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

Rikki Malik

Macroeconomics

<ul>
<li>Three 25 bps rate cuts signaled for the remainder of 2024 and 175bps by the end of 2025</li>
<li>Bank of Japan, despite a rate hike  keeps monetary policy extremely accommodative</li>
<li>Reported inflation will return making sector selection in equities key</li>
</ul>


Three 25 bps rate cuts signaled for the remainder of 2024 and 175bps by the end of 2025
Bank of Japan, despite a rate hike  keeps monetary policy extremely accommodative
Reported inflation will return making sector selection in equities key


Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation

Cross Asset Strategy

<ul>
<li>“Strong” non-farm payrolls number a catalyst for another hit to commodities</li>
<li>Oil positioning is now very supportive for prices with non-commercial buying levels close to  five-year lows.</li>
<li>Copper may have more short-term downside with speculative interest still high</li>
</ul>


“Strong” non-farm payrolls number a catalyst for another hit to commodities
Oil positioning is now very supportive for prices with non-commercial buying levels close to  five-year lows.
Copper may have more short-term downside with speculative interest still high


"Wham, Bam, Thank You Ma'am" – Commodities Get Slammed

<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


Thematic (Sector/Industry)

<ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul>


Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation
The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing
US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities


Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities

<ul>
<li>Risk-Reward now skewed towards reward in the Hong Kong market.</li>
<li>Barbell strategy with both high-beta and lower volatility dividend stocks.</li>
<li>Some initial ideas included to add or start a portfolio  incorporating HK stocks.</li>
</ul>


Risk-Reward now skewed towards reward in the Hong Kong market.
Barbell strategy with both high-beta and lower volatility dividend stocks.
Some initial ideas included to add or start a portfolio  incorporating HK stocks.


2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 3

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 (2099 HK)

Price Gauge
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China Gold International Resources (2099 HK)

Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation

The Federal Reserve plans to cut rates three times in 2024 and a total of 175bps by end 2025, keeping policy accommodative. BOJ remains loose....

Rikki Malik

"Wham, Bam, Thank You Ma'am" – Commodities Get Slammed

Strong non-farm payrolls lead to a continued drop in commodities, giving opportunities in precious metals and energy, but some sectors may have...

Rikki Malik

May Themes and Thematic Portfolio Review

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

Rikki Malik

Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities

Central banks shifting towards easing despite rising inflation, sets the stage for the next inflationary wave. Commodity Prices and stocks...

Rikki Malik

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 3

The Hong Kong market offers a favorable risk-reward ratio, suggesting a barbell strategy with high-beta and low volatility dividend stocks could...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation

The Federal Reserve plans to cut rates three times in 2024 and a total of 175bps by end 2025, keeping policy accommodative. BOJ remains loose....

Rikki Malik

"Wham, Bam, Thank You Ma'am" – Commodities Get Slammed

​Strong non-farm payrolls lead to a continued drop in commodities, giving opportunities in precious metals and energy, but some sectors may have...

Rikki Malik

May Themes and Thematic Portfolio Review

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

Rikki Malik

Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities

​Central banks shifting towards easing despite rising inflation, sets the stage for the next inflationary wave. Commodity Prices and stocks...

Rikki Malik

2024 High Conviction Idea: The Case for a Rotation Out of Japan into Hong Kong - Part 3

​The Hong Kong market offers a favorable risk-reward ratio, suggesting a barbell strategy with high-beta and low volatility dividend stocks could...

Rikki Malik

Strong non-farm payrolls lead to a continued drop in commodities, giving opportunities in precious metals and energy, but some sectors may have...

Central banks shifting towards easing despite rising inflation, sets the stage for the next inflationary wave. Commodity Prices and stocks...

The Hong Kong market offers a favorable risk-reward ratio, suggesting a barbell strategy with high-beta and low volatility dividend stocks could...