Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.</li>
<li>Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.</li>
<li>TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.</li>
</ul>


Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.
Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.
TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.


Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Taiwan Semiconductor (TSMC) - ADR / Technical Analysis

<ul>
<li>TSMC US ADR (TSM) squeeze higher still has a dip and rally sequence to work into a top. USD low due in December and will form a top near 87/88.</li>
<li>We are keen to buy a pullback for a minor new high but the bigger trade is to short near the 88/90 resistance.</li>
<li>Global cycle peak and USD bottoming in December is a key input. TSMC's macro trend remains down.</li>
</ul>


TSMC US ADR (TSM) squeeze higher still has a dip and rally sequence to work into a top. USD low due in December and will form a top near 87/88.
We are keen to buy a pullback for a minor new high but the bigger trade is to short near the 88/90 resistance.
Global cycle peak and USD bottoming in December is a key input. TSMC's macro trend remains down.


Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

Senior Equity Derivatives Trader

Simon Harris

Event-Driven

Taiwan Semiconductor (TSMC) - ADR / Event-Driven

<ul>
<li>Stock has suffered this year (-47% YTD) with rising geopolitcal tensions and slowing global economy</li>
<li>Berkshire Hathaway is betting on a recovery in the stock with their $4.1bn stake</li>
<li>We look at the options market to identify some trades</li>
</ul>


Stock has suffered this year (-47% YTD) with rising geopolitcal tensions and slowing global economy
Berkshire Hathaway is betting on a recovery in the stock with their $4.1bn stake
We look at the options market to identify some trades


EQD | TSMC (TSM US): Buffet Is Betting on Long Term Upside - We Look at the Options Market for Ideas

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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Ownership in Alibaba Group Holdings is on the rise among active Greater China managers. </li>
<li>Stock price below $100 a catalyst for active Greater China managers to buy back in, with Invesco, JP Morgan and E Fund among those opening positions</li>
<li>Alibaba remains well behind both TSMC and Tencent on an average weight basis and is the 2nd largest underweight in the Greater China region.</li>
</ul>


Ownership in Alibaba Group Holdings is on the rise among active Greater China managers. 
Stock price below $100 a catalyst for active Greater China managers to buy back in, with Invesco, JP Morgan and E Fund among those opening positions
Alibaba remains well behind both TSMC and Tencent on an average weight basis and is the 2nd largest underweight in the Greater China region.


Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.

Vincent Fernando, CFA

TSM Finessing a Top

TSMC US ADR (TSM) squeeze higher still has a dip and rally sequence to work into a top. USD low due in December and will form a top near 87/88.

Thomas Schroeder

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

EQD | TSMC (TSM US): Buffet Is Betting on Long Term Upside - We Look at the Options Market for Ideas

A look at TSMC (TSM US) and the recent Berkshire Hathaway announcement. We look at the derivatives market to identify 3 potential trades.

Simon Harris

Alibaba (BABA US): Fighting Back

Ownership in Alibaba Group Holdings is on the rise among active Greater China managers. . Stock price below $100 a clear catalyst for managers to...

Steven Holden

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