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

Kweichow Moutai: A Long-Term Winner Amid Premiumization

Raising Moutai's FVE to CNY 400 as Strong Demand for Flying Moutai Persists; Shares Fairly Valued

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

Copley Fund Research analyse the holdings of long-only Global Emerging Market equity funds. All of the Funds in this analysis are actively managed and the majority benchmark the MSCI Emerging Markets Index. The current fund sample spans 180 funds with a combined AUM of $350bn.In this report, we analyse China A-Share holdings. We gather the latest published filings for all funds and aggregate together as of 02/28/2019. We show the most recent snapshot in positioning, time series data going back to 2011 and recent allocation shifts by the managers in our analysis.Relative benchmark positioning is measured against the I-Shares MSCI Emerging Markets ETF (EEM) - proportionally adjusted to remove any cash holdings. We will refer to this as 'the benchmark' throughout the analysis.

Copley Fund Research analyse the holdings of long-only Global Emerging Market equity funds. All of the Funds in this analysis are actively managed and the majority benchmark the MSCI Emerging Markets Index. The current fund sample spans 180 funds with a combined AUM of $350bn.In this report, we analyse China A-Share holdings. We gather the latest published filings for all funds and aggregate together as of 02/28/2019. We show the most recent snapshot in positioning, time series data going back to 2011 and recent allocation shifts by the managers in our analysis.Relative benchmark positioning is measured against the I-Shares MSCI Emerging Markets ETF (EEM) - proportionally adjusted to remove any cash holdings. We will refer to this as 'the benchmark' throughout the analysis.

The China A-Share Revolution