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

Bank Central Asia (BBCA IJ) - Flush with Liquidity but Fully Valued

The Week That Was in ASEAN@Smartkarma - Small Cap Quicksand, United Tractors, and Indo Financials

CrossASEAN Strategy - Life After Gojek and the Land of Digital Banking

Bank Rakyat Indonesia Persero: Overbought Signals: Is This Peak Rakyat?

The CNY Week That Was in ASEAN@Smartkarma - Thai Retail, Bank Rakyat, and Singapore REITs

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

<ul>
<li>Asia Ex-Japan funds are more exposed to Indonesian Financials than at any time in our holdings history. </li>
<li>Average allocations stand at 1.98%, the top end of the 9-year range.  The average overweight is at an all-time high of 91bps above the I-Shares Asia Ex-Japan ETF weight.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-perser" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Perser (BBRI IJ)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> are the high conviction holdings.</li>
<li>Global Emerging Markets funds are aggressively positioned, but exposure has already peaked.</li>
</ul>


Asia Ex-Japan funds are more exposed to Indonesian Financials than at any time in our holdings history. 
Average allocations stand at 1.98%, the top end of the 9-year range.  The average overweight is at an all-time high of 91bps above the I-Shares Asia Ex-Japan ETF weight.

Bank Rakyat Indonesia Perser (BBRI IJ) and Bank Central Asia (BBCA IJ) are the high conviction holdings.
Global Emerging Markets funds are aggressively positioned, but exposure has already peaked.


Indonesian Financials:  Great Expectations