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

Average weights among Frontier market countries stand at a combined 0.86%, with 42.5% of the EM funds in our analysis having some exposure to Frontier.  On a country level, Vietnam dominates, held by 19.6% of funds, followed by Kazakhstan and Panama.The most widely held stocks are <a href="https://www.smartkarma.com/entities/copa-holdings-sa-class-a" target="_blank" data-smartkarma-citation="entities:6110:1" rel="noopener">Copa Holdings Sa Class A (CPA US)</a> and <a href="https://www.smartkarma.com/entities/kaspi-kz-jsc" target="_blank" data-smartkarma-citation="entities:33382:1" rel="noopener">Kaspi.KZ JSC (KSPI LI)</a> , with 10.4% and 10% of funds invested respectively.On a fund level, openings in <a href="https://www.smartkarma.com/entities/kaspi-kz-jsc" target="_blank" data-smartkarma-citation="entities:33382:1" rel="noopener">Kaspi.KZ JSC (KSPI LI)</a> dominate the picture, with Carmignac Emerging Discovery, Fidelity and BlackRock opening positions, among others.  Closures in Nova Ljubljanska Banka from TT International, Goldman Sachs and Polar Capital are the stand outs.  Analysis taken from our Emerging Markets Research, covering 242 active GEM funds with combined AUM of $500bn

Average weights among Frontier market countries stand at a combined 0.86%, with 42.5% of the EM funds in our analysis having some exposure to Frontier.  On a country level, Vietnam dominates, held by 19.6% of funds, followed by Kazakhstan and Panama.The most widely held stocks are Copa Holdings Sa Class A (CPA US) and Kaspi.KZ JSC (KSPI LI) , with 10.4% and 10% of funds invested respectively.On a fund level, openings in Kaspi.KZ JSC (KSPI LI) dominate the picture, with Carmignac Emerging Discovery, Fidelity and BlackRock opening positions, among others.  Closures in Nova Ljubljanska Banka from TT International, Goldman Sachs and Polar Capital are the stand outs.  Analysis taken from our Emerging Markets Research, covering 242 active GEM funds with combined AUM of $500bn

Emerging Market Economist, Emerginomics

Tatiana Orlova

Emerging Market Economist

Emerginomics

Macroeconomics

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Among emerging market commodity exporters, Kazakhstan remains an example of a well-managed economy with stable growth and an improving business environment. The government sticks to a prudent fiscal policy allowing it to maintain low levels of debt. The recent switch to inflation targeting allows the economy to absorb external shocks via a weaker local currency FX rate. Despite the recent turbulence in the global markets, the government launched privatisation of large SOEs this month with a successful placement of shares in Kazatomprom, the world's largest uranium producer. The government also managed to place euro-denominated sovereign Eurobonds on attractive terms. 
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Among emerging market commodity exporters, Kazakhstan remains an example of a well-managed economy with stable growth and an improving business environment. The government sticks to a prudent fiscal policy allowing it to maintain low levels of debt. The recent switch to inflation targeting allows the economy to absorb external shocks via a weaker local currency FX rate. Despite the recent turbulence in the global markets, the government launched privatisation of large SOEs this month with a successful placement of shares in Kazatomprom, the world's largest uranium producer. The government also managed to place euro-denominated sovereign Eurobonds on attractive terms. 


Kazakhstan Proves Its Credentials As a Safe Haven in Turbulent Times

United States

Halyk Savings Bank of Kazakhstan JSC provides various commercial and retail banking services.  The Bank offers foreign currency exchange services, securities brokerage, and custodial services.

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Halyk Savings Bank -Gdr 144A (HALYY US)

Frontier Markets Exposure in EM Funds

With Argentina and Kuwait moving up to Emerging status, how are active EM investors positioned in the current crop of Frontier Markets?

Steven Holden

Kazakhstan Proves Its Credentials As a Safe Haven in Turbulent Times

Among emerging market commodity exporters, Kazakhstan remains an example of a well-managed economy with stable growth and an improving business...

Tatiana Orlova

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52-week Range

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