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

Emerging Market Funds:  Top-Down Positioning and Fund Flows Update

Record Fund Ownership in Six Taiwanese Companies

Global Equity Managers Trim EM Underweight, but Remain Bearish

Reliance Industries (Q4FY23): Next Leg of Growth Capex Picking Up.

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)

Macau Energy / Thematic (Sector/Industry)

<ul>
<li>The recovery in Energy allocations among Asia Ex-Japan funds has stalled, and has started to reverse</li>
<li>Selling in Reliance Industries (RIL IN), Offshore Oil Engineering A (600583 CH) and CNOOC Ltd (883 HK) were the key drivers behind the move</li>
<li>Versus the iShares MSCI AAJX ETF, Energy is the largest sector underweight alongside Materials and Utilities, with managers overweight the Consumer sectors and Information Technology.  </li>
</ul>


The recovery in Energy allocations among Asia Ex-Japan funds has stalled, and has started to reverse
Selling in Reliance Industries (RIL IN), Offshore Oil Engineering A (600583 CH) and CNOOC Ltd (883 HK) were the key drivers behind the move
Versus the iShares MSCI AAJX ETF, Energy is the largest sector underweight alongside Materials and Utilities, with managers overweight the Consumer sectors and Information Technology.  


Asia Ex-Japan Energy: Stalled Recovery