Insights

The decision by South Korea’s left-leaning Democratic Party to scrap the capital gains tax, alongside the right-leaning Yoon administration’s introduction of the Corporate Value-Up Program, reflects a shift in the political landscape regarding the stock market. The stock market has now . . .

Owens Huang, Portfolio Manager, discusses the four key structural challenges facing China in his piece, “Thoughts from a China Bear.” According to Huang, the sudden rebound in demand for Chinese equities does not suggest that China has already bottomed out. Foreign companies are increasingly pulling out of China, affecting not only the . . .

The victory of Shigeru Ishiba in the 2024 Liberal Democratic Party (LDP) presidential election has generally been viewed with caution in the investment community. Having analyzed the manner of Ishiba’s victory and the statements made in the weeks before the election, Dalton takes a more cautiously positive . . .

Portfolio Manager, Owens Huang provides commentary on Moutai, a style of the Chinese alcoholic spirit baijiu, made from the cereal crop sorghum using traditional Chinese distilling techniques. The most famous brand of Moutai is Kweichow Moutai, produced by Chinese state-owned enterprise Kweichow Moutai Co. Ltd. . . .

Contrary to the opinion polls and exit polls ahead of India’s general election, Prime Minister Narendra Modi won just 240 seats out of 543 seats, denying him a single party majority in parliament. Indian investors are clearly taking this result as a negative, with the market having its biggest daily fall since 2020 on June 4 . . .

Last summer, Dalton predicted an increase in unsolicited takeover bids within the Japanese market. Eight months later, this prediction is coming true. Read more about the Japanese stock market’s potential to evolve into a true market for corporate control.

Chinese property stocks were once a material part of Dalton’s regional Asian portfolios. However, in recent years, Dalton has substantially reduced its exposure to Chinese stocks. Read more about the underlying problems in the Chinese real estate market and the causes of the recent rally and . . .

The prevailing opinion amongst institutional investors appears to be that the India stock market is trading at a stretched level of valuations. While parts of the market are indeed showing signs of frothiness, we believe that a segment of the market is trading at a highly attractive valuation, having been abandoned by many large foreign . . .

For many years, India has been somewhat of an afterthought for many asset allocators. Unlike China, which saw its meteoric growth coupled with a rapid increase in its weight in global stock market indices (and hence the asset allocation benchmarks used by large institutions), the Indian market . . .

On March 19, 2024 the Bank of Japan (BOJ) made three major announcements: 1) A 0.1-0.2% increase in its policy rate (unsecured call rate) to a range of 0-0.1%. This ends Japan’s unique position as the last major developed market with negative interest rates; 2)The abolition of its yield curve control . . .