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

Across our active Global fund universe, Value managers have seen $41bn in outflows over the past 5-years, compared to $65bn of inflows in to Growth funds.With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the 63 active Value funds in our analysis.Overweights in EMEA persist against underweights in Asia and the Americas.  Financials, Materials and Industrials are the key overweights versus underweights in Information Technology.US Financials are the standout overweight, with <a href="https://www.smartkarma.com/entities/citigroup-inc" target="_blank" data-smartkarma-citation="entities:279:1" rel="noopener">Citigroup Inc (C US)</a> and <a href="https://www.smartkarma.com/entities/american-express-co" target="_blank" data-smartkarma-citation="entities:916:1" rel="noopener">American Express Co (AXP US)</a> the key positions.  The FAAMG group of stocks remain key underweight holdings, though <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> is the most widely held of the group. <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> is almost totally avoided and in Asia, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> , <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> and <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a> screen as 'Unloved' by global active Value managers.

Across our active Global fund universe, Value managers have seen $41bn in outflows over the past 5-years, compared to $65bn of inflows in to Growth funds.With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the 63 active Value funds in our analysis.Overweights in EMEA persist against underweights in Asia and the Americas.  Financials, Materials and Industrials are the key overweights versus underweights in Information Technology.US Financials are the standout overweight, with Citigroup Inc (C US) and American Express Co (AXP US) the key positions.  The FAAMG group of stocks remain key underweight holdings, though Microsoft Corp (MSFT US) is the most widely held of the group. Tesla Motors (TSLA US) is almost totally avoided and in Asia, Meituan (3690 HK) , JD.com Inc (ADR) (JD US) and Pinduoduo (PDD US) screen as 'Unloved' by global active Value managers.

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments Facebook’s (FB) Reality Labs have provided a glimpse of a wrist-worn AR interface concept that would allow users to more fluidly interact with augmented environments, as in the video below.  More specifically, the device uses electromyography (EMG) sensors to interpret nerve signals and interact with the environment.

Headline Developments Facebook’s (FB) Reality Labs have provided a glimpse of a wrist-worn AR interface concept that would allow users to more fluidly interact with augmented environments, as in the video below.  More specifically, the device uses electromyography (EMG) sensors to interpret nerve signals and interact with the environment.

Equity Analyst, Investi Analyst

Investi Analyst

Equity Analyst

Investment Entrepreneur / Equity Analyst.

Equity Bottom-Up

<ul><li>Vuzix has been gaining momentum amidst the pandemic as one of the leading companies within the augmented reality smart glasses industry.</li><li>Vuzix has experienced rapid growth with revenues growing over 117% YoY in Q4, 73% YoY for 2020 and market expecting this momentum to continue into 2021.</li><li>Amidst the momentum from Ark Invest, there are key risks and metrics that investors need to keep tracking to ensure this momentum is sustainable.</li><li>This article focuses on analyzing notable highlights from the 2020 earnings report as well as future expectations baked in for 2021.</li></ul>

Vuzix has been gaining momentum amidst the pandemic as one of the leading companies within the augmented reality smart glasses industry.Vuzix has experienced rapid growth with revenues growing over 117% YoY in Q4, 73% YoY for 2020 and market expecting this momentum to continue into 2021.Amidst the momentum from Ark Invest, there are key risks and metrics that investors need to keep tracking to ensure this momentum is sustainable.This article focuses on analyzing notable highlights from the 2020 earnings report as well as future expectations baked in for 2021.

Vuzix Corp.: Earnings Recap And What Investors Can Expect In 2021

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Meta Platforms (Facebook) / Equity Bottom-Up

Large cap growth stocks have done nothing for 9 months. We think they represent great entry points into 1Q21 earnings. We prefer Facebook and Amazon.<div class="content-highlight">Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  </div>

Large cap growth stocks have done nothing for 9 months. We think they represent great entry points into 1Q21 earnings. We prefer Facebook and Amazon.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  

Whatever Happened to FANG? Why Its Time to Reload on Large Cap Growth

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Nintendo announced today that it would be tying up with Pokemon Go creator Niantic to develop new mobile titles utilising AR, with the first title set to use Shigeru Miyamoto’s Pikmin franchise. This puts Nintendo in an interesting spot to effectively utilise AR even as rival Sony strengthens its grip on VR with the announcement of the PS5’s version of the PSVR.

Nintendo announced today that it would be tying up with Pokemon Go creator Niantic to develop new mobile titles utilising AR, with the first title set to use Shigeru Miyamoto’s Pikmin franchise. This puts Nintendo in an interesting spot to effectively utilise AR even as rival Sony strengthens its grip on VR with the announcement of the PS5’s version of the PSVR.

Nintendo – Nintendo Targets AR as Sony Consolidates VR

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Where Are Global Value Funds Positioned?

With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the active Global Value funds...

Steven Holden

Weekly Innovation Review (WIRE) #23

Headline Developments Facebook’s (FB) Reality Labs have provided a glimpse of a wrist-worn AR interface concept that would allow users to more...

Granite Bay Capital

Vuzix Corp.: Earnings Recap And What Investors Can Expect In 2021

Vuzix has been gaining momentum amidst the pandemic as one of the leading companies within the augmented reality smart glasses industry. Vuzix has...

Investi Analyst

Whatever Happened to FANG? Why Its Time to Reload on Large Cap Growth

Macro tends to control the market in between earnings seasons, when fundamental performance matters less. As we approach 1Q21 earnings in a few...

Aaron Gabin

Nintendo – Nintendo Targets AR as Sony Consolidates VR

There are signs that the gaming world could split between strong AR implementations by Nintendo and strong VR implementations by Sony.

Mio Kato

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