Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Steven Holden is the CEO and Founder of Copley Fund Research, an independent provider of research on equity fund positioning and performance.  Set up in 2014, Copley focuses on global, global emerging market, US, Asia Ex-Japan and China active equity funds, covering over $4tr in assets across 1300 active managers.  The company provides data and analysis on market trends, manager exposures and active fund performance to an audience of investment managers, pension funds and fund selectors worldwide.  Mr Holden’s 14-year investment banking career started in 2000, where he worked for Morgan Stanley as an equity derivative trader focused on emerging markets in London.  Following this, he spent 4 years at Citibank in London and Hong Kong as an Executive Director in derivative sales, focused again on emerging markets.

Asset Allocation & Fund Positioning

India:  Record Exposure Gives Rise to Caution

India Banks - Divergent Trends at Canara and Bandhan Fundamentally Support NIFTY Bank Rebalancing

Taiwan Shines as China & Japan Decline:  Global Funds Top-Down Positioning Report

Active GEM Funds: Top-Down Country Positioning Latest

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

Multiple Countries / Cross Asset Strategy

<ul>
<li>South Korean Pivot:  Asia Ex-Japan investors move to overweight South Korea for the first time in our history, SK Hynix and Kia Corp among the beneficiaries. </li>
<li>India Fatigue: Despite India’s outperformance and rising fund weights, managers show caution, with nearly 2/3rds of funds underweight the benchmark.</li>
<li>China All-Time Lows: China &amp; HK fund weights have dropped significantly from 53.5% in 2020 to 34.8% today, just above a 13-year low, signaling a critical juncture for re-evaluation.</li>
</ul>


South Korean Pivot:  Asia Ex-Japan investors move to overweight South Korea for the first time in our history, SK Hynix and Kia Corp among the beneficiaries. 
India Fatigue: Despite India’s outperformance and rising fund weights, managers show caution, with nearly 2/3rds of funds underweight the benchmark.
China All-Time Lows: China &amp; HK fund weights have dropped significantly from 53.5% in 2020 to 34.8% today, just above a 13-year low, signaling a critical juncture for re-evaluation.


iShares MSCI All Country Asia ex-Japan ETF (AAXJ US)

iShares MSCI All Country Asia ex-Japan ETF

Active Asia Ex-Japan Funds: Top-Down Country Insights