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

As the NIFTY index approaches new highs this week, we thought it useful to provide a thorough breakdown of India positioning among global emerging market managers.  <ul>
<li>India is the largest overweight among EM fund managers, yet the overweight has drifted lower since 2015</li>
<li>EM managers have been selling into strength.  India has seen the largest outflows among all countries since 2015</li>
<li>Confidence at an all-time low in Auto stocks.   <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> has seen significant investor flight</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-limited" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> and <a href="https://www.smartkarma.com/entities/housing-development-finance-corporation" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">Housing Development Finance Corporation (HDFC IN)</a> have seen ownership rise to record levels.  </li>
</ul>

As the NIFTY index approaches new highs this week, we thought it useful to provide a thorough breakdown of India positioning among global emerging market managers.  
India is the largest overweight among EM fund managers, yet the overweight has drifted lower since 2015
EM managers have been selling into strength.  India has seen the largest outflows among all countries since 2015
Confidence at an all-time low in Auto stocks.   Tata Motors Ltd (TTMT IN) has seen significant investor flight

HDFC Bank (HDFCB IN) and Housing Development Finance Corporation (HDFC IN) have seen ownership rise to record levels.  


India:  Where Are We Now? A GEM Manager Perspective

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Corporate Governance And Corruption In Indonesia - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Hitachi/Honda, AOF, Unizo, SVI, Maanshan, Osram, Genting, KCC

Trung Nguyen

In our view, Tata Motors’ Q2/19-20 results were surprisingly good, beating consensus estimates. This was driven by i) revenue growth at JLR, on the back of a favourable product mix and slight growth in wholesale; and ii) a turn-around in profitability, due to a recovery in China, the Charge cost-cutting programme, and FX benefits from a weaker GBP.

  In our view, Tata Motors’ Q2/19-20 results were surprisingly good, beating consensus estimates. This was driven by i) revenue growth at JLR, on the back of a favourable product mix and slight growth in wholesale; and ii) a turn-around in profitability, due to a recovery in China, the Charge cost-cutting programme, and FX benefits from a weaker GBP. 

Tata Motors - Earnings Flash - Q2 FY 2019-20 Results - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-7845'>Road King Infrastructure</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Road King InfrastructureTata Motors LtdYanlord Land

Morning Views Asia: Road King Infrastructure, Tata Motors Ltd, Yanlord Land

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors DVR (TTMT/A IN)

India: Where Are We Now? A GEM Manager Perspective

As the NIFTY index approaches new highs this week, we thought it useful to provide a thorough breakdown of India positioning among global emerging...

Steven Holden

Asia HY Monthly - Corporate Governance And Corruption In Indonesia - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor...

Lucror Analytics

Last Week in Event SPACE: Hitachi/Honda, AOF, Unizo, SVI, Maanshan, Osram, Genting, KCC

Last Week in Event SPACE ... The Tender Offers for Honda Motor (7267 JP)'s three large auto parts affiliates Showa Corp (7274 JP), Keihin Corp...

David Blennerhassett

Tata Motors - Earnings Flash - Q2 FY 2019-20 Results - Lucror Analytics

In our view, Tata Motors’ Q2/19-20 results were surprisingly good, beating consensus estimates. This was driven by i) revenue growth at JLR, on...

Lucror Analytics

Morning Views Asia: Road King Infrastructure, Tata Motors Ltd, Yanlord Land

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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