Henry Tang
Research Analyst
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US High-Quality Strategy: The Great SMIDs Rebound
The US High Quality (USHQ) portfolio outperformed its benchmark through June, returning -0.50%, while its SPY benchmark returned -1.37%. On a trailing three-month basis, the USHQ portfolio’s performance was weaker than the benchmark, with USHQ underperforming by approx. 205bps.
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E Pluribus Unum: From Many Factors To One
The S&P 500 has become increasingly concentrated. We know that. But the critical question is not how many stocks are driving the market; it is how many factors are driving stocks. We define an AI risk factor to test whether AI has become the dominant common exposure throughout much of the factor zoo.
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Japan, El Niño Hedges, And US Consumer Resilience
In this screener report, we explore opportunities in Japanese Non-TMT equities, El Niño hedges, and US consumer-facing equities.
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Dr. Copper, Australia, And Reinvestment-Led Technology
In this screener report, we explore opportunities in: US copper beneficiaries; Australian Materials, Energy, and Industrial stocks; and US reinvestment-led Tech stocks.
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US High-Quality Strategy: Large Caps Outperform, SMIDs Lag Throughout May
The US High Quality (USHQ) portfolio outperformed its benchmark through May, returning 3.88%, while its SPY benchmark returned 2.25%. On a trailing three-month basis, the USHQ portfolio’s performance was weaker than the benchmark, with USHQ underperforming by approx. 86bps.
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Capex Killed The Cash-Flow Star
Tech, and increasingly the market, is moving from a cash-return regime to a reinvestment regime. After the GFC, investors rewarded companies that returned cash to investors. In the AI cycle, they are rewarding companies that put that cash back to work. This is not just a story of falling free cash flow; it is the mirror image of a market rewarding reinvestment. Tech has defined both regimes, revealing the old cash-flow “stars” as sector bets masquerading as alpha.
Noah Weisberger, Rishabh Shah, Henry Tang
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Buy Inflation Risk, Supply-Constrained Tech, and Old-Economy Cyclicals
In this screener report, we explore opportunities in Inflation risk, supply-constrained Information Technology stocks, and old-economy cyclicals.
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US High-Quality Strategy: Large Caps Lag, SMIDs Lead in Market Rebound
The US High Quality (USHQ) portfolio underperformed its benchmark through April, returning 7.02%, while its SPY benchmark returned 11.55%. On a trailing three-month basis, the USHQ portfolio’s performance was weaker than the benchmark as well, with USHQ underperforming by approx. 338bps.
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Alpha Opportunities: High, Stable, And AI-Driven Margins
Based on our previous work on margins, three aspects of margins may matter to investors: their level, their variability, and their likely trend. We add two margin-themed baskets: a stock-level High & Stable vs. Low & Volatile basket and an industry-level AI-Supported vs. AI-Insulated basket.
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Alpha Opportunities: High, Stable, And AI-Driven Margins
Based on our previous work on margins, three aspects of margins may matter to investors: their level, their variability, and their likely trend. We add two margin-themed baskets: a stock-level High & Stable vs. Low & Volatile basket and an industry-level AI-Supported vs. AI-Insulated basket.