Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF tracks the index and has an AUM of US$7.2bn.</li>
<li>Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$7.2bn.
Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY</li>
<li>JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel</li>
<li>NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.</li>
</ul>


OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY
JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel
NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.


Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; US2YR@4.82 ; JP Baby Crisis; Nugget: CyberAgent

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.</li>
<li>Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.</li>
<li>One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.</li>
</ul>


The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.
Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.
One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.


AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

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

Cross Asset Strategy

<ul>
<li>Global Fund managers are positioned at their highest ever net overweight in the EMEA Technology sector.</li>
<li>EMEA Technology has been at the forefront of a broader diversification away from key sectors in the Americas region.</li>
<li>ASML and SAP SE are prominent holdings among Growth and GARP investors, whilst Value funds prefer Nokia OYJ and Nxp Semiconductors </li>
</ul>


Global Fund managers are positioned at their highest ever net overweight in the EMEA Technology sector.
EMEA Technology has been at the forefront of a broader diversification away from key sectors in the Americas region.
ASML and SAP SE are prominent holdings among Growth and GARP investors, whilst Value funds prefer Nokia OYJ and Nxp Semiconductors 


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>ASML had a strong quarter and managed to deliver an all-around beat.</li><li>The gross margin and net income were strong as a result of a good performance of its lithography business.</li><li>Five EUV customers have placed high NA orders and High NA plays a vital role both in the memory business and high-end logic.</li></ul>

ASML had a strong quarter and managed to deliver an all-around beat.The gross margin and net income were strong as a result of a good performance of its lithography business.Five EUV customers have placed high NA orders and High NA plays a vital role both in the memory business and high-end logic.

ASML Holding NV: Capacity Expansion & Other Drivers

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. Stocks are...

Brian Freitas

Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; [email protected] ; JP Baby Crisis; Nugget: CyberAgent

SPX closes Feb on the lows; Baby Crisis in Japan. Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: +...

Mark Chadwick

AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand. All three names hold important...

Vincent Fernando, CFA

EMEA Technology Rotation

Global Managers move to their highest ever overweight in the EMEA Technology sector, having been at the forefront of a broader diversification away...

Steven Holden

ASML Holding NV: Capacity Expansion & Other Drivers

ASML had a strong quarter and managed to deliver an all-around beat. The gross margin and net income were strong as a result of a good performance...

Baptista Research

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