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

<ul>
<li>Global Active Funds make tentative moves back in to Japanese equities after a 5-year decline.</li>
<li>Buying seen in Daiichi Sankyo, Keyence Corp and Sumitomo Mitsui Financial Group, with Japan capturing $1.3bn of new fund investment since September 2022.</li>
<li>Ownership levels still near record lows, with clear potential for further ownership growth from here.</li>
</ul>


Global Active Funds make tentative moves back in to Japanese equities after a 5-year decline.
Buying seen in Daiichi Sankyo, Keyence Corp and Sumitomo Mitsui Financial Group, with Japan capturing $1.3bn of new fund investment since September 2022.
Ownership levels still near record lows, with clear potential for further ownership growth from here.


Japan: Early Signs of a Potential Re-Weight

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.</li>
<li>We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.</li>
<li>While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.</li>
</ul>


Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.
We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.
While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.


Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> 's tussle with the regulators and legalities seem to be perpetual in nature.</li>
<li>SEBI's interim order highlights the abuse of promoters' position in the company in order to siphon-off funds, ultimately benefiting the promoter family. SEBI has directed promoters to resign as directors.</li>
<li>Since the irregularities are now being made public, eyes now would be on the proposed Zee-Sony merger, which could further be delayed.</li>
</ul>



Zee Entertainment Enterprises (Z IN) 's tussle with the regulators and legalities seem to be perpetual in nature.
SEBI's interim order highlights the abuse of promoters' position in the company in order to siphon-off funds, ultimately benefiting the promoter family. SEBI has directed promoters to resign as directors.
Since the irregularities are now being made public, eyes now would be on the proposed Zee-Sony merger, which could further be delayed.


Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX +0.2% as Investors Buy Financials; Semis regained some of its mojo as SOX rose 1.3%; Fed remains in Focus; Boeing glitches;  All Telsa cars qualify for IRA benefits</li>
<li>JAPAN. NKY Futs +0.4% vs Cash; Relentless bid in JP equities continues - yesterday ignoring US weakness on Monday; JP Govt tgts 3x rise in Domestic Semi Sales by 2030. </li>
<li>NUGGET. Japan revamps its semi strategy - aggressive targets to get to ¥15 trillion in domestic sales by 2030, while being the key in the global semi supply chain.</li>
</ul>


OVERSEAS.  SPX +0.2% as Investors Buy Financials; Semis regained some of its mojo as SOX rose 1.3%; Fed remains in Focus; Boeing glitches;  All Telsa cars qualify for IRA benefits
JAPAN. NKY Futs +0.4% vs Cash; Relentless bid in JP equities continues - yesterday ignoring US weakness on Monday; JP Govt tgts 3x rise in Domestic Semi Sales by 2030. 
NUGGET. Japan revamps its semi strategy - aggressive targets to get to ¥15 trillion in domestic sales by 2030, while being the key in the global semi supply chain.


Ohayo Japan |SPX +0.2%; Fed in Focus; NUGGET: Japan Global Semi Suppy Chain Dominance in Sight ?

<ul>
<li>OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged</li>
<li>JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA</li>
<li>NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?</li>
</ul>


OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged
JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA
NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?


Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

Sekisui House, Ltd. builds and sells steel-frame and wooden housings. The Company constructs single-family houses, condominiums, and apartment buildings.  Sekisui House also operates real estate brokerage and leasing businesses.  Additionally, the Company sells construction materials.

Sumitomo Forestry Co., Ltd. sells lumber and wood-related construction materials.  The Company constructs and markets a variety of homes, including custom-built wooden houses, and also manufactures and distributes high-value added wood-based products.  Sumitomo Forestry also maintains a significant amount of Japan's forests.

Sekisui Chemical Co., Ltd. builds and sells unit residential houses in addition to parcels of land. The Company also manufactures and sells polyvinyl chloride and other plastic products used in, for instance, drainage pipes and bathtubs. Moreover the company is engaged in the production and sale of high performance plastic films, tapes and sheets.

HASEKO Corporation builds residential, commercial, and institutional buildings such as condominiums and office buildings.  The Company also operates real estate brokerage, leasing, and management businesses.  Additionally, Haseko provides construction consulting services.  The Company, through its subsidiaries, operates hotel and financial businesses.

RINNAI CORPORATION manufactures and sells a variety of gas appliances.  The products include cooking equipment for household and commercial use, room and water heating equipment, and laundry dryers.  The Company has subsidiaries in South-eastern Asia, Australia, and the United States.

Iida Group Holdings Co., Ltd. is a holding company established by the merger between Hajime Construction, Iida Home Max, Touei Housing, Tact Home, Arnest One and ID Home. Its subsidiaries engage in design, construction and sales of residential properties such as single-family houses and condominiums and construction related works.

NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related equipment, eyeglasses, microscopes, and measuring instruments.

Fujitsu General Ltd. manufactures air-conditioning units, refrigerators, and information-communication equipment. The products include air conditioners, and purifiers. The Company also manufactures computer software and electronic devices.

Techtronic Industries Company Limited designs, manufactures, and markets power tools, outdoor power equipment, accessories, hand tools, layout and measuring tools, and floorcare and appliances. The Company's products are used by consumers, professional, and industrial users in the home improvement, repair, and construction industries.

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.  The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

Haier Smart Home Co. Ltd. manufactures and distributes appliances. The Company produces air conditioners, refrigerators, freezers, small household electrical appliances, and other related products. Haier Smart Home markets its products domestically and internationally.

Gree Electric Appliances, Inc. of Zhuhai manufactures and sells a series of air conditioners.  The different series of air conditioners include window type, split type, floor type, mobile type, mobile split type and ceiling type.  The Company also produces air purifier.

LG Electronics Inc. manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners and refrigerators as well as telecommunications equipment such as smart phones and tablets.

TopBuild Corp. provides insulation installation services. The Company offers residential insulation products and related accessories. TopBuild serves customers in the United States.

D.R. Horton, Inc. constructs and sells single-family homes designed primarily for the entry-level and move-up markets.  The Company operates in the Midwest, Mid-Atlantic, Southeast, Southwest, and Western regions of the United States. D.R. Horton also, through its financial services operations, provide mortgage financing and title agency services to homebuyers.

NVR, Inc. builds and markets homes and conducts mortgage banking activities. The Company builds single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and other tradenames.  NVR provides a number of mortgage related services to its homebuilding customers and to other customers through its mortgage banking operations.

PulteGroup Inc. sells and constructs homes, and purchases, develops, and sells residential land and develops active adult communities.  The Company also provides mortgage financing, title insurance, and other services to home buyers. Pulte has operations in various markets across the United States and Puerto Rico.

Lennar Corporation constructs and sells single-family attached and detached homes, and to a lesser extent multi-level buildings as well as buys and sells residential land. The Company also provides mortgage financing, title insurance, closing services and other financial services.

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

Japan: Early Signs of a Potential Re-Weight

Global Equity Funds make tentative moves back in to Japan after a 5-year decline. Ownership levels remain near record lows, so potential for...

Steven Holden

Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

We spoke with management. Opportunity to acquire a stock with strong fundamentals... Without having to chase a hyped-up share price.

Vincent Fernando, CFA

ZEE Entertainment- Paying the Price

Since the irregularities are now being made public, eyes now would be on the proposed Zee-Sony merger, which could further be delayed.

Nitin Mangal

Ohayo Japan |SPX +0.2%; Fed in Focus; NUGGET: Japan Global Semi Suppy Chain Dominance in Sight ?

NKY Futs +0.4% vs Cash; Relentless bid in JP equities continues - yesterday ignoring US weakness on Monday; JP Govt tgts 3x rise in Domestic Semi...

Mark Chadwick

Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen; MS Bullish Call on Japan; Panasonic expands...

Mark Chadwick

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