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

Mexican Banks’ October Data and Trends – Credit Spread Erosion a Bigger Threat than Credit Quality?

Banorte and BanBajio - October Data Trends, a First Look at 4Q 2022; Returns Pressure Building?

Banorte 4Q22 & Mexican Banks’ November Data – Rising Risk of Credit Spread Erosion and NPL Worsening

Mexican Banks’ August Data and Trends – as Good as It Gets?

GEM Fund Q3 Performance.  Active Managers Claw It Back After Blockbuster September.

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

<ul>
<li>Mexico overweight reaches record levels among active GEM investors, moves to top country overweight.</li>
<li>Mexico a beneficiary from a rotation out of Russia, Turkey and Tech, alongside Brazil and some of the MENA nations.</li>
<li>Grupo Financiero Banorte and Wal-Mart de Mexico are widely held and have been instrumental in Mexico’s rise up the ranks over the past couple of years.  </li>
</ul>


Mexico overweight reaches record levels among active GEM investors, moves to top country overweight.
Mexico a beneficiary from a rotation out of Russia, Turkey and Tech, alongside Brazil and some of the MENA nations.
Grupo Financiero Banorte and Wal-Mart de Mexico are widely held and have been instrumental in Mexico’s rise up the ranks over the past couple of years.  


Grupo Financiero Banorte SAB d (GFNORTEO MF)

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

Mexico Moves to Top EM Overweight