In today’s briefing:
- Global Banks: Positioning Deep Dive
- Japan Weekly | Advantest, Ibiden, Kawasaki Heavy, SK Kaken, NCHD
- Asia Ex-Japan Energy: Stalled Recovery
Global Banks: Positioning Deep Dive
- Among active Global equity funds, exposure to Banking stocks is at the lower end of the decade long range
- Over the last 6-months, Banks experienced the largest drop in average fund weight of -0.4%, suffered fund outflows of $-1.98bn and had 40 more sellers than buyers over the period.
- The failure of SVB Financial, First Republic and Signature Bank has effected sentiment in US Banks, but elsewhere we see strong momentum in Singaporean Banks, Indonesian Banks and Indian Banks.
Japan Weekly | Advantest, Ibiden, Kawasaki Heavy, SK Kaken, NCHD
- It was a relatively quiet week for the broader index. However, there was a big sector shift towards tech and AI winners.
- Japanese Heavy Equipment makers have technologies that will be in demand for decades. KHI trades below book.
- As we head into AGM season, we take a look at interesting activist campaigns.
Asia Ex-Japan Energy: Stalled Recovery
- The recovery in Energy allocations among Asia Ex-Japan funds has stalled, and has started to reverse
- Selling in Reliance Industries (RIL IN), Offshore Oil Engineering A (600583 CH) and CNOOC Ltd (883 HK) were the key drivers behind the move
- Versus the iShares MSCI AAJX ETF, Energy is the largest sector underweight alongside Materials and Utilities, with managers overweight the Consumer sectors and Information Technology.
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