Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR</li>
<li>UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract</li>
<li>ASE: +13.3%; Short the Historically High Spread at the Current Level</li>
</ul>


TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR
UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract
ASE: +13.3%; Short the Historically High Spread at the Current Level


Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 1st which has an aggregated short interest worth USD68.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wiwynn, Lite-On Tech, TSMC, Shihlin Elec&amp;Eng, Evergreen Marine, Lotus.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 1st which has an aggregated short interest worth USD68.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wiwynn, Lite-On Tech, TSMC, Shihlin Elec&amp;Eng, Evergreen Marine, Lotus.


TWSE Short Interest Weekly (Mar 1st): Wiwynn, Lite-On Tech, TSMC, Shihlin Elec&Eng, Evergreen Marine

<ul>
<li>Mediatek Top Performer; Showcasing New AI Capabilities at the Mobile World Congress in Barcelona</li>
<li>Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On; Nanya Left Out?</li>
<li>Novatek (3034.TT): It Has Been Qualified by the IPhone 16 for OLED Driver IC</li>
</ul>


Mediatek Top Performer; Showcasing New AI Capabilities at the Mobile World Congress in Barcelona
Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On; Nanya Left Out?
Novatek (3034.TT): It Has Been Qualified by the IPhone 16 for OLED Driver IC


Taiwan Tech Weekly: Mediatek Surges After Showcasing Breathtaking AI Capabilities; Novatek; Nanya

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>Despite average weights falling from over 6% in 2020 to under 2% today, 73% of EM funds remain invested in Alibaba.</li>
<li>The make up of the investor base has changed, with a rotation between high growth investors (out) and Value investors (in).</li>
<li>Of the 73% of current holders, the core portfolio weight range sits between 1.5% and 3%, with the most bullish topping out at 5%+</li>
</ul>


Despite average weights falling from over 6% in 2020 to under 2% today, 73% of EM funds remain invested in Alibaba.
The make up of the investor base has changed, with a rotation between high growth investors (out) and Value investors (in).
Of the 73% of current holders, the core portfolio weight range sits between 1.5% and 3%, with the most bullish topping out at 5%+


Alibaba Group Holdings: EM Fund Positioning Update

Podcast by Magellan Asset Management, Magellan Asset Management

MAGELLAN - IN THE KNOW

Podcast by Magellan Asset Management

Magellan Asset Management

‘In The Know’ is a new monthly investment podcast brought to you by Magellan Asset Management, one of Australia’s leading global equities investors. We seek to bring you timely, unique and thought-provoking insights to help you make sense of today’s investment landscape. From deep dives into the latest macroeconomic and geopolitical issues, to our analysis on sectors and stocks on global markets. Join Magellan, as they connect with a myriad of experts in their field, including CEOs of stocks we hold, global leaders and consultants in finance, investing, risk and politics, and key members of our investment team and business. ‘In The Know’ - a monthly podcast from Magellan is worth investing your time in! Magellan - Experts in global investing.

Thematic (Sector/Industry)

<ul>
<li>Semiconductor chips are essential building blocks of innovation and technological advancements in areas such as artificial intelligence, electrification, and cloud computing.</li>
<li>The global shortage of semiconductor chips has affected industries beyond high-tech products, such as the automotive industry where chips are vital for various functions like safety features, infotainment systems, and driver assistance technologies.</li>
<li>Understanding the significance of semiconductor chips can provide valuable insights for investors looking to capitalize on opportunities in the growing semiconductor industry.</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>


Semiconductor chips are essential building blocks of innovation and technological advancements in areas such as artificial intelligence, electrification, and cloud computing.
The global shortage of semiconductor chips has affected industries beyond high-tech products, such as the automotive industry where chips are vital for various functions like safety features, infotainment systems, and driver assistance technologies.
Understanding the significance of semiconductor chips can provide valuable insights for investors looking to capitalize on opportunities in the growing semiconductor industry.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Chipping Away at the Semiconductor Market

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 1st): Wiwynn, Lite-On Tech, TSMC, Shihlin Elec&Eng, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wiwynn, Lite-On Tech, TSMC, Shihlin Elec&Eng,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Mediatek Surges After Showcasing Breathtaking AI Capabilities; Novatek; Nanya

Mediatek top performer as it debuts new AI capabilities at the Mobile World Congress; Competition hotting up for memory chips Nvidia depends on;...

Vincent Fernando, CFA

Alibaba Group Holdings: EM Fund Positioning Update

Fund managers remain committed to Alibaba despite the ongoing poor price performance. Value investors move in as Growth investors move out.

Steven Holden

Chipping Away at the Semiconductor Market

The Magellan in the Know episode discusses the growth and importance of the semiconductor industry, highlighting its role in technological...

MAGELLAN - IN THE KNOW

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE

​Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 1st): Wiwynn, Lite-On Tech, TSMC, Shihlin Elec&Eng, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wiwynn, Lite-On Tech, TSMC, Shihlin Elec&Eng,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Mediatek Surges After Showcasing Breathtaking AI Capabilities; Novatek; Nanya

​Mediatek top performer as it debuts new AI capabilities at the Mobile World Congress; Competition hotting up for memory chips Nvidia depends on;...

Vincent Fernando, CFA

Alibaba Group Holdings: EM Fund Positioning Update

Fund managers remain committed to Alibaba despite the ongoing poor price performance. Value investors move in as Growth investors move out.

Steven Holden

Chipping Away at the Semiconductor Market

The Magellan in the Know episode discusses the growth and importance of the semiconductor industry, highlighting its role in technological...

MAGELLAN - IN THE KNOW

Investors are advised to Long TSMC's Taiwan shares vs. Short the ADR, while UMC's ADR premium has flipped positive and ASE's spread is...

Mediatek top performer as it debuts new AI capabilities at the Mobile World Congress; Competition hotting up for memory chips Nvidia depends on;...