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>Average returns among GEM active managers came in at -7.02% for April, lower than the MSCI EM Index by -1.46% with 21.2% of funds outperforming.</li>
<li>This year’s underperformance of -3.69% ranks as the worst start to the year for over a decade, worse than the first 4 months of both 2009 (-2.70%) and 2015 (-2.71%).</li>
<li>Russian Financials (overweight) and Saudi Arabian Financials (underweight) accounted for nearly 1% of the performance deficit, with Singapore Comm’ Services, Taiwan Technology and Indian Utilities further dragging on relative returns.</li>
</ul>


Average returns among GEM active managers came in at -7.02% for April, lower than the MSCI EM Index by -1.46% with 21.2% of funds outperforming.
This year’s underperformance of -3.69% ranks as the worst start to the year for over a decade, worse than the first 4 months of both 2009 (-2.70%) and 2015 (-2.71%).
Russian Financials (overweight) and Saudi Arabian Financials (underweight) accounted for nearly 1% of the performance deficit, with Singapore Comm’ Services, Taiwan Technology and Indian Utilities further dragging on relative returns.


GEM Fund Performance.  April Compounds Woes for Active Managers

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul>
<li>Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport.</li>
<li>The Covid-19 resurgence in the Yangtze Delta region continues to cause severe industry-wide disruptions in supply chain, logistics and production since late March</li>
<li>China has been battling the worst wave of Covid-19 outbreaks since late March, in which Shanghai logged record daily infections during five weeks of an ongoing citywide lockdown.</li>
</ul>


Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport.
The Covid-19 resurgence in the Yangtze Delta region continues to cause severe industry-wide disruptions in supply chain, logistics and production since late March
China has been battling the worst wave of Covid-19 outbreaks since late March, in which Shanghai logged record daily infections during five weeks of an ongoing citywide lockdown.


Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants

House of Market Insights, Market Radar

Market Radar

House of Market Insights

Quick market updates and lot of ideas for your investments from a multi-asset portfolio manager working for a family office.

Quick Market Updates

Technical Analysis

Nasdaq-100 Stock Index / Technical Analysis

<ul><li>Nasdaq index is one of the biggest losers of the year: it is down almost 20% YTD. Now the tech index lies on a very interesting support</li><li>In case the index will go below the support 12,000 could be the next interesting level. In any case I see the current price more as a buy area</li><li>After one year of trading in a rectangle, finally Amazon made a breakout, but to the downside (after disappointing earnings and guidance). Not a great signal, and the stock will probably suffer for a while</li></ul>

Nasdaq index is one of the biggest losers of the year: it is down almost 20% YTD. Now the tech index lies on a very interesting supportIn case the index will go below the support 12,000 could be the next interesting level. In any case I see the current price more as a buy areaAfter one year of trading in a rectangle, finally Amazon made a breakout, but to the downside (after disappointing earnings and guidance). Not a great signal, and the stock will probably suffer for a while

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

Zhihu Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> raised around US$106m via a dual primary listing in Hong Kong. </li>
<li>Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.</li>
<li>In this note, we'll talk about the demand and trading dynamics.</li>
</ul>



Zhihu Technology (ZH US) raised around US$106m via a dual primary listing in Hong Kong. 
Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.
In this note, we'll talk about the demand and trading dynamics.


Zhihu HK Secondary Listing Trading - Delivered the Correction but Still Set for the Worst Debut Yet

Event-Driven

<ul>
<li>LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.</li>
<li>LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.
LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

GEM Fund Performance. April Compounds Woes for Active Managers

It has been one of the worst starts to the year for active EM managers in over a decade. We analyze recent performance, attribution and how this...

Steven Holden

Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants

Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales...

Caixin Global

Charts to Watch #4

Nasdaq index is one of the biggest losers of the year: it is down almost 20% YTD. Now the tech index lies on a very interesting support

Market Radar

Zhihu HK Secondary Listing Trading - Delivered the Correction but Still Set for the Worst Debut Yet

Zhihu Technology (ZH US) raised around US$106m via a dual primary listing in Hong Kong. In this note we talk about the demand and trading dynamics.

Sumeet Singh

LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.

Sumeet Singh

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