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

Equity Bottom-Up

Holdings in <a href="https://www.smartkarma.com/entities/17203" target="_blank" data-smartkarma-citation="entities:17203:1">Netease Inc (Adr) (NTES US)</a> among GEM investors saw an incredible rise during 2013-2017.  Now we see investors heading for the hills.  Could the current levels of ownership represent a buying opportunity?

Holdings in Netease Inc (Adr) (NTES US) among GEM investors saw an incredible rise during 2013-2017.  Now we see investors heading for the hills.  Could the current levels of ownership represent a buying opportunity?

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Sharp's Q1 Blows Away Consensus Estimates: Sharp's Q1 OP result of Y24.6bn (+44% YoY) was 36% higher than  consensus estimates of Y18.1bn (+6% YoY). Table-1 below shows the Q1 OP results by segment versus consensus, and it is clear that Sharp's better-than-expected profits were due to earnings beats in its (1) Smart Homes segment (white goods were most likely the big driver here); (2) Advanced Display System segment (LCD TVs, LCD panels, etc.) and (3) Eliminations (corporate costs, which appear…

Sharp's Q1 Blows Away Consensus Estimates: Sharp's Q1 OP result of Y24.6bn (+44% YoY) was 36% higher than  consensus estimates of Y18.1bn (+6% YoY). Table-1 below shows the Q1 OP results by segment versus consensus, and it is clear that Sharp's better-than-expected profits were due to earnings beats in its (1) Smart Homes segment (white goods were most likely the big driver here); (2) Advanced Display System segment (LCD TVs, LCD panels, etc.) and (3) Eliminations (corporate costs, which appear…

Sharp (6753)--Q1 Results Are a Huge Beat, but Inventory Is a Concern

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Hon Hai Precision Industry / Technical Analysis

Hon Hai exhibits some incredibly bullish macro support along with a well defined upcoming bottoming cycle that shows a great macro risk to reward buy entry point for a 1-2 year rise. Well defined support also acts as a risk and stop zone.Daily cycle bull divergence and price support is noteworthy but it is the longer term support outlined in the weekly cycle that has our attention. Compelling chart points make this a viable longer term buy entry point.Let's start with daily cycle points<figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/057/394/original/HON%20HAI%20D.png?1531288112" data-smartkarma-image-id="57394"></figure>Daily RSI…

Hon Hai exhibits some incredibly bullish macro support along with a well defined upcoming bottoming cycle that shows a great macro risk to reward buy entry point for a 1-2 year rise. Well defined support also acts as a risk and stop zone.Daily cycle bull divergence and price support is noteworthy but it is the longer term support outlined in the weekly cycle that has our attention. Compelling chart points make this a viable longer term buy entry point.Let's start with daily cycle pointsDaily RSI…

Hon Hai High Conviction Macro Buy Support

Director | Exposing Creative Accounting, Bucephalus Research Partnership

Robert Medd

Director | Exposing Creative Accounting

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

Bucephalus proprietary Governance, Accounting and Performance risk analysis:<ul>
<li>
G: Controlling shareholder. Acquisition policy.</li>
<li>
A: Obscuring liabilities. Debt churn. Factoring.</li>
<li>
P: Weak cash generation. Huge currency mismatch.</li>
</ul><hr><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/057/309/original/20%25%20equity%20dilution.png?1531221206" class="editor-image img-responsive" data-smartkarma-image-id="57309"></figure><div class="content-caption">
*Catalyst* AGM (4th June 2018) - Vote for equity issuance. Source: Lenovo Group</div><hr>Critical issues with Lenovo:<ul>
<li>Minuscule margins</li>
<li>Cash inflow fails to cover the ongoing outflow</li>
<li>Net cash has moved to net debt</li>
<li>Net fixed assets are a small proportion of total assets (Little…</li>
</ul>

Bucephalus proprietary Governance, Accounting and Performance risk analysis:

G: Controlling shareholder. Acquisition policy.

A: Obscuring liabilities. Debt churn. Factoring.

P: Weak cash generation. Huge currency mismatch.

*Catalyst* AGM (4th June 2018) - Vote for equity issuance. Source: Lenovo GroupCritical issues with Lenovo:
Minuscule margins
Cash inflow fails to cover the ongoing outflow
Net cash has moved to net debt
Net fixed assets are a small proportion of total assets (Little…


Lenovo (992 HK) Sell. *Catalyst* Pending Equity Dilution. 51% Downside

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.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Taiwan

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

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Hon Hai Precision Industry (2317 TT)

The Netease Reversal (NTES-US)

Holdings in Netease Inc (Adr) (NTES US) among GEM investors saw an incredible rise during 2013-2017. Now we see investors heading for the hills. ...

Steven Holden

Sharp (6753)--Q1 Results Are a Huge Beat, but Inventory Is a Concern

Sharp's Q1 Blows Away Consensus Estimates: Sharp's Q1 OP result of Y24.6bn (+44% YoY) was 36% higher than consensus estimates of Y18.1bn (+6%...

SC Capital

Hon Hai High Conviction Macro Buy Support

Hon Hai exhibits some incredibly bullish macro support along with a well defined upcoming bottoming cycle that shows a great macro risk to reward...

Thomas Schroeder

Lenovo (992 HK) Sell. Catalyst Pending Equity Dilution. 51% Downside

Bucephalus proprietary Governance, Accounting and Performance risk analysis: G: Controlling shareholder. Acquisition policy. A: Obscuring...

Bucephalus Research Partnership

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

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