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

The Not So Rare Bird - The (Still Large) Lesser Dividend Trade

Nisshinbo/New Japan Radio Merger - Quick & Easy

2021 Nikkei 225 Rebalance: Nintendo, Murata, Keyence IN; Nisshinbo, Toyo Seikan, 'Skupper' OUT

Nisshinbo - Outperformance Achievement Unlocked - But Big Buyback Nearing End

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

The September 2021 Nikkei 225 Rebalance was the first under the new rules. It was discussed in <a href="https://www.smartkarma.com/insights/2021-nikkei-225-rebalance-nintendo-murata-keyence-in-nisshinbo-toyo-seikan-skupper-out" target="_blank" data-smartkarma-citation="insights:57008" rel="noopener">2021 Nikkei 225 Rebalance: Nintendo, Murata, Keyence IN; Nisshinbo, Toyo Seikan, 'Skupper' OUT</a> about three weeks ago when announced. The ADDITIONS and DELETIONS were announced on 6 September for implementation on 30 September at the close. There was, ex-ante, quite a bit to buy, and not a huge amount to sell from the explicit deletions, though there is a little to sell on a down-weight to the Price Adjustment Factor on <a href="https://www.smartkarma.com/entities/sompo-holdings-inc" target="_blank" data-smartkarma-citation="entities:632:1" rel="noopener">Sompo Holdings (8630 JP)</a> and there was - on an ex-ante basis - something like US$4.8bn of the other 221 names to sell. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/232/054/original/N225+Sep+2021+Adds+Deletes.png?1632731028" class="editor-image img-responsive" data-smartkarma-image-id="232054"></figure></section>That was then. Since then, we have had 13 trading days to build up new pre-positioning or unwind previous pre-positioning. And we are have a run-up to the trade on Thursday at the close. An accompanying insight will briefly discuss the OTHER delta trade which interferes with the smooth flow of this event. More below.

The September 2021 Nikkei 225 Rebalance was the first under the new rules. It was discussed in 2021 Nikkei 225 Rebalance: Nintendo, Murata, Keyence IN; Nisshinbo, Toyo Seikan, 'Skupper' OUT about three weeks ago when announced. The ADDITIONS and DELETIONS were announced on 6 September for implementation on 30 September at the close. There was, ex-ante, quite a bit to buy, and not a huge amount to sell from the explicit deletions, though there is a little to sell on a down-weight to the Price Adjustment Factor on Sompo Holdings (8630 JP) and there was - on an ex-ante basis - something like US$4.8bn of the other 221 names to sell. That was then. Since then, we have had 13 trading days to build up new pre-positioning or unwind previous pre-positioning. And we are have a run-up to the trade on Thursday at the close. An accompanying insight will briefly discuss the OTHER delta trade which interferes with the smooth flow of this event. More below.

September 2021 Nikkei 225 Rebal With 3 Days Left

Nisshinbo Holdings

September 2021 Nikkei 225 Rebal With 3 Days Left