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

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

<div class="content-highlight"><p>Allocations in Philippines stocks hit their lowest level since 2011 as Global EM Managers scale back exposures.</p></div><p>• The average Philippines allocation among the 180 global EM managers in our analysis stands at just 0.8%, far off their highs of 2.14% back in early 2015. Only 58% of GEM funds hold any exposure to the Philippines.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/059/066/original/smart1.png?1532646791" class="editor-image img-responsive" data-smartkarma-image-id="59066"></figure><p>• <a href="https://www.smartkarma.com/entities/131" target="_blank" data-smartkarma-citation="entities:131:1">Ayala Land Inc (ALI PM)</a> is the most widely held stock though stands as a small underweight on average.  Most stocks are held by only a small number of GEM funds.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/059/067/original/smart2.png?1532647076" class="editor-image img-responsive" data-smartkarma-image-id="59067"></figure><p>• Over the…</p>

Allocations in Philippines stocks hit their lowest level since 2011 as Global EM Managers scale back exposures.• The average Philippines allocation among the 180 global EM managers in our analysis stands at just 0.8%, far off their highs of 2.14% back in early 2015. Only 58% of GEM funds hold any exposure to the Philippines.• Ayala Land Inc (ALI PM) is the most widely held stock though stands as a small underweight on average.  Most stocks are held by only a small number of GEM funds.• Over the…

Vanguard FTSE Emerging Markets ETF (VWO US)

Philippines: Drifting in to Oblivion