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

Cross Asset Strategy

<ul>
<li>The heavy decline in EM allocations that started in early 2021 came to an end last October. Since then, a growing number of Global Equity funds are raising allocations.</li>
<li>Taiwan, China &amp; HK, Mexico and Indonesia are at the heart of these moves, but all major countries are still held underweight, on average.</li>
<li>Stock exposures remain heavily skewed to the large caps, with 38% of the EM allocation in 6 key companies.</li>
</ul>


The heavy decline in EM allocations that started in early 2021 came to an end last October. Since then, a growing number of Global Equity funds are raising allocations.
Taiwan, China &amp; HK, Mexico and Indonesia are at the heart of these moves, but all major countries are still held underweight, on average.
Stock exposures remain heavily skewed to the large caps, with 38% of the EM allocation in 6 key companies.


Global Equity Managers Trim EM Underweight, but Remain Bearish

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

TVS Supply Chain Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.</li>
<li>TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. </li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.</li>
</ul>



TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.
TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. 
In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.


TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> has been falling for 2 weeks and is reaching mildly OVERSOLD territory. If this was a retracement during the main rally, it may be time to BUY.</li>
<li>
The Market Reversal Matrix's shows a bullish pattern, the time+price combined probability of success for LONG trades from current prices, after 2 weeks down, is &gt;66%.</li>
<li>
Price area to go LONG: 19400 to 18792, you can go LONG this week and also next week, if down (CC=-3).</li>
</ul>


The NIFTY Index has been falling for 2 weeks and is reaching mildly OVERSOLD territory. If this was a retracement during the main rally, it may be time to BUY.

The Market Reversal Matrix's shows a bullish pattern, the time+price combined probability of success for LONG trades from current prices, after 2 weeks down, is &gt;66%.

Price area to go LONG: 19400 to 18792, you can go LONG this week and also next week, if down (CC=-3).


EQD | NIFTY Index WEEKLY Correction May Be Ending

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> has been in a strong rally since early April 2023, returning almost +17% as of last Friday's Close. The MRM tool shows the index is OVERBOUGHT WEEKLY .</li>
<li>The NIFTY Index has reached a "Tails" area of the current pattern: forecasts in these price areas are less reliable, but the MRM tool indicates the index is topping.</li>
<li>
SHORT trades can be implemented at prices &gt; Last Close (19745). Higher prices are possible, it could take +1/+2 weeks for the index to complete its topping process.</li>
</ul>


The NIFTY Index has been in a strong rally since early April 2023, returning almost +17% as of last Friday's Close. The MRM tool shows the index is OVERBOUGHT WEEKLY .
The NIFTY Index has reached a "Tails" area of the current pattern: forecasts in these price areas are less reliable, but the MRM tool indicates the index is topping.

SHORT trades can be implemented at prices &gt; Last Close (19745). Higher prices are possible, it could take +1/+2 weeks for the index to complete its topping process.


EQD | NIFTY Index WEEKLY: Topping (In The) Tails

Equity Bottom-Up

<ul>
<li>Investment levels in BYD Company Limited H Shares have reached record highs among active Emerging Market funds.</li>
<li>On a fund level, between 10/31/2022 and 04/30/2023, 22 funds opened new positions in BYD, led by Vontobel MTX Sustainable (+2.4%) and Putnam Emerging Markets (+1.95%).</li>
<li>BYD has risen up the ranks to become the most widely held and largest weight in the autos sector, surpassing Kia Corp and Mahindra &amp; Mahindra over the last 2-years.</li>
</ul>


Investment levels in BYD Company Limited H Shares have reached record highs among active Emerging Market funds.
On a fund level, between 10/31/2022 and 04/30/2023, 22 funds opened new positions in BYD, led by Vontobel MTX Sustainable (+2.4%) and Putnam Emerging Markets (+1.95%).
BYD has risen up the ranks to become the most widely held and largest weight in the autos sector, surpassing Kia Corp and Mahindra &amp; Mahindra over the last 2-years.


BYD Company: Moves to Top Auto Holding in EM

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Global Equity Managers Trim EM Underweight, but Remain Bearish

A growing number of Global Equity long-only funds are rotating back in, or moving to an overweight stance in Emerging Markets.

Steven Holden

TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.

Ethan Aw

EQD | NIFTY Index WEEKLY Correction May Be Ending

The NIFTY may be ready to resume its rally: read the latest Market Reversal Matrix support levels and analysis to evaluate where to go LONG.

Nico Rosti

EQD | NIFTY Index WEEKLY: Topping (In The) Tails

The NIFTY50 WEEKLY may be topping: find out the index's next resistance levels, and probability of trend reversal for the coming weeks.

Nico Rosti

BYD Company: Moves to Top Auto Holding in EM

After years of being an avoided stock, GEM active managers are ramping up allocations to BYD. Recent fund rotation has pushed exposure to its...

Steven Holden

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