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>Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.</li>
<li>AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.</li>
<li>Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave</li>
</ul>


Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.
AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.
Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>This is our first inaugural issue of Korea Sector ETFs Weekly. There are two main purposes of this weekly insight. </li>
<li>This weekly report tracks share price performance for Korea’s 23 major sector ETFs. It helps investors identify market trends by revealing exactly which sectors are outperforming or underperforming.</li>
<li>Second, tracking sector ETF performance reveals early clues about specific catalysts driving higher stock prices for the companies within those ETFs.</li>
</ul>


This is our first inaugural issue of Korea Sector ETFs Weekly. There are two main purposes of this weekly insight. 
This weekly report tracks share price performance for Korea’s 23 major sector ETFs. It helps investors identify market trends by revealing exactly which sectors are outperforming or underperforming.
Second, tracking sector ETF performance reveals early clues about specific catalysts driving higher stock prices for the companies within those ETFs.


Korea Sector ETFs Weekly #1 [Week Ending 14 August 2026]

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Roundhill Memory ETF / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.</li>
<li>All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.
All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).


Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

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>India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.</li>
<li>On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.</li>
<li>On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.</li>
</ul>


India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.
On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.
On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.


Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Management says that Memory supply shortage will be worse in 2027 than in 2026 and will persist through 2028. 3Q26 HBM4 revenue will more than triple QoQ.</li>
<li>Memory Long Term Agreements signed with 5 largest data centre customers. Target coverage: 60% to 70% of planned capacity. Can LTAs convert a cyclical business into a backlog business?  </li>
<li>Samsung Elec trades at 4.4x 2026 EPS, 3.1x 2027. That’s close to ridiculous, and really ridiculous if LTAs end the cyclicality of the Memory market.</li>
</ul>


Management says that Memory supply shortage will be worse in 2027 than in 2026 and will persist through 2028. 3Q26 HBM4 revenue will more than triple QoQ.
Memory Long Term Agreements signed with 5 largest data centre customers. Target coverage: 60% to 70% of planned capacity. Can LTAs convert a cyclical business into a backlog business?  
Samsung Elec trades at 4.4x 2026 EPS, 3.1x 2027. That’s close to ridiculous, and really ridiculous if LTAs end the cyclicality of the Memory market.


Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

The AI Build-Out Reshapes Global Funds

Chips & Memory has overtaken Hyperscalers as the largest theme in active Global funds. We examine the shift towards AI Build-out, growing memory...

Steven Holden

Korea Sector ETFs Weekly #1 [Week Ending 14 August 2026]

This is our first inaugural issue of Korea Sector ETFs Weekly. There are two main purposes of this weekly insight. This weekly report tracks share...

Douglas Kim

Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Thursday pre-market report: Buying Samsung and SK Hynix $SKHY; MSCI EM $EEM and Korea $EWY $DRAM Remain Buys. Actionable Themes: Technology,...

Vermilion Research

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.

Memory supply shortage expected to worsen in 2027, persist through 2028. LTAs with data center customers. Samsung Elec trading at low multiples,...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The AI Build-Out Reshapes Global Funds

Chips & Memory has overtaken Hyperscalers as the largest theme in active Global funds. We examine the shift towards AI Build-out, growing memory...

Steven Holden

Korea Sector ETFs Weekly #1 [Week Ending 14 August 2026]

This is our first inaugural issue of Korea Sector ETFs Weekly. There are two main purposes of this weekly insight. This weekly report tracks share...

Douglas Kim

Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Thursday pre-market report: Buying Samsung and SK Hynix $SKHY; MSCI EM $EEM and Korea $EWY $DRAM Remain Buys. Actionable Themes: Technology,...

Vermilion Research

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

​India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.

​Memory supply shortage expected to worsen in 2027, persist through 2028. LTAs with data center customers. Samsung Elec trading at low multiples,...

Nicolas Baratte

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Memory supply shortage expected to worsen in 2027, persist through 2028. LTAs with data center customers. Samsung Elec trading at low multiples,...