Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

ZhongAn Online P&C Insurance C / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongan-online-p-c-insurance-c" target="_blank" data-smartkarma-citation="entities:23681:1" rel="noopener">ZhongAn Online P&amp;C Insurance C (6060 HK)</a> is benefiting from the cross-selling opportunities  generated through the eco-systems of <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, its parent companies</li>
<li>Largest solely online insurance company in China with Rmb 30B gross premiums written in 2023.</li>
<li>Expertise and cross-selling from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> , another parent company with a jointly run auto insurance business.</li>
</ul>



ZhongAn Online P&amp;C Insurance C (6060 HK) is benefiting from the cross-selling opportunities  generated through the eco-systems of Alibaba Group Holding (9988 HK) and Tencent (700 HK), its parent companies
Largest solely online insurance company in China with Rmb 30B gross premiums written in 2023.
Expertise and cross-selling from Ping An Insurance (H) (2318 HK) , another parent company with a jointly run auto insurance business.


Baba's Babies: Co-Parenting Works! Zhong An Online P&C Insurance

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

Index Rebalance

ZhongAn Online P&C Insurance C / Index Rebalance

<ul>
<li>As expected, <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> replaces <a href="https://www.smartkarma.com/entities/east-buy-holding-ltd" target="_blank" data-smartkarma-citation="entities:27796:1" rel="noopener">East Buy Holding (1797 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in March.</li>
<li>In a surprise, <a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> will be added and <a href="https://www.smartkarma.com/entities/zhongan-online-p-c-insurance-c" target="_blank" data-smartkarma-citation="entities:23681:1" rel="noopener">ZhongAn Online P&amp;C Insurance C (6060 HK)</a> will be deleted.</li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is also an inclusion to the HSIII Index and HSCI Index and will be added to Southbound Stock Connect in May.</li>
</ul>


As expected, Horizon Robotics (9660 HK) replaces East Buy Holding (1797 HK) in the Hang Seng TECH Index (HSTECH INDEX) in March.
In a surprise, Tencent Music Entertainment Group (1698 HK) will be added and ZhongAn Online P&amp;C Insurance C (6060 HK) will be deleted.

Horizon Robotics (9660 HK) is also an inclusion to the HSIII Index and HSCI Index and will be added to Southbound Stock Connect in May.


HSTECH Index Rebalance: Horizon Robotics, Tencent Music Replace East Buy, ZA Online; US$2.3bn Trade

Cross Asset Strategy

<ul>
<li>Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.</li>
<li>About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.</li>
<li>At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> .</li>
</ul>


Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.
About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.
At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and Weibo (9898 HK) .


HONG KONG ALPHA PORTFOLIO (December 2024)

Shanghai Electric Group Company / Equity Bottom-Up

<ul>
<li>Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.</li>
<li>Stocks are chosen from single stock insights as well as sector and weekly publications.</li>
<li>Positions will be adjusted once a month and the cash position will vary based on market conditions.</li>
</ul>


Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.
Stocks are chosen from single stock insights as well as sector and weekly publications.
Positions will be adjusted once a month and the cash position will vary based on market conditions.


Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

PICC Property & Casualty H / Equity Bottom-Up

<ul>
<li>The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.</li>
<li>Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. </li>
<li>Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.</li>
</ul>


The insurance sector should definitely warrant more investor attention going forward as some insurance names in the region have had a very strong year in 2022.
Two key markets we view positively in 2023 are China's P&amp;C and Korea's L&amp;H insurance markets, given their favorable industry catalysts and tailwinds. 
Among all the insurance stocks in these two markets, we believe PICC P&amp;C and Samsung Life will continue to have an exciting year ahead.


APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

China

ZhongAn Online P & C Insurance Co., Ltd. operates as an insurance company. The Company develops and sells health, airline, and automotive insurance, and other products. ZhongAn Online P & C Insurance also offers online consumer finance services.

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ZhongAn Online P&C Insurance C (6060 HK)

Baba's Babies: Co-Parenting Works! Zhong An Online P&C Insurance

Zhong An Online P&C price has surged on the back of Alibaba's recent AI announcements including its deal with Apple, the launch of 6 new DeepSeek...

David Mudd

HSTECH Index Rebalance: Horizon Robotics, Tencent Music Replace East Buy, ZA Online; US$2.3bn Trade

Horizon Robotics and TME replace East Buy and Za Online. Estimated one-way turnover at the rebalance is 5.6% resulting in a round-trip trade of...

Brian Freitas

HONG KONG ALPHA PORTFOLIO (December 2024)

Hong Kong Alpha porfolio returned 5.29% in December and has outperformed Hong Kong indexes by 10% to 14% since its inception on 10/01/24.The...

David Mudd

HONG KONG ALPHA PORTFOLIO - Introduction

We have launched a Hong Kong portfolio with the aim to outperform HK indexes and generate alpha. Stocks are chosen from those highlighted in our...

David Mudd

APAC Insurers Series (#1): A Hidden Gem in This Bear Market?

China P&C and Korea L&H are two insurance markets in Asia that we view positively in 2023, thanks to the continued catalysts. PICC P&C and Samsung...

Alec Tseung

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