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

K-Bank Vs. Kakao Bank: A Big Change in New Customers Driven by Cryptos

Ant Group-Alibaba (BABA): Are We There Yet?

Alibaba (BABA): Fined $2.78 Billion for “Either Or”, But Impact Is Neither Big Nor Long Term

Alibaba (BABA US): Record Fine - Grin and Bear It as Better Days Are Ahead

Alibaba (BABA) Fine – Close, but No Cigar

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<p>Following the cancelled Ant IPO in November of last year, sentiment towards <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> turned negative.  Average weights in EM portfolios fell from 6.57% in October to 3.82% today, the percentage of funds holding <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>fell from 83.4% to 81.7%, the percentage of funds overweight <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> fell from 41.1% to 30.3% and for the first time since 2018, the there was an excess of sellers over buyers.</p><p>With the regulatory overhang seen largely as done for now, we present 4 reasons why we believe EM managers will be incentivized to increase allocations from here.</p>

Following the cancelled Ant IPO in November of last year, sentiment towards Alibaba Group (BABA US) turned negative.  Average weights in EM portfolios fell from 6.57% in October to 3.82% today, the percentage of funds holding Alibaba Group (BABA US) fell from 83.4% to 81.7%, the percentage of funds overweight Alibaba Group (BABA US) fell from 41.1% to 30.3% and for the first time since 2018, the there was an excess of sellers over buyers.With the regulatory overhang seen largely as done for now, we present 4 reasons why we believe EM managers will be incentivized to increase allocations from here.

Alibaba:  Reversal Trade Could Run. EM Funds Underweight & Far from Overstretched