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>Global equity funds move to record USA underweight of -7.02% below the benchmark.</li>
<li>Heavy rotation out of the USA and in to the major European nations over the last 6-months.</li>
<li>Record spread between the US underweight/DM Europe overweight highlights strong conviction in US underperformance and EU outperformance.</li>
</ul>


Global equity funds move to record USA underweight of -7.02% below the benchmark.
Heavy rotation out of the USA and in to the major European nations over the last 6-months.
Record spread between the US underweight/DM Europe overweight highlights strong conviction in US underperformance and EU outperformance.


USA: Record Underweight as Shift to Europe Accelerates

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>TSMC and ASML reported results last week, with both companies beating consensus earnings expectations.</li>
<li>TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels. </li>
<li>TSMC expects utilization to bottom in 2Q23E and improve thereafter; which we believe is strong indication of the cycle bottoming for leaders. TSMC however sees the overall industry taking longer.</li>
</ul>


TSMC and ASML reported results last week, with both companies beating consensus earnings expectations.
TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels. 
TSMC expects utilization to bottom in 2Q23E and improve thereafter; which we believe is strong indication of the cycle bottoming for leaders. TSMC however sees the overall industry taking longer.


Nvidia, TSMC, ASML Trading Monitor -  TSMC & ASML Results Indicate Cycle Bottom 2Q23E for Leaders

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>Semiconductor revenues remain in a decline, although that decline has slowed.</li>
<li>Prices appear to have reached cost.  They should follow cost declines until a shortage returns.</li>
<li>The timing of the next shortage is still in question.</li>
</ul>


Semiconductor revenues remain in a decline, although that decline has slowed.
Prices appear to have reached cost.  They should follow cost declines until a shortage returns.
The timing of the next shortage is still in question.


Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Analog Devices has become one of the best-performing semiconductors stocks.</li>
<li>The company's strategy has certain weaknesses, but ADI remains among my top picks within the sector.</li>
<li>ADI's performance is not just a fluke and there are solid reasons behind it, such as high profitability, growth and competitive positioning.</li>
</ul>


Analog Devices has become one of the best-performing semiconductors stocks.
The company's strategy has certain weaknesses, but ADI remains among my top picks within the sector.
ADI's performance is not just a fluke and there are solid reasons behind it, such as high profitability, growth and competitive positioning.


Analog Devices: The Less Attention It Gets The Better

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

<ul><li>Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li><li>As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.</li><li>Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li></ul>

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

USA: Record Underweight as Shift to Europe Accelerates

Global equity funds move to record underweight in US equities. Spread between US underweight and DM Europe overweight hits all-time high.

Steven Holden

Nvidia, TSMC, ASML Trading Monitor - TSMC & ASML Results Indicate Cycle Bottom 2Q23E for Leaders

TSMC and ASML both expect their historically high margins to persist and have both shown a major decline in inventory levels.

Vincent Fernando, CFA

No Signs of a Chip Recovery

Has the chip downturn ended? No. Is there any sign that it's going to end soon? Again, no. This Insight provides concrete data points to...

Jim Handy

Analog Devices: The Less Attention It Gets The Better

Analog Devices has become one of the best-performing semiconductors stocks.The company's strategy has certain weaknesses, but ADI remains among my...

Vladimir Dimitrov, CFA

Weekly Stock Bullfinder - Week of 3/27

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall...

Weekly Stock Bull Finder

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