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

Cross Asset Strategy

<ul>
<li>Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.</li>
<li>AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.</li>
<li>Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave</li>
</ul>


Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.
AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.
Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>NVIDIA lined up US$625bn of AI financing in one week, from OpenAI's Ohio lease to Hut 8's Texas campus; the cost of insuring its debt rose the most on record.</li>
<li>Macronix's gross margin reached 64.4% and CXMT raised US$8.6bn, evidence memory pricing power kept climbing even as Korea's chip stocks swung double digits in both directions.</li>
<li>Quanta raised US$2.2bn in Asia's largest tech GDR, ASE lifted 2026 capex to US$10.5bn, and MediaTek raised its 2027 AI ASIC share target to 15-20%.</li>
</ul>


NVIDIA lined up US$625bn of AI financing in one week, from OpenAI's Ohio lease to Hut 8's Texas campus; the cost of insuring its debt rose the most on record.
Macronix's gross margin reached 64.4% and CXMT raised US$8.6bn, evidence memory pricing power kept climbing even as Korea's chip stocks swung double digits in both directions.
Quanta raised US$2.2bn in Asia's largest tech GDR, ASE lifted 2026 capex to US$10.5bn, and MediaTek raised its 2027 AI ASIC share target to 15-20%.


Taiwan Tech Weekly: NVIDIA Guarantees Its AI Landlords; Quanta Raises Asia's Biggest GDR

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

Roundhill Memory ETF / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.</li>
<li>All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.
All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).


Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.</li>
<li>On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.</li>
<li>On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.</li>
</ul>


India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.
On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.
On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.


Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
  <li>TSMC is the world's undisputed leader in semiconductor manufacturing, possessing a dominant market share and a significant technological lead in advanced process nodes, which forms a wide economic moat.</li>
  <li>The company is strategically positioned to be a primary beneficiary of long-term structural growth trends, particularly the explosive demand for high-performance computing (HPC) and Artificial Intelligence (AI) chips, which require leading-edge manufacturing capabilities.</li>
  <li>While facing significant capital expenditures for technology development and geographic expansion, and navigating a complex geopolitical landscape, TSMC has demonstrated a strong track record of execution, robust financial performance, and a clear growth trajectory.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  TSMC is the world's undisputed leader in semiconductor manufacturing, possessing a dominant market share and a significant technological lead in advanced process nodes, which forms a wide economic moat.
  The company is strategically positioned to be a primary beneficiary of long-term structural growth trends, particularly the explosive demand for high-performance computing (HPC) and Artificial Intelligence (AI) chips, which require leading-edge manufacturing capabilities.
  While facing significant capital expenditures for technology development and geographic expansion, and navigating a complex geopolitical landscape, TSMC has demonstrated a strong track record of execution, robust financial performance, and a clear growth trajectory.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) - Jul 2026

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

The AI Build-Out Reshapes Global Funds

Chips & Memory has overtaken Hyperscalers as the largest theme in active Global funds. We examine the shift towards AI Build-out, growing memory...

Steven Holden

Taiwan Tech Weekly: NVIDIA Guarantees Its AI Landlords; Quanta Raises Asia's Biggest GDR

NVIDIA secures massive AI financing, memory pricing power remains strong, Quanta and MediaTek make significant financial moves in tech industry.

Vincent Fernando, CFA

Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Thursday pre-market report: Buying Samsung and SK Hynix $SKHY; MSCI EM $EEM and Korea $EWY $DRAM Remain Buys. Actionable Themes: Technology,...

Vermilion Research

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

Primer: TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) - Jul 2026

TSMC is the world's undisputed leader in semiconductor manufacturing, possessing a dominant market share and a significant technological lead in...

αSK Primers

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The AI Build-Out Reshapes Global Funds

Chips & Memory has overtaken Hyperscalers as the largest theme in active Global funds. We examine the shift towards AI Build-out, growing memory...

Steven Holden

Taiwan Tech Weekly: NVIDIA Guarantees Its AI Landlords; Quanta Raises Asia's Biggest GDR

​NVIDIA secures massive AI financing, memory pricing power remains strong, Quanta and MediaTek make significant financial moves in tech industry.

Vincent Fernando, CFA

Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Thursday pre-market report: Buying Samsung and SK Hynix $SKHY; MSCI EM $EEM and Korea $EWY $DRAM Remain Buys. Actionable Themes: Technology,...

Vermilion Research

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

​India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

Primer: TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) - Jul 2026

TSMC is the world's undisputed leader in semiconductor manufacturing, possessing a dominant market share and a significant technological lead in...

αSK Primers

NVIDIA secures massive AI financing, memory pricing power remains strong, Quanta and MediaTek make significant financial moves in tech industry.

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...