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>China A-Shares allocations continues to grow among active EM investors. Average holding weights sit close to all-time highs of 5.60%, with a record 87.8% of funds invested</li>
<li>Over the past 6-months, EM investors have made a clear rotation in to A-Shares, with all measures of ownership moving higher vs country peers. Growth investors are the key allocators</li>
<li>Ecovacs Robotics Co Ltd and East Money Information have seen ownership levels double, whilst CATL and Midea Group remain the most widely held stocks.</li>
</ul>


China A-Shares allocations continues to grow among active EM investors. Average holding weights sit close to all-time highs of 5.60%, with a record 87.8% of funds invested
Over the past 6-months, EM investors have made a clear rotation in to A-Shares, with all measures of ownership moving higher vs country peers. Growth investors are the key allocators
Ecovacs Robotics Co Ltd and East Money Information have seen ownership levels double, whilst CATL and Midea Group remain the most widely held stocks.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer staples and materials sectors led the outflows while energy, communication services and real estate led the inflows.</li>
<li>We highlight stocks with top weekly outflows: Moutai, East Money, Yunnan Energy, CATL, Naura Tech.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer staples and materials sectors led the outflows while energy, communication services and real estate led the inflows.
We highlight stocks with top weekly outflows: Moutai, East Money, Yunnan Energy, CATL, Naura Tech.


Northbound Flows: $10bn Outflows in 2 Weeks

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Most sectors experienced sell down except utilities and energy sector. </li>
<li>Top three sells were CATL, Ping An Insurance, and Moutai. </li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Most sectors experienced sell down except utilities and energy sector. 
Top three sells were CATL, Ping An Insurance, and Moutai. 


<ul>
<li>We analyze the weekly Shanghai/Shenzhen Connect flows with our data engine.</li>
<li>Information technology, industrials, and material led the inflow while the financials , consumer discretionary  and consumer staple led the outflows.</li>
<li>We highlight inflows into Longi Green, Sungrow, Jiangxi Ganfeng, Zijin Mining, Yangtze Power, and outflows from BYD, Wuliangye, Ping An Insurance, CATL, and East Money.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen Connect flows with our data engine.
Information technology, industrials, and material led the inflow while the financials , consumer discretionary  and consumer staple led the outflows.
We highlight inflows into Longi Green, Sungrow, Jiangxi Ganfeng, Zijin Mining, Yangtze Power, and outflows from BYD, Wuliangye, Ping An Insurance, CATL, and East Money.


Northbound Flows: Longi Green, Sungrow, Jiangxi Ganfeng, Zijin Mining

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we discuss the end of the one month lock up period and more block selling ahead by major investors for LG Energy Solution in the weeks ahead.</li>
<li>There are 1.75 million shares under the one month lock-up period, representing 0.7% of outstanding shares. </li>
<li>At current price of 416,500 won, we believe there is an additional 11% downside risk to LG Energy Solution shares over the next 3-6 months (using the base case valuation).</li>
</ul>


In this insight, we discuss the end of the one month lock up period and more block selling ahead by major investors for LG Energy Solution in the weeks ahead.
There are 1.75 million shares under the one month lock-up period, representing 0.7% of outstanding shares. 
At current price of 416,500 won, we believe there is an additional 11% downside risk to LG Energy Solution shares over the next 3-6 months (using the base case valuation).


LG Energy Solution: End of the One Month Lock Up Period & More Selling Likely Ahead

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 A-Shares: Powering to New Highs

China A-Shares allocations have hit new highs among EM investors. We see a clear rotation in to A-Shares, with all measures of ownership moving...

Steven Holden

Northbound Flows: $10bn Outflows in 2 Weeks

We highlight two weeks of big outflows from A-share by northbound investors, and stocks with top weekly outflows including Moutai, East Money,...

Ke Yan, CFA, FRM

Northbound Flows: Big Sell Down

We highlight big sell down of USD 5.6bn last week by northbound investors, and highlight top three weekly sells were CATL, Ping An Insurance, and...

Ke Yan, CFA, FRM

Northbound Flows: Longi Green, Sungrow, Jiangxi Ganfeng, Zijin Mining

We highlight weekly Northbound inflows into Longi Green, Sungrow, Jiangxi Ganfeng, Zijin Mining, Yangtze Power, and outflows from BYD, Wuliangye,...

Ke Yan, CFA, FRM

LG Energy Solution: End of the One Month Lock Up Period & More Selling Likely Ahead

In this insight, we discuss the end of the one month lock up period and more block selling ahead by major investors for LG Energy Solution in the...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)