expiry day shift. IVs at 11%, risk premia low. Tactical implications: scale back Vol...

AceGama Advisors

The Month Ahead: Key Events in April

Central banks in Australia, India, and South Korea make rate decisions; US implements reciprocal tariffs on April 2; Good Friday holiday in Hong...

Gaudenz Schneider

Gold Miners: Off the Radar

Despite gold hitting record highs this month, ownership of key gold mining stocks among active emerging markets managers remains muted.

Steven Holden

Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs

Weekly recap of volatility metrics and price trends, highlighting stable implied vol and reiterate a tactical hedge amid global weakness and...

John Ley

Transport Titbits - An Airport Transaction on the Runway?

GMR Airports has met the investor test in New Zealand in anticipation of a potential acquisition. The most likely targets for GMR Airports in New...

Forsyth Barr

NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

​SEBI intervenes on Option contract specs, NSE halts expiry day shift. IVs at 11%, risk premia low. Tactical implications: scale back Vol...

AceGama Advisors

The Month Ahead: Key Events in April

​Central banks in Australia, India, and South Korea make rate decisions; US implements reciprocal tariffs on April 2; Good Friday holiday in Hong...

Gaudenz Schneider

Gold Miners: Off the Radar

Despite gold hitting record highs this month, ownership of key gold mining stocks among active emerging markets managers remains muted.

Steven Holden

Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs

​Weekly recap of volatility metrics and price trends, highlighting stable implied vol and reiterate a tactical hedge amid global weakness and...

John Ley

SEBI intervenes on Option contract specs, NSE halts expiry day shift. IVs at 11%, risk premia low. Tactical implications: scale back Vol...

Central banks in Australia, India, and South Korea make rate decisions; US implements reciprocal tariffs on April 2; Good Friday holiday in Hong...

Weekly recap of volatility metrics and price trends, highlighting stable implied vol and reiterate a tactical hedge amid global weakness and...