Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Thematic (Sector/Industry)

<ul><li>I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.</li><li>But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.</li><li>Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets</li></ul>

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Cross Asset Strategy

<ul><li>Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.</li><li>Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.</li><li>In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.</li></ul>

Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.

Adventurous Investing For Grown Ups, The Adventurous Investor

Adventurous Investor

Adventurous Investing For Grown Ups

The Adventurous Investor

Introducing private investors to adventurous investment ideas. What does this mean in practice? I’d identify several core themes: Exchange-traded funds (ETFs) both in the US and the UK. I’ll look both at the theory underlying these very popular funds as well as the constant stream of new launches. I’ll also feature some model portfolios, with a simple mix of ETFs to suit all tastes. Alternative investment ideas. This is a deliberately wide brief but takes in everything from real asset-backed funds (property and infrastructure for instance) through to music and art…and most things in between. I’ll also journey on adventures overseas and look at alternative emerging and frontier countries and markets that should feature in your portfolio. From Russia to Africa and plenty of exciting places in between. For a UK audience I will also continue to regularly analyze and comment on the listed closed-end fund segment and investment trusts. Last but by no means least I’ll try and make sense of the big macro stories that impact investors. I’ll also weave into this my own slightly idiosyncratic views which I’m afraid mark me out as a liberal/ social-democratic inclined centrist Dad (which is I fear sometimes seen as a tag of shame in these radicalized days).

<ul><li>34 years since the Nikkei 225 broke through the 37,000 level</li><li>41% per cent of Tokyo Prime companies have confirmed they will address undervaluation</li><li>26 MBO announcements in 2023 – the highest for a decade</li></ul>

34 years since the Nikkei 225 broke through the 37,000 level41% per cent of Tokyo Prime companies have confirmed they will address undervaluation26 MBO announcements in 2023 – the highest for a decade

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>As bearishness prevailed, VNIndex experienced a severe decline after instantly reaching the highest daily level of 996.1 pts (-0.1% DoD) following the ATO session.</li>
<li>Considerable losses extended when selling pressure spread from Real Estates sector to other sectors.</li>
<li>After lunch, the index dropped to the lowest daily level of 969.7 pts (-2.8% DoD) at 13:05 and recovered to close at 975.2 pts (-2.2% DoD).</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


As bearishness prevailed, VNIndex experienced a severe decline after instantly reaching the highest daily level of 996.1 pts (-0.1% DoD) following the ATO session.
Considerable losses extended when selling pressure spread from Real Estates sector to other sectors.
After lunch, the index dropped to the lowest daily level of 969.7 pts (-2.8% DoD) at 13:05 and recovered to close at 975.2 pts (-2.2% DoD).

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,611/1,630 points and the support at 1,600/1,592 points.</li><li>We suggest trading buy on SAWAD, CBG and BGRIM.</li><li>Technically, the index is likely to move up to test the major resistance at 1,611 points, and surpassing this level would lead to more buy signs.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,611/1,630 points and the support at 1,600/1,592 points.We suggest trading buy on SAWAD, CBG and BGRIM.Technically, the index is likely to move up to test the major resistance at 1,611 points, and surpassing this level would lead to more buy signs.

Japan

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

Nikkei 225 (NKY INDEX)

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.

Altay Capital

Are We Heading for a Volatility Event?

Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably...

Untying The Gordian Knot

Monday Macro – Japan in focus

34 years since the Nikkei 225 broke through the 37,000 level. 41% per cent of Tokyo Prime companies have confirmed they will address undervaluation

Adventurous Investor

Vietnam Stock Market - A Market Sell-Off

As bearishness prevailed, VNIndex experienced a severe decline after instantly reaching the highest daily level of 996.1 pts (-0.1% DoD) following...

Mirae Asset Securities

Zoom - August 9, 2022

The SET Index is expected to move sideways up, with the resistance at 1,611/1,630 points and the support at 1,600/1,592 points.

Krungthai XSpring