Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.</li>
<li>The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.</li>
<li>On 3/31/25 we sold <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> , <a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> , and <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a></li>
</ul>


The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.
The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.
On 3/31/25 we sold Shanghai Electric Group Company (2727 HK) , Citic Securities (H) (6030 HK) , Sands China (1928 HK) , and Sunny Optical Technology Group (2382 HK)


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

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Indian market has discounted some of the issues the country faces </li>
<li>The best performing assets in Q1 2025 continue to be our favourites</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Indian market has discounted some of the issues the country faces 
The best performing assets in Q1 2025 continue to be our favourites


Overview #21 India, Gold and the Slow Death of AI

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>More evidence emerging of a regime change in global markets</li>
<li>What is different this time around from previous bear markets</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
More evidence emerging of a regime change in global markets
What is different this time around from previous bear markets


Overview #19 – Don’t Buy the D@nm Dip!

Thematic (Sector/Industry)

<ul>
<li>Gold continues to make new highs to little, if any fanfare</li>
<li>Traditional drivers of gold like lower real rates and a weaker dollar yet to come into play</li>
<li>What does this mean for the precious metals mining sector and is it time to buy?</li>
</ul>


Gold continues to make new highs to little, if any fanfare
Traditional drivers of gold like lower real rates and a weaker dollar yet to come into play
What does this mean for the precious metals mining sector and is it time to buy?


What’s the Best-Performing Major Asset Class This Year? Hint-Its Yellow and Shiny!

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


September Themes and Thematic Portfolio Review

Canada

China Gold International Resources Corp Ltd. is a mining company focused on the exploration and development of gold projects in inner Mongolia and copper projects in Tibet Autonomous Region of China.

China Gold International Resources Corp Ltd. (CGG CN)

China Gold International Resources Corp Ltd.

Price Gauge
52-week Range	0.00 - 0.00
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China Gold International Resources Corp Ltd. (CGG CN)

HONG KONG ALPHA PORTFOLIO (March 2025)

The Hong Kong Alpha portfolio returned 0.97% in March outperforming its benchmark by 1.1%. Since inception the portfolio has outperformed Hong...

David Mudd

Overview #21 India, Gold and the Slow Death of AI

A review of recent events/data impacting our investment themes and outlook. Revisiting India, our top 2 allocations and the ongoing US bear market

Rikki Malik

Overview #19 – Don’t Buy the D@nm Dip!

A review of recent events/data impacting our investment themes and outlook. How will the incoming bear market in the US impact Asia

Rikki Malik

What’s the Best-Performing Major Asset Class This Year? Hint-Its Yellow and Shiny!

Gold is reaching new highs without much attention, traditional drivers like low real rates and a weak dollar have not impacted yet. What does this...

Rikki Malik

September Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HONG KONG ALPHA PORTFOLIO (March 2025)

The Hong Kong Alpha portfolio returned 0.97% in March outperforming its benchmark by 1.1%. Since inception the portfolio has outperformed Hong...

David Mudd

Overview #21 India, Gold and the Slow Death of AI

A review of recent events/data impacting our investment themes and outlook. Revisiting India, our top 2 allocations and the ongoing US bear market

Rikki Malik

Overview #19 – Don’t Buy the D@nm Dip!

A review of recent events/data impacting our investment themes and outlook. How will the incoming bear market in the US impact Asia

Rikki Malik

What’s the Best-Performing Major Asset Class This Year? Hint-Its Yellow and Shiny!

​Gold is reaching new highs without much attention, traditional drivers like low real rates and a weak dollar have not impacted yet. What does this...

Rikki Malik

September Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Gold is reaching new highs without much attention, traditional drivers like low real rates and a weak dollar have not impacted yet. What does this...