HOLT APAC "HOLT APxJ Investment Styles (July 2026)" Lee

研报英文原文证据摘录

HOLT APAC "HOLT APxJ Investment Styles (July 2026)" Lee

Global Research

3 July 2026ab

HOLT APAC Equities

Asia PacificHOLT APxJ Investment Styles (July 2026)

Raphael Lee

HOLT Sector Specialist

HOLT Investment Styles raphael.lee@ubs.com

+65-6212 3008

HOLT uses three composite scorecard factors to discern the quality of a company, the

market sentiment surrounding its stock, and the relative attractiveness of its current Stella Wu

HOLT Sector Specialiststock price. By using different combinations of these HOLT scorecard factors, HOLT

stella.wu@ubs.com

classifies companies into eight Investment Styles as illustrated on Page 3 of this note. +852-3712 3546

Momentum continues to drive returns, though leadership remains narrow Hock Leng Ng

Momentum continues to drive market returns in June, with HOLT Momentum Trap hockleng.ng@ubs.com

(characterized by low operational quality, strong momentum and expensive valuation) +65-6212 3009

posting the strongest market-relative return among the HOLT investment styles of 6.6%,

marking its third consecutive month of outperformance (Figure 1). Leadership within the

style remains narrow, with a concentrated group of Tech Hardware and Semiconductor

stocks accounting for the majority of the outperformance (Figure 2).

In contrast, HOLT Best in Class (characterized by high operational quality, strong

momentum and cheap valuation) extends its underperformance to a third consecutive

month and ranks as the weakest-performing style in June (Figure 3). The primary

detractors are Hong Kong-listed gold and aluminium stocks including:

Laopu Gold, Chalco, China Hongqiao and Wanguo Gold.

FigureSource:UBS1: HOLT,MonthlyLSEG. Universe:PerformanceTop 800 companies- HOLT Momentumby market cap in TrapMonthlyHOLT APxJ FigureSource:UBS2: DistributionHOLT, LSEG.