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

EMEA Sectors Deep-Dive.  Active Positioning in the EMEA Region

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

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Active EM managers are positioned at their lowest ever weights in the EMEA region, moving from a multi-year overweight to a key underweight in little over 12 months</li>
<li>Russian positions slashed, rotation out of CE3 and Turkey.  Inflows in to MENA and to a lesser extent, South Africa, but South America the key beneficiary.</li>
<li>Stock activity shows increased holdings in a host of MENA stocks, led by National Commercial Bank and Saudi Aramco, whilst Sberbank and Lukoil bore the brunt of the selling.</li>
</ul>


Active EM managers are positioned at their lowest ever weights in the EMEA region, moving from a multi-year overweight to a key underweight in little over 12 months
Russian positions slashed, rotation out of CE3 and Turkey.  Inflows in to MENA and to a lesser extent, South Africa, but South America the key beneficiary.
Stock activity shows increased holdings in a host of MENA stocks, led by National Commercial Bank and Saudi Aramco, whilst Sberbank and Lukoil bore the brunt of the selling.


GEM Active Funds:  EMEA Moves to Underweight, Allocations Drop to All-Time Lows.