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

<ul>
<li>Big declines in NAVER Corp holdings among active Asia Ex-Japan investors in 2022</li>
<li>Allocation drop part of broader rotation out of South Korea, but NAVER Corp the most aggressively sold.</li>
<li>Current exposure close to the lowest on record, but past trends suggests this could represent a turning point.</li>
</ul>


Big declines in NAVER Corp holdings among active Asia Ex-Japan investors in 2022
Allocation drop part of broader rotation out of South Korea, but NAVER Corp the most aggressively sold.
Current exposure close to the lowest on record, but past trends suggests this could represent a turning point.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>ChatGPT is a mind boggling advancement in AI-human communication. I recommend EVERY reader of this insight to try out this service.</li>
<li>This insight on ChatGPT has three parts: First, I discuss the basics of ChatGPT and valuations. Second, I provide 13 examples of questions or requests that I made to ChatGPT.</li>
<li>Third, I discuss some key investment opportunities that could capitalize on all the "buzz" surrounding ChatGPT at this moment. </li>
</ul>


ChatGPT is a mind boggling advancement in AI-human communication. I recommend EVERY reader of this insight to try out this service.
This insight on ChatGPT has three parts: First, I discuss the basics of ChatGPT and valuations. Second, I provide 13 examples of questions or requests that I made to ChatGPT.
Third, I discuss some key investment opportunities that could capitalize on all the "buzz" surrounding ChatGPT at this moment. 


ChatGPT: A Mind Boggling Advancement in AI-Human Communication

<ul>
<li>In this insight, we discuss an update of pair trade between Emart (long) and Coupang (short). </li>
<li>Back on 1 August 2022, we recommended a pair trade between E Mart Inc (139480 KS) (long) and Coupang (CPNG US) (short).</li>
<li>This pair trade has worked well in the past five months and we continue to like this pair trade (long Emart and short Coupang).</li>
</ul>


In this insight, we discuss an update of pair trade between Emart (long) and Coupang (short). 
Back on 1 August 2022, we recommended a pair trade between E Mart Inc (139480 KS) (long) and Coupang (CPNG US) (short).
This pair trade has worked well in the past five months and we continue to like this pair trade (long Emart and short Coupang).


An Update to Our Pair Trade Between Emart & Coupang

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>In our final weekly for the year, we look back at 2022 to see which stocks, countries, and currencies out and underperformed in the Global Emerging Markets.</li>
<li>We also look forward to 2023F to see what’s expected for the major GEM economies next year.  </li>
</ul>


The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
In our final weekly for the year, we look back at 2022 to see which stocks, countries, and currencies out and underperformed in the Global Emerging Markets.
We also look forward to 2023F to see what’s expected for the major GEM economies next year.  


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

Price Gauge
52-week Range	0.00 - 0.00
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Naver Corp (035420 KS)

NAVER Corp: Back to the Lows

As part of a broader rotation out of South Korean equities, NAVER Corp has seen big declines in ownership among active Asia Ex-Japan investors. ...

Steven Holden

ChatGPT: A Mind Boggling Advancement in AI-Human Communication

ChatGPT is a mind boggling advancement in AI-human communication. I recommend EVERY reader of this insight to try out this service.

Douglas Kim

An Update to Our Pair Trade Between Emart & Coupang

We discuss an update of pair trade between Emart (long) and Coupang (short). Emart is a value stock with its shares trading at 0.2x P/B (2023)....

Douglas Kim

GEM Weekly: 2022 Yearend Edition

In our final weekly for the year, we look back at 2022 to see which GEM stocks, countries, and currencies out and underperformed, and look forward...

Wium Malan, CFA

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)