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

In this report, we highlight how Russia has taken over from India as the largest overweight country holding among global emerging market fund managers.  Although still a key country position, India has witnessed a certain degree of investor flight after the election euphoria of 2014/15, with <a href="https://www.smartkarma.com/entities/768" target="_blank" data-smartkarma-citation="entities:768:1">Axis Bank Ltd (AXSB IN)</a>, <a href="https://www.smartkarma.com/entities/216" target="_blank" data-smartkarma-citation="entities:216:1">Tata Motors Ltd (TTMT IN)</a> and <a href="https://www.smartkarma.com/entities/17910" target="_blank" data-smartkarma-citation="entities:17910:1">Lupin Ltd (LPC IN)</a> coming under pressure.  Opposing this is a renewed interest in Russia, with fund managers willing to allocate significantly more than the benchmark MSCI EM Index.  Key stocks have been <a href="https://www.smartkarma.com/entities/24142" target="_blank" data-smartkarma-citation="entities:24142:1">Sberbank of Russia PJSC (SBER LI)</a> and <a href="https://www.smartkarma.com/entities/25278" target="_blank" data-smartkarma-citation="entities:25278:1">X5 Retail Group NV (FIVE LI)</a>

In this report, we highlight how Russia has taken over from India as the largest overweight country holding among global emerging market fund managers.  Although still a key country position, India has witnessed a certain degree of investor flight after the election euphoria of 2014/15, with Axis Bank Ltd (AXSB IN), Tata Motors Ltd (TTMT IN) and Lupin Ltd (LPC IN) coming under pressure.  Opposing this is a renewed interest in Russia, with fund managers willing to allocate significantly more than the benchmark MSCI EM Index.  Key stocks have been Sberbank of Russia PJSC (SBER LI) and X5 Retail Group NV (FIVE LI)

Russia Replaces India as Top EM Overweight

Emerging Markets Cross-Asset Strategist, Emvest Partners

Guillaume Coutant

Emerging Markets Cross-Asset Strategist

Technical Analysis

Russian stocks have been consolidating since the beginning of 2017, thus lagging other emerging countries by 23% on a relative basis.Oil has experienced erratic moves despite production cuts agreements, other commodities suffered from a slowing Chinese demand, and geopolitical turmoil in the Middle East put the country in a delicate position and feed investors concerns.However, Russian banks have been quite resilient, benefiting from the financial sector recovery as a whole and improved price to…

Russian stocks have been consolidating since the beginning of 2017, thus lagging other emerging countries by 23% on a relative basis.Oil has experienced erratic moves despite production cuts agreements, other commodities suffered from a slowing Chinese demand, and geopolitical turmoil in the Middle East put the country in a delicate position and feed investors concerns.However, Russian banks have been quite resilient, benefiting from the financial sector recovery as a whole and improved price to…

Lukoil & Sberbank : Two Russian Stocks, Two Different Stories

Russia

Sberbank of Russia PJSC attracts deposits and offers commercial banking services. The Bank offers time deposits, corporate banking, securities brokerage, credit, foreign exchange services, and sponsors credit cards.

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Sberbank of Russia PJSC (SBER RM)

Russia Replaces India as Top EM Overweight

In this report, we highlight how Russia has taken over from India as the largest overweight country holding among global emerging market fund...

Steven Holden

Lukoil & Sberbank : Two Russian Stocks, Two Different Stories

Russian stocks have been consolidating since the beginning of 2017, thus lagging other emerging countries by 23% on a relative basis.Oil has...

Guillaume Coutant

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52-week Range

Market Cap (USDm)

P/E

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