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

In order to understand the drivers of performance among EM active managers, we create a portfolio based on the aggregated holdings of 134 global emerging market equity funds. Fund holdings and stock performance are recorded on a monthly basis and annualised to provide absolute and relative performance figures for the year.We find that underweights positions in 'Big Tech' were a key driver of relative underperformance on the year. Sound stock selection in financial stocks generated positive relative returns, and Tencent was the must-have position for 2017.

In order to understand the drivers of performance among EM active managers, we create a portfolio based on the aggregated holdings of 134 global emerging market equity funds. Fund holdings and stock performance are recorded on a monthly basis and annualised to provide absolute and relative performance figures for the year.We find that underweights positions in 'Big Tech' were a key driver of relative underperformance on the year. Sound stock selection in financial stocks generated positive relative returns, and Tencent was the must-have position for 2017.

EM Positioning Review 2017. The Key Drivers of Performance

MD, Blue Lotus Research Institute

Gu Jun, CFA

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

First week into 2018, two developments sent property stocks and related Internet stocks flying:<ol type="1" start="1">
<li class="x_MsoNormal">During the last week of 2017 and first week of 2018, three New 1st Tier Cities (Qingdao, Tianjin and Nanjing), two 2nd Tier Cities (Lanzhou and Hefei)  and several 3rd cities announced relaxation policies “disguised” as “attracting talents”. Market interpreted these cities unable to balance their fiscal budget and must resort to selling land to raise government incomes;</li>
<li class="x_MsoNormal">
Inner Mongolia Province (January…</li>
</ol>

First week into 2018, two developments sent property stocks and related Internet stocks flying:
During the last week of 2017 and first week of 2018, three New 1st Tier Cities (Qingdao, Tianjin and Nanjing), two 2nd Tier Cities (Lanzhou and Hefei)  and several 3rd cities announced relaxation policies “disguised” as “attracting talents”. Market interpreted these cities unable to balance their fiscal budget and must resort to selling land to raise government incomes;

Inner Mongolia Province (January…


Local and Central Governments' Tug over Real Estate Reform Will Shape Property and Retail Markets

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten (4755 JP)</a> announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17 allocation in hopes of leveraging its MVNO (currently they have 1.4m subs) to become the fourth mobile operator. It announced plans for a ¥600bn investment out to 2025 with the focus on 4G services. At the time, <a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> thought this would not be overly disruptive. That has not stopped share prices falling at both the incumbents and at Rakuten and…

Rakuten (4755 JP) announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17 allocation in hopes of leveraging its MVNO (currently they have 1.4m subs) to become the fourth mobile operator. It announced plans for a ¥600bn investment out to 2025 with the focus on 4G services. At the time, Kirk Boodry thought this would not be overly disruptive. That has not stopped share prices falling at both the incumbents and at Rakuten and…

Rakuten's Balance Sheet and Incremental Costs Limit Funding Flexibility as It Plans Mobile Entry

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Event-Driven

The Nikkei has reported that <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank (9984 JP)</a> plans an IPO of its mobile unit this year, to which management at SoftBank has replied that this is an option. The fact that SoftBank hasn’t either been able to deny this or go for the “we don’t comment on speculation” route means that talks are sufficiently advanced that, non-disclosures notwithstanding, SoftBank’s management must have discussed this with too many people for them to be unable to cauterize any leaks.The news should not come as a…

The Nikkei has reported that Softbank (9984 JP) plans an IPO of its mobile unit this year, to which management at SoftBank has replied that this is an option. The fact that SoftBank hasn’t either been able to deny this or go for the “we don’t comment on speculation” route means that talks are sufficiently advanced that, non-disclosures notwithstanding, SoftBank’s management must have discussed this with too many people for them to be unable to cauterize any leaks.The news should not come as a…

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’ scenarios</li>
<li>Bond market volatility is exceeding equity as markets begin second guessing the ECB/BoJ exit path and chartists draw lines through the generational 10-yr Treasury secular downtrend.</li>
<li>With N. Korea receding as a near-term alibi for inaction, the Trump administration seems likely to risk a trade confrontation with China on steel/solar etc. within…</li>
</ul>


It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’ scenarios
Bond market volatility is exceeding equity as markets begin second guessing the ECB/BoJ exit path and chartists draw lines through the generational 10-yr Treasury secular downtrend.
With N. Korea receding as a near-term alibi for inaction, the Trump administration seems likely to risk a trade confrontation with China on steel/solar etc. within…


Bears Become Endangered Species, as Tech Faces Zeitgeist Shift…

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 (BABA US)

EM Positioning Review 2017. The Key Drivers of Performance

In order to understand the drivers of performance among EM active managers, we create a portfolio based on the aggregated holdings of 134 global...

Steven Holden

Local and Central Governments' Tug over Real Estate Reform Will Shape Property and Retail Markets

First week into 2018, two developments sent property stocks and related Internet stocks flying: During the last week of 2017 and first week of...

Blue Lotus Research Institute

Rakuten's Balance Sheet and Incremental Costs Limit Funding Flexibility as It Plans Mobile Entry

Rakuten (4755 JP) announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17...

New Street Research

SoftBank (9984) - To List Mobile Unit?

The Nikkei has reported that Softbank (9984 JP) plans an IPO of its mobile unit this year, to which management at SoftBank has replied that this is...

Pelham Smithers Associates

Bears Become Endangered Species, as Tech Faces Zeitgeist Shift…

It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’...

Sean Maher

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52-week Range

Market Cap (USDm)

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