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

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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>Russian allocations among EM active funds are at their highest levels in 3-years. </li>
<li>The Russian overweight stands at +1.23% above benchmark, the second-largest among all EM countries and towards the top end of the long-term range. </li>
<li>Key overweights are in Russian Financials and Communication Services, though Energy stocks represent the largest sector holding.</li>
<li>Increases in exposure have been driven by Yield and Value funds, where allocations are towards all-time highs.</li>
<li>
<a href="https://www.smartkarma.com/entities/sberbank-of-russia-pjsc-cde59529-fb78-4659-85d0-127942b44ba7" target="_blank" data-smartkarma-citation="entities:27581:1" rel="noopener">Sberbank of Russia PJSC (SBER RM)</a> is both the most widely held stock in Russia and also the largest overweight, held by 63% of EM funds at an average weight of 1.19%. The key underweights are <a href="https://www.smartkarma.com/entities/gazprom-pjsc-6a7231a9-d5e4-4da4-bf21-aa1b9d50fbf8" target="_blank" data-smartkarma-citation="entities:27578:1" rel="noopener">Gazprom PJSC (GAZP RM)</a> and <a href="https://www.smartkarma.com/entities/tatneft-pjsc-8dc45b1a-e1ac-4c8e-84fc-dcd517b23339" target="_blank" data-smartkarma-citation="entities:27718:1" rel="noopener">Tatneft PJSC (TATN RM)</a>
</li>
<li>Recent activity has seen buyers of Consumer Staples stocks, driven by increased ownership in <a href="https://www.smartkarma.com/entities/x5-retail-group-nv" target="_blank" data-smartkarma-citation="entities:25278:1" rel="noopener">X5 Retail Group Nv (FIVE LI)</a> </li>
</ul><p><em>The analysis is taken from our Emerging Market Research, that features 224 global emerging market long-only active funds, with combined AUM of $360bn.</em></p>


Russian allocations among EM active funds are at their highest levels in 3-years. 
The Russian overweight stands at +1.23% above benchmark, the second-largest among all EM countries and towards the top end of the long-term range. 
Key overweights are in Russian Financials and Communication Services, though Energy stocks represent the largest sector holding.
Increases in exposure have been driven by Yield and Value funds, where allocations are towards all-time highs.

Sberbank of Russia PJSC (SBER RM) is both the most widely held stock in Russia and also the largest overweight, held by 63% of EM funds at an average weight of 1.19%. The key underweights are Gazprom PJSC (GAZP RM) and Tatneft PJSC (TATN RM)

Recent activity has seen buyers of Consumer Staples stocks, driven by increased ownership in X5 Retail Group Nv (FIVE LI) 
The analysis is taken from our Emerging Market Research, that features 224 global emerging market long-only active funds, with combined AUM of $360bn.

The Russia Resurgence