Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

In this note: 1) some interesting reversals, 2) some updates on stock pick performances, 3) other updates and items of note. A few enclosures added.Of all the interesting things that happened over the last few weeks, to me, were two reversals most investors would have not gone for until they happened. Ultimately, it was a story about the market expecting key commodities to retreat, only to find the reverse.Interesting piece from Rickards last week is discussed.

In this note: 1) some interesting reversals, 2) some updates on stock pick performances, 3) other updates and items of note. A few enclosures added.Of all the interesting things that happened over the last few weeks, to me, were two reversals most investors would have not gone for until they happened. Ultimately, it was a story about the market expecting key commodities to retreat, only to find the reverse.Interesting piece from Rickards last week is discussed.

Interesting Counter-Intuitive Reversals Last Few Weeks (Breakouts…Positions…Key Notes)

Teekay Tankers Ltd Class A / Equity Bottom-Up

Teekay companies came out with a set of results. Frankly, it is not about the results but about the corporate actions and the forward indicators of corporate changes that can be done. Detailed TK updates are available from the company’s investor portal in the usual high detail. See http://teekay.com/ … I only have a few key points to make, which I think cut to the chase. Most broker coverage has focused on TK LNG or <a href="https://www.smartkarma.com/entities/21078" target="_blank" data-smartkarma-citation="entities:21078">Teekay Lng Partners Lp</a> , excepting the large recent Morgan Stanley report…

Teekay companies came out with a set of results. Frankly, it is not about the results but about the corporate actions and the forward indicators of corporate changes that can be done. Detailed TK updates are available from the company’s investor portal in the usual high detail. See http://teekay.com/ … I only have a few key points to make, which I think cut to the chase. Most broker coverage has focused on TK LNG or Teekay Lng Partners Lp , excepting the large recent Morgan Stanley report…

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is there any value to be found in an area of the fixed income markets? We show that some of the best current risk-adjusted asset allocation opportunities in any global public markets are in fixed income markets and sectors.

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is there any value to be found in an area of the fixed income markets? We show that some of the best current risk-adjusted asset allocation opportunities in any global public markets are in fixed income markets and sectors.  

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Thematic (Sector/Industry)

On Saturday, 16 January 2016, the International Atomic Energy Association (IAEA) submitted a report to the United Nations Security Council (UNSC) certifying that Iran has satisfied its obligations under the Joint Comprehensive Plan of Action (JCPOA), the agreement reached in July 2015 among Iran, the United States, China, Russia, the United Kingdom, Germany and France.1As a result, 16 January 2016 is “Implementation Day” under the JCPOA, triggering the easing of certain sanctions against Iran by the United States, European Union and United Nations Security Council.The sanctions relief creates a significant asymmetry between U.S. and non-U.S. persons in dealings with Iran: U.S. sanctions continue to prohibit U.S. nationals and companies from most Iranian activities (though non-U.S. subsidiaries of U.S. companies now are authorized to engage in most activities with Iran), while EU (and other non-U.S.) persons are now affected only by vastly reduced prohibitions and are largely (but not entirely) free from the threat of “secondary” U.S. sanctions.Below we summarize the timing and scope of the sanctions relief which now comes into effect. We will publish more detailed guidance in the coming days.

On Saturday, 16 January 2016, the International Atomic Energy Association (IAEA) submitted a report to the United Nations Security Council (UNSC) certifying that Iran has satisfied its obligations under the Joint Comprehensive Plan of Action (JCPOA), the agreement reached in July 2015 among Iran, the United States, China, Russia, the United Kingdom, Germany and France.1As a result, 16 January 2016 is “Implementation Day” under the JCPOA, triggering the easing of certain sanctions against Iran by the United States, European Union and United Nations Security Council.The sanctions relief creates a significant asymmetry between U.S. and non-U.S. persons in dealings with Iran: U.S. sanctions continue to prohibit U.S. nationals and companies from most Iranian activities (though non-U.S. subsidiaries of U.S. companies now are authorized to engage in most activities with Iran), while EU (and other non-U.S.) persons are now affected only by vastly reduced prohibitions and are largely (but not entirely) free from the threat of “secondary” U.S. sanctions.Below we summarize the timing and scope of the sanctions relief which now comes into effect. We will publish more detailed guidance in the coming days.

Implementation Day: Iran Sanctions Eased Today

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Recent analysis around a potential float of Aramco, Saudi Arabia's national oil company, has missed the mark. This is not a last, desperate, move on the part of the government, but part of a series of wider trends in the kingdom and its neighbours.

Recent analysis around a potential float of Aramco, Saudi Arabia's national oil company, has missed the mark. This is not a last, desperate, move on the part of the government, but part of a series of wider trends in the kingdom and its neighbours.

Aramco and Saudi Wealth "De-Destribution"

United States

Teekay Tankers Ltd. provides oil transportation services through a fleet of mid-size tankers, including Suezmax and Aframax crude oil tankers and Long Range 2 product tankers. The Company's vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading.

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Teekay Tankers Ltd Class A (TNK US)

Interesting Counter-Intuitive Reversals Last Few Weeks (Breakouts…Positions…Key Notes)

In this note: 1) some interesting reversals, 2) some updates on stock pick performances, 3) other updates and items of note. A few enclosures...

Charles De Trenck

Teekay's Right Hand Left Hand Shuffle

Teekay companies came out with a set of results. Frankly, it is not about the results but about the corporate actions and the forward indicators of...

Charles De Trenck

Does Fixed Income Have a Future?

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is...

ClearMacro

Implementation Day: Iran Sanctions Eased Today

On Saturday, 16 January 2016, the International Atomic Energy Association (IAEA) submitted a report to the United Nations Security Council (UNSC)...

Dechert LLP

Aramco and Saudi Wealth "De-Destribution"

Recent analysis around a potential float of Aramco, Saudi Arabia's national oil company, has missed the mark. This is not a last, desperate, move...

Emad Mostaque

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