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>China allocations fall to a 2-year low, driven by widespread closures in <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> New Oriental Education (EDU US), China Mobile (941 HK) and CNOOC Ltd.</li>
<li>Active GEM Managers head in to 2022 with Consumer Discretionary and Communication Services the key China sector exposures, though Industrial stocks stand out the main overweight.</li>
<li>On a stock level, the most widely held company is Tencent, held by 81% of the managers in our analysis and taking the crown from Alibaba Group in 2021. </li>
</ul>


China allocations fall to a 2-year low, driven by widespread closures in Alibaba Group (BABA US) New Oriental Education (EDU US), China Mobile (941 HK) and CNOOC Ltd.
Active GEM Managers head in to 2022 with Consumer Discretionary and Communication Services the key China sector exposures, though Industrial stocks stand out the main overweight.
On a stock level, the most widely held company is Tencent, held by 81% of the managers in our analysis and taking the crown from Alibaba Group in 2021. 


China:  EM Active Fund Positioning Update.  BABA Drives Allocations Lower

China and US Equity Analyst

Roger Xie

Equity Bottom-Up

<ul>
<li>News reported that Alibaba is in talks with Shanghai Media Group to sell its 30% stake in <a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a>, which we have expected since Weibo's Hong Kong listing.</li>
<li>Since 2013, Alibaba has started to invest in Weibo before its NASDAQ IPO and continued to increase the holdings. Alibaba remains a strategic partner with Weibo on platform advertisement.</li>
<li>We view the potential transaction net positive for <a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> as it will realign Weibo strategic direction and Alibaba impact will be minimized. Weibo valuation is also attractive.</li>
</ul>


News reported that Alibaba is in talks with Shanghai Media Group to sell its 30% stake in Weibo Corp (WB US), which we have expected since Weibo's Hong Kong listing.
Since 2013, Alibaba has started to invest in Weibo before its NASDAQ IPO and continued to increase the holdings. Alibaba remains a strategic partner with Weibo on platform advertisement.
We view the potential transaction net positive for Weibo Corp (WB US) as it will realign Weibo strategic direction and Alibaba impact will be minimized. Weibo valuation is also attractive.


Weibo (WB US): Alibaba Potential Stake Sale, More Visibility on Strategic Direction

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

Aquila Acquisition Corporation / Equity Capital Markets

<ul>
<li>Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing.</li>
<li>AAC is promoted by CMB International Asset Management Limited (CMBIAM) and AAC Mgmt Holding Ltd (AACMH).</li>
<li>In this tear sheet, we will talk about the deal background and structure.</li>
</ul>


Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing.
AAC is promoted by CMB International Asset Management Limited (CMBIAM) and AAC Mgmt Holding Ltd (AACMH).
In this tear sheet, we will talk about the deal background and structure.


Aquila Acquisition Corporation Tear Sheet - Aiming to Be Hong Kong’s First SPAC Listing

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Market Research expects that e-commerce will grow 15% and 13% in following two years.</li>
<li>Big platforms, such as Alibaba and JD.com will still have advantage in the growth.</li>
<li>The risk is that consumers care significantly more about product brand than platform reputation.</li>
</ul>


Market Research expects that e-commerce will grow 15% and 13% in following two years.
Big platforms, such as Alibaba and JD.com will still have advantage in the growth.
The risk is that consumers care significantly more about product brand than platform reputation.


Alibaba (BABA): Don’t Be Pessimistic About E-Commerce, Especially Big Platforms

AirPower Technologies / Equity Capital Markets

<ul>
<li>AirPower Technologies (1679085D HK) is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>Airpower Technologies is an industrial gases solution provider with a nationwide footprint in China. </li>
<li>In this note, we will talk about the company's past performance.</li>
</ul>


AirPower Technologies (1679085D HK) is looking to raise US$1bn in its upcoming Hong Kong IPO.
Airpower Technologies is an industrial gases solution provider with a nationwide footprint in China. 
In this note, we will talk about the company's past performance.


Airpower Technologies Pre-IPO - Steady Topline Growth but Lacks Pricing Power

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (9988 HK)

China: EM Active Fund Positioning Update. BABA Drives Allocations Lower

China allocations fall to 2-year low, driven by widespread closures in Alibaba Group, New Oriental Education, China Mobile and CNOOC Ltd.

Steven Holden

Weibo (WB US): Alibaba Potential Stake Sale, More Visibility on Strategic Direction

We view the potential stake sale transaction net positive for Weibo Corp (WB US) as it will realign Weibo strategic direction and Alibaba impact...

Roger Xie

Aquila Acquisition Corporation Tear Sheet - Aiming to Be Hong Kong’s First SPAC Listing

Aquila Acquisition Corporation (AAC) aims to raise around US$300m via Hong Kong’s first SPAC listing. In this note, we look at the deal background...

Sumeet Singh

Alibaba (BABA): Don’t Be Pessimistic About E-Commerce, Especially Big Platforms

E-commerce will grow 15% and 13% in following two years. Big platforms will have advantage in the growth. The risk is that consumers care more...

Ming Lu

Airpower Technologies Pre-IPO - Steady Topline Growth but Lacks Pricing Power

AirPower Technologies (1679085D HK) is looking to raise US$1bn in its upcoming Hong Kong IPO. In this note, we look at the company's past performance.

Sumeet Singh

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