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

Quantitative Analysis

<ul>
<li>The latest in stock ownership data among active GEM Equity investors.</li>
<li>Latest aggregate positioning, most widely held stocks, over/underweights, unloved and avoided companies</li>
<li>Largest fund level stock positions(weight and USD), aggregate stock ownership changes, fund level stock ownership Changes</li>
</ul>


The latest in stock ownership data among active GEM Equity investors.
Latest aggregate positioning, most widely held stocks, over/underweights, unloved and avoided companies
Largest fund level stock positions(weight and USD), aggregate stock ownership changes, fund level stock ownership Changes


Emerging Markets Stock Positioning Chart Pack

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>MediaTek's revised downward forecast for 650-680nm smartphone delivery in 1Q22 earnings conference, but we think that number could be revised down again by the end of July.</li>
<li>MediaTek announced new WiFi products, Filogic 880 and 380, in COMPUTEX2022 on May 24-27. Besides, MediaTek invests in new opportunities for AI in the US.</li>
<li>The mainland China fights fiercely against COVID-19 and stays at the Zero Policy. </li>
</ul>


MediaTek's revised downward forecast for 650-680nm smartphone delivery in 1Q22 earnings conference, but we think that number could be revised down again by the end of July.
MediaTek announced new WiFi products, Filogic 880 and 380, in COMPUTEX2022 on May 24-27. Besides, MediaTek invests in new opportunities for AI in the US.
The mainland China fights fiercely against COVID-19 and stays at the Zero Policy. 


MediaTek (2454.TT): The Smartphone Demand Could Further Decrease in 2022.

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ.</li>
<li>Asian clients are turning weak, and US clients are getting stronger.</li>
<li>The mainland China demand could be making an impact because of the COVID-19 pandemic.</li>
</ul>


We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ.
Asian clients are turning weak, and US clients are getting stronger.
The mainland China demand could be making an impact because of the COVID-19 pandemic.


UMC (UMC.US; 2303.TT): 3Q22 Order Is Full- The Demand from Asia Is Turning Weak, but US Is Stronger

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<p>In our next Webinar, we welcome Analyst <a href="https://www.smartkarma.com/profiles/patrick-liao" target="_blank" data-smartkarma-citation="accounts:29986" rel="noopener">Patrick Liao</a>, who will go over his picks among Greater China semiconductor companies, exploring the outlook for the rest of 2022 and beyond.</p>
<h3>New date: The webinar will be hosted on Wednesday, 15 June 2022, 17:00 SGT/HKT.</h3>
<div>
<div class="content-highlight">
<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=85372279713" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
</div>
</div>
<div>
<p>Patrick Liao is a Senior Analyst focusing on technology and the Greater China semiconductor industry. He was an Asia Semiconductor Analyst for IDC and spent almost a decade on the sell-side at firms like JP Morgan, Nomura, and Macquarie. Before that, he worked at Taiwan-based semiconductor companies for around 11 years, having filed several US patents during his time in the industry.</p>
</div>

In our next Webinar, we welcome Analyst Patrick Liao, who will go over his picks among Greater China semiconductor companies, exploring the outlook for the rest of 2022 and beyond.
New date: The webinar will be hosted on Wednesday, 15 June 2022, 17:00 SGT/HKT.


Register for the Webinar here



Patrick Liao is a Senior Analyst focusing on technology and the Greater China semiconductor industry. He was an Asia Semiconductor Analyst for IDC and spent almost a decade on the sell-side at firms like JP Morgan, Nomura, and Macquarie. Before that, he worked at Taiwan-based semiconductor companies for around 11 years, having filed several US patents during his time in the industry.


Smartkarma Webinar | 2022 Semiconductor Outlook

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Relative underperformance of <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>  versus <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a>  over the last decade should reverse.  We discuss what it would take in the note.</li>
<li>Intel leads in number and quality of innovations versus AMD in core areas of Design and Manufacturing, but AMD's use of TSMC has been a huge part of AMD's outperformance</li>
<li>If Intel adapts to new realities and uses <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>  for next-gen products, outperformance versus AMD is highly likely otherwise given TSMC's very significant lead in manufacturing very doubtful. </li>
</ul>


Relative underperformance of Intel Corp (INTC US)  versus Advanced Micro Devices (AMD US)  over the last decade should reverse.  We discuss what it would take in the note.
Intel leads in number and quality of innovations versus AMD in core areas of Design and Manufacturing, but AMD's use of TSMC has been a huge part of AMD's outperformance
If Intel adapts to new realities and uses TSMC (2330 TT)  for next-gen products, outperformance versus AMD is highly likely otherwise given TSMC's very significant lead in manufacturing very doubtful. 


Long Intel/Short AMD; Analysis of Technical Publications Suggests TSMC Will Play a Critical Role

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.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Emerging Markets Stock Positioning Chart Pack

The latest in stock ownership data among active Global Emerging Markets Equity funds. Most Widely Held, Over/Underweights, Unloved and Avoided...

Steven Holden

MediaTek (2454.TT): The Smartphone Demand Could Further Decrease in 2022.

MediaTek's revised downward smartphone delivery in 1Q22 earnings conference, but we think it could be revised down again by the end of July.

Patrick Liao

UMC (UMC.US; 2303.TT): 3Q22 Order Is Full- The Demand from Asia Is Turning Weak, but US Is Stronger

We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ. Asian clients are turning weak, and US clients are getting stronger.

Patrick Liao

Smartkarma Webinar | 2022 Semiconductor Outlook

Join our Webinar with Analyst Patrick Liao, who will outline his picks among Greater China semiconductor companies and explore the outlook for 2022...

Smartkarma Research

Long Intel/Short AMD; Analysis of Technical Publications Suggests TSMC Will Play a Critical Role

We analyze the relative innovation strengths of Intel and AMD in design and manufacture and how much ahead TSMC is in manufacturing innovations...

Pyari Menon

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