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

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

Quiddity Advisors

Event-Driven

TSE Tokyo Price Index TOPIX / Event-Driven

<ul>
<li>Last year, the GPIF as a whole returned 22.67% in yen terms. As a whole, GPIF outperformed its benchmarks by 0.04% after paying 0.02% in fees and costs.</li>
<li>GPIF traded ¥30trln of assets - relatively high turnover for a fund which espouses very low turnover - but there's a reason for that. There were also sharp active/passive moves.</li>
<li>This year is the last year in the "cycle" of the "old" Policy Allocation Framework. A new one is likely to be introduced this year.</li>
</ul>


Last year, the GPIF as a whole returned 22.67% in yen terms. As a whole, GPIF outperformed its benchmarks by 0.04% after paying 0.02% in fees and costs.
GPIF traded ¥30trln of assets - relatively high turnover for a fund which espouses very low turnover - but there's a reason for that. There were also sharp active/passive moves.
This year is the last year in the "cycle" of the "old" Policy Allocation Framework. A new one is likely to be introduced this year.


Fy23 GPIF Results and Portfolio Changes - Outlook for FY24