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.

Credit

<ul>
<li>In the US, the September preliminary durable goods orders fell 0.8% m-o-m (-1.0% e / -0.8% revised p), mainly driven by a decline in bookings for commercial aircraft.</li>
<li>Durable goods orders (excluding transportation) rose 0.4% (-0.1% e / 0.6% revised p).</li>
<li>Separately, the October final University of Michigan consumer sentiment index climbed for the third consecutive month to 70.5 (69.0 e / 70.1 p). </li>
</ul>


In the US, the September preliminary durable goods orders fell 0.8% m-o-m (-1.0% e / -0.8% revised p), mainly driven by a decline in bookings for commercial aircraft.
Durable goods orders (excluding transportation) rose 0.4% (-0.1% e / 0.6% revised p).
Separately, the October final University of Michigan consumer sentiment index climbed for the third consecutive month to 70.5 (69.0 e / 70.1 p). 


<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.CIFI HoldingsVedanta Resources

Morning Views Asia: CIFI Holdings, Vedanta Resources

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>Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.</li>
<li>Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.</li>
<li>Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.</li>
</ul>


Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.
Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.
Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.


Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to the sources</li>
</ul>


This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to the sources


China Property Developers In Distress - Weekly News & Announcements Tracker | Jan 31- Feb 6, 2025

China Property Developers In Distress - Weekly News & Announcements Tracker | Jan 17-23, 2025

China

CIFI Holdings Group Co Ltd. is a real estate development company. The Company develops hotels and residential properties in China.

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CIFI Holdings (884 HK)

Lucror Analytics - Morning Views Asia

In the US, the September preliminary durable goods orders fell 0.8% m-o-m (-1.0% e / -0.8% revised p), mainly driven by a decline in bookings for...

Lucror Analytics

Morning Views Asia: CIFI Holdings, Vedanta Resources

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

China Macro: Sector Positioning Update

Sector positioning among active China Funds. Industrials and Consumer Staples Remain Top Overweights, Energy shows signs of a turnaround, whilst...

Steven Holden

China Property Developers In Distress - Weekly News & Announcements Tracker | Jan 31- Feb 6, 2025

This note is a weekly (Jan 31 - Feb 6, 2025; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

China Property Developers In Distress - Weekly News & Announcements Tracker | Jan 17-23, 2025

This note is a weekly (Jan 17-23, 2025; select weeks on SK) curated selection of Chinese news articles and company announcements focused on...

Robert Ciemniak

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52-week Range

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