Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

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

Thematic (Sector/Industry)

<ul>
<li>US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns</li>
<li>We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.</li>
<li>In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  </li>
</ul>


US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns
We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.
In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  


US Tech:  Record Allocations, Record Underweights.  Value Becoming Harder to Find

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
In this Smartkarma Original, we provide a detailed analysis of the cybersecurity disruptors in Asia and the major drivers of the cybersecurity market which are as follows:
<ul>
<li>The rise in malware &amp; cyber attacks globally</li>
<li>The fast pace of digitalization contributing to risk</li>
<li>The COVID-19 pandemic &amp; strong demand for cloud-based cyber security solutions</li>
</ul>
In this insight, we highlight 42 public and 20 private companies that are related to the cybersecurity market in five Asian countries including China, Japan, India, Korea, and Australia. The total market cap of these 42 public companies is US$347 billion. 
In addition, we discuss about the comments made about the potential global cyberattacks as explained by Klaus Schwab, the founder of the World Economic Forum. His idea is that a major global cyberattack could be worse than the COVID-19 crisis. 
If there is a world-wide cyberattack, there will be a greater pressure to immunize the global Internet with digital vaccines and antibodies to protect the society from cyberattacks and if this crisis is massive enough in terms of public health crisis, this could result in the use of emergency powers once again to justify the centralization of power and control. Of course, this is just a speculation and it is nearly impossible to know in advance if and when such a massive cyberattack will occur. 
</div>


In this Smartkarma Original, we provide a detailed analysis of the cybersecurity disruptors in Asia and the major drivers of the cybersecurity market which are as follows:

The rise in malware &amp; cyber attacks globally
The fast pace of digitalization contributing to risk
The COVID-19 pandemic &amp; strong demand for cloud-based cyber security solutions

In this insight, we highlight 42 public and 20 private companies that are related to the cybersecurity market in five Asian countries including China, Japan, India, Korea, and Australia. The total market cap of these 42 public companies is US$347 billion. 
In addition, we discuss about the comments made about the potential global cyberattacks as explained by Klaus Schwab, the founder of the World Economic Forum. His idea is that a major global cyberattack could be worse than the COVID-19 crisis. 
If there is a world-wide cyberattack, there will be a greater pressure to immunize the global Internet with digital vaccines and antibodies to protect the society from cyberattacks and if this crisis is massive enough in terms of public health crisis, this could result in the use of emergency powers once again to justify the centralization of power and control. Of course, this is just a speculation and it is nearly impossible to know in advance if and when such a massive cyberattack will occur. 


The Cybersecurity Disruptors in Asia & A Global Cyber Attack Worse than the COVID-19 Pandemic?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We continue to see a mixed market, and weak market dynamics lead us to be cautious. One of the primary issues is weak breadth; the large-cap indexes (S&amp;P 500 and Nasdaq) remain bullish despite being held up by a relatively small number of mega-cap growth stocks, a condition that can persist for weeks or months. Ultimately, as long as there continues to be an absence of breakdowns at the index and Sector level we remain constructive overall.

We continue to see a mixed market, and weak market dynamics lead us to be cautious. One of the primary issues is weak breadth; the large-cap indexes (S&amp;P 500 and Nasdaq) remain bullish despite being held up by a relatively small number of mega-cap growth stocks, a condition that can persist for weeks or months. Ultimately, as long as there continues to be an absence of breakdowns at the index and Sector level we remain constructive overall.

U.S. Equity Strategy: Cautious Overall; Favor Large-Caps & Growth; Key Supports Holding In The U.S.

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>SK Telecom/SK Group announced plans to invest 1,000 trillion won in AI data centers in Korea by 2035.</li>
<li>U.S. data center capacity could reach 78GW by 2035. If SK Telecom/SK Group could reach 15GW of AIDC capacity by 2035, this would represent 19% of U.S. AIDC capacity. </li>
<li>Major risk factors include stable electricity, large-scale financing, technology (rapid improvements in AI hardware efficiency such as breakthroughs in quantum computing), customer concentration, and international competition. </li>
</ul>


SK Telecom/SK Group announced plans to invest 1,000 trillion won in AI data centers in Korea by 2035.
U.S. data center capacity could reach 78GW by 2035. If SK Telecom/SK Group could reach 15GW of AIDC capacity by 2035, this would represent 19% of U.S. AIDC capacity. 
Major risk factors include stable electricity, large-scale financing, technology (rapid improvements in AI hardware efficiency such as breakthroughs in quantum computing), customer concentration, and international competition. 


SK Telecom/SK Group: 1,000 Trillion Won Investment in AI Data Centers by 2035

Cross Asset Strategy

Across our active Global fund universe, Value managers have seen $41bn in outflows over the past 5-years, compared to $65bn of inflows in to Growth funds.With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the 63 active Value funds in our analysis.Overweights in EMEA persist against underweights in Asia and the Americas.  Financials, Materials and Industrials are the key overweights versus underweights in Information Technology.US Financials are the standout overweight, with <a href="https://www.smartkarma.com/entities/citigroup-inc" target="_blank" data-smartkarma-citation="entities:279:1" rel="noopener">Citigroup Inc (C US)</a> and <a href="https://www.smartkarma.com/entities/american-express-co" target="_blank" data-smartkarma-citation="entities:916:1" rel="noopener">American Express Co (AXP US)</a> the key positions.  The FAAMG group of stocks remain key underweight holdings, though <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> is the most widely held of the group. <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> is almost totally avoided and in Asia, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> , <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> and <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a> screen as 'Unloved' by global active Value managers.

Across our active Global fund universe, Value managers have seen $41bn in outflows over the past 5-years, compared to $65bn of inflows in to Growth funds.With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the 63 active Value funds in our analysis.Overweights in EMEA persist against underweights in Asia and the Americas.  Financials, Materials and Industrials are the key overweights versus underweights in Information Technology.US Financials are the standout overweight, with Citigroup Inc (C US) and American Express Co (AXP US) the key positions.  The FAAMG group of stocks remain key underweight holdings, though Microsoft Corp (MSFT US) is the most widely held of the group. Tesla Motors (TSLA US) is almost totally avoided and in Asia, Meituan (3690 HK) , JD.com Inc (ADR) (JD US) and Pinduoduo (PDD US) screen as 'Unloved' by global active Value managers.

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

US Tech: Record Allocations, Record Underweights. Value Becoming Harder to Find

US Tech allocations have hit fresh all-time highs among active Global investors. Never before have Global investors placed such a reliance on US...

Steven Holden

The Cybersecurity Disruptors in Asia & A Global Cyber Attack Worse than the COVID-19 Pandemic?

In this Smartkarma Original, we provide a detailed analysis of the cybersecurity disruptors in Asia and the major drivers of the cybersecurity market.

Douglas Kim

U.S. Equity Strategy: Cautious Overall; Favor Large-Caps & Growth; Key Supports Holding In The U.S.

The S&P 500 remains bullish, recently hitting our 4400-4406 target as large-caps remain attractive. As long as support at the 50-day MA and 4257...

Vermilion Research

SK Telecom/SK Group: 1,000 Trillion Won Investment in AI Data Centers by 2035

SK Telecom/SK Group announced plans to invest 1,000 trillion won in AI data centers in Korea by 2035 to reach 15GW of AIDC capacity.

Douglas Kim

Where Are Global Value Funds Positioned?

With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the active Global Value funds...

Steven Holden

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