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>Regional rebalance occurring among active EM funds. Out of EMEA and the major Asian nations and in to ASEAN, MENA and South America.</li>
<li>ASEAN reversal shows EM investors moving from underweight to overweight since late 2021, driven by a record ownership and a rising number of funds positioned overweight the benchmark.</li>
<li>Indonesia and Thailand the key drivers and to a lesser extent Malaysia.   The Philippines has been notably absent from the move higher, whilst Singapore allocations fell over the same period.</li>
</ul>


Regional rebalance occurring among active EM funds. Out of EMEA and the major Asian nations and in to ASEAN, MENA and South America.
ASEAN reversal shows EM investors moving from underweight to overweight since late 2021, driven by a record ownership and a rising number of funds positioned overweight the benchmark.
Indonesia and Thailand the key drivers and to a lesser extent Malaysia.   The Philippines has been notably absent from the move higher, whilst Singapore allocations fell over the same period.


Viet Capital Securities Joint Stock Company

Luan Nguyen

Independent Insight Provider

Thematic (Sector/Industry)

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are willing to buy vitamins and dietary supplements to ameliorate their health and immune system. Besides, higher polluted environment and more stressful lifestyle are factors contributing to the sale growth of the category, with current value growth of 10%, reaching VND9.9 trillion in 2016.

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are willing to buy vitamins and dietary supplements to ameliorate their health and immune system. Besides, higher polluted environment and more stressful lifestyle are factors contributing to the sale growth of the category, with current value growth of 10%, reaching VND9.9 trillion in 2016.

Huge Need for Vitamins, Dietary Supplements and Digestive Remedies in Vietnam

With a huge population of more than 90 million and a stable economy which is on the rise, Vietnam has become one of the most attractive retail markets in the world. Consumer electronics is one of the compelling segments in the market. Sales of consumer electronics have grown at double digit during the period 2011 – 2016 in both volume (11.5% CAGR) and value (12.1% CAGR), of which portable devices accounts for more than 50% of total sales and experience the strongest growth. In 2015, sales of consumer electronics reached VND93,015.9 billion, of which VND52,283.8 billion came from sales of portable devices.

With a huge population of more than 90 million and a stable economy which is on the rise, Vietnam has become one of the most attractive retail markets in the world. Consumer electronics is one of the compelling segments in the market. Sales of consumer electronics have grown at double digit during the period 2011 – 2016 in both volume (11.5% CAGR) and value (12.1% CAGR), of which portable devices accounts for more than 50% of total sales and experience the strongest growth. In 2015, sales of consumer electronics reached VND93,015.9 billion, of which VND52,283.8 billion came from sales of portable devices.

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Pakistan's Exports at a 6 Year Low Pakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in August.  This has resulted in Pakistan's exports dropping to a new six-year low, and GDP growth only reaching 4.24% in 2015.  Pakistan's GDP growth is significantly lagging behind other frontier markets in Asia such as Vietnam, Laos, Cambodia, and Bangladesh.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/013/822/original/pakistan%20exports.png?1474957024" class="editor-image img-responsive" data-smartkarma-image-id="13822"></figure>Textile exports declined by <a href="http://res.bmacapital.com/dailyreports/SOD/PDFS/9232016.PDF" target="_blank">2% YoY</a> last month, which included an 11% YoY decline in non-value…

Pakistan's Exports at a 6 Year Low  Pakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in August.  This has resulted in Pakistan's exports dropping to a new six-year low, and GDP growth only reaching 4.24% in 2015.  Pakistan's GDP growth is significantly lagging behind other frontier markets in Asia such as Vietnam, Laos, Cambodia, and Bangladesh.Textile exports declined by 2% YoY last month, which included an 11% YoY decline in non-value…

Pakistan's Textile Industry: Coping with Threats from Bangladesh and Vietnam

An overview of four companies that are poised to capture the growth of Vietnam's favorable demographics and the rise of the country's middle class, as opposed to export-oriented growth.  This includes previously posted information and updates for three companies, and the introduction of one new company(Nafoods).

An overview of four companies that are poised to capture the growth of Vietnam's favorable demographics and the rise of the country's middle class, as opposed to export-oriented growth.  This includes previously posted information and updates for three companies, and the introduction of one new company(Nafoods).

Accessing the Rise of Middle-Class Consumption in Vietnam

Vietnam

Vietnam National Textile and Garment Group, doing business as Vinatex, operates as a textile firm. The Company offers printed clothes and other designer wear. Vinatex serves customers in Vietnam.

Thanh Cong Textile Garment Investment Trading JSC manufactures and markets textiles and garments. The Company produces threads, fabric garments, chemicals and dyeing substances. The company also offers equipment and machinery used in the textile and clothing production.

Thanh Cong Textile Garment Investment Trading JSC (TCM VN)

Thanh Cong Textile Garment Investment Trading JSC

Thien Long Group Corporation manufactures office supplies.  The Company produces pens, pen refills, 
files, markers, crayons, oil pastels, water colors, poster colors, pencils, glue, and rulers.

TNG Investment & Trading JSC manufactures and exports apparel.

Century Synthetic Fiber Corporation engages in the production and sale of synthetic yarns and knitting products in Vietnam. The company was founded in 2011 and is headquartered in Ho Chi Minh City, Vietnam.

Hoa Binh Construction and Real Estate Corporation offers construction services. The Company builds housing and infrastructure, produces building materials, and offers design services.

Hoa Binh Construction And Real Estate (HBC VN)

Saigon General Service Corporation is a Vietnam-based company. Through its subsidiaries, the Company operates three segments. The financial segment invests in banks, telecommunication and insurance. The real estate segment provides services of construction. The retail distribution segment offers distribution services of cars, motors and others.

Binh Thanh Import Export Production and Trade JSC manufactures and sells home storage products, luggage, cushions, backpacks, rucksacks, bags, and other products.

Binh Thanh Import Export Production And Trade Jsc (GIL VN)

Binh Thanh Import Export Production And Trade Jsc

Dry Cell & Storage Battery JSC, doing business as Pinaco, produces and sells R6, R20 dry cells and storage batteries for vehicles, motorbikes and export garments.

Hang Xanh Motors Service JSC retails automobiles.

PT Metrodata Electronics, Tbk (“the Company”)—the publicly listed Company on Bursa Efek Indonesia (IDX) since 1990 (IDX: MTDL) is one of the leading Information and Communication Technology (“ICT”) companies in Indonesia that build strategic alliances with world‐class ICT companies.

The Company has main business units, namely Distribution Business (Providing World‐Class ICT Hardware and Software) that handles distribution to partnered dealers, ICT solution companies and also running an e‐commerce business. Its distribution network is covering more than 150 cities in Indonesia and has more than 4,000 channel partners and more than 100 world‐class IT products and service brands; Solution & Consulting Business (Digital Solution Provider to Help Companies Achieving Digital Transformation) that provides complete ICT solutions from conceptual/design, implementation, IT Managed Services, consulting and training, as well as support for business digital transformation.

Robotis Co.,Ltd. manufactures and distributes robotics machines. The Company produces educational robotics, smart actuators, and other related products. Robotis markets its products throughout South Korea.

U-TECH Media Corporation manufactures and markets the digital versatile disc (DVD), compact disc read-only memory (CD-ROM), video compact disc (VCD), and audio compact disc (CD-Audio).

Myer Holdings Ltd. operates department stores. The Company retails womens wear, mens wear, youth fashion, childrens wear, intimate apparel, beauty, fragrance, cosmetics, house wares, electrical goods, toys, fashion accessories, and general merchandise.

Evergrande Auto researches, develops, and manufactures new energy vehicles. The Company engages in vehicle manufacturing, electric motor control, power batteries, vehicle sales, smart charging, shared mobility, and more. Evergrande Auto also operates health management businesses.

Hathway Cable and Datacom Limited is a cable television service provider.  The Company offers analog and digital cable television services.  Hathway also provides cable broadband services as well.

VT HOLDINGS CO., LTD. sells automobiles produced by Honda, replacement parts, and used cars.  The Company provides vehicle maintenance and repair services and arranges automobile financing and insurance.

Avex Inc. operates entertainment businesses. The Company provides music production, live communication management, artist training, content creation, and other services. Avex offers services in Japan.

Aucma Company Limited manufactures and markets freezers, refrigerators, air conditioners, palm computers, automatic vending machines, lithium batteries, and other related products.  The Company sells its products throughout the world under the Aucma brand name.

DOSHISHA CO., LTD. is a wholesaler handling a wide range of products such as consumer electronics, watches, jewelry, apparel, sporting goods, toys, and food. The Company also plans, develops, and sells gift goods.

Digiworld Corporation distributes information technology products. The Company offers laptops, desktops, projectors, printers, monitors, mouse, and speakers. Digiworld also provides maintenance services with the support of vendors.

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Digiworld Corporation (DGW VN)

EM Funds Raise ASEAN Allocations

Regional rebalance occurring among active EM funds. Out of EMEA and the major Asian nations and in to ASEAN, MENA and South America.

Steven Holden

Huge Need for Vitamins, Dietary Supplements and Digestive Remedies in Vietnam

Thanks to higher disposable income, higher living standards, aging population and higher awareness in general medical knowledge, more people are...

Luan Nguyen

Consumer Electronics Is Growing Strongly

With a huge population of more than 90 million and a stable economy which is on the rise, Vietnam has become one of the most attractive retail...

Luan Nguyen

Pakistan's Textile Industry: Coping with Threats from Bangladesh and Vietnam

Pakistan's Exports at a 6 Year LowPakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in...

Nomadic Equity

Accessing the Rise of Middle-Class Consumption in Vietnam

An overview of four companies that are poised to capture the growth of Vietnam's favorable demographics and the rise of the country's middle class,...

Nomadic Equity

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