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)

Allocations in Semiconductor stocks have seen tremendous growth over the past 3 years.  They account for $42bn out of the $1tr in assets in our Global fund universe, rank as the 3rd most widely held industry group and the 5th largest in terms of average portfolio weight.Whilst growth has slowed over the past 6-months, we have not seen a flight from the sector despite the recent period of underperformance.  Instead, we see rotation within the sector.  On a stock level, <a href="https://www.smartkarma.com/entities/infineon-technologies-ag" target="_blank" data-smartkarma-citation="entities:21653:1" rel="noopener">Infineon Technologies Ag (IFX GR)</a> and <a href="https://www.smartkarma.com/entities/nitto-denko-corp" target="_blank" data-smartkarma-citation="entities:3666:1" rel="noopener">Nitto Denko (6988 JP)</a> captured ownership growth, against <a href="https://www.smartkarma.com/entities/realtek-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7326:1" rel="noopener">Realtek Semiconductor (2379 TT)</a> and <a href="https://www.smartkarma.com/entities/dialog-semiconductor-plc" target="_blank" data-smartkarma-citation="entities:1062:1" rel="noopener">Dialog Semiconductor (DLG GY)</a> that saw ownership levels decline.<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> has established itself as the industry leader in recent years.  It is currently held by 46% of the global managers in our analysis, well ahead of the 2nd tier, led by <a href="https://www.smartkarma.com/entities/texas-instruments-inc" target="_blank" data-smartkarma-citation="entities:18804:1" rel="noopener">Texas Instruments (TXN US)</a> , <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> .And whilst active global fund ownership levels are near their highest levels on record, allocations remain well behind the larger industry groups of Packaged Software and Internet Software/Services.  Taken from our Global Fund Research, covering 378 active Global strategies with combined AUM of $1tr.

Allocations in Semiconductor stocks have seen tremendous growth over the past 3 years.  They account for $42bn out of the $1tr in assets in our Global fund universe, rank as the 3rd most widely held industry group and the 5th largest in terms of average portfolio weight.Whilst growth has slowed over the past 6-months, we have not seen a flight from the sector despite the recent period of underperformance.  Instead, we see rotation within the sector.  On a stock level, Infineon Technologies Ag (IFX GR) and Nitto Denko (6988 JP) captured ownership growth, against Realtek Semiconductor (2379 TT) and Dialog Semiconductor (DLG GY) that saw ownership levels decline.TSMC (2330 TT) has established itself as the industry leader in recent years.  It is currently held by 46% of the global managers in our analysis, well ahead of the 2nd tier, led by Texas Instruments (TXN US) , Intel Corp (INTC US) and NVIDIA Corp (NVDA US) .And whilst active global fund ownership levels are near their highest levels on record, allocations remain well behind the larger industry groups of Packaged Software and Internet Software/Services.  Taken from our Global Fund Research, covering 378 active Global strategies with combined AUM of $1tr.

Global Semiconductors:  Consolidation, but Active Funds Remain Well Invested

Singapore

STMicroelectronics N.V. designs, develops, manufactures, and markets semiconductor integrated circuits and discrete devices. The Company's products are used in the telecommunications, consumer electronics, automotive, computer, and industrial sectors. Geographically, customers are located in North America, Europe, and the Asia Pacific region.

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STMicroelectronics NV (STM US)

Global Semiconductors: Consolidation, but Active Funds Remain Well Invested

Allocations in Semiconductor stocks have seen tremendous growth over the past 3 years. Whilst ownership growth has slowed, exposure remains high.

Steven Holden

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