In today’s briefing:
- Index Rebalance & ETF Flow Recap: MSCI, TOPIX, KT/SKT, GoTo, Yangzijiang, Emperador, SK Shieldus
- Fiduciary Management Large Cap Equity Q1 2022 Investment Letter
- Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas
- Fiduciary Management International Equity Q1 2022 Investment Letter
Index Rebalance & ETF Flow Recap: MSCI, TOPIX, KT/SKT, GoTo, Yangzijiang, Emperador, SK Shieldus
- The review period for the MSCI May SAIR starts on Monday, 18 April and will run for 10 trading days, though MSCI usually selects one of the first five days.
- GoTo (GOTO IJ) listed during the last week and could be a Fast Entry to the IDX indices. The Yangzijiang Shipbuilding (YZJSGD SP) spinoff has index implications.
- Relatively large inflows into China focused ETFs during the week, while there were outflows from Korea focused ETFs.
Fiduciary Management Large Cap Equity Q1 2022 Investment Letter
- The war has already had impacts on commodities, intermediate products, and the supply chain.
- If higher interest rates and inflation characterize the landscape for the next several years, it likely spells the end of the era of unbridled speculation and high multiples.
Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas
- There are 35 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals this week: WT Microelectronics (3036 TT)‘s tilt for Excelpoint Technology (EXLP SP); Bain’s MBO for Tri Stage Inc (2178 JP).
- Key updates took place for: Toyo Construction (1890 JP), Uniti Group Ltd (UWL AU), Western Areas (WSA AU), and Suchuang Gas Corp (1430 HK).
Fiduciary Management International Equity Q1 2022 Investment Letter
- FMI’s equity investing strategies apply a value discipline, with a focused approach firmly rooted in fundamental research.
- The FMI International portfolios’ exposure to Russia and Ukraine is quite limited, with no direct investments in either country.
Before it’s here, it’s on Smartkarma