Research.
Focus areas.
Where consensus is thin, under-researched, or structurally late.
Policy Divergence
PBOC is easing while BSP, BI, and BOT are holding or tightening. The CNY-ASEAN rate differential is at decade highs. Cross-asset pricing hasn't caught up. We're mapping where the gaps are.
FX Carry
APAC carry is not G10 carry. IDR and INR have different drawdown profiles from MYR and THB. Most carry research focuses on DM pairs. The EM Asia literature is thin, especially on how these trades behave during risk-off.
Equity Factors
Fama-French doesn't port cleanly to APAC. Liquidity premia are larger, momentum decays faster, and value traps cluster in specific markets (Korea, HK). We test which factors actually hold up out of sample across the region.
Regime Detection
APAC markets don't drift between regimes. They snap. We study what precedes transitions: cross-asset correlation breaks, implied-realized vol spreads widening, and sudden ETF flow reversals in KR/TW/IN.
Working papers.
Posted as they clear internal review.
Asia 2026: The Divergence Trade
Monetary policy divergence across APAC is creating the widest rate spreads in a decade. Where the dislocations are and how to position around them.
The Great Rotation
Sector rotation and capital reallocation in APAC. Flow data, regime shifts, and where the weight is moving.
The Silicon Supercycle
AI capex is reshaping Asia's industrial base. Semiconductor cycle dynamics, supply chain reconfiguration, and second-order effects.
The Rising Sun
Japan's structural repricing under Sanaenomics. BOJ normalization, the wage-price loop, and what it means for JPY carry.
The ASEAN Reconfiguration
Supply chain rewiring is accelerating across Southeast Asia. Trade flow shifts, FDI reallocation, and the new manufacturing geography.
China's Deflation Trap
Persistent deflation risk in China's real economy. Property overhang, consumer deleveraging, and transmission to the rest of Asia.