Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>Indices were rebalanced in the closing auction last week Thursday.</li><li>Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).</li><li>Turnover at the November rebalance was R40.6bn. </li></ul>

Indices were rebalanced in the closing auction last week Thursday.Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).Turnover at the November rebalance was R40.6bn. 

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

<ul><li>Naspers and Prosus reported H1 FY24 results last week Wednesday before the open.</li><li>No major surprises, all three discounts closed slightly lower. We see room for further narrowing as the consolidated ecommerce businesses approach profitability ahead of the initial target.</li><li>Prosus is still trading below the value of its Tencent stake.</li></ul>

Naspers and Prosus reported H1 FY24 results last week Wednesday before the open.No major surprises, all three discounts closed slightly lower. We see room for further narrowing as the consolidated ecommerce businesses approach profitability ahead of the initial target.Prosus is still trading below the value of its Tencent stake.

NPN X PRX Discount Update + Key Takeaways H1 FY24 Results

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>EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.</li>
<li>Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.</li>
<li>Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.</li>
</ul>


EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.
Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.
Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.


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>The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China (MCHI-US), and China Internet (KWEB-US).</li>
<li>Is this just another bear market rally, or will indexes are able to make a higher low and start a new bull market? Either way, it's a start.</li>
<li>We highlight attractive stocks from a bottoms-up perspective, spanning several Sectors. Over half hail from Japan, where the TOPIX Small index is reversing its downtrend.</li>
</ul>


The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China (MCHI-US), and China Internet (KWEB-US).
Is this just another bear market rally, or will indexes are able to make a higher low and start a new bull market? Either way, it's a start.
We highlight attractive stocks from a bottoms-up perspective, spanning several Sectors. Over half hail from Japan, where the TOPIX Small index is reversing its downtrend.


Cautiously Optimistic Following Downtrend Reversals; Japan Continues to Lead; Bottoms-Up Stock Rec's

Cross Asset Strategy

<ul>
<li>South African allocations have fallen to record lows among active GEM investors.  Over the last 6-months, weights have fallen by 0.77% to just 2.82% after fund outflows of $2.78bn.</li>
<li>Naspers was the driver following the Prosus exchange offer.  28 of the 126 pre-existing holders of Naspers sold down their positions , totalling $2.45bn in combined outflows</li>
<li>Strip out Naspers and South Africa looks to be bottoming out.  Selected stocks are starting to attract interest from active EM managers, led by FirstRand, MTN and Capitec.</li>
</ul>


South African allocations have fallen to record lows among active GEM investors.  Over the last 6-months, weights have fallen by 0.77% to just 2.82% after fund outflows of $2.78bn.
Naspers was the driver following the Prosus exchange offer.  28 of the 126 pre-existing holders of Naspers sold down their positions , totalling $2.45bn in combined outflows
Strip out Naspers and South Africa looks to be bottoming out.  Selected stocks are starting to attract interest from active EM managers, led by FirstRand, MTN and Capitec.


Naspers Drives South Africa Positioning to All-Time Lows, but Bright Spots Emerge

South Africa

Standard Bank Group Limited is an African integrated financial services group offering a full range of banking and related financial services. The Bank provides services in transactional banking, saving, borrowing, lending, investment, insurance, risk management, wealth management, and advisory services.

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Standard Bank (SBK SJ)

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

Indices were rebalanced in the closing auction last week Thursday. Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing...

DMA

NPN X PRX Discount Update + Key Takeaways H1 FY24 Results

Naspers and Prosus reported H1 FY24 results last week Wednesday before the open. No major surprises, all three discounts closed slightly lower.

DMA

EMEA Financials: Uneven Recovery

EMEA Financials are the largest Regional Sector underweight in global EM. Moderate but uneven recovery underway, with buying in Greece, Saudi,...

Steven Holden

Cautiously Optimistic Following Downtrend Reversals; Japan Continues to Lead; Bottoms-Up Stock Rec's

The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China $MCHI, and...

Vermilion Research

Naspers Drives South Africa Positioning to All-Time Lows, but Bright Spots Emerge

Heavy selling in Naspers has driven South Africa exposure to record lows following the Prosus exchange offer. EM active managers turn instead to...

Steven Holden

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