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>The percentage of funds invested in Diageo and the average weight in UK portfolios have been on a downward trajectory since reaching a peak in late 2021.</li>
<li>Rotation within the Consumer Staples sector sees BATS and Reckitt's joining Diageo, whilst Tesco, Britvic and Cranswisk make sustained gains.</li>
<li>Significant exits from Axa Framlington, abrdn, and PrivilEdge have reduced average fund exposure to its lowest point since 2017</li>
</ul>


The percentage of funds invested in Diageo and the average weight in UK portfolios have been on a downward trajectory since reaching a peak in late 2021.
Rotation within the Consumer Staples sector sees BATS and Reckitt's joining Diageo, whilst Tesco, Britvic and Cranswisk make sustained gains.
Significant exits from Axa Framlington, abrdn, and PrivilEdge have reduced average fund exposure to its lowest point since 2017


Diageo PLC: Slide Continues as UK Funds Cut Stakes

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Key points (machine generated)<ul><li>Diageo, a top-performing business, is currently presenting a buying opportunity due to near-term fear.</li><li>The company's low multiples on normalized earnings power suggest a conservative base case of a 90% increase over the next five years.</li><li>As fear diminishes, there is potential for a front-loaded Internal Rate of Return (IRR), and a bull case that could see shares rise 2.3 times or more. Overall, Diageo offers excellent intrinsic value and a low-risk investment opportunity.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Diageo, a top-performing business, is currently presenting a buying opportunity due to near-term fear.The company's low multiples on normalized earnings power suggest a conservative base case of a 90% increase over the next five years.As fear diminishes, there is potential for a front-loaded Internal Rate of Return (IRR), and a bull case that could see shares rise 2.3 times or more. Overall, Diageo offers excellent intrinsic value and a low-risk investment opportunity.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Diageo Plc (DGE LN) - Wednesday, Oct 11, 2023

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and did not provide 2024 guidance, as management continues to pivot to multiple new and expanded retailer relationships for virtually all their brands, including the addition of Costco as a key new partner.</li><li>We believe, beginning in 3Q24, Starco will take their stable of brands to a new level in terms of door penetration which, when combined with an aggressive focus on adding new categories, will position the company for strong top line and Adjusted EBITDA expansion for 2025 and beyond.</li><li>As such, we continue to view the future of Starco as strong, and we reiterate our Buy rating and $0.25 price target for STCB.</li></ul>

We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and did not provide 2024 guidance, as management continues to pivot to multiple new and expanded retailer relationships for virtually all their brands, including the addition of Costco as a key new partner.We believe, beginning in 3Q24, Starco will take their stable of brands to a new level in terms of door penetration which, when combined with an aggressive focus on adding new categories, will position the company for strong top line and Adjusted EBITDA expansion for 2025 and beyond.As such, we continue to view the future of Starco as strong, and we reiterate our Buy rating and $0.25 price target for STCB.

elf Beauty Inc - STCB: 2Q Review: Adding Costco, Planning for the Future, Reiterate Buy

<ul><li>We are reiterating our Buy rating, price target and projections for Starco Brands with the company announcing 2Q24 (June) results after the close on Tuesday.</li><li>We believe, after resetting near-term expectations in 1Q due to multiple expansions for key brands in 2H and 2025 and Whipshots slightly plateauing, the 2Q call will be focused on laying out the road map for material expansion on multiple levels/brands and the longer term positive implications.</li><li>We believe there remain multiple pathways to upside for the company over the longer-term and, the model of leveraging the company's manufacturing and marketing infrastructure remains fully intact.</li></ul>

We are reiterating our Buy rating, price target and projections for Starco Brands with the company announcing 2Q24 (June) results after the close on Tuesday.We believe, after resetting near-term expectations in 1Q due to multiple expansions for key brands in 2H and 2025 and Whipshots slightly plateauing, the 2Q call will be focused on laying out the road map for material expansion on multiple levels/brands and the longer term positive implications.We believe there remain multiple pathways to upside for the company over the longer-term and, the model of leveraging the company's manufacturing and marketing infrastructure remains fully intact.

elf Beauty Inc - STCB: 2Q Preview: Putting the Building Blocks Together; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating.</li><li>$0.25 price target and projections for Starco Brands as we look at key trends for 2H24 and beyond.</li><li>We believe 2024, while somewhat frustrating from an investor standpoint (given the downward revenue guidance and pulling of EBITDA guidance after 1Q), will be seen as a positive over the longer term, as the company has made material steps forward for all of their brands, positioning Starco for significant top line growth and going forward, material operating leverage, which we believe will become increasingly self-evident in 2025 and beyond.</li></ul>

We are reiterating our Buy rating.$0.25 price target and projections for Starco Brands as we look at key trends for 2H24 and beyond.We believe 2024, while somewhat frustrating from an investor standpoint (given the downward revenue guidance and pulling of EBITDA guidance after 1Q), will be seen as a positive over the longer term, as the company has made material steps forward for all of their brands, positioning Starco for significant top line growth and going forward, material operating leverage, which we believe will become increasingly self-evident in 2025 and beyond.

elf Beauty Inc - STCB: 2H Signposts; Building for a Better Tomorrow; Reiterate Buy, $0.25 PT

United Kingdom

Diageo plc produces, distills and markets alcoholic beverages.  The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.

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Diageo Plc (DGE LN)

Diageo PLC: Slide Continues as UK Funds Cut Stakes

UK fund managers are continuing to reduce their positions in Diageo. The percentage of funds invested in Diageo and the average weight in UK...

Steven Holden

Diageo Plc (DGE LN) - Wednesday, Oct 11, 2023

Diageo, a highly esteemed company, currently offers a buying opportunity due to short-term fear, with the potential for a 90% increase in value...

Value Investors Club

elf Beauty Inc - STCB: 2Q Review: Adding Costco, Planning for the Future, Reiterate Buy

We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and...

Small Cap Consumer Research

elf Beauty Inc - STCB: 2Q Preview: Putting the Building Blocks Together; Reiterate Buy, PT

We are reiterating our Buy rating, price target and projections for Starco Brands with the company announcing 2Q24 (June) results after the close...

Small Cap Consumer Research

elf Beauty Inc - STCB: 2H Signposts; Building for a Better Tomorrow; Reiterate Buy, $0.25 PT

We are reiterating our Buy rating. $0.25 price target and projections for Starco Brands as we look at key trends for 2H24 and beyond. We believe...

Small Cap Consumer Research

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