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

Thematic (Sector/Industry)

Telcos exposure among active Emerging Market funds is in free fall.  Average holding weights among the 241 funds in our analysis stands at 1.70%, the lowest level on record.  In addition, a record low of just 65.1% of funds have any exposure at all to the sector.<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> holdings have been slashed after its exclusion from MSCI Emerging Markets Index. <a href="https://www.smartkarma.com/entities/mtn-group-ltd" target="_blank" data-smartkarma-citation="entities:24897:1" rel="noopener">MTN Group Ltd (MTN SJ)</a> has started to see a reversal of its long-term ownership decline.Declines in ownership have been led by high growth investors, with Value and Yield funds remaining stubbornly exposed.  With the outperformance of Value funds this year and the potential rebalance out of Growth stocks, could Telcos be an out of consensus bet worth taking?

Telcos exposure among active Emerging Market funds is in free fall.  Average holding weights among the 241 funds in our analysis stands at 1.70%, the lowest level on record.  In addition, a record low of just 65.1% of funds have any exposure at all to the sector.China Mobile (941 HK) holdings have been slashed after its exclusion from MSCI Emerging Markets Index. MTN Group Ltd (MTN SJ) has started to see a reversal of its long-term ownership decline.Declines in ownership have been led by high growth investors, with Value and Yield funds remaining stubbornly exposed.  With the outperformance of Value funds this year and the potential rebalance out of Growth stocks, could Telcos be an out of consensus bet worth taking?

EM Telcos:  MSCI Exclusions Force Exodus from Sector

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:TSMC (2330 TT), Samsung Electronics (005930 KS), JD.com Inc. (9618 HK), Kalbe Farma (KLBF IJ), Bharti Airtel (BHARTI IN) 

Global Emerging Markets Weekly: 19 February 2021

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

The objective of this insight is to reflect back on our work published on SmartKarma - to highlight what has worked for us and more importantly what has not worked and our plans to improve the same. 
2020 is indeed special and we are unlikely to see something similar in our professional life once again. Therefore, we have made an attempt to capture our key learnings, which will also enable us to reflect back on the same at frequent intervals in time. 
We also highlight our key themes for 2021 along with sectorial preferences where we might deploy our resources.

The objective of this insight is to reflect back on our work published on SmartKarma - to highlight what has worked for us and more importantly what has not worked and our plans to improve the same. 
2020 is indeed special and we are unlikely to see something similar in our professional life once again. Therefore, we have made an attempt to capture our key learnings, which will also enable us to reflect back on the same at frequent intervals in time. 
We also highlight our key themes for 2021 along with sectorial preferences where we might deploy our resources. 

2020 Review & 2021 Key Themes | What Worked and What Has Not

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

Our objective with this weekly is to highlight notable developments in the India internet and consumer sector focusing on public and private companies. The sub-sectors covered include payment providers, e-commerce retailers,  social media platforms and consumer companies.
<ul>
<li>PUBG Corporation struggles to make a come back in India. After breaking ties with <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> as their distribution partner in India - the company now looks at <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> to be their godfather.</li>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> pumps in another 7 billion INR into its payments platform Amazon Pay to give it the push it needs with the Indian festive season around the corner.</li>
<li>
<a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> shines on in its journey back to normalcy with a great performance this quarter.</li>
</ul>

Our objective with this weekly is to highlight notable developments in the India internet and consumer sector focusing on public and private companies. The sub-sectors covered include payment providers, e-commerce retailers,  social media platforms and consumer companies.

PUBG Corporation struggles to make a come back in India. After breaking ties with Tencent Holdings (700 HK) as their distribution partner in India - the company now looks at Bharti Airtel (BHARTI IN) to be their godfather.

Amazon.com Inc (AMZN US) pumps in another 7 billion INR into its payments platform Amazon Pay to give it the push it needs with the Indian festive season around the corner.

Titan Co Ltd (TTAN IN) shines on in its journey back to normalcy with a great performance this quarter.


India Internet & Consumer Weekly | Airtel, Amazon & Titan

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

The Indian Telecom Industry had been cautioned yesterday for yet another time, as Jio (<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN))</a> came up with a fresh set of postpaid plus plans. Consequently the panic spread to <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> and <a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> as their shares saw a sharp, alarming downfall of 7.9% and 10% respectively in today's trading session. While many believe that this is an awakening of new tariff war, we however feel that the move is nothing but a sentimental boost and would have no major damaging impact on the industry dynamics.

The Indian Telecom Industry had been cautioned yesterday for yet another time, as Jio (Reliance Industries (RIL IN)) came up with a fresh set of postpaid plus plans. Consequently the panic spread to Bharti Airtel (BHARTI IN) and Vodafone Idea (IDEA IN) as their shares saw a sharp, alarming downfall of 7.9% and 10% respectively in today's trading session. While many believe that this is an awakening of new tariff war, we however feel that the move is nothing but a sentimental boost and would have no major damaging impact on the industry dynamics. 

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

EM Telcos: MSCI Exclusions Force Exodus from Sector

Telcos exposure among active Emerging Market funds is in free fall. Average holding weights stand at 1.70% and a record low of just 65.1% of funds...

Steven Holden

Global Emerging Markets Weekly: 19 February 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

2020 Review & 2021 Key Themes | What Worked and What Has Not

A walk down the memory lane. What has worked, what has not, what have we learnt and how we think 2021 will pan out, this insight is our reflection...

Pranav Bhavsar

India Internet & Consumer Weekly | Airtel, Amazon & Titan

This week we cover Airtel's attempt to reinforce its E-sports strategy with talks bring PUBG back, Amazon Pay gearing up for the festive season,...

Pranav Bhavsar

Reliance Jio: Fate of Postpaid Plans

The Indian Telecom Industry had been

Nitin Mangal

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