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>The average Indian allocation among active GEM funds broke through the 15% barrier at the start of 2024, despite an increasing underweight versus the benchmark index.</li>
<li>Valuation-Driven Underweight: The average weight versus the iShares MSCI EM ETF hit record underweights of -2.44%, with only 27.6% of funds positioned overweight. EM Value funds hit record -8.7% underweight.</li>
<li>HDFC Bank is the most widely held stock, owned by 60.5% of funds, while a majority of Indian names, such as Reliance Industries, are underweighted by active GEM funds.</li>
</ul>


The average Indian allocation among active GEM funds broke through the 15% barrier at the start of 2024, despite an increasing underweight versus the benchmark index.
Valuation-Driven Underweight: The average weight versus the iShares MSCI EM ETF hit record underweights of -2.44%, with only 27.6% of funds positioned overweight. EM Value funds hit record -8.7% underweight.
HDFC Bank is the most widely held stock, owned by 60.5% of funds, while a majority of Indian names, such as Reliance Industries, are underweighted by active GEM funds.


India:  Record Exposure Gives Rise to Caution

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India will add 15.4 GW of coal power by March 2025</li>
<li>New deep-water port to boost trade with Europe, completed by 2029</li>
<li>Funds to strengthen capital base and support growth, raised in FY25</li>
</ul>


India will add 15.4 GW of coal power by March 2025
New deep-water port to boost trade with Europe, completed by 2029
Funds to strengthen capital base and support growth, raised in FY25


#15 India Insight: SBI Fund Raise, 15.4 GW Coal Power, Trade with Europe

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>There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.</li>
<li>After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.</li>
</ul>


There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.
After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.


NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

<ul>
<li>What will be implication in case of weaker Modi &amp; BJP mandate?</li>
<li>Public Sector and State-Owned Bank Shares Plunge whole day after poor BJP tally during counting.</li>
<li>Improvement in <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a>'s credit profile by FY25 and Higher RoCE for <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/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> </li>
</ul>


What will be implication in case of weaker Modi &amp; BJP mandate?
Public Sector and State-Owned Bank Shares Plunge whole day after poor BJP tally during counting.
Improvement in Tata Steel Ltd (TATA IN)'s credit profile by FY25 and Higher RoCE for Bharti Airtel (BHARTI IN) and Reliance Industries (RIL IN) 


#7 India Insights: Weaker Modi Mandate, Plunging PSUs, Tata Steel Credit Profile, Reliance, Airtel

<ul>
<li>There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).</li>
<li>Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.</li>
</ul>


There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).
Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.


NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

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)

India: Record Exposure Gives Rise to Caution

Despite record MSCI India highs, valuations keep India as a significant underweight for active EM managers. Underweights client to -2.44% versus...

Steven Holden

#15 India Insight: SBI Fund Raise, 15.4 GW Coal Power, Trade with Europe

India plans to increase coal power capacity, build a new port for trade with Europe, and raise funds for growth by 2025.

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

#7 India Insights: Weaker Modi Mandate, Plunging PSUs, Tata Steel Credit Profile, Reliance, Airtel

Weaker Modi & BJP mandate leads to plunge in PSUs and state-owned bank shares, while Tata Steel, Bharti Airtel, and Reliance Industries see credit...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India: Record Exposure Gives Rise to Caution

Despite record MSCI India highs, valuations keep India as a significant underweight for active EM managers. Underweights client to -2.44% versus...

Steven Holden

#15 India Insight: SBI Fund Raise, 15.4 GW Coal Power, Trade with Europe

​India plans to increase coal power capacity, build a new port for trade with Europe, and raise funds for growth by 2025.

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

#7 India Insights: Weaker Modi Mandate, Plunging PSUs, Tata Steel Credit Profile, Reliance, Airtel

​Weaker Modi & BJP mandate leads to plunge in PSUs and state-owned bank shares, while Tata Steel, Bharti Airtel, and Reliance Industries see credit...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

India plans to increase coal power capacity, build a new port for trade with Europe, and raise funds for growth by 2025.

Weaker Modi & BJP mandate leads to plunge in PSUs and state-owned bank shares, while Tata Steel, Bharti Airtel, and Reliance Industries see credit...