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>Vietnam has achieved a significant milestone, with over one-third of Asia Ex-Japan funds now invested in the country for the first time in our holdings history.</li>
<li>Average fund weights hit a new high of 1.01% last month, as an additional 5.1% of funds opened exposure in 2024.</li>
<li>Notable fund-level activity in 2024 includes new positions from JP Morgan and Fidelity, with the most optimistic investors assigning over a 10% weight to Vietnam.</li>
</ul>


Vietnam has achieved a significant milestone, with over one-third of Asia Ex-Japan funds now invested in the country for the first time in our holdings history.
Average fund weights hit a new high of 1.01% last month, as an additional 5.1% of funds opened exposure in 2024.
Notable fund-level activity in 2024 includes new positions from JP Morgan and Fidelity, with the most optimistic investors assigning over a 10% weight to Vietnam.


Vietnam:  2024 Rotation Drives Record Fund Ownership

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

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden</li>
<li>Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
<li>We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.</li>
</ul>


We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden
Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.
We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.


Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.</li><li>Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.</li><li>For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

<ul><li>In 11M23, FPT recorded net revenue of VND47,201bn (+20.3% YoY). Within the technology segment, global IT emerged as the key driving force, achieving revenue of VND22,075bn (+29% YoY).</li><li>Meanwhile, domestic IT maintained a lower growth rate, with revenue reaching VND5,905bn (+5% YoY).</li><li>The Telecommunications segment experienced slower growth, with net revenue of VND14,379bn (+7.5% YoY), while Education, Investment, and other segments saw accelerated growth, with net revenue VND4,842bn (+52.6% YoY).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In 11M23, FPT recorded net revenue of VND47,201bn (+20.3% YoY). Within the technology segment, global IT emerged as the key driving force, achieving revenue of VND22,075bn (+29% YoY).Meanwhile, domestic IT maintained a lower growth rate, with revenue reaching VND5,905bn (+5% YoY).The Telecommunications segment experienced slower growth, with net revenue of VND14,379bn (+7.5% YoY), while Education, Investment, and other segments saw accelerated growth, with net revenue VND4,842bn (+52.6% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FPT Corporation (FPT VN / TRADING BUY) - 11M23 Update - Solid Market Penetration

<ul><li>Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) in the VN30 Index and VNDiamond Index baskets.</li><li>In detail, these changes will affect the component weighting in specific baskets.</li><li>Thus, ETFs that are replicating the respective indexes will also have similar structural changes in their baskets of component securities on the rebalancing date. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) in the VN30 Index and VNDiamond Index baskets.In detail, these changes will affect the component weighting in specific baskets.Thus, ETFs that are replicating the respective indexes will also have similar structural changes in their baskets of component securities on the rebalancing date. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

FPT Corp is an information and communication technology company. The Company provides services in mobile distribution, systems integration, software outsourcing and development, Internet and e-media content, and computer assembly.

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FPT Corp (FPT VN)

Vietnam: 2024 Rotation Drives Record Fund Ownership

Vietnam has achieved a significant milestone, with over one-third of Asia Ex-Japan funds now invested in the country for the first time in our...

Steven Holden

Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Bullish Outlook Intact; $DXY Rolling Over, 10-Yr Treasury Yield $TNX Rolling Over; More Global Indexes Breaking Out (Israel, Germany, Sweden). Buys...

Vermilion Research

ETFs Monitor in 1Q24

he HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index

Mirae Asset Securities

FPT Corporation (FPT VN / TRADING BUY) - 11M23 Update - Solid Market Penetration

In 11M23, FPT recorded net revenue of VND47,201bn (+20.3% YoY). Within the technology segment, global IT emerged as the key driving force,...

Mirae Asset Securities

ETFs Monitor in 4Q23

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) in the VN30 Index and...

Mirae Asset Securities

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