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

Equity Bottom-Up

<ul>
<li>Asia Ex-Japan investors move from underweight to a record overweight in Samsung Electronics</li>
<li>Samsung has been a key beneficiary of manager rotation over the last 6-months alongside BYD, Trip Com and Meituan.</li>
<li>Majority of funds positioned overweight with a record 81.4% of funds holding a position.  Samsung becomes one of the highest conviction holdings in the Asia Ex-Japan region.</li>
</ul>


Asia Ex-Japan investors move from underweight to a record overweight in Samsung Electronics
Samsung has been a key beneficiary of manager rotation over the last 6-months alongside BYD, Trip Com and Meituan.
Majority of funds positioned overweight with a record 81.4% of funds holding a position.  Samsung becomes one of the highest conviction holdings in the Asia Ex-Japan region.


Samsung Electronics:  Return of the King

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.</li>
<li>Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.</li>
<li>AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.</li>
</ul>


Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.
Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.
AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.


Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.</li>
<li>In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.</li>
<li>We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.</li>
</ul>


Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.
In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.
We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.


MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Far Eastone Telecomm / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/far-eastone-telecomm-co-ltd" target="_blank" data-smartkarma-citation="entities:19488:1" rel="noopener">Far Eastone Telecomm (4904 TT)</a>’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake.</li>
<li>As far as we could see this appears to be the first selldown by the parent and doesn’t seem to have been well flagged.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Far Eastone Telecomm (4904 TT)’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake.
As far as we could see this appears to be the first selldown by the parent and doesn’t seem to have been well flagged.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Far EasTone Placement - Parent Selling, Recent Momentum Has Been Strong

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

Samsung Electronics: Return of the King

After a brief flirt with underweight in late 2022, active Asia Ex-Japan managers rotate back in to Samsung Electronics, pushing allocations towards...

Steven Holden

Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning...

Vincent Fernando, CFA

MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

MSCI EM Improving; Buys in Value & Large-Cap EM $TSM #Samsung $BABA; Remain Overweight Japan, India, Taiwan, and Greece. $ACWI break above $93 and...

Vermilion Research

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

Far EasTone Placement - Parent Selling, Recent Momentum Has Been Strong

Far Eastone Telecomm (4904 TT)’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake. In this note, we talk about the deal...

Sumeet Singh

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