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Insights With Topics: New Economy


The US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.

Oct 5, 2021

The US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.

Oct 5, 2021


The upward momentum of US equities has slowed considerably over the past 16 months, from the explosive initial rebound in late March last year. Our sense is that we would either see small gains in coming months or indeed a correction in the face of the likely peaks in economic growth, earnings growth, and policy stimulus. In this article our Senior Advisor Say Boon Lim discusses why investors in US equities may have to lower their returns expectations for 2H21 in the face of what some are calling the “triple peaks”.

Aug 18, 2021

The upward momentum of US equities has slowed considerably over the past 16 months, from the explosive initial rebound in late March last year. Our sense is that we would either see small gains in coming months or indeed a correction in the face of the likely peaks in economic growth, earnings growth, and policy stimulus. In this article our Senior Advisor Say Boon Lim discusses why investors in US equities may have to lower their returns expectations for 2H21 in the face of what some are calling the “triple peaks”.

Aug 18, 2021


China market saw a material correction due to the regulatory crackdown in the offshore tech and education space. The panic sentiment led to indiscriminative unwinding of Chinese stocks by foreign investors, pushing the HK-listed tech names and the US-listed China ADRs into a bear market technically. Although the regulatory risks remain high in near-term, investors seem getting a stronger hint about the policy direction. The glory days when China tech can be simplistically covered by just the offshore tech giants is gone, and there is increasing need for more granular understanding of the related policy headwinds and tailwinds. In this article our Partner & Co-CIO David Lai shares the thesis behind our Premia China STAR50 ETF, and how this timely launch adds value through its diversified exposure of the leading innovative and strategically important hi-tech companies focusing on innovation and hardcore technology.

Aug 5, 2021

China market saw a material correction due to the regulatory crackdown in the offshore tech and education space. The panic sentiment led to indiscriminative unwinding of Chinese stocks by foreign investors, pushing the HK-listed tech names and the US-listed China ADRs into a bear market technically. Although the regulatory risks remain high in near-term, investors seem getting a stronger hint about the policy direction. The glory days when China tech can be simplistically covered by just the offshore tech giants is gone, and there is increasing need for more granular understanding of the related policy headwinds and tailwinds. In this article our Partner & Co-CIO David Lai shares the thesis behind our Premia China STAR50 ETF, and how this timely launch adds value through its diversified exposure of the leading innovative and strategically important hi-tech companies focusing on innovation and hardcore technology.

Aug 5, 2021


From a total portfolio perspective, global asset owners and allocators are increasing wary about the overall portfolio sensitivity to interest rate changes and ultimately risk diversification. The concept of “equity duration” was raised long ago and has been subject to debate for decades. While some absolute calculations fail to work in today’s markets, we believe the economic and financial intuition beneath still hold. In this working paper, we took a renewed approach to analyze the relationships from a relative perspective and with an overarching objective of total portfolio risks in mind.

Nov 26, 2020

From a total portfolio perspective, global asset owners and allocators are increasing wary about the overall portfolio sensitivity to interest rate changes and ultimately risk diversification. The concept of “equity duration” was raised long ago and has been subject to debate for decades. While some absolute calculations fail to work in today’s markets, we believe the economic and financial intuition beneath still hold. In this working paper, we took a renewed approach to analyze the relationships from a relative perspective and with an overarching objective of total portfolio risks in mind.

Nov 26, 2020


Two separate news items last week focused our attention on the gap in understanding about the rapidly changing energy landscape in China.

Oct 20, 2020

Two separate news items last week focused our attention on the gap in understanding about the rapidly changing energy landscape in China.

Oct 20, 2020


The Chinese government recently launched a stimulus package around the idea of “New Infrastructure” in light of the COVID-19 pandemic. What exactly does this new buzzword #NewInfrastructure entail? And more importantly, where do the investible opportunities lie beyond the tech giants Alibaba and Tencent?

Apr 17, 2020

The Chinese government recently launched a stimulus package around the idea of “New Infrastructure” in light of the COVID-19 pandemic. What exactly does this new buzzword #NewInfrastructure entail? And more importantly, where do the investible opportunities lie beyond the tech giants Alibaba and Tencent?

Apr 17, 2020


The COVID-19 outbreak has led to a worldwide pandemic, a global slowdown, arguably a recession and hopefully not a depression. Business activities globally have been halted due to the outbreak and demand has been shrinking significantly as well. Apart from some of the Asian countries including China, we have yet seen an inflection point of the case curves in most countries. In this article, we’d like to share some notable leading Chinese players in the space that have been working hard to fight against the virus for the domestic and global community.

Apr 3, 2020

The COVID-19 outbreak has led to a worldwide pandemic, a global slowdown, arguably a recession and hopefully not a depression. Business activities globally have been halted due to the outbreak and demand has been shrinking significantly as well. Apart from some of the Asian countries including China, we have yet seen an inflection point of the case curves in most countries. In this article, we’d like to share some notable leading Chinese players in the space that have been working hard to fight against the virus for the domestic and global community.

Apr 3, 2020


The virous outbreak becomes one of the largest threats to the global economy and financial markets in decades. Will China, the one which has been suffered from the pandemic first, be able to bounce back first and lead the recovery worldwide like the Global Financial Crisis back in 2008? The latest call in new infrastructure investment maybe the key.

Mar 20, 2020

The virous outbreak becomes one of the largest threats to the global economy and financial markets in decades. Will China, the one which has been suffered from the pandemic first, be able to bounce back first and lead the recovery worldwide like the Global Financial Crisis back in 2008? The latest call in new infrastructure investment maybe the key.

Mar 20, 2020


The coronavirus situation in China seems to have improved a lot, and now many are worried about what will happen as the factories get back on their feet. How's the progress so far?

Mar 10, 2020

The coronavirus situation in China seems to have improved a lot, and now many are worried about what will happen as the factories get back on their feet. How's the progress so far?

Mar 10, 2020


Recent market rallies, despite COVID-19, are neither “ill informed” nor “complacent” Markets are looking past the viral outbreak Stocks will likely return to being driven by whatever the trends were before the outbreak Developed markets are at the tail end of bull moves – they could edge a bit higher but the risks are on the downside, and that's got nothing to do with COVID-19 either Chinese equities could ironically outperform developed market stocks this year

Feb 24, 2020

Recent market rallies, despite COVID-19, are neither “ill informed” nor “complacent” Markets are looking past the viral outbreak Stocks will likely return to being driven by whatever the trends were before the outbreak Developed markets are at the tail end of bull moves – they could edge a bit higher but the risks are on the downside, and that's got nothing to do with COVID-19 either Chinese equities could ironically outperform developed market stocks this year

Feb 24, 2020


On account of an atypical, tech-enabled start of the Year of the Rat, what are people doing during this very unusual Chinese New Year holiday period? While the roads are empty and quiet, we see extremely busy traffic online from social gathering and entertainment to post-holiday work arrangements all thanks to technology - which enabled an unconventional time of family reunion, and possibly fast-tracked development of enterprise digital transformation in the way.

Feb 3, 2020

On account of an atypical, tech-enabled start of the Year of the Rat, what are people doing during this very unusual Chinese New Year holiday period? While the roads are empty and quiet, we see extremely busy traffic online from social gathering and entertainment to post-holiday work arrangements all thanks to technology - which enabled an unconventional time of family reunion, and possibly fast-tracked development of enterprise digital transformation in the way.

Feb 3, 2020


With the current risk-on sentiment, it is reasonable for investors to look for growth area in the market. Yet, which sectors in China A-shares offer higher growth in 2020 based on the consensus forecast from the sell-side analyst? It would be essential to know beforehand for investors in allocating their assets in China market. That said, does it mean that anything outside the growth segments is not worth investing? Since China has been emphasizing on quality instead of quantity under the structural change of the economy, is it probable that there could be some hidden gems in the stable or slow-growth industries? We will try to answer these questions in this article.

Jan 15, 2020

With the current risk-on sentiment, it is reasonable for investors to look for growth area in the market. Yet, which sectors in China A-shares offer higher growth in 2020 based on the consensus forecast from the sell-side analyst? It would be essential to know beforehand for investors in allocating their assets in China market. That said, does it mean that anything outside the growth segments is not worth investing? Since China has been emphasizing on quality instead of quantity under the structural change of the economy, is it probable that there could be some hidden gems in the stable or slow-growth industries? We will try to answer these questions in this article.

Jan 15, 2020


We review the history of Chinese consumption over the last 30-40 years and explain why we believe the Chinese consumer holds the key to global economic growth, not just in China but in every country connected to international markets.

Nov 11, 2019

We review the history of Chinese consumption over the last 30-40 years and explain why we believe the Chinese consumer holds the key to global economic growth, not just in China but in every country connected to international markets.

Nov 11, 2019


Whatever happens over coming weeks and even months in the US-China trade war, Donald Trump has irreparably broken the global trade architecture. And with it, he has also forced a realignment of the global supply chain that will likely see ASEAN emerge as a new manufacturing centre.

Jun 27, 2019

Whatever happens over coming weeks and even months in the US-China trade war, Donald Trump has irreparably broken the global trade architecture. And with it, he has also forced a realignment of the global supply chain that will likely see ASEAN emerge as a new manufacturing centre.

Jun 27, 2019