Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>Crypto markets are at their most volatile when liquidity is low.</li><li>Prices have less support to both the downside and the upside, which could explain BTC’s rapid +17% surge since the start of the month.</li><li>Liquidity has also become a hot topic in traditional financial markets as the banking sector reels from several high-profile collapses.</li></ul>

Crypto markets are at their most volatile when liquidity is low.Prices have less support to both the downside and the upside, which could explain BTC’s rapid +17% surge since the start of the month.Liquidity has also become a hot topic in traditional financial markets as the banking sector reels from several high-profile collapses.

Marketing Director, Asia Frontier Capital

Asia Frontier Capital

Marketing Director

Investing in high growth Asian frontier economies.

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

Cross Asset Strategy

<ul><li>The AFC Iraq Fund Class D shares returned +23.3% in February 2023 with a NAV of USD 833.91, underperforming its benchmark, the Rabee Securities RSISX USD Index (RSISUSD index), which gained 25.0% during the month.</li><li>The fund is up 22.6% year to date versus 18.8% for the index. Since inception, the fund has lost 16.6% while the RSISUSD index is down 37.6%.</li><li>The performance of the fund and the index were positively affected by two crucial decisions taken by the Central Bank of Iraq (CBI).</li></ul>

The AFC Iraq Fund Class D shares returned +23.3% in February 2023 with a NAV of USD 833.91, underperforming its benchmark, the Rabee Securities RSISX USD Index (RSISUSD index), which gained 25.0% during the month.The fund is up 22.6% year to date versus 18.8% for the index. Since inception, the fund has lost 16.6% while the RSISUSD index is down 37.6%.The performance of the fund and the index were positively affected by two crucial decisions taken by the Central Bank of Iraq (CBI).

AFC Iraq Fund Enjoys a Surprise Boost - Asia Frontier Capital (AFC) - February 2023 Update

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>The HSCEI 2023 dividend futures have moved up over the last few months though there was a sharp move lower in the last couple of weeks.</li>
<li>With results and dividends scheduled to be announced in the next few weeks, we take a look at the fair value estimate for the 2023 dividend futures.</li>
<li>We also list out the things to watch for over the next few weeks and months that could impact the 2023 dividend futures and the 2023/24 dividend steepener.</li>
</ul>


The HSCEI 2023 dividend futures have moved up over the last few months though there was a sharp move lower in the last couple of weeks.
With results and dividends scheduled to be announced in the next few weeks, we take a look at the fair value estimate for the 2023 dividend futures.
We also list out the things to watch for over the next few weeks and months that could impact the 2023 dividend futures and the 2023/24 dividend steepener.


HSCEI Dividend Futures: Fair Value Estimates as Result Season Looms

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

FX & Rates

<ul>
<li>Our Dollar'O'Meter hints of further USD weakness on the cards in coming months</li>
<li>Relative liquidity, relative inflation and relative forward interest rates suggest a weaker USD</li>
<li>The outlook for the USD is a bit more muddy in H2-2023, but we remain negative for now</li>
</ul>


Our Dollar'O'Meter hints of further USD weakness on the cards in coming months
Relative liquidity, relative inflation and relative forward interest rates suggest a weaker USD
The outlook for the USD is a bit more muddy in H2-2023, but we remain negative for now


Dollar'O’Meter - Continued USD Weakening Ahead Based on Our Probability Weighted Models

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

<ul>
<li>At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.</li>
<li>USDCNH has delivered a most positive response to key Fibonacci support at 6.7143. February has the potential to confirm a renewed and sustainable multi-month uptrend.</li>
<li>A February month end close above 6.9213 will provide such confirmation and target 7.10/7.20 on a multi-month basis.</li>
</ul>


At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
USDCNH has delivered a most positive response to key Fibonacci support at 6.7143. February has the potential to confirm a renewed and sustainable multi-month uptrend.
A February month end close above 6.9213 will provide such confirmation and target 7.10/7.20 on a multi-month basis.


USDCNH: What Month End Close Will Confirm a Sustainable Multi-Month Uptrend with a 7.10/7.20 Target?

United States

The US dollar is the official currency of the United States of America.

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USD (USD CURNCY)

The State of Liquidity in Crypto Markets

Prices have less support to both the downside and the upside, which could explain BTC’s rapid +17% surge since the start of the month.

Kaiko

AFC Iraq Fund Enjoys a Surprise Boost - Asia Frontier Capital (AFC) - February 2023 Update

The fund is up 22.6% year to date versus 18.8% for the index. Since inception, the fund has lost 16.6% while the RSISUSD index is down 37.6%.

Asia Frontier Capital

HSCEI Dividend Futures: Fair Value Estimates as Result Season Looms

HSCEI constituents will declare 2022 results and dividends in the next few weeks. 2023 div futures are trading around fair, but there could be...

Brian Freitas

Dollar'O’Meter - Continued USD Weakening Ahead Based on Our Probability Weighted Models

What is the USD outlook given current liquidity gauges and economic conditions around the globe, you ask? Well that is why we have the $'O’Meter...

Steno Research

USDCNH: What Month End Close Will Confirm a Sustainable Multi-Month Uptrend with a 7.10/7.20 Target?

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT

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