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

Swire B Vs A - It Bounced Before, It Can Bounce Again - A 19 Year Low On the Ratio In Sight

Swire A Vs Swire B - Regulatory Nuances REALLY Matter

Swire A/B (19 HK / 87 HK) Buyback Programme - It's REALLY BIG

Swire Buyback Update - It's On, and Regulatorily Constrained

Quiddity Advisors

Event-Driven

<ul>
<li>The Swire buyback has been impressive. In 27 trading days they have bought back 26.8% of teh HK$4bn promised. In that period, participation has been aggressive.</li>
<li>Swire has bought back As at a pace of 52% of pre-buyback one-year ADV. For Bs, it has been 105%. But Bs have dramatically underperformed As on "HK Re-opening" trades.</li>
<li>Historically, when B/A gets more than 6% from 3mo Avg VWAP Ratio, there is statistically significant reversion. We are now at 6.8%. I'd buy B vs A.</li>
</ul>


The Swire buyback has been impressive. In 27 trading days they have bought back 26.8% of teh HK$4bn promised. In that period, participation has been aggressive.
Swire has bought back As at a pace of 52% of pre-buyback one-year ADV. For Bs, it has been 105%. But Bs have dramatically underperformed As on "HK Re-opening" trades.
Historically, when B/A gets more than 6% from 3mo Avg VWAP Ratio, there is statistically significant reversion. We are now at 6.8%. I'd buy B vs A.


Swire B Vs A - Surprising on Regs, Surprising on Risk; Short-Tm Displacement Now in 99th Percentile

Swire Pacific (B)

Swire B Vs A - Surprising on Regs, Surprising on Risk; Short-Tm Displacement Now in 99th Percentile