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 Overweights Series.  Part 3:  Taiwan Tech

Mercado Libre (MELI US): Share Momentum Driven by Fundamentals, but Exposed to Stretched Valuations

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

Quantitative Analysis

Argentina Consumer discretionary / Quantitative Analysis

<div><p>In this report, we screen for the largest overweight Country/Sectors across Global EM by analysing the allocations of long-only active Emerging Market funds.</p></div><div>
<div><p>In part two of the series, we focus on the Argentinian Consumer Discretionary sector.  We look at current allocations and how they have spiked over the last 12-months, the managers who have been ramping up allocations and how <a href="https://www.smartkarma.com/entities/mercadolibre-inc" target="_blank" data-smartkarma-citation="entities:27954:1" rel="noopener">MercadoLibre Inc (MELI US)</a> has become a dominant out-of-benchmark holding for EM active investors.</p></div>
<div><p><em>Our Emerging Market fund universe consists of 242 Global Emerging Market active long-only funds, with combined AUM of $450bn.</em></p></div>
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In this report, we screen for the largest overweight Country/Sectors across Global EM by analysing the allocations of long-only active Emerging Market funds.
In part two of the series, we focus on the Argentinian Consumer Discretionary sector.  We look at current allocations and how they have spiked over the last 12-months, the managers who have been ramping up allocations and how MercadoLibre Inc (MELI US) has become a dominant out-of-benchmark holding for EM active investors.
Our Emerging Market fund universe consists of 242 Global Emerging Market active long-only funds, with combined AUM of $450bn.


Emerging Market Overweights Series.  Part 2:  Argentinian Consumer Discretionary