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>Trip Com, Contemporary Amperex Technology and Xiaomi all hit fresh highs in EM fund ownership.</li>
<li>Rotation in all three was among the most positive across all China stocks, with all measures of fund ownership moving higher.</li>
<li>Conviction opens from GIB, Putnam and Aubrey we among the funds driving ownership higher.</li>
</ul>


Trip Com, Contemporary Amperex Technology and Xiaomi all hit fresh highs in EM fund ownership.
Rotation in all three was among the most positive across all China stocks, with all measures of fund ownership moving higher.
Conviction opens from GIB, Putnam and Aubrey we among the funds driving ownership higher.


Breaking New Ground: Xiaomi, Trip Com and CATL Hit Record Highs

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Mixed bag with narrowing participation, widening distribution of returns but with the highest total option volume since November.</li>
<li>Option volumes over the past 2 weeks are 80% higher than the prior 3-month average.</li>
<li>Implied vols weaker across the board with 9 of 11 sectors seeing softer implieds.</li>
</ul>


Mixed bag with narrowing participation, widening distribution of returns but with the highest total option volume since November.
Option volumes over the past 2 weeks are 80% higher than the prior 3-month average.
Implied vols weaker across the board with 9 of 11 sectors seeing softer implieds.


Hong Kong Single Stock Options Weekly (February 17 – 21): Option Volumes Surge as Rally Narrows

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

ZhongAn Online P&C Insurance C / Index Rebalance

<ul>
<li>As expected, <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> replaces <a href="https://www.smartkarma.com/entities/east-buy-holding-ltd" target="_blank" data-smartkarma-citation="entities:27796:1" rel="noopener">East Buy Holding (1797 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in March.</li>
<li>In a surprise, <a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> will be added and <a href="https://www.smartkarma.com/entities/zhongan-online-p-c-insurance-c" target="_blank" data-smartkarma-citation="entities:23681:1" rel="noopener">ZhongAn Online P&amp;C Insurance C (6060 HK)</a> will be deleted.</li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is also an inclusion to the HSIII Index and HSCI Index and will be added to Southbound Stock Connect in May.</li>
</ul>


As expected, Horizon Robotics (9660 HK) replaces East Buy Holding (1797 HK) in the Hang Seng TECH Index (HSTECH INDEX) in March.
In a surprise, Tencent Music Entertainment Group (1698 HK) will be added and ZhongAn Online P&amp;C Insurance C (6060 HK) will be deleted.

Horizon Robotics (9660 HK) is also an inclusion to the HSIII Index and HSCI Index and will be added to Southbound Stock Connect in May.


HSTECH Index Rebalance: Horizon Robotics, Tencent Music Replace East Buy, ZA Online; US$2.3bn Trade

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> and <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman (2057 HK)</a> will replace <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a> at the close on 7 March.</li>
<li>Estimated one-way turnover at the rebalance is 5% resulting in a round-trip trade of HK$6.4bn (US$825m). The final capping will use the close of trading on 4 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/zto-express-cayman-inc" target="_blank" data-smartkarma-citation="entities:33488:1" rel="noopener">ZTO Express Cayman (2057 HK)</a> is also an inclusion to a global index with implementation scheduled for the close on 21 March.</li>
</ul>



BeiGene (6160 HK) and ZTO Express Cayman (2057 HK) will replace Sino Biopharmaceutical (1177 HK) and Li Ning (2331 HK) in the HSCEI INDEX at the close on 7 March.
Estimated one-way turnover at the rebalance is 5% resulting in a round-trip trade of HK$6.4bn (US$825m). The final capping will use the close of trading on 4 March.

ZTO Express Cayman (2057 HK) is also an inclusion to a global index with implementation scheduled for the close on 21 March.


HSCEI Index Rebalance: Beigene, ZTO Replace Sino Biopharma, Li Ning; Surprise for Some

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>A translated article shows why Chinese are refrained from buying new homes but not so on buying existing homes. The Chinese <a href="https://docs.google.com/document/d/1pMRYOjIIzxxU1G_J90dNvf_zUKNuU_LYOhnWrtM5O5I/edit?tab=t.0" target="_blank" rel="noopener">link</a> is here. <a href="https://docs.google.com/document/d/13W_8_9qyOHx2RIOYF2rGKEyHmPDO9eO5-nE8Pa5IADk/edit?tab=t.0" target="_blank" rel="noopener">English</a> here by Qwen;</li>
<li>XPeng, Xiaomi, Zeekr and BYD recovered above the line post CNY in EV delivery, LI, Tesla, LEAP and Luxeed in line, AITO, Deepal and NIO are below the line;</li>
<li>CATL's JV with Didi is a serious threat to NIO.</li>
</ul>


A translated article shows why Chinese are refrained from buying new homes but not so on buying existing homes. The Chinese link is here. English here by Qwen;
XPeng, Xiaomi, Zeekr and BYD recovered above the line post CNY in EV delivery, LI, Tesla, LEAP and Luxeed in line, AITO, Deepal and NIO are below the line;
CATL's JV with Didi is a serious threat to NIO.


[Blue Lotus China New Consumer Weekly, 8/52] Existing Home Recovers First Post CNY

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Breaking New Ground: Xiaomi, Trip Com and CATL Hit Record Highs

Strong rotation pushes Trip Com, Contemporary Amperex Technology and Xiaomi Corp to fresh highs in EM active fund ownership.

Steven Holden

Hong Kong Single Stock Options Weekly (February 17 – 21): Option Volumes Surge as Rally Narrows

Option volumes have surged in recent weeks, with narrowing participation and softer implied volatility in most sectors.

John Ley

HSTECH Index Rebalance: Horizon Robotics, Tencent Music Replace East Buy, ZA Online; US$2.3bn Trade

Horizon Robotics and TME replace East Buy and Za Online. Estimated one-way turnover at the rebalance is 5.6% resulting in a round-trip trade of...

Brian Freitas

HSCEI Index Rebalance: Beigene, ZTO Replace Sino Biopharma, Li Ning; Surprise for Some

Beigene and ZTO Express replace Li Ning and Sino Biopharma in the index. Yum China misses out, so Sunny Optical stays in the index. ZTO Express is...

Brian Freitas

[Blue Lotus China New Consumer Weekly, 8/52] Existing Home Recovers First Post CNY

Chinese prefer buying existing homes over new ones, XPeng, Xiaomi, Zeekr, and BYD lead in EV delivery post CNY, CATL's JV with Didi poses a threat...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Breaking New Ground: Xiaomi, Trip Com and CATL Hit Record Highs

Strong rotation pushes Trip Com, Contemporary Amperex Technology and Xiaomi Corp to fresh highs in EM active fund ownership.

Steven Holden

Hong Kong Single Stock Options Weekly (February 17 – 21): Option Volumes Surge as Rally Narrows

​Option volumes have surged in recent weeks, with narrowing participation and softer implied volatility in most sectors.

John Ley

HSTECH Index Rebalance: Horizon Robotics, Tencent Music Replace East Buy, ZA Online; US$2.3bn Trade

Horizon Robotics and TME replace East Buy and Za Online. Estimated one-way turnover at the rebalance is 5.6% resulting in a round-trip trade of...

Brian Freitas

HSCEI Index Rebalance: Beigene, ZTO Replace Sino Biopharma, Li Ning; Surprise for Some

Beigene and ZTO Express replace Li Ning and Sino Biopharma in the index. Yum China misses out, so Sunny Optical stays in the index. ZTO Express is...

Brian Freitas

[Blue Lotus China New Consumer Weekly, 8/52] Existing Home Recovers First Post CNY

​Chinese prefer buying existing homes over new ones, XPeng, Xiaomi, Zeekr, and BYD lead in EV delivery post CNY, CATL's JV with Didi poses a threat...

Blue Lotus Research Institute

Option volumes have surged in recent weeks, with narrowing participation and softer implied volatility in most sectors.

Chinese prefer buying existing homes over new ones, XPeng, Xiaomi, Zeekr, and BYD lead in EV delivery post CNY, CATL's JV with Didi poses a threat...