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

<p>The first quarter of 2020 was a challenging one for Global Emerging Market active managers. </p><ul>
<li>Active GEM fund Q1 Returns -25.05% on average vs -23.7% for the benchmark.</li>
<li>1 in 3 underperformed on the quarter.</li>
<li>Aggressive Growth strategies beat Value by 4.5% on average.</li>
<li>China the key driver of underperformance.</li>
<li>Underweights in <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> proved costly.</li>
</ul>

The first quarter of 2020 was a challenging one for Global Emerging Market active managers. 
Active GEM fund Q1 Returns -25.05% on average vs -23.7% for the benchmark.
1 in 3 underperformed on the quarter.
Aggressive Growth strategies beat Value by 4.5% on average.
China the key driver of underperformance.
Underweights in Tencent Holdings (700 HK) and Alibaba Group (BABA US) proved costly.


GEM Fund Q1 2020 Performance Review: Active Funds Suffer as China Outperforms

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

<p>The recent successful test of support at the 200-day moving average has paved the way for a meaningful bounce higher on the S&amp;P 500. Given this bounce, we have become incrementally more bullish. In today’s report we highlight the bullish implications of the recent move higher for the broad market as well as attractive and actionable groups within the Energy Sector: EN-02 Oil &amp; Gas, Global, Large-Cap, EN-08 Oil and Gas E&amp;P, Domestic, Large-Cap, and EN-10 Oil and Gas E&amp;P, Domestic Small-Cap.</p>

The recent successful test of support at the 200-day moving average has paved the way for a meaningful bounce higher on the S&amp;P 500. Given this bounce, we have become incrementally more bullish. In today’s report we highlight the bullish implications of the recent move higher for the broad market as well as attractive and actionable groups within the Energy Sector: EN-02 Oil &amp; Gas, Global, Large-Cap, EN-08 Oil and Gas E&amp;P, Domestic, Large-Cap, and EN-10 Oil and Gas E&amp;P, Domestic Small-Cap.

U.S. Equity Strategy: Opportunities in Energy Stocks

South Africa

Sasol Limited produces oil and chemical products. The Company offers products such as automotive lubricants, greases, cleansers, fuels, polymers, and specialty gases. Sasol markets its products worldwide.

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Sasol (SOL SJ)

GEM Fund Q1 2020 Performance Review: Active Funds Suffer as China Outperforms

The first quarter of 2020 was a challenging one for Global Emerging Market active managers. Active GEM fund Q1 Returns -25.05% on average vs...

Steven Holden

U.S. Equity Strategy: Opportunities in Energy Stocks

The recent successful test of support at the 200-day moving average has paved the way for a meaningful bounce higher on the S&P 500. Given this...

Vermilion Research

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