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China A-shares Q3 2024 factor review
The third quarter ended with a bang for mainland Chinese stocks, as twin announcements from China’s central bank and top fiscal policymakers gave both foreign and domestic investors plenty to think about over an extended market holiday during China’s October Golden Week. In this insight, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, explores the shift in sentiment that sent the onshore China markets higher for the quarter, breaking down the economic implications of a renewed and forceful stimulus push, the factor drivers of Q3 equity performance, and the data investors should be looking forward to as 2024 draws to a close.
2024年11月14日
The third quarter ended with a bang for mainland Chinese stocks, as twin announcements from China’s central bank and top fiscal policymakers gave both foreign and domestic investors plenty to think about over an extended market holiday during China’s October Golden Week. In this insight, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, explores the shift in sentiment that sent the onshore China markets higher for the quarter, breaking down the economic implications of a renewed and forceful stimulus push, the factor drivers of Q3 equity performance, and the data investors should be looking forward to as 2024 draws to a close.
2024年11月14日

China A-shares Q2 2024 factor review
Going into a July meeting of top party officials at China’s Third Plenum, held once every five years, first-quarter hopes of a 2024 recovery in China’s economy had given way to macro uncertainty, as strength in manufacturing and exports served for many to highlight just how weak domestic sentiment and consumption remain. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, digs into such challenges and potential paths forward for Beijing, including our thoughts on a Third Plenum meeting that didn’t yield any policy bombshells, but still offers clues as to where investors might focus as we enter the second half ready for bargain hunting.
2024年7月29日
Going into a July meeting of top party officials at China’s Third Plenum, held once every five years, first-quarter hopes of a 2024 recovery in China’s economy had given way to macro uncertainty, as strength in manufacturing and exports served for many to highlight just how weak domestic sentiment and consumption remain. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, digs into such challenges and potential paths forward for Beijing, including our thoughts on a Third Plenum meeting that didn’t yield any policy bombshells, but still offers clues as to where investors might focus as we enter the second half ready for bargain hunting.
2024年7月29日

China A-shares Q1 2024 factor review
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月8日
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月8日

China A-shares Q4 2023 factor review
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月22日
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月22日

2024 Market Outlook – Part 2: Zoom in on China: Fiscal measures leading the way
Investors should expect a better return in Chinese equities in 2024 after three consecutive negative yearly return. Indeed, it is the first time that China stock market has recorded an annual loss three times in a row. Slowing economy, heighted China-US bilateral relationship, strong dollar and property market slump all contributed to the disappointing performance in the past twelve months. Looking ahead, the market may offer more upside risks because of (1) stronger supportive policies rolling out to help lift economic activities and particularly the property sector, (2) geopolitical tensions tuning down with increasing dialogues between Chinese and US top government officials, (3) domestic long-term investors’ buying and foreign investors’ current significantly underweight position in Chinese equities, and (4) value emerging from the discounted share prices on both absolute and relative basis. Bamboo is a symbol of longevity in China because of its durability, strength, flexibility, and resilience. It survives in the harshest conditions, persevere and still standing tall and staying green year-round. When the storm comes, bamboo bends with the wind. With business and consumer confidence continue to recover amid the much more accommodating, easing environment, Chinese entrepreneurs and the equities market should finally be in for a year of promising growth ahead.
2023年12月17日
Investors should expect a better return in Chinese equities in 2024 after three consecutive negative yearly return. Indeed, it is the first time that China stock market has recorded an annual loss three times in a row. Slowing economy, heighted China-US bilateral relationship, strong dollar and property market slump all contributed to the disappointing performance in the past twelve months. Looking ahead, the market may offer more upside risks because of (1) stronger supportive policies rolling out to help lift economic activities and particularly the property sector, (2) geopolitical tensions tuning down with increasing dialogues between Chinese and US top government officials, (3) domestic long-term investors’ buying and foreign investors’ current significantly underweight position in Chinese equities, and (4) value emerging from the discounted share prices on both absolute and relative basis. Bamboo is a symbol of longevity in China because of its durability, strength, flexibility, and resilience. It survives in the harshest conditions, persevere and still standing tall and staying green year-round. When the storm comes, bamboo bends with the wind. With business and consumer confidence continue to recover amid the much more accommodating, easing environment, Chinese entrepreneurs and the equities market should finally be in for a year of promising growth ahead.
2023年12月17日

China A-shares Q3 2023 factor review
Surging Treasury yields and increasing anxiety over the Fed’s ‘higher for longer’ policy led global equities to ‘risk-off’ in the third quarter, though the challenge for Chinese stocks in the CSI 300 Index, down -2.9% for the quarter, remained mostly a function of negative sentiment toward China’s property market and skepticism that policymakers were doing enough to put the nation’s economic recovery back on track. Nevertheless, we saw some very positive signs in Q3, with Beijing beginning to implement targeted stimulus that, by quarter end, already appears to be bearing fruit. From a factor perspective, the new economy portfolio’s quality growth exposure is effectively levered to the upside surprises we see as significantly undervalued at this moment, while the bedrock index should continue to benefit from value and quality exposures, allowing us to identify true bargains poised for revaluation. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses third-quarter performance and outline our expectations for China’s economy and market as 2023 draws to a close.
2023年11月5日
Surging Treasury yields and increasing anxiety over the Fed’s ‘higher for longer’ policy led global equities to ‘risk-off’ in the third quarter, though the challenge for Chinese stocks in the CSI 300 Index, down -2.9% for the quarter, remained mostly a function of negative sentiment toward China’s property market and skepticism that policymakers were doing enough to put the nation’s economic recovery back on track. Nevertheless, we saw some very positive signs in Q3, with Beijing beginning to implement targeted stimulus that, by quarter end, already appears to be bearing fruit. From a factor perspective, the new economy portfolio’s quality growth exposure is effectively levered to the upside surprises we see as significantly undervalued at this moment, while the bedrock index should continue to benefit from value and quality exposures, allowing us to identify true bargains poised for revaluation. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses third-quarter performance and outline our expectations for China’s economy and market as 2023 draws to a close.
2023年11月5日

China A-shares Q2 2023 factor review
While global equities generally performed well in Q2 amidst a frenzy around A.I., sentiment toward Chinese stocks remained lacklustre as investor enthusiasm waned. That said there remained bright spots in the market that quietly outperformed - including our multi-factor China Bedrock Economy ETF which delivered YTD USD return of ~12.6% as of Aug 2nd 2023. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, reviewed the performance of various style factors during the quarter, and discusses why we see China as grossly undervalued going into the second half.
2023年7月31日
While global equities generally performed well in Q2 amidst a frenzy around A.I., sentiment toward Chinese stocks remained lacklustre as investor enthusiasm waned. That said there remained bright spots in the market that quietly outperformed - including our multi-factor China Bedrock Economy ETF which delivered YTD USD return of ~12.6% as of Aug 2nd 2023. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, reviewed the performance of various style factors during the quarter, and discusses why we see China as grossly undervalued going into the second half.
2023年7月31日

China SOEs – the journey to extract values from their re-rating and revaluation trajectory
Investors used to prefer privately owned enterprises (POEs) over state owned enterprises (SOEs) in owning Chinese equities in the past. This was under the conventional thinking that the former tends to be more efficient, growth and profit-oriented, and innovation driven, while the latter is often constrained by more bureaucracy and non-profit priorities including social responsibility, support employment and social stability, and traditional DNA that are less conducive to changes and innovations. With strong government backing and all the new government policies promoting the SOE reforms and emphasizing SOEs’ value discovery, it may be time to challenge the stereotype as there emerges a new cohort of SOEs that begs to differ and has full backing of policy makers to reinvent themselves and unlock values to commensurate their contributions to the real economy. In this article we discuss the background behind the SOE re-rating/ revaluation trade that has become popular lately, and identify the optimal way of getting the right exposure of Chinese SOEs.
2023年5月25日
Investors used to prefer privately owned enterprises (POEs) over state owned enterprises (SOEs) in owning Chinese equities in the past. This was under the conventional thinking that the former tends to be more efficient, growth and profit-oriented, and innovation driven, while the latter is often constrained by more bureaucracy and non-profit priorities including social responsibility, support employment and social stability, and traditional DNA that are less conducive to changes and innovations. With strong government backing and all the new government policies promoting the SOE reforms and emphasizing SOEs’ value discovery, it may be time to challenge the stereotype as there emerges a new cohort of SOEs that begs to differ and has full backing of policy makers to reinvent themselves and unlock values to commensurate their contributions to the real economy. In this article we discuss the background behind the SOE re-rating/ revaluation trade that has become popular lately, and identify the optimal way of getting the right exposure of Chinese SOEs.
2023年5月25日

China A-shares Q1 2023 factor review
China’s stock market rode a wave of positive sentiment on a policy shift that brought the world’s second-largest economy out of lockdown, pushing the CSI 300 Index up 4.7% for the quarter and leading to even stronger performance for strategies applying intelligent factor tilts within the bedrock economy and new economy. Even so, macro data throughout the quarter charting China’s recovery from strict zero-COVID containment measures led some investors to question the strength and sustainability of the nation’s economic rebound. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors discusses first-quarter performance and considers what the next phase of China’s reopening could mean for investors.
2023年5月17日
China’s stock market rode a wave of positive sentiment on a policy shift that brought the world’s second-largest economy out of lockdown, pushing the CSI 300 Index up 4.7% for the quarter and leading to even stronger performance for strategies applying intelligent factor tilts within the bedrock economy and new economy. Even so, macro data throughout the quarter charting China’s recovery from strict zero-COVID containment measures led some investors to question the strength and sustainability of the nation’s economic rebound. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors discusses first-quarter performance and considers what the next phase of China’s reopening could mean for investors.
2023年5月17日

US equities – the postman has rung twice
Some traders borrow the expression “the postman always rings twice” from the title of that 1981 movie. It is to make the point that markets often give investors a few opportunities to get in or get out. We believe the first time the “postman” rang already for a downtrend when the S&P 500 hit an intra-day high of 4195 in early February but it failed to sustain above the 50.0% Fibonacci retracement of the decline from January 2022 to October 2022. In this article, our Senior Advisor Say Boon Lim discusses the valuations and earning forecasts for US markets, and the “postman” may just have rung a second time when the S&P 500 was once again testing its 78.6% Fibonacci retracement resistance.
2023年4月12日
Some traders borrow the expression “the postman always rings twice” from the title of that 1981 movie. It is to make the point that markets often give investors a few opportunities to get in or get out. We believe the first time the “postman” rang already for a downtrend when the S&P 500 hit an intra-day high of 4195 in early February but it failed to sustain above the 50.0% Fibonacci retracement of the decline from January 2022 to October 2022. In this article, our Senior Advisor Say Boon Lim discusses the valuations and earning forecasts for US markets, and the “postman” may just have rung a second time when the S&P 500 was once again testing its 78.6% Fibonacci retracement resistance.
2023年4月12日

Reflections on the US cycle – inflation, rates, and asset markets
Banking failures in the US, the recent epic takeover of Credit Suisse and the wipe out of its AT1, speak volumes about the stage of the cycle in Developed Markets. In particular, they warn against underestimating the risks at this stage of the asset and economic cycles. The Fed now risks a return to 1970-1985 if it loses its nerve on rates, and it is going into battle with very little – rates are lower than at previous cyclical bottoms and inflation is higher. In this article, our Senior Advisor Say Boon Lim shares his reflections on the US cycle, inflations, rates and asset markets, and while US asset market outlook is worrying, why China is increasingly becoming a safe haven trade for investors.
2023年3月19日
Banking failures in the US, the recent epic takeover of Credit Suisse and the wipe out of its AT1, speak volumes about the stage of the cycle in Developed Markets. In particular, they warn against underestimating the risks at this stage of the asset and economic cycles. The Fed now risks a return to 1970-1985 if it loses its nerve on rates, and it is going into battle with very little – rates are lower than at previous cyclical bottoms and inflation is higher. In this article, our Senior Advisor Say Boon Lim shares his reflections on the US cycle, inflations, rates and asset markets, and while US asset market outlook is worrying, why China is increasingly becoming a safe haven trade for investors.
2023年3月19日

Q4 2022 China A-shares factor review
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月3日
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月3日

Why Bedrock Outperformed?
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月2日
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月2日

2023 Market Outlook – Part 3: ASEAN on the tailwinds of China’s reopening recovery
2023 will likely present investors with a stark economic divergence – between a West in recession and an East where growth will be boosted by recovery in China. ASEAN-5, which already enjoyed its own reopening rebound in 2022, will likely ride the tailwinds of China’s turn at a reopening recovery in the coming year. In this article, we would discuss how ASEAN-5 will likely continue to be in a sweet spot in 2023, offering some of the highest economic growth rates with relatively moderate inflation.
2022年12月11日
2023 will likely present investors with a stark economic divergence – between a West in recession and an East where growth will be boosted by recovery in China. ASEAN-5, which already enjoyed its own reopening rebound in 2022, will likely ride the tailwinds of China’s turn at a reopening recovery in the coming year. In this article, we would discuss how ASEAN-5 will likely continue to be in a sweet spot in 2023, offering some of the highest economic growth rates with relatively moderate inflation.
2022年12月11日

Q3 2022 China A-shares factor review
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月30日
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月30日