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>Emerging Market allocations are stabilizing among active Global equity funds.</li>
<li>Country-Level shifts show China &amp; HK allocations more than halving since 2022, while Taiwan has seen strong gains. India becomes the top country underweight.</li>
<li>Alibaba has declined to record lows, Tencent ownership is stabilizing, and TSMC has reached new highs.</li>
</ul>


Emerging Market allocations are stabilizing among active Global equity funds.
Country-Level shifts show China &amp; HK allocations more than halving since 2022, while Taiwan has seen strong gains. India becomes the top country underweight.
Alibaba has declined to record lows, Tencent ownership is stabilizing, and TSMC has reached new highs.


Emerging Markets:  Structural Shifts as Allocations Stabilise Among Global Funds.

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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)

<ul>
<li>700 HK: &lt;Black Myth: WuKong&gt; Tops Steam’s Most Played Games Now with Over 1.2 million Concurrent Players (+)</li>
<li>700 HK: Tencent’s &lt;Rock Kingdom: World&gt; Begins Beta Testing Today: iOS Only, Android/PC Versions Not Yet Available (+)</li>
<li>700 HK: &lt;Honor of Kings&gt; Matchmaking Algorithm to Be Overhauled (+)</li>
</ul>


700 HK: &lt;Black Myth: WuKong&gt; Tops Steam’s Most Played Games Now with Over 1.2 million Concurrent Players (+)
700 HK: Tencent’s &lt;Rock Kingdom: World&gt; Begins Beta Testing Today: iOS Only, Android/PC Versions Not Yet Available (+)
700 HK: &lt;Honor of Kings&gt; Matchmaking Algorithm to Be Overhauled (+)


[Blue Lotus Daily-TMT Update]:700 HK/LCKNY US/NTES US/BABA US/PDD US/AMZN US/SHEIN/3690 HK

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Kidnappings / Cover Story: Chinese gamble with their lives in the Philippines amid waves of kidnappings </li><li>Marriage /: China looks to make tying the knot easier as marriage rate continues decade-long decline</li><li>Bonds /: Investors are warming to panda bonds, Deutsche Bank executive says</li></ul>

Kidnappings / Cover Story: Chinese gamble with their lives in the Philippines amid waves of kidnappings Marriage /: China looks to make tying the knot easier as marriage rate continues decade-long declineBonds /: Investors are warming to panda bonds, Deutsche Bank executive says

CX Daily: Chinese Gamble With Their Lives in the Philippines Amid Waves of Kidnappings 

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With the review cutoff done, we expect just one change for the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> ETF in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-tower-corp-ltd" target="_blank" data-smartkarma-citation="entities:27037:1" rel="noopener">China Tower (788 HK)</a> is a high probability inclusion while <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">China International Capital Corporation (3908 HK)</a> is a high probability deletion.</li>
<li>There has been an increase in cumulative excess volume for both stocks in the last few months, but the pace has slowed noticeably in the recent past.</li>
</ul>


With the review cutoff done, we expect just one change for the iShares China Large-Cap (FXI) (FXI US) ETF in September.

China Tower (788 HK) is a high probability inclusion while China International Capital Corporation (3908 HK) is a high probability deletion.
There has been an increase in cumulative excess volume for both stocks in the last few months, but the pace has slowed noticeably in the recent past.


FXI Rebalance Preview: China Tower (788 HK) Could Replace CICC (3908 HK)

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>This week we look at Lazada's swing into profit in July 2024, Bukalapak's profit reversal, and PropertyGuru's impending delisting, with a takeover from a Swedish Investor. </li>
<li>We also look at the Southeast Asian coffee market and Kopi Kenanagan's move into the mass market and overseas to Malaysia and Singapore. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at Lazada's swing into profit in July 2024, Bukalapak's profit reversal, and PropertyGuru's impending delisting, with a takeover from a Swedish Investor. 
We also look at the Southeast Asian coffee market and Kopi Kenanagan's move into the mass market and overseas to Malaysia and Singapore. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Lazada's Profitable, Bukalapak's Loss, PropertyGuru, and SEA Coffee

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)

Emerging Markets: Structural Shifts as Allocations Stabilise Among Global Funds.

Average EM weights of 7.05% sit near the lower end of the decade-long range. While active managers remain structurally underweight EM, this has...

Steven Holden

[Blue Lotus Daily-TMT Update]:700 HK/LCKNY US/NTES US/BABA US/PDD US/AMZN US/SHEIN/3690 HK

Popular games like <black wukong myth:=""> and <honor of kings> are making waves on Steam and in beta testing, while changes are coming to...

Blue Lotus Research Institute

CX Daily: Chinese Gamble With Their Lives in the Philippines Amid Waves of Kidnappings

Kidnappings / Cover Story: Chinese gamble with their lives in the Philippines amid waves of kidnappings It was in the 1990s when Manila was...

Caixin Global

FXI Rebalance Preview: China Tower (788 HK) Could Replace CICC (3908 HK)

China Tower could replace CICC in the FXI in Sep. Shorts have been covering China Tower and increasing in CICC and the cumulative excess volume...

Brian Freitas

CrossASEAN Ground Zero - Lazada's Profitable, Bukalapak's Loss, PropertyGuru, and SEA Coffee

This week we look at Lazada's swing into profit in July 2024, Bukalapak's profit reversal, and PropertyGuru's impending delisting, with a takeover...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Emerging Markets: Structural Shifts as Allocations Stabilise Among Global Funds.

Average EM weights of 7.05% sit near the lower end of the decade-long range. While active managers remain structurally underweight EM, this has...

Steven Holden

[Blue Lotus Daily-TMT Update]:700 HK/LCKNY US/NTES US/BABA US/PDD US/AMZN US/SHEIN/3690 HK

​Popular games like <black wukong myth:=""> and <honor of kings> are making waves on Steam and in beta testing, while changes are coming to...

Blue Lotus Research Institute

CX Daily: Chinese Gamble With Their Lives in the Philippines Amid Waves of Kidnappings

Kidnappings / Cover Story: Chinese gamble with their lives in the Philippines amid waves of kidnappings It was in the 1990s when Manila was...

Caixin Global

FXI Rebalance Preview: China Tower (788 HK) Could Replace CICC (3908 HK)

China Tower could replace CICC in the FXI in Sep. Shorts have been covering China Tower and increasing in CICC and the cumulative excess volume...

Brian Freitas

CrossASEAN Ground Zero - Lazada's Profitable, Bukalapak's Loss, PropertyGuru, and SEA Coffee

This week we look at Lazada's swing into profit in July 2024, Bukalapak's profit reversal, and PropertyGuru's impending delisting, with a takeover...

Angus Mackintosh

Popular games like <black wukong myth:=""> and <honor of kings> are making waves on Steam and in beta testing, while changes are coming to...