China Bedrock Economy
A multi-factor approach to capture high quality contributors to China's real economy growth
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China A Bedrock
2803 (HKD) | 9803 (USD)
# A-shares# Smart Beta# Multi-factor# Value# LowVol# Size# Quality
China A New Economy
3173 (HKD) | 9173 (USD)
# A-shares# New Economy# NewInfrastructure# 14FYP# QualityGrowth# 2060 net-zero
Premia China STAR50 ETF
3151 (HKD) | 83151 (RMB) | 9151 (USD)
# A-shares# STAR BOARD# Semiconductor# AI# Biotech# 2060 net-zero
Asia Innovative Tech and Metaverse
3181 (HKD) | 9181 (USD)
# Smart EV# AI# Robotics# Automation# 5G# eSports# Semiconductor
Emerging ASEAN Titans
2810 (HKD) | 9810 (USD)
# Vietnam# Thailand# Malaysia# Philippines# Indonesia
MSCI Vietnam
2804 (HKD) | 9804 (USD)
# Supply Chain# Middle Income Class# Consumption Upgrade
China Government Bonds (Unhedged)
2817 (HKD) | 82817 (RMB) | 9817 (USD)
China Government Bonds (USD Hedged)
9177 (USD)
# China Bonds# Long Duration# Government Bonds# RMB# Index Inclusion# USD Hedged
China USD Property Bonds
3001 (HKD) | 83001 (RMB) | 9001 (USD)
# China Bonds# High Yield# USD# Asia Credit
US Treasury Floating Rate (Dis)
3077 (HKD) | 9077 (USD)
US Treasury Floating Rate (Acc)
9078 (USD)
# 3-month T bills# One Week Duration# Tax Efficient
China A Bedrock
2803 (HKD) | 9803 (USD)China A New Economy
3173 (HKD) | 9173 (USD)Premia China STAR50 ETF
3151 (HKD) | 83151 (RMB) | 9151 (USD)Asia Innovative Tech and Metaverse
3181 (HKD) | 9181 (USD)Emerging ASEAN Titans
2810 (HKD) | 9810 (USD)MSCI Vietnam
2804 (HKD) | 9804 (USD)China Government Bonds (Unhedged)
2817 (HKD) | 82817 (RMB) | 9817 (USD)China Government Bonds (USD Hedged)
9177 (USD)China USD Property Bonds
3001 (HKD) | 83001 (RMB) | 9001 (USD)US Treasury Floating Rate (Dis)
3077 (HKD) | 9077 (USD)US Treasury Floating Rate (Acc)
9078 (USD)FEATURED INSIGHTS & WEBINAR
The youth unemployment rate in China has been much talked about, however the phenomenon is often poorly interpreted without addressing the important nuances behind the structural, transformational and societal factors in China. In fact, the elevated unemployment rate is a transitional legacy from COVID and many countries also shared the experience of high youth unemployment. There is a lag in China’s youth unemployment data compared to western countries, given China’s relatively late reopening from the COVID pandemic. In this article, we discuss the structural factors contributing to the youth unemployment rate in China, and explain why the number will likely to decline and why the unemployed youth will be absorbed into workforce as China continues on its path of recovery.
Aug 24, 2023
The youth unemployment rate in China has been much talked about, however the phenomenon is often poorly interpreted without addressing the important nuances behind the structural, transformational and societal factors in China. In fact, the elevated unemployment rate is a transitional legacy from COVID and many countries also shared the experience of high youth unemployment. There is a lag in China’s youth unemployment data compared to western countries, given China’s relatively late reopening from the COVID pandemic. In this article, we discuss the structural factors contributing to the youth unemployment rate in China, and explain why the number will likely to decline and why the unemployed youth will be absorbed into workforce as China continues on its path of recovery.
Aug 24, 2023
In a refreshing break from the consensus of gloom surrounding China, Cambridge Associates wrote recently that the Chinese economy was not stalling. Meanwhile IMF holds steady its China GDP growth forecasts in the World Economic Outlook Update report released last week, at 5.2% for 2023 and 4.5% for 2024. In this article, our Senior Advisor Say Boon Lim shares more about why China may surprise to the upside and the appeal of Chinese equities as a relative value play.
Aug 3, 2023
In a refreshing break from the consensus of gloom surrounding China, Cambridge Associates wrote recently that the Chinese economy was not stalling. Meanwhile IMF holds steady its China GDP growth forecasts in the World Economic Outlook Update report released last week, at 5.2% for 2023 and 4.5% for 2024. In this article, our Senior Advisor Say Boon Lim shares more about why China may surprise to the upside and the appeal of Chinese equities as a relative value play.
Aug 3, 2023
The “Urban Village Redevelopment” initiatives outlined at the Politburo Meeting in July could potentially create new housing demand which is valued at over RMB 2 trillion per year and property fixed asset investment worth RMB 0.4 trillion per annum. What is urban villages, and why is it a significant development to monitor? In this article, we discuss why urban villages are an integral part of China's new phase of urbanization, and how this links up with China's smart and green city planning, and a holistic set of initiatives that roll up to building China towards its goals of building China into a high tech, modern society under the 14th Five Year Plan.
Aug 2, 2023
The “Urban Village Redevelopment” initiatives outlined at the Politburo Meeting in July could potentially create new housing demand which is valued at over RMB 2 trillion per year and property fixed asset investment worth RMB 0.4 trillion per annum. What is urban villages, and why is it a significant development to monitor? In this article, we discuss why urban villages are an integral part of China's new phase of urbanization, and how this links up with China's smart and green city planning, and a holistic set of initiatives that roll up to building China towards its goals of building China into a high tech, modern society under the 14th Five Year Plan.
Aug 2, 2023
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.
Aug 1, 2023
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.
Aug 1, 2023
The US Treasury’s recent – and ongoing – dash for cash highlights the economy’s enormous fiscal challenges. To quote Bloomberg: “The barrage of fresh Treasury bills poised to hit the market over the next few months is merely a prelude of what’s yet to come: a wave of longer-term debt sales that’s seen driving bond yields even higher. Sales of government notes and bonds are set to begin rising in August, with net new issuance estimated to top USD 1 trillion in 2023 and nearly double next year to fund a widening deficit.” On top of that, according to calculations by asset manager Horizon Kinetics and as quoted by gold fund manager Incrementum, the US will have to refinance around half of its national debt of more than USD 35 trillion by 2025. That’s a lot of debt maturities to digest in two years. In this article, our Senior Advisor Say Boon Lim cautions that even if Fed rates stabilise, the longer-term outlook for US Treasury yields would likely remain risky as persistent deficits drive up debt relative to GDP, in turn driving interest payments as a percentage of GDP up “vertically”. Indeed, the Congressional Budget Office is warning of the “risk of a fiscal crisis”.
Jul 24, 2023
The US Treasury’s recent – and ongoing – dash for cash highlights the economy’s enormous fiscal challenges. To quote Bloomberg: “The barrage of fresh Treasury bills poised to hit the market over the next few months is merely a prelude of what’s yet to come: a wave of longer-term debt sales that’s seen driving bond yields even higher. Sales of government notes and bonds are set to begin rising in August, with net new issuance estimated to top USD 1 trillion in 2023 and nearly double next year to fund a widening deficit.” On top of that, according to calculations by asset manager Horizon Kinetics and as quoted by gold fund manager Incrementum, the US will have to refinance around half of its national debt of more than USD 35 trillion by 2025. That’s a lot of debt maturities to digest in two years. In this article, our Senior Advisor Say Boon Lim cautions that even if Fed rates stabilise, the longer-term outlook for US Treasury yields would likely remain risky as persistent deficits drive up debt relative to GDP, in turn driving interest payments as a percentage of GDP up “vertically”. Indeed, the Congressional Budget Office is warning of the “risk of a fiscal crisis”.
Jul 24, 2023
With the world except for China busy taming inflation, the China “lost decade” narrative has been driving pessimism over Chinese assets in recent months. How much of this fear could be substantiated and how much of it is fear of shadows? In this article our Senior Advisor Say Boon Lim reviews this topic from multiple angles, and explains why China today is unlikely to be Japan 1990 given significant differences in labour forces, total factor productivity (TFP), government policy focus, R&D spendings, financial resources and tools available to the government as well as structural growth from urbanisation and well capitalised state-owned banks that continue to support the case for China to avoid Japan’s secular stagnation.
Jul 10, 2023
With the world except for China busy taming inflation, the China “lost decade” narrative has been driving pessimism over Chinese assets in recent months. How much of this fear could be substantiated and how much of it is fear of shadows? In this article our Senior Advisor Say Boon Lim reviews this topic from multiple angles, and explains why China today is unlikely to be Japan 1990 given significant differences in labour forces, total factor productivity (TFP), government policy focus, R&D spendings, financial resources and tools available to the government as well as structural growth from urbanisation and well capitalised state-owned banks that continue to support the case for China to avoid Japan’s secular stagnation.
Jul 10, 2023
Chart of the Week
David Lai , CFAPartner, Co-CIO
Vietnam equity performance remained resilient whilst market turnover continued to climb. The 30-day moving average daily turnover more than doubled from the level seen early this year to reach around USD 850 million in September. Analysts suggested the rising liquidity was driven by local individual investors. SSI Securities believe there are three key elements leading the return of retail interests: (1) Deposit rates offered by state-owned banks have dropped by 30-50 basis points in August alone, back to a low range since 2021. (2) The implementation of Circular 06 in September allows the refinancing of mortgages, which may help boost liquidity in the stock market. (3) The latest meeting of Vietnam State Securities Commission revealed that the authorities have strong desire to help upgrade the stock market to the emerging market status via key reforms on settlements and companies’ foreign ownership. Following the recent visit of President Biden in Hanoi, the enhanced bilateral relationship between Vietnam and the US may bring enormous business opportunities for Vietnamese companies. Fundamentally, the market is trading at an estimated PE of 13.9x in 2024 with 29.6% in earnings growth.
Sep 21, 2023PREMIA POINT OF VIEW - WEBINARS
See More Webinars...FROM OUR PARTNERS
Chart of the Week
- David Lai , CFA
Partner, Co-CIO
Vietnam equity performance remained resilient whilst market turnover continued to climb. The 30-day moving average daily turnover more than doubled from the level seen early this year to reach around USD 850 million in September. Analysts suggested the rising liquidity was driven by local individual investors. SSI Securities believe there are three key elements leading the return of retail interests: (1) Deposit rates offered by state-owned banks have dropped by 30-50 basis points in August alone, back to a low range since 2021. (2) The implementation of Circular 06 in September allows the refinancing of mortgages, which may help boost liquidity in the stock market. (3) The latest meeting of Vietnam State Securities Commission revealed that the authorities have strong desire to help upgrade the stock market to the emerging market status via key reforms on settlements and companies’ foreign ownership. Following the recent visit of President Biden in Hanoi, the enhanced bilateral relationship between Vietnam and the US may bring enormous business opportunities for Vietnamese companies. Fundamentally, the market is trading at an estimated PE of 13.9x in 2024 with 29.6% in earnings growth.
Sep 21, 2023PREMIA POINT OF VIEW - WEBINARS
See More Webinars...FEATURED INSIGHTS & WEBINAR
The youth unemployment rate in China has been much talked about, however the phenomenon is often poorly interpreted without addressing the important nuances behind the structural, transformational and societal factors in China. In fact, the elevated unemployment rate is a transitional legacy from COVID and many countries also shared the experience of high youth unemployment. There is a lag in China’s youth unemployment data compared to western countries, given China’s relatively late reopening from the COVID pandemic. In this article, we discuss the structural factors contributing to the youth unemployment rate in China, and explain why the number will likely to decline and why the unemployed youth will be absorbed into workforce as China continues on its path of recovery.
Aug 24, 2023
The youth unemployment rate in China has been much talked about, however the phenomenon is often poorly interpreted without addressing the important nuances behind the structural, transformational and societal factors in China. In fact, the elevated unemployment rate is a transitional legacy from COVID and many countries also shared the experience of high youth unemployment. There is a lag in China’s youth unemployment data compared to western countries, given China’s relatively late reopening from the COVID pandemic. In this article, we discuss the structural factors contributing to the youth unemployment rate in China, and explain why the number will likely to decline and why the unemployed youth will be absorbed into workforce as China continues on its path of recovery.
Aug 24, 2023
In a refreshing break from the consensus of gloom surrounding China, Cambridge Associates wrote recently that the Chinese economy was not stalling. Meanwhile IMF holds steady its China GDP growth forecasts in the World Economic Outlook Update report released last week, at 5.2% for 2023 and 4.5% for 2024. In this article, our Senior Advisor Say Boon Lim shares more about why China may surprise to the upside and the appeal of Chinese equities as a relative value play.
Aug 3, 2023
In a refreshing break from the consensus of gloom surrounding China, Cambridge Associates wrote recently that the Chinese economy was not stalling. Meanwhile IMF holds steady its China GDP growth forecasts in the World Economic Outlook Update report released last week, at 5.2% for 2023 and 4.5% for 2024. In this article, our Senior Advisor Say Boon Lim shares more about why China may surprise to the upside and the appeal of Chinese equities as a relative value play.
Aug 3, 2023
The “Urban Village Redevelopment” initiatives outlined at the Politburo Meeting in July could potentially create new housing demand which is valued at over RMB 2 trillion per year and property fixed asset investment worth RMB 0.4 trillion per annum. What is urban villages, and why is it a significant development to monitor? In this article, we discuss why urban villages are an integral part of China's new phase of urbanization, and how this links up with China's smart and green city planning, and a holistic set of initiatives that roll up to building China towards its goals of building China into a high tech, modern society under the 14th Five Year Plan.
Aug 2, 2023
The “Urban Village Redevelopment” initiatives outlined at the Politburo Meeting in July could potentially create new housing demand which is valued at over RMB 2 trillion per year and property fixed asset investment worth RMB 0.4 trillion per annum. What is urban villages, and why is it a significant development to monitor? In this article, we discuss why urban villages are an integral part of China's new phase of urbanization, and how this links up with China's smart and green city planning, and a holistic set of initiatives that roll up to building China towards its goals of building China into a high tech, modern society under the 14th Five Year Plan.
Aug 2, 2023
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.
Aug 1, 2023
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.
Aug 1, 2023
The US Treasury’s recent – and ongoing – dash for cash highlights the economy’s enormous fiscal challenges. To quote Bloomberg: “The barrage of fresh Treasury bills poised to hit the market over the next few months is merely a prelude of what’s yet to come: a wave of longer-term debt sales that’s seen driving bond yields even higher. Sales of government notes and bonds are set to begin rising in August, with net new issuance estimated to top USD 1 trillion in 2023 and nearly double next year to fund a widening deficit.” On top of that, according to calculations by asset manager Horizon Kinetics and as quoted by gold fund manager Incrementum, the US will have to refinance around half of its national debt of more than USD 35 trillion by 2025. That’s a lot of debt maturities to digest in two years. In this article, our Senior Advisor Say Boon Lim cautions that even if Fed rates stabilise, the longer-term outlook for US Treasury yields would likely remain risky as persistent deficits drive up debt relative to GDP, in turn driving interest payments as a percentage of GDP up “vertically”. Indeed, the Congressional Budget Office is warning of the “risk of a fiscal crisis”.
Jul 24, 2023
The US Treasury’s recent – and ongoing – dash for cash highlights the economy’s enormous fiscal challenges. To quote Bloomberg: “The barrage of fresh Treasury bills poised to hit the market over the next few months is merely a prelude of what’s yet to come: a wave of longer-term debt sales that’s seen driving bond yields even higher. Sales of government notes and bonds are set to begin rising in August, with net new issuance estimated to top USD 1 trillion in 2023 and nearly double next year to fund a widening deficit.” On top of that, according to calculations by asset manager Horizon Kinetics and as quoted by gold fund manager Incrementum, the US will have to refinance around half of its national debt of more than USD 35 trillion by 2025. That’s a lot of debt maturities to digest in two years. In this article, our Senior Advisor Say Boon Lim cautions that even if Fed rates stabilise, the longer-term outlook for US Treasury yields would likely remain risky as persistent deficits drive up debt relative to GDP, in turn driving interest payments as a percentage of GDP up “vertically”. Indeed, the Congressional Budget Office is warning of the “risk of a fiscal crisis”.
Jul 24, 2023
With the world except for China busy taming inflation, the China “lost decade” narrative has been driving pessimism over Chinese assets in recent months. How much of this fear could be substantiated and how much of it is fear of shadows? In this article our Senior Advisor Say Boon Lim reviews this topic from multiple angles, and explains why China today is unlikely to be Japan 1990 given significant differences in labour forces, total factor productivity (TFP), government policy focus, R&D spendings, financial resources and tools available to the government as well as structural growth from urbanisation and well capitalised state-owned banks that continue to support the case for China to avoid Japan’s secular stagnation.
Jul 10, 2023
With the world except for China busy taming inflation, the China “lost decade” narrative has been driving pessimism over Chinese assets in recent months. How much of this fear could be substantiated and how much of it is fear of shadows? In this article our Senior Advisor Say Boon Lim reviews this topic from multiple angles, and explains why China today is unlikely to be Japan 1990 given significant differences in labour forces, total factor productivity (TFP), government policy focus, R&D spendings, financial resources and tools available to the government as well as structural growth from urbanisation and well capitalised state-owned banks that continue to support the case for China to avoid Japan’s secular stagnation.
Jul 10, 2023
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