Premia 觀點洞察

分享投資見解、洞察行業熱點、探討學術研究

精選觀點

我們觀察到資產配置模式在轉變:在傳統的地域或因子主導的基礎模式上需要注入更多對新舊產業區分及大趨勢發展的考量,從而在經濟結構性改變中捕捉到長期超額收益。


Jan 15, 2021


The red-hot performers of the past 12 months have been the broad market indices from North Asia – Kospi (44%), CSI 300 (34%), TWSE (30%)


Jan 12, 2021


Outperformer from first news of successful vaccines. Emerging ASEAN has been one of the best performers among major global equity indices since the start of November. And that was likely due to the region’s high economic leverage to normalisation after the distribution of COVID-19 vaccines and its high trend GDP growth rates relative to other Emerging Market economies.


Dec 24, 2020


Global equities look likely to push higher in 2021, despite the pandemic’s economic and human toll.


Dec 23, 2020


To summarize the year of 2020, the opening lines from Charles Dicken’s A Tale of twin cities sounds like an accurate description. It was certainly the best of times and the worst of times. Global equities have been doing reasonably well with developed market up by 12.0% and emerging market up by 11.7%. Fixed income managed to gain by 7.4% whilst gold price was up by 19.1%. On the other hand, real economy has been suffering from the pandemic with almost all major economies getting into recession. International Monetary Fund sees the world would contract by 4.4% in total output, the worst crisis since the 1930s Great Depression with -5.8% among advanced economies and -3.3% on developing countries.


Dec 2, 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

Premia 圖說
  • 賴子健 , CFA

    合夥人兼聯合首席投資官

Asian equities performed exceptionally well in the past few months. The rising retail participation is one of the drivers behind the outstanding movement. Taking Korean market as an example, retail inflows reached a record high of USD 54 billion in 2020, accounting for ~78% of the purchase turnover by value, the highest share since the early 2000s and a substantial year-on-year increase of 61%. Similar trends were shown across ASEAN with institutional and foreign investors cashing out during the pandemic while retail investors stepped in and supported prices. Retail investors in Thailand accounted for about 43% of total trading volumes in Thailand and 34% Malaysia in 2020, up from ~33% and 21% respectively in 2019. In Indonesia, domestic retail investors bought in USD 2.9 billion worth stocks last year, contributed to 46% of trading volume, the highest in history.

Jan 15, 2021
來自合作夥伴