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)

<p>Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.</p><p>Average allocations in the Industrials sector fell from a peak of 11.4% in mid-2011 to a low of just 4.82% in July of last year.  Since that trough, allocations have started to increase, with today's levels of 5.46% the highest since late 2019.</p><p>We highlight 7 companies that have attracted new investment in the early stages of the reallocation towards the Industrials sector.  </p>

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.Average allocations in the Industrials sector fell from a peak of 11.4% in mid-2011 to a low of just 4.82% in July of last year.  Since that trough, allocations have started to increase, with today's levels of 5.46% the highest since late 2019.We highlight 7 companies that have attracted new investment in the early stages of the reallocation towards the Industrials sector.  

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

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<h2>About India Channel Insight</h2>
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<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
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<p>For this insight, we share our takeaways from interaction with two major consumer durable industry professionals. First, is the Co-founder of a well-known consumer brand that outsources and also imports some of the products. The second professional holds a leadership position in the second-largest durable manufacturer supplying to brands like <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN). </a></p>
<p>These takeaways will be interesting for investors in <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> , <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a>, <a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a> and <a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> </p>
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About India Channel Insight



Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we share our takeaways from interaction with two major consumer durable industry professionals. First, is the Co-founder of a well-known consumer brand that outsources and also imports some of the products. The second professional holds a leadership position in the second-largest durable manufacturer supplying to brands like Voltas Ltd (VOLT IN) and Havells India (HAVL IN). 
These takeaways will be interesting for investors in Havells India (HAVL IN) , Voltas Ltd (VOLT IN), Amber Enterprises India (AMBER IN) and Dixon Technologies India Ltd (DIXON IN) 



India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Alibaba Group Holding  / Equity Bottom-Up

<p>Our objective with this weekly is to highlight notable developments in the India internet and consumer sector focusing on public and private companies. The sub-sectors covered include payment providers, e-commerce retailers,  social media platforms and consumer companies.</p>
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<a href="https://www.smartkarma.com/entities/tata-group" target="_blank" data-smartkarma-citation="entities:25998:1" rel="noopener">Tata Group (1396Z IN)</a> is aiming to become a serious contender in the Indian E-Commerce race with a potential stake in <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> backed BigBasket</li>
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<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> re-gains its top slot in global smartphones thanks to market share gains in India</li>
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<a href="https://www.smartkarma.com/entities/facebook-inc-a" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Facebook Inc A (FB US)</a> backed Whatsapp Pay gets its act together in the already competitive Indian Payments Market, expected to roll out soon. </li>
<li>India bans import of AC units, but we see no major market share gains for top players. </li>
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Our objective with this weekly is to highlight notable developments in the India internet and consumer sector focusing on public and private companies. The sub-sectors covered include payment providers, e-commerce retailers,  social media platforms and consumer companies.


Tata Group (1396Z IN) is aiming to become a serious contender in the Indian E-Commerce race with a potential stake in Alibaba Group (BABA US) backed BigBasket

Samsung Electronics (005930 KS) re-gains its top slot in global smartphones thanks to market share gains in India

Facebook Inc A (FB US) backed Whatsapp Pay gets its act together in the already competitive Indian Payments Market, expected to roll out soon. 
India bans import of AC units, but we see no major market share gains for top players. 


India Internet & Consumer Weekly | Bigbasket, Samsung, Whatsapp Pay, India's AC Ban

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Macroeconomics

<p>The previous insight related to our Covid-19 coverage, <a href="https://www.smartkarma.com/insights/covid-19-dull-economic-package-lock-down-4-0-consequences" target="_blank" data-smartkarma-citation="insights:39665" rel="noopener">Covid-19: Dull Economic Package, Lock-Down 4.0 Consequences</a> highlighted that the economy is inching towards relaxation. The government announced the three stages of unlocking beginning June, that will gradually open up all the industries, month by month.</p><p>In this insight, we justify whether the timing of the unlock announced was a high gamble, and who would be the likely beneficiaries given the current crisis scenario</p>

The previous insight related to our Covid-19 coverage, Covid-19: Dull Economic Package, Lock-Down 4.0 Consequences highlighted that the economy is inching towards relaxation. The government announced the three stages of unlocking beginning June, that will gradually open up all the industries, month by month.In this insight, we justify whether the timing of the unlock announced was a high gamble, and who would be the likely beneficiaries given the current crisis scenario

Unlock 1 Ill-Effects: Boon for the Consumer Discretionary?

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 style="text-align: justify;">Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s <em>Int’l Compass</em>. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. In today’s report we highlight our favorite setups within Industrials, spanning the Vermilion international Manufacturing, Services, and Transportation Sectors.</p>

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s Int’l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. In today’s report we highlight our favorite setups within Industrials, spanning the Vermilion international Manufacturing, Services, and Transportation Sectors.

Global Equity Strategy: Global Equities Beginning a New Leg Higher

India

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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Voltas Ltd (VOLT IN)

Asia Ex-Japan: Industrials Rotation

Investor sentiment in the Industrials sector is turning positive after a multi-year decline among active Asia Ex-Japan fund managers.

Steven Holden

India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

We share our takeaways from interaction with consumer durable industry professionals. These takeaways will be interesting for investors invested or...

Pranav Bhavsar

India Internet & Consumer Weekly | Bigbasket, Samsung, Whatsapp Pay, India's AC Ban

Tata Group joins the e-commerce race eyeing a stake on BABA backed Bigbasket, India helps Samsung regain its global spot, WhatsApp Pay expected to...

Pranav Bhavsar

Unlock 1 Ill-Effects: Boon for the Consumer Discretionary?

The previous insight related to our Covid-19 coverage, Covid-19: Dull Economic Package, Lock-Down 4.0 Consequences highlighted that the economy is...

Nitin Mangal

Global Equity Strategy: Global Equities Beginning a New Leg Higher

Global equities are now breaking out to new highs amid positive technical developments -- something we noted was increasingly likely in last week’s...

Vermilion Research

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