In today’s briefing:
- China & HK: Underowned?
- Shorts Update: The Strongest Short Activity Seen in Semis, Telecom Equipment and Home Improvement.
- CX Daily: After China’s Covid U-Turn, A ‘Tsunami’ Of Infected Strip Bare Pharmacy Shelves
China & HK: Underowned?
- Over three quarters of Global equity managers are underweight China. Average weights sit at the bottom of the 10 year range, with 18% of funds holding no exposure at all.
- Continued rotation over the last 6-months. Within Asia, Japan has taken the lead as the key exposure, whilst Global funds prefer European countries as their main overweight positions.
- Tencent owned by 22% of funds, Alibaba by just 18%. China re-opening/COVID relaxation places Global funds vulnerable to outperformance.
Shorts Update: The Strongest Short Activity Seen in Semis, Telecom Equipment and Home Improvement.
- The market value of short interest decreased by -6.0% ($-45.5) billion over the past 30 days. Net new active shorting decreased by $14.3 bn.
- The strongest short activity was seen in Semis, Telecom Equipment and Home Improvement. The most short covering was seen in Packaged Software, Autos and Banks.
- Consumer Durables, Non-Energy Minerals and Distribution Services have the highest short interest to shares outstanding.
CX Daily: After China’s Covid U-Turn, A ‘Tsunami’ Of Infected Strip Bare Pharmacy Shelves
- Covid-19 /: After China’s Covid U-turn, a ‘tsunami’ of infected strip bare pharmacy shelves
- Economy /: China’s economy won’t get back to normal until ‘wartime’ Covid controls end, expert says
- Hong Kong /: Hong Kong plans to reopen border with mainland in weeks
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