Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Quantitative Analysis

<ul>
<li>Despite gold hitting record highs this month, ownership of key gold mining stocks among EM managers remains muted.</li>
<li>AngloGold Ashanti and Harmony Gold Mining have both experienced consistent gains in ownership since their 2023 lows.</li>
<li>Oaktree, Overstone and Vontobel EM strategies hold some of the larger portfolio positions in select Gold stocks.</li>
</ul>


Despite gold hitting record highs this month, ownership of key gold mining stocks among EM managers remains muted.
AngloGold Ashanti and Harmony Gold Mining have both experienced consistent gains in ownership since their 2023 lows.
Oaktree, Overstone and Vontobel EM strategies hold some of the larger portfolio positions in select Gold stocks.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> plans to shut manufacturing at its UK EV subsidiary, Switch Mobility UK, and shift focus to India and UAE plants.</li>
<li>The UK exit curbs cash burn and earnings drag, while Switch India, driven by rising demand, nears breakeven with 1800+ e-Bus orders and 80%+ e-LCV share.</li>
<li>This marks a value-accretive pivot, realigning capital to India’s high-growth EV market and improving group-level profitability and return metrics.</li>
</ul>



Ashok Leyland (AL IN) plans to shut manufacturing at its UK EV subsidiary, Switch Mobility UK, and shift focus to India and UAE plants.
The UK exit curbs cash burn and earnings drag, while Switch India, driven by rising demand, nears breakeven with 1800+ e-Bus orders and 80%+ e-LCV share.
This marks a value-accretive pivot, realigning capital to India’s high-growth EV market and improving group-level profitability and return metrics.


Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Veeda Clinical Research Ltd / Equity Capital Markets

Veeda Clinical Research Private Limited provides medical research services. The Company offers clinical research studies and testing such as bio-availability, equivalence, drug interaction, proof of concept, and therapeutic treatment studies. Veeda Clinical Research serves customers in India.

Veeda Clinical Research Ltd (3340714Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/veeda-clinical-research-ltd" target="_blank" data-smartkarma-citation="entities:44330:1" rel="noopener">Veeda Clinical Research Ltd (3340714Z IN)</a> (VCRL) is planning to raise about US$115m in its upcoming India IPO. </li>
<li>VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.</li>
<li>The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.</li>
</ul>



Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is planning to raise about US$115m in its upcoming India IPO. 
VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.


Veeda Clinical Research Pre-IPO - Positioned for Growth Amid Financial Risks

SKF India Ltd. manufactures a wide range of ball and roller bearings, such as deep groove, taper roller and other types.  Bearings are used by a number of industries, including the automotive, electrical, power generation, cement, steel, petrochemical and textile industries.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skf-india-ltd" target="_blank" data-smartkarma-citation="entities:4984:1" rel="noopener">SKF India Ltd (SKF IN)</a> has announced the demerger of its industrial business, which will be listed separately for enhanced focus and operational efficiency in both segments.</li>
<li>The company’s automotive business has high volume but low margins, whereas the industrial segment offers higher margins, highlighting a significant contrast in profitability between the two business segments.</li>
<li>The automotive business would attract investors seeking long-term, steady growth, while the industrial segment would appeal to investors focused on higher margins and more lucrative returns.</li>
</ul>



SKF India Ltd (SKF IN) has announced the demerger of its industrial business, which will be listed separately for enhanced focus and operational efficiency in both segments.
The company’s automotive business has high volume but low margins, whereas the industrial segment offers higher margins, highlighting a significant contrast in profitability between the two business segments.
The automotive business would attract investors seeking long-term, steady growth, while the industrial segment would appeal to investors focused on higher margins and more lucrative returns.


Event Driven- SKF India Demerger: The Automotive & Industrial Split

Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a> has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion. </li>
<li>However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a> IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>.</li>
</ul>



LG Electronics India has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion. 
However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.

LG Electronics India (123D IN) IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to LG Electronics (066570 KS).


LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

Indian Blocks Bazaar
Indian Blocks and Placements

Gold Miners: Off the Radar

Despite gold hitting record highs this month, ownership of key gold mining stocks among active emerging markets managers remains muted.

Steven Holden

Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot

Ashok Leyland to shut UK EV subsidiary, focus on India and UAE plants to improve profitability and capitalize on high-growth EV market.

Nimish Maheshwari

Veeda Clinical Research Pre-IPO - Positioned for Growth Amid Financial Risks

Veeda Clinical Research Ltd (VCRL) to raise US$115m in India IPO, offering comprehensive drug development services globally.

Rosita Fernandes

Event Driven- SKF India Demerger: The Automotive & Industrial Split

SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

Nimish Maheshwari

LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Devi Subhakesan

Gold Miners: Off the Radar

Despite gold hitting record highs this month, ownership of key gold mining stocks among active emerging markets managers remains muted.

Steven Holden

Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot

​Ashok Leyland to shut UK EV subsidiary, focus on India and UAE plants to improve profitability and capitalize on high-growth EV market.

Nimish Maheshwari

Veeda Clinical Research Pre-IPO - Positioned for Growth Amid Financial Risks

​Veeda Clinical Research Ltd (VCRL) to raise US$115m in India IPO, offering comprehensive drug development services globally.

Rosita Fernandes

Event Driven- SKF India Demerger: The Automotive & Industrial Split

​SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

Nimish Maheshwari

LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Devi Subhakesan

Ashok Leyland to shut UK EV subsidiary, focus on India and UAE plants to improve profitability and capitalize on high-growth EV market.

Veeda Clinical Research Ltd (VCRL) to raise US$115m in India IPO, offering comprehensive drug development services globally.

SKF India Ltd to demerge industrial business for enhanced focus and operational efficiency, highlighting significant contrast in profitability...

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...