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>Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.</li>
<li>A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.</li>
<li>Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.</li>
</ul>


Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.
A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.
Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.


Global Autos:  Falling Investor Confidence

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener"><strong>Aptiv PLC (APTV US)</strong></a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>Conservative (CDU/CSU) chancellor-elect Merz should be able to form a stable coalition with SPD, but his "independence from America" requires massive constitutional amendments by 25Mar'25 allowing huge defense/infrastructure spending boosts. </li>
<li>This is a self-goal: the time for independence from America was 3 years ago, when instead Germany followed Biden's command to self-harm itself with a ban on Russian energy imports. </li>
<li>If Germany successfully leads an EU defense/infrastructure spending boom, Trump would still achieve his goal. But Germany would have missed the easier route to recovery via liberalized Russian energy imports. </li>
</ul>


Conservative (CDU/CSU) chancellor-elect Merz should be able to form a stable coalition with SPD, but his "independence from America" requires massive constitutional amendments by 25Mar'25 allowing huge defense/infrastructure spending boosts. 
This is a self-goal: the time for independence from America was 3 years ago, when instead Germany followed Biden's command to self-harm itself with a ban on Russian energy imports. 
If Germany successfully leads an EU defense/infrastructure spending boom, Trump would still achieve his goal. But Germany would have missed the easier route to recovery via liberalized Russian energy imports. 


Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

Novelis Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/novelis-corporation" target="_blank" data-smartkarma-citation="entities:39969:1" rel="noopener">Novelis Corporation (0620365D US)</a> Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.</li>
<li>Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.
Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.
In this note, we look at the firm’s past performance.


Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for the DAX index and the MDAX index in the run up to the June 2024 index rebal event.</li>
<li>I currently see no changes for the DAX index but there could be one change for the MDAX index.</li>
<li>M&amp;A candidate <a href="https://www.smartkarma.com/entities/morphosys-ag" target="_blank" data-smartkarma-citation="entities:21675:1" rel="noopener">MorphoSys AG (MOR GR)</a> could be deleted in the run up to the June 2024 review.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for the DAX index and the MDAX index in the run up to the June 2024 index rebal event.
I currently see no changes for the DAX index but there could be one change for the MDAX index.
M&amp;A candidate MorphoSys AG (MOR GR) could be deleted in the run up to the June 2024 review.


Quiddity Leaderboard DAX/MDAX Mar 24: Traton Could Outperform the DAX Index

Germany

Daimler Truck Holding AG operates as an automobile company. The Company designs and manufactures commercial trucks and buses. Daimler Truck Holding serves customers worldwide.

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Daimler Truck Holding (DTG GR)

Global Autos: Falling Investor Confidence

Tesla overtakes Stellantis as the most widely held Auto company. General Motors is ahead of the almost uninvestable Ford Motor Co.

Steven Holden

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...

Prasenjit K. Basu

Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The...

Clarence Chu

Quiddity Leaderboard DAX/MDAX Mar 24: Traton Could Outperform the DAX Index

Commercial vehicle manufacturer Traton is a strong candidate for MDAX addition. The expected index flow could act as a catalyst and help the stock...

Janaghan Jeyakumar, CFA

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Global Autos: Falling Investor Confidence

Tesla overtakes Stellantis as the most widely held Auto company. General Motors is ahead of the almost uninvestable Ford Motor Co.

Steven Holden

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Germany: Merz Call for 'independence from America' Could Be Ill-Timed Self-Goal

​Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...

Prasenjit K. Basu

Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The...

Clarence Chu

Quiddity Leaderboard DAX/MDAX Mar 24: Traton Could Outperform the DAX Index

Commercial vehicle manufacturer Traton is a strong candidate for MDAX addition. The expected index flow could act as a catalyst and help the stock...

Janaghan Jeyakumar, CFA

Chancellor-elect Merz is mounting an improbable bid to achieve 'independence from America', as the requisite boost to defence/infra spending...