Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Wingtech sells ODM assets to Luxshare as they shift focus towards semiconductors, a strategic move for the Apple supplier.</li><li>India's PLI scheme falls short of goals, prompting a shift towards offering factory subsidies instead to incentivize growth in the industry.</li><li>Taiwan's IPC industry feels the impact of US tariffs, while Foxconn remains tight-lipped on potential collaboration with Mitsubishi Motors.</li></ul>

Wingtech sells ODM assets to Luxshare as they shift focus towards semiconductors, a strategic move for the Apple supplier.India's PLI scheme falls short of goals, prompting a shift towards offering factory subsidies instead to incentivize growth in the industry.Taiwan's IPC industry feels the impact of US tariffs, while Foxconn remains tight-lipped on potential collaboration with Mitsubishi Motors.

Tech Supply Chain Tracker (22-Mar-2025): Wingtech sells ODM assets to Luxshare.

<ul><li>Foxconn chairman emphasizes collaboration with Nissan, denies interest in takeover, focusing on their partnership.</li><li>SMIC targets automotive growth, facing competition in China's chip market, seeking to expand market share.</li><li>Microip sees 489% revenue growth post-CES success, expanding 'designless' strategy, fueling January success.</li></ul>

Foxconn chairman emphasizes collaboration with Nissan, denies interest in takeover, focusing on their partnership.SMIC targets automotive growth, facing competition in China's chip market, seeking to expand market share.Microip sees 489% revenue growth post-CES success, expanding 'designless' strategy, fueling January success.

Tech Supply Chain Tracker (13-Feb-2025): Foxconn chair denies Nissan takeover, focuses on collaboration.

<ul><li>UMC Singapore fab is in the process of moving in new equipment to enhance its production capabilities.</li><li>Japan has a target of manufacturing 12 million software-defined vehicles by the year 2030.</li><li>India continues to enforce import restrictions on IT products, impacting the sector's growth and development. Power HV brings advanced technology to transformer monitoring in the energy industry for increased reliability.</li></ul>

UMC Singapore fab is in the process of moving in new equipment to enhance its production capabilities.Japan has a target of manufacturing 12 million software-defined vehicles by the year 2030.India continues to enforce import restrictions on IT products, impacting the sector's growth and development. Power HV brings advanced technology to transformer monitoring in the energy industry for increased reliability.

Tech Supply Chain Tracker (23-May-2024): UMC begins move-in at Singapore fab.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

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

Thematic (Sector/Industry)

<ul>
<li>Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.</li>
<li>A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.</li>
<li>Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.</li>
</ul>


Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.
A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.
Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.


Global Autos:  Falling Investor Confidence

Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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Nissan Motor (7201 JP)

Tech Supply Chain Tracker (22-Mar-2025): Wingtech sells ODM assets to Luxshare.

Wingtech sells ODM assets to Luxshare, PLI scheme misses goals in India, Taiwan IPC industry impacted by tariffs, Foxconn remains silent on...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (13-Feb-2025): Foxconn chair denies Nissan takeover, focuses on collaboration.

Foxconn denies interest in Nissan takeover, focusing on collaboration; SMIC targets automotive growth in response to China's chip market pressures;...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (23-May-2024): UMC begins move-in at Singapore fab.

UMC Singapore prepares for new equipment, Japan targets software-defined vehicles, India limits IT product imports, Power HV transforms transformer...

Tech Supply Chain Tracker

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Global Autos: Falling Investor Confidence

Tesla overtakes Stellantis as the most widely held Auto company. General Motors is ahead of the almost uninvestable Ford Motor Co.

Steven Holden

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52-week Range

Market Cap (USDm)

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Tech Supply Chain Tracker (22-Mar-2025): Wingtech sells ODM assets to Luxshare.

Wingtech sells ODM assets to Luxshare, PLI scheme misses goals in India, Taiwan IPC industry impacted by tariffs, Foxconn remains silent on...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (13-Feb-2025): Foxconn chair denies Nissan takeover, focuses on collaboration.

Foxconn denies interest in Nissan takeover, focusing on collaboration; SMIC targets automotive growth in response to China's chip market pressures;...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (23-May-2024): UMC begins move-in at Singapore fab.

UMC Singapore prepares for new equipment, Japan targets software-defined vehicles, India limits IT product imports, Power HV transforms transformer...

Tech Supply Chain Tracker

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Global Autos: Falling Investor Confidence

Tesla overtakes Stellantis as the most widely held Auto company. General Motors is ahead of the almost uninvestable Ford Motor Co.

Steven Holden

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...