Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Fy23 GPIF Results and Portfolio Changes - Outlook for FY24

Quiddity Advisors

Event-Driven

TSE Tokyo Price Index TOPIX / Event-Driven

<ul>
<li>A Bloomberg article mid-day suggested Japan's Ministry of Health, Labour and Welfare proposed a new "wage growth +1.9%" (vs 1.7% now) return bogey for the US$1.7trln Government Pension Investment Fund. </li>
<li>The GPIF is conducting its quinquennial review to assess markets, long-term prospects, correlations, etc, to set a CAPM asset allocation mix to meet the bogey.</li>
<li>The combination of higher USDJPY, Japan inflation, wider valuation spreads, and the prospect of higher yen rates suggests the review might result in lower yen bond allocs, higher equity allocs.</li>
</ul>


A Bloomberg article mid-day suggested Japan's Ministry of Health, Labour and Welfare proposed a new "wage growth +1.9%" (vs 1.7% now) return bogey for the US$1.7trln Government Pension Investment Fund. 
The GPIF is conducting its quinquennial review to assess markets, long-term prospects, correlations, etc, to set a CAPM asset allocation mix to meet the bogey.
The combination of higher USDJPY, Japan inflation, wider valuation spreads, and the prospect of higher yen rates suggests the review might result in lower yen bond allocs, higher equity allocs.


Circumstances and GPIF Noises Could Mean Higher Equity Allocations In March 2025