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

<ul>
<li>Sentiment switch for Singtel after surge in buying among Asia Ex-Japan funds</li>
<li>New positions from Fullerton Asia Focus, Jupiter Asian Fund and Fullerton Asia Growth &amp; Income head a total of 14 funds opening exposure between 01/31/2022 and 10/31/2022.</li>
<li>Follows broader rotation in to key Singapore names despite heavy selling in Sea Ltd.</li>
</ul>


Sentiment switch for Singtel after surge in buying among Asia Ex-Japan funds
New positions from Fullerton Asia Focus, Jupiter Asian Fund and Fullerton Asia Growth &amp; Income head a total of 14 funds opening exposure between 01/31/2022 and 10/31/2022.
Follows broader rotation in to key Singapore names despite heavy selling in Sea Ltd.


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.

Technical Analysis

iShares MSCI EAFE ETF / Technical Analysis

<ul>
<li>We continue to believe that a bearish intermediate-term outlook is appropriate as long as the YTD downtrends remain intact on MSCI ACWI (ACWI-US), MSCI ACWI ex-US (ACWX-US), and EAFE (EFA-US).</li>
<li>We would turn bullish only on reversals of those downtrends. With that said, a bear market rally has officially begun, something that we have discussed since our Sept.29 Int'l Compass</li>
<li>We expect to see rallies to their respective YTD downtrends (ACWX, EFA, etc.). We highlight buys that are likely to outperform on this bear market rally.</li>
</ul>


We continue to believe that a bearish intermediate-term outlook is appropriate as long as the YTD downtrends remain intact on MSCI ACWI (ACWI-US), MSCI ACWI ex-US (ACWX-US), and EAFE (EFA-US).
We would turn bullish only on reversals of those downtrends. With that said, a bear market rally has officially begun, something that we have discussed since our Sept.29 Int'l Compass
We expect to see rallies to their respective YTD downtrends (ACWX, EFA, etc.). We highlight buys that are likely to outperform on this bear market rally.


Bear Market Rally in Progress as DXY, Global Sovereign 10-Yr Yields Fall; Buy Ideas Within Leaders

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation of Yunsung F&amp;C is target price of 53,360 won per share, which is 0.7% higher than the low end of the IPO price range.</li>
<li>Given the lack of upside, we would avoid this IPO.</li>
<li>Yunsung F&amp;C is one of the leaders in Korea in producing mixers for rechargeable battery materials for customers including LG Energy Solution and SK On. </li>
</ul>


Our base case valuation of Yunsung F&amp;C is target price of 53,360 won per share, which is 0.7% higher than the low end of the IPO price range.
Given the lack of upside, we would avoid this IPO.
Yunsung F&amp;C is one of the leaders in Korea in producing mixers for rechargeable battery materials for customers including LG Energy Solution and SK On. 


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>LG Chem's deletion is almost a done deal. The pouch-type pack goes to LG Energy, and the cathode business is not big enough to beat L&amp;F.</li>
<li>Chunbo is an additive field that this index has not included so far. So, Chunbo will be added as a new addition rather than replacing someone else.</li>
<li>SK IE Tech is quite tricky. The key is to see separator and elecfoil as the same field. If so, SK IET is likely to replace Iljin Materials.</li>
</ul>


LG Chem's deletion is almost a done deal. The pouch-type pack goes to LG Energy, and the cathode business is not big enough to beat L&amp;F.
Chunbo is an additive field that this index has not included so far. So, Chunbo will be added as a new addition rather than replacing someone else.
SK IE Tech is quite tricky. The key is to see separator and elecfoil as the same field. If so, SK IET is likely to replace Iljin Materials.


Solactive Lithium Index Rebalancing: Noteworthy Names in Korea Before the Announcement

<ul>
<li>Yunsung F&amp;C is a leading maker of materials mixing equipment that are used in the rechargeable battery production.</li>
<li>The IPO price range is from 53,000 won to 62,000 won and offering amount is from 106 billion won to 124 billion won. The book building starts on 26 October. </li>
<li>According to the bankers' valuation, the expected IPO market cap range is from 423 billion won to 495 billion won. </li>
</ul>


Yunsung F&amp;C is a leading maker of materials mixing equipment that are used in the rechargeable battery production.
The IPO price range is from 53,000 won to 62,000 won and offering amount is from 106 billion won to 124 billion won. The book building starts on 26 October. 
According to the bankers' valuation, the expected IPO market cap range is from 423 billion won to 495 billion won. 


South Korea

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

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Samsung SDI (006400 KS)

Singtel: Demand Surge

Sentiment turns for Singtel after a raft of opening positions among Asia Ex-Japan active managers. Follows rotation into broader Singapore market...

Steven Holden

Bear Market Rally in Progress as DXY, Global Sovereign 10-Yr Yields Fall; Buy Ideas Within Leaders

Bear Market Rally in Progress as $DXY, Global Sovereign 10-Year Yields Decline. Italy FTSE MIB with a bullish YTD downtrend reversal, Switzerland...

Vermilion Research

Yunsung F&C Valuation Analysis

Our base case valuation of Yunsung F&C is target price of 53,360 won per share, which is 0.7% higher than the low end of the IPO price range. Given...

Douglas Kim

Solactive Lithium Index Rebalancing: Noteworthy Names in Korea Before the Announcement

This post discusses the notable Korean stocks in the upcoming rebalancing of the Solactive Lithium Index (Global X ETF: LIT).

Sanghyun Park

Yunsung F&C IPO Preview

Yunsung F&C is a leading maker of materials mixing equipment that are used in the rechargeable battery production. The expected IPO market cap...

Douglas Kim

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