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

Renesas (6723 JP) ANOTHER Clean-Up Block Trade as Hitachi/NEC Exit

Renesas (6723 JP): Two More Strategic Acquisitions

Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec

Renesas - Good Results, Great Cashflow, Another Buyback, But Drift.

A Bull Investment Case for TSMC (Summary Version)

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>INCJ made a lot of money on <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> over the years and arguably did a great job helping the firm change direction. Now they are out.</li>
<li>Last night they <a href="https://www.incj.co.jp/newsroom/PressRelease_INCJ_Renesas_20231109.pdf" target="_blank" rel="noopener">launched</a> a block sale through JPM and Bof A for 130.2317mm shares. They <a href="https://www.incj.co.jp/newsroom/PressRelease_INCJ_Renesas_20231110.pdf" target="_blank" rel="noopener">priced</a> the heavily-oversubscribed deal at a discount of 8% or ¥2143/share. </li>
<li>That's a big discount (so bad broking) for such oversubscription on a clearly-flagged deal but now they are out. </li>
</ul>


INCJ made a lot of money on Renesas Electronics (6723 JP) over the years and arguably did a great job helping the firm change direction. Now they are out.
Last night they launched a block sale through JPM and Bof A for 130.2317mm shares. They priced the heavily-oversubscribed deal at a discount of 8% or ¥2143/share. 
That's a big discount (so bad broking) for such oversubscription on a clearly-flagged deal but now they are out. 


Renesas Clean-Up Block Trade - Overhang Out of The Way And Time To Own Again