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>Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018</li>
<li>Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.</li>
<li>Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.</li>
</ul>


Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018
Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.
Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Australia & New Zealand Bankin / Equity Capital Markets

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.</li>
<li>In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.
In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

Event-Driven

<ul>
<li>Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.</li>
<li>Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.
Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

Australia & New Zealand Bankin / Event-Driven

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.</li>
<li>In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.
In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a> ["BAF"] reported Q1FY23 PAT of approx. INR 2600cr which puts it on track to post INR 11,000cr+ PAT in FY23, in line with our projections. </li>
<li>BAF is back on its pre-COVID growth trajectory as also highlighted in our prior note. Q1FY23 AUM growth came in at 6.2% QoQ and annualized ROE is back to 20%+.</li>
<li>The strong Q1FY23 earnings is despite elevated competition in the marketplace which led BAF to forgo business where margin profile was not attractive.</li>
</ul>



Bajaj Finance Ltd (BAF IN) ["BAF"] reported Q1FY23 PAT of approx. INR 2600cr which puts it on track to post INR 11,000cr+ PAT in FY23, in line with our projections. 
BAF is back on its pre-COVID growth trajectory as also highlighted in our prior note. Q1FY23 AUM growth came in at 6.2% QoQ and annualized ROE is back to 20%+.
The strong Q1FY23 earnings is despite elevated competition in the marketplace which led BAF to forgo business where margin profile was not attractive.


Bajaj Finance: Stellar Earnings - In Line with Our Projections

Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

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DBS (DBS SP)

Singapore Financials: Surging Higher

Asia Ex-Japan funds ramp up Singapore Financial allocations . A key beneficiary in this year’s sector rotations, new positions have been added...

Steven Holden

ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. In this note...

Sumeet Singh

Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.

Sumeet Singh

ANZ Renounceable Entitlement Offer - Could Be a Relatively Large (A$550-750m) Retail Shortfall

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. The retail...

Sumeet Singh

Bajaj Finance: Stellar Earnings - In Line with Our Projections

BAF reported stellar Q1FY23 earnings. With PAT of approximately INR 2600cr, BAF is on track to report FY23 PAT of INR 11000cr+, in line with our...

Ankit Agrawal, CFA

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