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>South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.</li>
<li>Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.</li>
<li>Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.</li>
</ul>


South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.
Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.
Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.


South Korea Overtakes China as EM's 2nd Largest Allocation

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Seoul Economic Daily flagged senior sourced messaging. Points to Hynix running TSMC style setup, capping usable pool near 2.5 percent and scaling ADR only via secondary issuance.</li>
<li>Worst case for arb. Strong incentive to capture ADR premium as funding. Hard to directly link to recent drawdown, though buyback plus secondary timing could support it.</li>
<li>Market still anchors 2Q reset on utilization shifts under US regulatory pressure, so coordinated ADR setup is a stretch. Base case is downside from arb shutdown, watching for TSMC-style execution.</li>
</ul>


Seoul Economic Daily flagged senior sourced messaging. Points to Hynix running TSMC style setup, capping usable pool near 2.5 percent and scaling ADR only via secondary issuance.
Worst case for arb. Strong incentive to capture ADR premium as funding. Hard to directly link to recent drawdown, though buyback plus secondary timing could support it.
Market still anchors 2Q reset on utilization shifts under US regulatory pressure, so coordinated ADR setup is a stretch. Base case is downside from arb shutdown, watching for TSMC-style execution.


On Headlines that Hynix Will Fully Block ADR Conversion

<ul>
<li>Key issue is Citi’s day one public pool sizing. No local intel on the daily cap yet, but expect a tightly controlled, gradual opening over the first 3-6 months.</li>
<li>Likely shifting from FCFS to pro rata allocation, with Citi aggregating daily demand, setting a cutoff, and allocating capacity within the daily cap.</li>
<li>Quota hunting could drive intraday distortions, with failed ADR allocations triggering late day unwinds and adding volatility to Hynix local shares after July 29.</li>
</ul>


Key issue is Citi’s day one public pool sizing. No local intel on the daily cap yet, but expect a tightly controlled, gradual opening over the first 3-6 months.
Likely shifting from FCFS to pro rata allocation, with Citi aggregating daily demand, setting a cutoff, and allocating capacity within the daily cap.
Quota hunting could drive intraday distortions, with failed ADR allocations triggering late day unwinds and adding volatility to Hynix local shares after July 29.


Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li><em><strong>Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. </strong></em></li>
<li>Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.</li>
<li>RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. </li>
</ul>


Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. 
Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.
RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. 


Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

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>Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.</li>
<li>Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.</li>
<li>After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.</li>
</ul>


Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.
Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.
After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.


Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

South Korea Overtakes China as EM's 2nd Largest Allocation

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in...

Steven Holden

On Headlines that Hynix Will Fully Block ADR Conversion

This post covers the latest newsflow around Hynix potentially shutting down the ADR conversion channel and the broader implications for local share...

Sanghyun Park

Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Still unconfirmed whether the 2.5 percent real headroom versus 25 percent macro is an internal leak, but the setup looks credible. Hynix appears to...

Sanghyun Park

Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

Douglas Kim

Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

South Korea Overtakes China as EM's 2nd Largest Allocation

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in...

Steven Holden

On Headlines that Hynix Will Fully Block ADR Conversion

This post covers the latest newsflow around Hynix potentially shutting down the ADR conversion channel and the broader implications for local share...

Sanghyun Park

Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Still unconfirmed whether the 2.5 percent real headroom versus 25 percent macro is an internal leak, but the setup looks credible. Hynix appears to...

Sanghyun Park

Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

Douglas Kim

Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

​In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...

Manishi Raychaudhuri

In Asia post-war, some markets are below pre-war levels & others above. Market concerns include fuel and industrial input shortage. KR, INDO,...