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

Quantitative Analysis

<ul>
<li>The latest aggregate and fund level stock holding metrics among active China A-Share investors.  </li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> and <a href="https://www.smartkarma.com/entities/longi-green-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:12703:1" rel="noopener">LONGi Green Energy Technology (601012 CH)</a>  are the most widely owned stocks in the A-Share universe</li>
<li>
<a href="https://www.smartkarma.com/entities/agricultural-bank-of-china-ltd" target="_blank" data-smartkarma-citation="entities:654:1" rel="noopener">Agricultural Bank of China (601288 CH)</a> , <a href="https://www.smartkarma.com/entities/bank-of-communications-co-ltd" target="_blank" data-smartkarma-citation="entities:24562:1" rel="noopener">Bank Of Communications (601328 CH)</a> and <a href="https://www.smartkarma.com/entities/shanghai-pudong-devel-bank-a" target="_blank" data-smartkarma-citation="entities:736:1" rel="noopener">Shanghai Pudong Development Bank Co. (600000 CH)</a> mostly avoided by active A-Share Funds.</li>
</ul>


The latest aggregate and fund level stock holding metrics among active China A-Share investors.  

CATL (A) (300750 CH) , Kweichow Moutai (600519 CH) and LONGi Green Energy Technology (601012 CH)  are the most widely owned stocks in the A-Share universe

Agricultural Bank of China (601288 CH) , Bank Of Communications (601328 CH) and Shanghai Pudong Development Bank Co. (600000 CH) mostly avoided by active A-Share Funds.


China A-Shares: Stock Positioning Chart Pack

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. </li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation. 


JD Property Pre-IPO - Initial Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-property-inc" target="_blank" data-smartkarma-citation="entities:36871:1" rel="noopener">JD Property (JDP HK)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.</li>
<li>We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.</li>
</ul>



JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.


JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mobvoi-information-technology-co" target="_blank" data-smartkarma-citation="entities:36799:1" rel="noopener">Mobvoi (2185047D CH)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.</li>
<li>Mobvoi is an AI company with a focus on generative AI and voice interaction technologies.</li>
<li>As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content (AIGC) technologies in terms of 2022 revenue from AIGC solutions.</li>
</ul>



Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.
Mobvoi is an AI company with a focus on generative AI and voice interaction technologies.
As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content (AIGC) technologies in terms of 2022 revenue from AIGC solutions.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by foreign investors.</li>
<li>We highlight inflows  for CATL, Kunlun Tech, BJ-SH HSR, CCB, Mindray, Longi, Wuliangye, Gree, Moutai, Midea.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by foreign investors.
We highlight inflows  for CATL, Kunlun Tech, BJ-SH HSR, CCB, Mindray, Longi, Wuliangye, Gree, Moutai, Midea.


Northbound Flows Monthly (May): $1.7bn Outflows

China

Kweichow Moutai Co., Ltd. manufactures spirits.  The Company's spirit products are distilled from sorghum and wheat.  Kweichow Moutai markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Kweichow Moutai (600519 CH)

China A-Shares: Stock Positioning Chart Pack

How are China A-Share managers positioned? In this chart pack we look at the most widely held stocks, unloved stocks, the largest fund level stock...

Steven Holden

JD Property Pre-IPO - Initial Thoughts on Valuation

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we will discuss our initial thoughts on valuation.

Clarence Chu

JD Property Pre-IPO Peer Comparison - Small Amongst Giants, and Sentiment Isn't the Greatest

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

Mobvoi Pre-IPO Tearsheet

Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.

Clarence Chu

Northbound Flows Monthly (May): $1.7bn Outflows

We analyzed the Shanghai/Shenzhen Connect Scheme for May and highlight flows for CATL, Kunlun Tech, BJ-SH HSR, CCB, Mindray, Longi, Wuliangye,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)