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)

<ul>
<li>China Industrials attract further inflows from dedicated active China funds.</li>
<li>Machinery and Electrical Equipment industry groups dominate holdings within the sector.</li>
<li>Buying seen in <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a> and <a href="https://www.smartkarma.com/entities/ever-sunshine-lifestyle-services-group-limited" target="_blank" data-smartkarma-citation="entities:28932:1" rel="noopener">Ever Sunshine Lifestyle Services (1995 HK)</a>.  Selling in <a href="https://www.smartkarma.com/entities/zhuzhou-csr-times-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18:1" rel="noopener">Zhuzhou Csr Times Electric Co, Ltd. (3898 HK)</a> and <a href="https://www.smartkarma.com/entities/beijing-new-building-materials-plc" target="_blank" data-smartkarma-citation="entities:13910:1" rel="noopener">Beijing New Building Materials (000786 CH)</a>
</li>
<li>Industrials move to top sector overweight among active China funds.</li>
</ul>


China Industrials attract further inflows from dedicated active China funds.
Machinery and Electrical Equipment industry groups dominate holdings within the sector.
Buying seen in CATL (A) (300750 CH), Sany Heavy Industry (600031 CH) and Ever Sunshine Lifestyle Services (1995 HK).  Selling in Zhuzhou Csr Times Electric Co, Ltd. (3898 HK) and Beijing New Building Materials (000786 CH)

Industrials move to top sector overweight among active China funds.


China Funds Increase Industrials Exposure, Moves to Top Overweight

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

<div>With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and conflicts, waiting Trump out until after November. However, Beijing understands the White House’s targeting at China enjoys bipartisan support at this moment, one of the few exceptions of today’s politics in the U.S.</div>

With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and conflicts, waiting Trump out until after November. However, Beijing understands the White House’s targeting at China enjoys bipartisan support at this moment, one of the few exceptions of today’s politics in the U.S.

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> could send a message to embattled <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a>: been there, done that.Nikola's founder and CEO Trevor Milton has stepped down after he and his company have been <a href="https://hindenburgresearch.com/nikola/" target="_blank" rel="noopener">accused</a> of <a href="https://www.bloomberg.com/news/articles/2020-09-12/nikola-s-history-of-discrepancies-has-been-hiding-in-plain-sight?sref=Q1XEaVVD" target="_blank" rel="noopener">seemingly everything</a> from dicey accounting to promoting technology the company doesn't have to fake product demos designed to deliberately mislead investors—charges now being investigated by the US Securities and Exchange Commission (SEC) and Department of Justice (DOJ).Every single allegation and more, plus the spectre of <a href="https://www.wsj.com/articles/tesla-faces-deepening-criminal-probe-over-whether-it-misstated-production-figures-1540576636" target="_blank" rel="noopener">ongoing investigations </a>by <a href="https://www.washingtonpost.com/technology/2020/02/13/tesla-sec/" target="_blank" rel="noopener">the SEC</a> and <a href="https://www.wsj.com/articles/tesla-faces-deepening-criminal-probe-over-whether-it-misstated-production-figures-1540576636" target="_blank" rel="noopener">the DOJ</a>, also describe Tesla as run by CEO Elon Musk.Keep this in mind as we await what he and Tesla may promise tomorrow in the company's eagerly awaited "<a href="https://www.tesla.com/2020shareholdermeeting" target="_blank" rel="noopener">Battery Day</a>" presentation to investors.<div class="content-highlight">Full Bond Angle report continues...</div>

Tesla Motors (TSLA US) could send a message to embattled Nikola Corp (NKLA US): been there, done that.Nikola's founder and CEO Trevor Milton has stepped down after he and his company have been accused of seemingly everything from dicey accounting to promoting technology the company doesn't have to fake product demos designed to deliberately mislead investors—charges now being investigated by the US Securities and Exchange Commission (SEC) and Department of Justice (DOJ).Every single allegation and more, plus the spectre of ongoing investigations by the SEC and the DOJ, also describe Tesla as run by CEO Elon Musk.Keep this in mind as we await what he and Tesla may promise tomorrow in the company's eagerly awaited "Battery Day" presentation to investors.Full Bond Angle report continues...

Nikola's Troubles And Tesla's History Shadow Battery Day

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

In this insight, we compare <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>'s carve-out and <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a>'s spin-off of their rechargeable battery businesses. Interestingly, the formal announcements of the IPOs of these two businesses resulted in different price reactions of their parent companies. Why Are the Share Price Reactions of LG Chem &amp; SK Innovation So Different? <ul>
<li>Tesla Effect</li>
<li>
Uncertainty in the post carve-out dilution
</li>
<li>Valuations of high vs low multiples business units </li>
</ul>

In this insight, we compare LG Chem Ltd (051910 KS)'s carve-out and SK Innovation (096770 KS)'s spin-off of their rechargeable battery businesses. Interestingly, the formal announcements of the IPOs of these two businesses resulted in different price reactions of their parent companies. Why Are the Share Price Reactions of LG Chem &amp; SK Innovation So Different? 
Tesla Effect

Uncertainty in the post carve-out dilution

Valuations of high vs low multiples business units 


Comparison of LG Chem's Carve-Out & SK Innovation's Spin-Off of Rechargeable Battery Businesses

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.  

Global Equity Chart Book: Stick With EM Over EAFE

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

China Funds Increase Industrials Exposure, Moves to Top Overweight

Inflows in to Machinery and Electrical Equipment stocks push the Industrial sector to the top overweight among active China funds.

Steven Holden

China Macro and Geopolitical Briefing

With only 40+ days left before the Presidential Election in the U.S, China is wisely taking a laissez faire approach to the bilateral issues and...

JL Warren Capital

Nikola's Troubles And Tesla's History Shadow Battery Day

what to expect

Vicki Bryan

Comparison of LG Chem's Carve-Out & SK Innovation's Spin-Off of Rechargeable Battery Businesses

In this insight, we compare the spin-offs and IPOs of LG Chem Ltd (051910 KS) and SK Innovation (096770 KS)'s rechargeable battery business units....

Douglas Kim

Global Equity Chart Book: Stick With EM Over EAFE

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications....

Vermilion Research

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52-week Range

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