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>Average fund weights in Apple have hit a record high of 1.56% this month, driven by an increasing number of funds opening new positions and sizeable fund buying</li>
<li>Over the last six months, Apple has attracted investment from an additional 1.83% of funds, with average fund weights rising by 0.25% following $3.3 billion in net inflows</li>
<li>Notable new positions have been established by JP Morgan Global Focus and Virtus Global Growth, with strong inflows from American Funds Growth and Income.</li>
</ul>


Average fund weights in Apple have hit a record high of 1.56% this month, driven by an increasing number of funds opening new positions and sizeable fund buying
Over the last six months, Apple has attracted investment from an additional 1.83% of funds, with average fund weights rising by 0.25% following $3.3 billion in net inflows
Notable new positions have been established by JP Morgan Global Focus and Virtus Global Growth, with strong inflows from American Funds Growth and Income.


Apple Inc.  Record Global Fund Weights as Ownership Levels Grow.

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>
<a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-b" target="_blank" data-smartkarma-citation="entities:8635:1" rel="noopener">Berkshire Hathaway Inc Cl B (BRK/B US)</a> held over 5% of <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>. Nearly half of that was sold in the June quarter to take the holding to 2.63%. </li>
<li>Berkshire's selling should result in an increase in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>'s free float in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and other related indices.</li>
<li>There will also be large buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> from the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> ETF if the proposals in the market consultation are implemented.</li>
</ul>



Berkshire Hathaway Inc Cl B (BRK/B US) held over 5% of Apple (AAPL US). Nearly half of that was sold in the June quarter to take the holding to 2.63%. 
Berkshire's selling should result in an increase in Apple (AAPL US)'s free float in the S&amp;P 500 INDEX (SPX INDEX) and other related indices.
There will also be large buying in Apple (AAPL US) from the Technology Select Sector SPDR (XLK US) ETF if the proposals in the market consultation are implemented.


Apple Inc (AAPL US): $43bn Passive Buying Driven by Berkshire Selling & Market Consultation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Apple reported an impressive fiscal third quarter with revenue reaching $85.8 billion, marking a 5% year-over year increase and setting a new record for the June quarter.</li><li>This growth in revenue was accompanied by a double-digit increase in earnings per share (EPS) to $1.40, also a record for the period, reflecting robust financial performance amidst challenging market conditions.</li><li>On the product forefront, iPhone sales were slightly down by 1% at $39.3 billion compared to last year, although there was growth on a constant-currency basis.</li></ul>

Apple reported an impressive fiscal third quarter with revenue reaching $85.8 billion, marking a 5% year-over year increase and setting a new record for the June quarter.This growth in revenue was accompanied by a double-digit increase in earnings per share (EPS) to $1.40, also a record for the period, reflecting robust financial performance amidst challenging market conditions.On the product forefront, iPhone sales were slightly down by 1% at $39.3 billion compared to last year, although there was growth on a constant-currency basis.

Apple Inc.: Are Its 2025 Lineup & Apple Intelligence Enough To Warrant Any Kind Of Optimism? - Financial Forecasts

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Apple achieved a record $85.78B in Q3 revenue, up 5% YoY, and earnings per share rose 11% to $1.40, exceeding expectations and reflecting strong financial health. </li>
<li>IPhone revenue was $39.3B, surpassing the $38.81B estimate. Despite a 1% YoY decline, iPhone sales showed growth on a constant currency basis, contributing significantly to overall revenue.</li>
<li>Services revenue reached a record $24.2B, growing 14% YoY. The gross margin was 46.3%, slightly above estimates, despite challenges from foreign exchange and product mix changes.</li>
</ul>


Apple achieved a record $85.78B in Q3 revenue, up 5% YoY, and earnings per share rose 11% to $1.40, exceeding expectations and reflecting strong financial health. 
IPhone revenue was $39.3B, surpassing the $38.81B estimate. Despite a 1% YoY decline, iPhone sales showed growth on a constant currency basis, contributing significantly to overall revenue.
Services revenue reached a record $24.2B, growing 14% YoY. The gross margin was 46.3%, slightly above estimates, despite challenges from foreign exchange and product mix changes.


Apple Reports Record Revenue and Earnings Growth, IPhone Sales Surprise Despite China Market Slump

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> switched positions in June setting off huge flows. Those flows could reverse in September if the current index methodology is used.</li>
<li>To avoid frequent reverse turnover, S&amp;P DJI have started a market consultation to change the index weighting methodology. We believe feedback will be positive and the proposals will be approved.</li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> will have inflows in September while there will be outflows from <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>. </li>
</ul>



NVIDIA Corp (NVDA US) and Apple (AAPL US) switched positions in June setting off huge flows. Those flows could reverse in September if the current index methodology is used.
To avoid frequent reverse turnover, S&amp;P DJI have started a market consultation to change the index weighting methodology. We believe feedback will be positive and the proposals will be approved.

Apple (AAPL US) will have inflows in September while there will be outflows from Microsoft Corp (MSFT US) and NVIDIA Corp (NVDA US). 


Technology Select Sector Index (XLK US): Market Consultation to Avoid Reverse Turnover (NVDA/AAPL)

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Apple Inc. Record Global Fund Weights as Ownership Levels Grow.

Average fund weights in Apple have hit a record high of 1.56% this month, driven by an increasing number of funds opening new positions and...

Steven Holden

Apple Inc (AAPL US): $43bn Passive Buying Driven by Berkshire Selling & Market Consultation

Berkshire selling increases Apple's float. Market consultation for the Select Sector indices increases Apple's weight in the XLK ETF. Together,...

Brian Freitas

Apple Inc.: Are Its 2025 Lineup & Apple Intelligence Enough To Warrant Any Kind Of Optimism? - Financial Forecasts

Apple reported an impressive fiscal third quarter with revenue reaching $85.8 billion, marking a 5% year-over year increase and setting a new...

Baptista Research

Apple Reports Record Revenue and Earnings Growth, IPhone Sales Surprise Despite China Market Slump

Apple's Q3 revenue hit $85.78B and EPS of $1.40, surpassing estimates. iPhone sales exceeded forecasts, driving the revenue surge. Despite a...

Mint Finance

Technology Select Sector Index (XLK US): Market Consultation to Avoid Reverse Turnover (NVDA/AAPL)

To reduce reverse turnover, SnP have started a consultation to change the index weighting methodology. Passives will need to buy US$7bn in Apple...

Brian Freitas

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