Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Change in strategy by the Chinese authorities mean this is more than a trade</li>
<li>Sentiment, valuations and positioning are still supportive despite the rally</li>
<li>Overbought conditions in the very short-term and the technical picture is mixed </li>
</ul>


Change in strategy by the Chinese authorities mean this is more than a trade
Sentiment, valuations and positioning are still supportive despite the rally
Overbought conditions in the very short-term and the technical picture is mixed 


<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


September Themes and Thematic Portfolio Review

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>China announces a barrage of  fiscal and monetary stimulus plans</li>
<li>New LDP leader and Japan Prime Minister impacts the markets</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
China announces a barrage of  fiscal and monetary stimulus plans
New LDP leader and Japan Prime Minister impacts the markets


Overview #10 -China Knocks It Out of the Park

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>Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023</li>
<li>As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves </li>
<li>TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts</li>
</ul>


Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023
As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves 
TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts


Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Thematic (Sector/Industry)

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>We take a look at how some of the markets we focus on reacted to the aftermath of the Federal Reserve Decision.</li>
<li>China is watching key levels on the Shanghai Composite Index</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
We take a look at how some of the markets we focus on reacted to the aftermath of the Federal Reserve Decision.
China is watching key levels on the Shanghai Composite Index


Japan

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

TSE Tokyo Price Index TOPIX (TPX INDEX)

Examining the Bear Case for China

Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...

Rikki Malik

September Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Overview #10 -China Knocks It Out of the Park

A review of recent events/data impacting our investment themes and outlook. We look at the implications of the China stumulus package and Japan's...

Rikki Malik

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Overview #9 Fallout from the Fed

A review of recent events/data impacting our investment themes and outlook. We look at the usual suspects of Gold, the JPY, Topix and the Hang...

Rikki Malik

Examining the Bear Case for China

​Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...

Rikki Malik

September Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Overview #10 -China Knocks It Out of the Park

A review of recent events/data impacting our investment themes and outlook. We look at the implications of the China stumulus package and Japan's...

Rikki Malik

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Overview #9 Fallout from the Fed

A review of recent events/data impacting our investment themes and outlook. We look at the usual suspects of Gold, the JPY, Topix and the Hang...

Rikki Malik

Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...