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

Thematic (Sector/Industry)

<ul>
<li>Active China A-Share funds scale back Financials exposure to record lows.</li>
<li>A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average</li>
<li>Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.</li>
</ul>


Active China A-Share funds scale back Financials exposure to record lows.
A-Share Financials are the largest sector underweight by some distance, held below benchmark by -8.6% on average
Outside of 6 well held stocks, active A-Share managers are staying well clear of a long tail of companies that are well represented in the MSCI China A-Share benchmark.


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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 6th.</li>
<li>We estimate the weekly inflows to be US$2,907.9 million, led by financials, materials, information technology sectors.</li>
<li>We highlight flows for Ping An Insurance, Contemporary Amperex Technology Co.,, Wuliangye Yibin, Kweichow Moutai, East Money Information, Shenzhen Mindray Bio-Medical Electronics, Wuxi Lead Intelligent Equipment</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 6th.
We estimate the weekly inflows to be US$2,907.9 million, led by financials, materials, information technology sectors.
We highlight flows for Ping An Insurance, Contemporary Amperex Technology Co.,, Wuliangye Yibin, Kweichow Moutai, East Money Information, Shenzhen Mindray Bio-Medical Electronics, Wuxi Lead Intelligent Equipment


Northbound Flows (Jan 6th): Ping An Insurance, CATL, Wuliangye, Moutai, East Money

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Sunshine Insurance Group  Lt / Equity Capital Markets

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise around US$950m in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise around US$950m in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Sunshine Insurance Group IPO - Needs to Correct by Only 50%

<ul>
<li>Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.</li>
<li>SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will undertake a peer comparison.</li>
</ul>


Sunshine Insurance Group (SIG), a life, health and P&amp;C insurance company, aims to raise up to US$1bn in its HK IPO.
SIG is an integrated insurance provider which offers both life and health (L&amp;H) and property and casualty (P&amp;C) insurance in China.
We have looked at the company’s past performance in our previous notes. In this note, we will undertake a peer comparison.


Sunshine Insurance Group Pre-IPO - Peer Comparison - Fastest in One Segment, Slowest in the Other

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 25th.</li>
<li>We estimate the weekly inflows to be US$1,113.7 million, led by financials, consumer staples, utilities sectors, and offset by health care, industrials.</li>
<li>We highlight flows for Luzhou Lao Jiao, Yunnan New Energy Material, CATL.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 25th.
We estimate the weekly inflows to be US$1,113.7 million, led by financials, consumer staples, utilities sectors, and offset by health care, industrials.
We highlight flows for Luzhou Lao Jiao, Yunnan New Energy Material, CATL.


Northbound Flows (Nov 25th): Luzhou Lao Jiao, Yunnan New Energy Material, CATL

China

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Ping An Bank Co Ltd A (000001 CH)

Northbound Flows (Jan 6th): Ping An Insurance, CATL, Wuliangye, Moutai, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Ping An Insurance, CALT, Wuliangye, Moutai, East...

Ke Yan, CFA, FRM

Sunshine Insurance Group IPO - Needs to Correct by Only 50%

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise around US$950m in its HK IPO. In this note, we talk about...

Sumeet Singh

Sunshine Insurance Group Pre-IPO - Peer Comparison - Fastest in One Segment, Slowest in the Other

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we undertake a...

Sumeet Singh

Northbound Flows (Nov 25th): Luzhou Lao Jiao, Yunnan New Energy Material, CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Luzhou Lao Jiao, Yunnan New Energy Material, CATL.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China A-Share Financials: Out Of Love

China A-Share managers scale back Financials exposure to record lows. Outside of the top 6 stocks, active managers show little appetite for the...

Steven Holden

Northbound Flows (Jan 6th): Ping An Insurance, CATL, Wuliangye, Moutai, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Ping An Insurance, CALT, Wuliangye, Moutai, East...

Ke Yan, CFA, FRM

Sunshine Insurance Group IPO - Needs to Correct by Only 50%

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise around US$950m in its HK IPO. In this note, we talk about...

Sumeet Singh

Sunshine Insurance Group Pre-IPO - Peer Comparison - Fastest in One Segment, Slowest in the Other

Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO. In this note, we undertake a...

Sumeet Singh

Northbound Flows (Nov 25th): Luzhou Lao Jiao, Yunnan New Energy Material, CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Luzhou Lao Jiao, Yunnan New Energy Material, CATL.

Ke Yan, CFA, FRM