Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Buenaventura's ESG as "Adequate", in line with its Social and Governance scores, while the Environmental pillar is "Weak". Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Buenaventura's ESG as "Adequate", in line with its Social and Governance scores, while the Environmental pillar is "Weak". Controversies are "Immaterial" and Disclosure is "Adequate".

Buenaventura - ESG Report - Lucror Analytics

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>There are 2 adds and 3 deletes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in September. Plus there are capping and float changes.</li>
<li>Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The largest inflows are expected in <a href="https://www.smartkarma.com/entities/b2gold-corp-fee72de9-9219-4f08-9e4a-eff9db71e070" target="_blank" data-smartkarma-citation="entities:33420:1" rel="noopener">B2Gold Corp</a>, <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining</a> and <a href="https://www.smartkarma.com/entities/pan-american-silver-corp" target="_blank" data-smartkarma-citation="entities:25399:1" rel="noopener">Pan American Silver</a> while the largest outflows are from <a href="https://www.smartkarma.com/entities/kinross-gold-corp-4566bc5d-6053-4c59-9b54-891e37079607" target="_blank" data-smartkarma-citation="entities:33288:1" rel="noopener">Kinross Gold</a> and <a href="https://www.smartkarma.com/entities/cia-de-minas-buenaventura-saa" target="_blank" data-smartkarma-citation="entities:27674:1" rel="noopener">Cia de Minas Buenaventura SAA</a>.</li>
</ul>


There are 2 adds and 3 deletes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in September. Plus there are capping and float changes.
Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in B2Gold Corp, Evolution Mining and Pan American Silver while the largest outflows are from Kinross Gold and Cia de Minas Buenaventura SAA.


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in June but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The largest inflows are expected in <a href="https://www.smartkarma.com/entities/cia-de-minas-buenaventura-saa" target="_blank" data-smartkarma-citation="entities:27674:1" rel="noopener">Cia de Minas Buenaventura SAA (BVN US)</a>, <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a> and <a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU)</a>. </li>
</ul>


There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in June but there are a lot of float and capping changes.
Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in Cia de Minas Buenaventura SAA (BVN US), Equinox Gold (EQX US) and Red 5 Ltd (RED AU). 


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Silver hits 11-year high amidst supply-demand dynamics and geo-political uncertainty.</li>
<li>Rising industrial demand, particularly in green tech, and tightening supply forecast a sustained rally.</li>
<li>Global deficit remains substantial, forecasted to continue, while mine production declines.</li>
</ul>


Silver hits 11-year high amidst supply-demand dynamics and geo-political uncertainty.
Rising industrial demand, particularly in green tech, and tightening supply forecast a sustained rally.
Global deficit remains substantial, forecasted to continue, while mine production declines.


Silver's Record-Breaking Rally: Insights and Analysis

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We've discussed for months that we'll need to see SPX and NDX (QQQ) close below their 20-day MAs/21-dayEMAs for more than 2-3 consecutive days in order to get more cautious.</li>
<li>Today (Tuesday) marks 3 consecutive days as the DXY climbs to test major $106 resistance, and amid 10- and 30-year Treasury yields breaking above long-term resistances. Caution is warranted.</li>
<li>Still, in order for there to be a meaningful pullback, important 2-month supports that are currently being tested would need to break, including 4983-5050 on SPX and $425-$433 on QQQ.</li>
</ul>


We've discussed for months that we'll need to see SPX and NDX (QQQ) close below their 20-day MAs/21-dayEMAs for more than 2-3 consecutive days in order to get more cautious.
Today (Tuesday) marks 3 consecutive days as the DXY climbs to test major $106 resistance, and amid 10- and 30-year Treasury yields breaking above long-term resistances. Caution is warranted.
Still, in order for there to be a meaningful pullback, important 2-month supports that are currently being tested would need to break, including 4983-5050 on SPX and $425-$433 on QQQ.


The Pullback Finally Begins; SPX and NDX Testing 2-Month Supports; Market Dynamics Shifting

Peru

Compania de Minas Buenaventura S.A.A. explores for, mines, and processes gold, silver, zinc, and other metals. The Company operates mines in Peru, a lime plant, an electric power transmission company, and an engineering services company. Buenaventura also markets metal concentrates to smelters internationally.

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Cia de Minas Buenaventura SAA (BVN US)

Buenaventura - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Buenaventura's ESG as...

Lucror Analytics

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

2 adds and 3 deletes result in a 1-way turnover of 11.4% and a round-trip trade of US$1.14bn for the GDXJ. Kinross Gold is the big sell while...

Brian Freitas

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

Float and capping changes result in an estimated one-way turnover is 3.9% and that leads to a round-trip trade of US$418m. There are 17 stocks with...

Brian Freitas

Silver's Record-Breaking Rally: Insights and Analysis

Silver, soaring to an 11-year high, rides a wave of global demand fueled by supply deficits, geopolitical tensions, and surging industrial usage.

Sudarshan Bhandari

The Pullback Finally Begins; SPX and NDX Testing 2-Month Supports; Market Dynamics Shifting

The Pullback Finally Begins; $SPX and $NDX $QQQ Testing 2-Month Supports at 4983-5050 and $425-$433 (2/22/24 gap supports); Market Dynamics...

Vermilion Research

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