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

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC hit a record high average fund allocation of 9.07% at the end of last year, yet EM funds switched to a sizeable underweight of -1.47% throughout the year.</li>
<li>Active UCITS funds become forced sellers as weights hit 10%, with non-UCITS selling in to strength as weights rise on strong performance.</li>
<li>EM Value funds maintain an overweight in Alibaba, the only Style group to do so. Alibaba is now the most widely held stock for Value funds alongside TSMC and Samsung.</li>
</ul>


TSMC hit a record high average fund allocation of 9.07% at the end of last year, yet EM funds switched to a sizeable underweight of -1.47% throughout the year.
Active UCITS funds become forced sellers as weights hit 10%, with non-UCITS selling in to strength as weights rise on strong performance.
EM Value funds maintain an overweight in Alibaba, the only Style group to do so. Alibaba is now the most widely held stock for Value funds alongside TSMC and Samsung.


TSMC Forced Underweight, Alibaba Value Trap?

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: 10.8% Premium; Taiwanese Investors Likely to Be Less Shocked by DeepSeek News?</li>
<li>UMC: -7.3% Discount; The Latest Extreme Discount Cannot Be Sustained</li>
<li>ASE: -10.2% Discount; This Extreme Discount Also Cannot Be Sustained</li>
</ul>


TSMC: 10.8% Premium; Taiwanese Investors Likely to Be Less Shocked by DeepSeek News?
UMC: -7.3% Discount; The Latest Extreme Discount Cannot Be Sustained
ASE: -10.2% Discount; This Extreme Discount Also Cannot Be Sustained


Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Taiwan Semiconductor Manufacturing Company (TSMC) closed 2024 on a high note, driven by robust demand for AI-related chips and its cutting-edge 3-nanometer and 5-nanometer technology nodes.</li><li>The world’s largest contract chipmaker reported a record fourth-quarter net profit of NT$374.68 billion (US$11.37 billion), marking a 57% year-over-year increase, alongside a 39% revenue jump to NT$868.46 billion.</li><li>The company's gross margin rose to 59%, supported by high demand for advanced nodes despite challenges like ramp-up costs for its overseas facilities in the U.S. and Japan.</li></ul>

Taiwan Semiconductor Manufacturing Company (TSMC) closed 2024 on a high note, driven by robust demand for AI-related chips and its cutting-edge 3-nanometer and 5-nanometer technology nodes.The world’s largest contract chipmaker reported a record fourth-quarter net profit of NT$374.68 billion (US$11.37 billion), marking a 57% year-over-year increase, alongside a 39% revenue jump to NT$868.46 billion.The company's gross margin rose to 59%, supported by high demand for advanced nodes despite challenges like ramp-up costs for its overseas facilities in the U.S. and Japan.

How Taiwan Semiconductor (TSMC) Is Betting Big on AI & Winning The Global Chip Race!

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Taiwan experienced an earthquake on January 21st, and the tremors are still ongoing.</li>
<li>Dr. CC Wei, Chairman of TSMC, explained the establishment of over 10,000 additional Standard Operating Procedures (SOPs) at the U.S. Fab.  </li>
<li>The yield at TSMC's Arizona fab is about 4% higher than at their Tainan fab, marking a record for initial production.   </li>
</ul>


Taiwan experienced an earthquake on January 21st, and the tremors are still ongoing.
Dr. CC Wei, Chairman of TSMC, explained the establishment of over 10,000 additional Standard Operating Procedures (SOPs) at the U.S. Fab.  
The yield at TSMC's Arizona fab is about 4% higher than at their Tainan fab, marking a record for initial production.   


TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Taiwan startup secures military contract for anti-drone tech, expanding manufacturing in mobile sector</li><li>Dixon sees phone sales spike, eyes display fab with India semiconductor incentive</li><li>Samsung delays DRAM development, CG Power granted subsidy for OSAT facility, Poland faces US sanctions, Taiwan quake impacts semiconductor production, ByteDance dominates AI chatbot market, Broadcom and Marvell compete in ASIC opportunities</li></ul>

Taiwan startup secures military contract for anti-drone tech, expanding manufacturing in mobile sectorDixon sees phone sales spike, eyes display fab with India semiconductor incentiveSamsung delays DRAM development, CG Power granted subsidy for OSAT facility, Poland faces US sanctions, Taiwan quake impacts semiconductor production, ByteDance dominates AI chatbot market, Broadcom and Marvell compete in ASIC opportunities

Tech Supply Chain Tracker (22-Jan-2025): Taiwan startup wins military deal for anti-drone tech.

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)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC Forced Underweight, Alibaba Value Trap?

TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

Steven Holden

Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

How Taiwan Semiconductor (TSMC) Is Betting Big on AI & Winning The Global Chip Race!

Taiwan Semiconductor Manufacturing Company (TSMC) closed 2024 on a high note, driven by robust demand for AI-related chips and its cutting-edge...

Baptista Research

TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US.

Taiwan earthquake ongoing; TSMC's Arizona fab sets record with 4% higher yield than Tainan fab. Dr. CC Wei implements 10,000+ SOPs at U.S. fab.

Patrick Liao

Tech Supply Chain Tracker (22-Jan-2025): Taiwan startup wins military deal for anti-drone tech.

Taiwan startup wins military contract, Dixon expands phone sales, Samsung delays DRAM development, CG Power receives subsidy in India, Poland faces...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC Forced Underweight, Alibaba Value Trap?

​TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

Steven Holden

Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

How Taiwan Semiconductor (TSMC) Is Betting Big on AI & Winning The Global Chip Race!

Taiwan Semiconductor Manufacturing Company (TSMC) closed 2024 on a high note, driven by robust demand for AI-related chips and its cutting-edge...

Baptista Research

TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US.

​Taiwan earthquake ongoing; TSMC's Arizona fab sets record with 4% higher yield than Tainan fab. Dr. CC Wei implements 10,000+ SOPs at U.S. fab.

Patrick Liao

Tech Supply Chain Tracker (22-Jan-2025): Taiwan startup wins military deal for anti-drone tech.

Taiwan startup wins military contract, Dixon expands phone sales, Samsung delays DRAM development, CG Power receives subsidy in India, Poland faces...

Tech Supply Chain Tracker

TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

Taiwan earthquake ongoing; TSMC's Arizona fab sets record with 4% higher yield than Tainan fab. Dr. CC Wei implements 10,000+ SOPs at U.S. fab.