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

Vipshop Sell Strength with Re Cycle Support

China's Online Sales Growth Shows Sign of Slowdown. Higher Risk for JD.Com & VIPS Than Alibaba.

China Online Gaming: Structural Shifts Reinforce Tencent and Netease. Tencent Remains Our Top Pick

NetEase: Maturing Game Titles Lead to Weaker Results

Netease (Neutral) Looks to an IPO for Its Mobile News App.

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

Equity Bottom-Up

<p>Exposure to <a href="https://www.smartkarma.com/entities/1088" target="_blank" data-smartkarma-citation="entities:1088:1">Vipshop Holdings Ltd Adr (VIPS US)</a> continues to be scaled back by global emerging market equity funds.  The percentage of EM funds holding any exposure to Vipshop has fallen from a peak of 32% in late 2015 to just 12% today (from 127 global EM actively managed equity funds).  The peak coincided with Vipshop's entry into the MSCI EM Index in November 2015, but since then funds have consistently cut positions.  The average holding weight among all funds stands at just 7bps…</p>

Exposure to Vipshop Holdings Ltd Adr (VIPS US) continues to be scaled back by global emerging market equity funds.  The percentage of EM funds holding any exposure to Vipshop has fallen from a peak of 32% in late 2015 to just 12% today (from 127 global EM actively managed equity funds).  The peak coincided with Vipshop's entry into the MSCI EM Index in November 2015, but since then funds have consistently cut positions.  The average holding weight among all funds stands at just 7bps…

Vipshop Holdings Loses Appeal with EM Funds.  Netease Exposure Snowballs.