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

In this report, we highlight how Argentina has become an integral part of the emerging market landscape, in spite of its omission into the benchmark MSCI Emerging Markets Index. The number of funds who have exposure to Argentinian stocks is increasing month on month, leading to Argentina becoming the 5th largest overweight position among EM managers.

In this report, we highlight how Argentina has become an integral part of the emerging market landscape, in spite of its omission into the benchmark MSCI Emerging Markets Index. The number of funds who have exposure to Argentinian stocks is increasing month on month, leading to Argentina becoming the 5th largest overweight position among EM managers.

Argentina: EM Allocations Surge Despite Index Exclusion

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

RRG Global Macro - Markets Reward Shifts Towards 'Normalcy' - Major Risks Still Loom<ul>
<li>Russia: Fitch raised from Negative to Stable. Said debt rating would be one notch higher than current BBB-without latest sanctions.</li>
<li>South Africa: Major labor union strike is designed to protest Zuma's leadership of the ANC.  Could push Ramaphosa as next ANC leader rather than Zuma’s ex-wife.  This would be good for South Africa's currency and equities.</li>
<li>Hong Kong: China’s ban on tour group travel to Japan and South…</li>
</ul>

RRG Global Macro - Markets Reward Shifts Towards 'Normalcy' - Major Risks Still Loom
Russia: Fitch raised from Negative to Stable. Said debt rating would be one notch higher than current BBB-without latest sanctions.
South Africa: Major labor union strike is designed to protest Zuma's leadership of the ANC.  Could push Ramaphosa as next ANC leader rather than Zuma’s ex-wife.  This would be good for South Africa's currency and equities.
Hong Kong: China’s ban on tour group travel to Japan and South…


As Most Governments and Economies Stabilize Markets Hover Near Records - Dark Clouds on the Horizon

In this report, we challenge the idea that all GEM funds should be measured and compared on an equal footing. We put a framework around the idea of 'Benchmark Independence', by categorising funds based on their active share and correlation against the benchmark index, and look at how that has driven performance over the last decade.We find that highly active funds, unconstrained by the benchmark MSCI Emerging Market index outperform other, less active strategies over the long term and with greater consistency.

In this report, we challenge the idea that all GEM funds should be measured and compared on an equal footing. We put a framework around the idea of 'Benchmark Independence', by categorising funds based on their active share and correlation against the benchmark index, and look at how that has driven performance over the last decade.We find that highly active funds, unconstrained by the benchmark MSCI Emerging Market index outperform other, less active strategies over the long term and with greater consistency.

Emerging Market Equity Funds - Separating the Truly Active From the Closet Trackers.

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

FX & Rates

The tide has turned, at least for the moment, for the USD.  It has been on a broadly weaker trend this year, often undermined by political uncertainty in the US.  Stronger global growth has supported EM, and the EUR has rebounded on declining European political uncertainty and a solid European economic recovery.  Lower than expected US inflation outcomes have also put the market in two-minds over the pace of Fed policy tightening. North Korean tension has, if anything, only tended to weaken the USD further, strengthening the JPY, while having little discernable impact on the bullish trend for equities and EM markets.  However, in recent weeks these trends have reversed to some extent.  The market feels a bit full on its exposure to EUR, EM, and equities.

The tide has turned, at least for the moment, for the USD.  It has been on a broadly weaker trend this year, often undermined by political uncertainty in the US.  Stronger global growth has supported EM, and the EUR has rebounded on declining European political uncertainty and a solid European economic recovery.  Lower than expected US inflation outcomes have also put the market in two-minds over the pace of Fed policy tightening. North Korean tension has, if anything, only tended to weaken the USD further, strengthening the JPY, while having little discernable impact on the bullish trend for equities and EM markets.  However, in recent weeks these trends have reversed to some extent.  The market feels a bit full on its exposure to EUR, EM, and equities. 

<ul>
<li>RRG Global Macro Insights - China Downgrade Good for Markets - 300 Year Old Idea for a Canal Across Thailand May Actually Happen with China's Help</li>
<li>China: S&amp;P ratings cut was nothing new as it follows Moody’s in May and their own warning in June,  Beijing will keep markets strong.</li>
<li>India: Finance Minister hints at stimulus spending in 2017/18 with a focus on helping small companies hit by de-monetization and GST.</li>
<li>Thailand: A shipping canal across southern Thailand has been discussed since 1677…</li>
</ul>


RRG Global Macro Insights - China Downgrade Good for Markets - 300 Year Old Idea for a Canal Across Thailand May Actually Happen with China's Help
China: S&amp;P ratings cut was nothing new as it follows Moody’s in May and their own warning in June,  Beijing will keep markets strong.
India: Finance Minister hints at stimulus spending in 2017/18 with a focus on helping small companies hit by de-monetization and GST.
Thailand: A shipping canal across southern Thailand has been discussed since 1677…


China's Downgrade Good News for Investors - Watch the Third Round of NAFTA Talks for Mexico Outlook

United States

iShares MSCI Emerging Markets ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the MSCI TR Emerging Markets Index. The ETF holds emerging market stocks that can predominantly be classified as large and mid-cap. It weights the holdings using a market capitalization methodology and rebalances quarterly.

iShares MSCI Emerging Markets (EEM US)

Argentina: EM Allocations Surge Despite Index Exclusion

In this report, we highlight how Argentina has become an integral part of the emerging market landscape, in spite of its omission into the...

Steven Holden

As Most Governments and Economies Stabilize Markets Hover Near Records - Dark Clouds on the Horizon

RRG Global Macro - Markets Reward Shifts Towards 'Normalcy' - Major Risks Still Loom Russia: Fitch raised from Negative to Stable. Said debt rating...

David Riedel

Emerging Market Equity Funds - Separating the Truly Active From the Closet Trackers.

In this report, we challenge the idea that all GEM funds should be measured and compared on an equal footing. We put a framework around the idea of...

Steven Holden

Tide Turns Dollar Bullish

The tide has turned, at least for the moment, for the USD. It has been on a broadly weaker trend this year, often undermined by political...

Greg Gibbs

China's Downgrade Good News for Investors - Watch the Third Round of NAFTA Talks for Mexico Outlook

RRG Global Macro Insights - China Downgrade Good for Markets - 300 Year Old Idea for a Canal Across Thailand May Actually Happen with China's...

David Riedel