Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

China Cinda Asset Management / Equity Bottom-Up

<ul>
<li>China's Ministry of Finance (MOF) has announced plans to sell its stakes in its Asset Management Companies (AMCs) to its sovereign wealth fund, China Investment Corporation (CIC).</li>
<li>The previously announced large debt swap program for LGFVs will ease financing conditions for local governments and should improve distressed debt valuations.</li>
<li>China Cinda Asset Management (1359 HK) will benefit from the PBOC's monetary stimulus program and the support of its new major shareholder with a potential recapitalization.</li>
</ul>


China's Ministry of Finance (MOF) has announced plans to sell its stakes in its Asset Management Companies (AMCs) to its sovereign wealth fund, China Investment Corporation (CIC).
The previously announced large debt swap program for LGFVs will ease financing conditions for local governments and should improve distressed debt valuations.
China Cinda Asset Management (1359 HK) will benefit from the PBOC's monetary stimulus program and the support of its new major shareholder with a potential recapitalization.


HK/CHINA: China Cinda Asset Management a Beneficiary of AMC Restructuring

Cross Asset Strategy

<ul>
<li>Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.</li>
<li>About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.</li>
<li>At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> .</li>
</ul>


Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.
About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.
At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and Weibo (9898 HK) .


HONG KONG ALPHA PORTFOLIO (December 2024)

Shanghai Electric Group Company / Equity Bottom-Up

<ul>
<li>Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.</li>
<li>Stocks are chosen from single stock insights as well as sector and weekly publications.</li>
<li>Positions will be adjusted once a month and the cash position will vary based on market conditions.</li>
</ul>


Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.
Stocks are chosen from single stock insights as well as sector and weekly publications.
Positions will be adjusted once a month and the cash position will vary based on market conditions.


<ul>
<li>Hong Kong Alpha portfolio lost 2.9% in November, but has outperformed its benchmark by 4.9% since inception on October 1st.  It has outperformed HSI, HSCI and HSCEI by 9%.</li>
<li>Hong Kong Alpha has generated idiosyncratic returns during the market correction.  The portfolio has no exposure to energy, healthcare and property sectors. </li>
<li>We exit 4 positions at the end of the month and add positions in software, tech components, travel and restaurant sectors.</li>
</ul>


Hong Kong Alpha portfolio lost 2.9% in November, but has outperformed its benchmark by 4.9% since inception on October 1st.  It has outperformed HSI, HSCI and HSCEI by 9%.
Hong Kong Alpha has generated idiosyncratic returns during the market correction.  The portfolio has no exposure to energy, healthcare and property sectors. 
We exit 4 positions at the end of the month and add positions in software, tech components, travel and restaurant sectors.


HONG KONG ALPHA PORTFOLIO (November 2024)

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

Sinopec Engineering Group H / Event-Driven

<ul>
<li>The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 8 trading days to implementation and there are a bunch of stocks with over 2x ADV to trade.</li>
</ul>


The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 8 trading days to implementation and there are a bunch of stocks with over 2x ADV to trade.


WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: US$1bn to Trade

China

China Cinda Asset Management Company Ltd. provides asset management services. The Company invests, disposes, and manages non-performing assets and equity. China Cinda Asset Management also provides consulting, investment, financial, and risk management services to individuals and businesses.

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China Cinda Asset Management (1359 HK)

HK/CHINA: China Cinda Asset Management a Beneficiary of AMC Restructuring

The MOF announced that it is selling its shares in AMCs to China's sovereign wealth fund. This sale as well as recently announced monetary...

David Mudd

HONG KONG ALPHA PORTFOLIO (December 2024)

Hong Kong Alpha porfolio returned 5.29% in December and has outperformed Hong Kong indexes by 10% to 14% since its inception on 10/01/24.The...

David Mudd

HONG KONG ALPHA PORTFOLIO - Introduction

We have launched a Hong Kong portfolio with the aim to outperform HK indexes and generate alpha. Stocks are chosen from those highlighted in our...

David Mudd

HONG KONG ALPHA PORTFOLIO (November 2024)

Hong Kong Alpha portfolio continues to outperform during the market correction in HK/China stocks. We continue to like the consumer discretionary...

David Mudd

WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: US$1bn to Trade

There are 370 adds/257 deletes for the WisdomTree Emerging Markets SmallCap Dividend Index. Round-trip trade is around US$1bn. There is big impact...

Brian Freitas

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