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 identify stocks in the EMEA region that are filling the void created by Russia's removal from financial markets in 2022.</li>
<li>MENA stocks have benefitted from rotation, led by Saudi Aramco,  Emaar Properties and <a href="https://www.smartkarma.com/entities/saudi-basic-industries-corp" target="_blank" data-smartkarma-citation="entities:27316:1" rel="noopener">Saudi Basic Industries</a>
</li>
<li>Outside of MENA, South Africa remains an important destination, whilst <a href="https://www.smartkarma.com/entities/dino-polska-sa" target="_blank" data-smartkarma-citation="entities:27637:1" rel="noopener">Dino Polska SA (DNP PW)</a> and MOL are favoured in Eastern Europe</li>
</ul>


We identify stocks in the EMEA region that are filling the void created by Russia's removal from financial markets in 2022.
MENA stocks have benefitted from rotation, led by Saudi Aramco,  Emaar Properties and Saudi Basic Industries

Outside of MENA, South Africa remains an important destination, whilst Dino Polska SA (DNP PW) and MOL are favoured in Eastern Europe


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

Communication Services Select Sector SPDR Fund / Technical Analysis

Communication Services Select Sector SPDR Fund (XLC US)

Communication Services Select Sector SPDR Fund

<ul>
<li>In our January 10th Compass, we discussed a break above 3910 on SPX would signal a tradable rally, with 4100-4165 our target, the top-end of our expected 2023 trading range.</li>
<li>We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area.</li>
<li>After being underweight Communications (XLC) since Nov 2021, sidestepping 20% underperformance vs. SPX, we now see signs of price and RS bottoms, and we are upgrading to market weight. Buy.</li>
</ul>


In our January 10th Compass, we discussed a break above 3910 on SPX would signal a tradable rally, with 4100-4165 our target, the top-end of our expected 2023 trading range.
We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area.
After being underweight Communications (XLC) since Nov 2021, sidestepping 20% underperformance vs. SPX, we now see signs of price and RS bottoms, and we are upgrading to market weight. Buy.


Upgrading Communications, Downgrading Staples - Both to Market Weight; US Dollar Major Top

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate?</li><li>Covid lockdowns stoke merchant concerns ahead of peak shopping season</li><li>Trending in China: Social media users hail the return of a top Chinese biologist from the U.S.</li></ul>

In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate?Covid lockdowns stoke merchant concerns ahead of peak shopping seasonTrending in China: Social media users hail the return of a top Chinese biologist from the U.S.

CX Daily: Will Fosun’s $2.2 Billion Steel Unit Sale Save The Conglomerate?

<ul>
<li>Active EM managers are positioned at their lowest ever weights in the EMEA region, moving from a multi-year overweight to a key underweight in little over 12 months</li>
<li>Russian positions slashed, rotation out of CE3 and Turkey.  Inflows in to MENA and to a lesser extent, South Africa, but South America the key beneficiary.</li>
<li>Stock activity shows increased holdings in a host of MENA stocks, led by National Commercial Bank and Saudi Aramco, whilst Sberbank and Lukoil bore the brunt of the selling.</li>
</ul>


Active EM managers are positioned at their lowest ever weights in the EMEA region, moving from a multi-year overweight to a key underweight in little over 12 months
Russian positions slashed, rotation out of CE3 and Turkey.  Inflows in to MENA and to a lesser extent, South Africa, but South America the key beneficiary.
Stock activity shows increased holdings in a host of MENA stocks, led by National Commercial Bank and Saudi Aramco, whilst Sberbank and Lukoil bore the brunt of the selling.


GEM Active Funds:  EMEA Moves to Underweight, Allocations Drop to All-Time Lows.

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>
 Macro data points:Chinese foreign reserves, currency, net exports and inflation data, South Africa GDP</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a>, <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>
</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.

 Macro data points:Chinese foreign reserves, currency, net exports and inflation data, South Africa GDP

 Companies mentioned:Tencent (700 HK), Prosus (PRX NA), Naspers (NPN SJ)



GEM Weekly (9 Sep 2022): China FX, Inflation, South Africa GDP; Tencent, Prosus, Naspers

South Africa

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

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Naspers (NPN SJ)

Replacing Russia: EMEA Stock Screening

We identify stocks in the EMEA region that are filling the void created by Russia's removal from financial markets in 2022.

Steven Holden

Upgrading Communications, Downgrading Staples - Both to Market Weight; US Dollar Major Top

We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the $SPX 4100-4165 area. Upgrading...

Vermilion Research

CX Daily: Will Fosun’s $2.2 Billion Steel Unit Sale Save The Conglomerate?

In Depth: Will Fosun’s $2.2 billion steel unit sale save the conglomerate? Covid lockdowns stoke merchant concerns ahead of peak shopping season

Caixin Global

GEM Active Funds: EMEA Moves to Underweight, Allocations Drop to All-Time Lows.

After the demise of Russia, active EM managers are positioned at their lowest ever levels in the EMEA region, moving from a multi-year overweight...

Steven Holden

GEM Weekly (9 Sep 2022): China FX, Inflation, South Africa GDP; Tencent, Prosus, Naspers

The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...

Wium Malan, CFA

Price Gauge

52-week Range

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