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>After a heavy decline in ownership between 2016 and 2020, active Asia Ex-Japan managers are re-engaging with Baidu Inc.</li>
<li>Ownership levels are at 4-year highs, with Baidu one of the key beneficiaries of manager rotation this year.</li>
<li>Baidu is the 3rd largest holding in the Communication Services sector, but there a plenty of funds with a history of ownership who remain on the sidelines for now.</li>
</ul>


After a heavy decline in ownership between 2016 and 2020, active Asia Ex-Japan managers are re-engaging with Baidu Inc.
Ownership levels are at 4-year highs, with Baidu one of the key beneficiaries of manager rotation this year.
Baidu is the 3rd largest holding in the Communication Services sector, but there a plenty of funds with a history of ownership who remain on the sidelines for now.


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
<ul>
<li><a href="#lucror-entity-953" target="_blank" rel="noopener">Bharti Airtel</a></li>
<li><a href="#lucror-entity-35" target="_blank" rel="noopener">China Jinmao Holdings</a></li>
<li><a href="#lucror-entity-26076" target="_blank" rel="noopener">China Vanke </a></li>
<li><a href="#lucror-entity-8954" target="_blank" rel="noopener">Greentown China</a></li>
<li><a href="#lucror-entity-18097" target="_blank" rel="noopener">Yuexiu Property </a></li>
</ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Bharti Airtel
China Jinmao Holdings
China Vanke 
Greentown China
Yuexiu Property 


Morning Views Asia: Bharti Airtel, China Jinmao Holdings, China Vanke, Greentown China

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q4FY23, Bharti Airtel Ltd (Bharti) reported revenue of Rs 36,009 Cr, up 0.6% QoQ and 14.3% YoY, which stood below our expectations.</li><li>The company posted an operating profit of Rs 18,807 Cr with operating margins growing by 125bps, largely led by larger 4G conversions and a better service mix.</li><li>Its net profit for Q4FY23 stood at Rs 2,592 Cr, registering a healthy growth of 39.3% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY23, Bharti Airtel Ltd (Bharti) reported revenue of Rs 36,009 Cr, up 0.6% QoQ and 14.3% YoY, which stood below our expectations.The company posted an operating profit of Rs 18,807 Cr with operating margins growing by 125bps, largely led by larger 4G conversions and a better service mix.Its net profit for Q4FY23 stood at Rs 2,592 Cr, registering a healthy growth of 39.3% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel Ltd. - Broad-Based Growth; Market Share Gain Continues

<ul><li>Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across 14 African countries.</li><li>It enjoys industry leading ARPU in the wireless business.</li><li>It also has strong portfolio of digital services like DTH internet and other digital services with highest penetrations in domestic market.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across 14 African countries.It enjoys industry leading ARPU in the wireless business.It also has strong portfolio of digital services like DTH internet and other digital services with highest penetrations in domestic market.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Digital portfolio gaining momentum along with market share gains</li><li>The company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the overall customer base now).</li><li>ARPU continues to be the best in the industry and average data usage per data customer at 20.3GBs/month.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Digital portfolio gaining momentum along with market share gainsThe company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the overall customer base now).ARPU continues to be the best in the industry and average data usage per data customer at 20.3GBs/month.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Baidu: Back in the Mix

After a heavy decline in ownership between 2016 and 2020, active Asia Ex-Japan managers are re-engaging with Baidu Inc..

Steven Holden

Morning Views Asia: Bharti Airtel, China Jinmao Holdings, China Vanke, Greentown China

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Pick of the Week - Bharti Airtel Ltd

Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across...

Axis Direct

Bharti Airtel Ltd. - Broad-Based Growth

The company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the...

Axis Direct

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