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>We screen for Global companies at the extreme ends of their positioning or momentum ranges among active Global equity funds.</li>
<li>Low Positioning coupled with Negative Momentum:  Intel Corporation and Nippon Telegraph and Telephone Corporation.</li>
<li>High Positioning coupled with High Momentum:  Amphenol Corporation and Iberdrola SA </li>
</ul>


We screen for Global companies at the extreme ends of their positioning or momentum ranges among active Global equity funds.
Low Positioning coupled with Negative Momentum:  Intel Corporation and Nippon Telegraph and Telephone Corporation.
High Positioning coupled with High Momentum:  Amphenol Corporation and Iberdrola SA 


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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +23% Premium; Potential to Establish New Higher Trading Range?</li>
<li>UMC: -0.2% Discount; But ADR Headroom Continues to Aggressively Decrease</li>
<li>ASE: +2.2% Premium; Taiwan Shares' Short Interest Remains Near Highs</li>
</ul>


TSMC: +23% Premium; Potential to Establish New Higher Trading Range?
UMC: -0.2% Discount; But ADR Headroom Continues to Aggressively Decrease
ASE: +2.2% Premium; Taiwan Shares' Short Interest Remains Near Highs


Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>The Oregonian reports that Intel has named a "long-term" successor for their Technology Development role, currently occupied by Dr. Ann Kelleher</li>
<li>It comes against the backdrop of ever increasing outsourcing to TSMC, despite the fact that Intel 3 and Intel 4 are supposedly in high volume manufacturing mode at Fab34 </li>
<li>The move is likely intended to provide greater scrutiny into what's happening within the Technology Development division, a classic "2-in-a-box" strategy within Intel.</li>
</ul>


The Oregonian reports that Intel has named a "long-term" successor for their Technology Development role, currently occupied by Dr. Ann Kelleher
It comes against the backdrop of ever increasing outsourcing to TSMC, despite the fact that Intel 3 and Intel 4 are supposedly in high volume manufacturing mode at Fab34 
The move is likely intended to provide greater scrutiny into what's happening within the Technology Development division, a classic "2-in-a-box" strategy within Intel.


Intel Names "Long Term" Successor To Technology Development Chief. Why & Why Now?

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

<ul>
<li>Four former Intel board members, led by David Yoffie, with a combined 70 years of service, publish an article highly critical of Intel's current management &amp; board</li>
<li>The article claims that the only solution to Intel's woes is to completely separate the foundry business into an entirely separate entity, similar to what AMD did with GlobalFoundries</li>
<li>Curiously, the article also proposes that the US government leverages its CHIPs Act funding to force Intel's management to make the split</li>
</ul>


Four former Intel board members, led by David Yoffie, with a combined 70 years of service, publish an article highly critical of Intel's current management &amp; board
The article claims that the only solution to Intel's woes is to completely separate the foundry business into an entirely separate entity, similar to what AMD did with GlobalFoundries
Curiously, the article also proposes that the US government leverages its CHIPs Act funding to force Intel's management to make the split


Intel. Pressure Mounts As Four Former Board Members Speak Out

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Global Funds: Extreme Stocks

In this report, we utilize our Global fund holdings database to screen for stocks at the extreme ends of their positioning or momentum ranges.

Steven Holden

Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

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

Vincent Fernando, CFA

Intel Names "Long Term" Successor To Technology Development Chief. Why & Why Now?

Intel names long-term successor for Technology Development role amid increasing outsourcing to TSMC, possibly signaling a desire for greater...

William Keating

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Intel. Pressure Mounts As Four Former Board Members Speak Out

Four former Intel board members believe that foundry must be spun out into a separate entity and that if Intel's management don't do it themselves,...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Funds: Extreme Stocks

In this report, we utilize our Global fund holdings database to screen for stocks at the extreme ends of their positioning or momentum ranges.

Steven Holden

Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

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

Vincent Fernando, CFA

Intel Names "Long Term" Successor To Technology Development Chief. Why & Why Now?

​Intel names long-term successor for Technology Development role amid increasing outsourcing to TSMC, possibly signaling a desire for greater...

William Keating

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Intel. Pressure Mounts As Four Former Board Members Speak Out

Four former Intel board members believe that foundry must be spun out into a separate entity and that if Intel's management don't do it themselves,...

William Keating

Intel names long-term successor for Technology Development role amid increasing outsourcing to TSMC, possibly signaling a desire for greater...

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.