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

Quantitative Analysis

<ul>
<li>Active UK funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows. </li>
<li>The UK Energy sector is dominated by just two names— Shell and BP  —which together account for 90% of the total sector allocation.</li>
<li>UK Industrials, Financials, and Consumer sectors have become increasingly dominant, with Energy’s diminished role reflecting a shift in market structure and a redefinition of what drives UK equity portfolios.</li>
</ul>


Active UK funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows. 
The UK Energy sector is dominated by just two names— Shell and BP  —which together account for 90% of the total sector allocation.
UK Industrials, Financials, and Consumer sectors have become increasingly dominant, with Energy’s diminished role reflecting a shift in market structure and a redefinition of what drives UK equity portfolios.


UK Energy:  Concentrated, Under-Owned, and Out of Focus

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.</li><li>Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.</li><li>Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.

<ul><li>GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.</li><li>Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.</li><li>The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.</li></ul>

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.</li>
<li>We see up to three M&amp;A-related intra-review changes in the next few months.</li>
<li>Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
We see up to three M&amp;A-related intra-review changes in the next few months.
Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.


Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

Coca-Cola Europacific Partners / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.</li>
<li>We see up to four M&amp;A-related intra-review changes in the run up to the March 2025 review.</li>
<li>Our latest estimates suggest there could be one regular change for the F100 index and one change for the F250 index during the March 2025 rebalance. </li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
We see up to four M&amp;A-related intra-review changes in the run up to the March 2025 review.
Our latest estimates suggest there could be one regular change for the F100 index and one change for the F250 index during the March 2025 rebalance. 


Quiddity Leaderboard F100/F250 Mar 25: Mega Addition for Coke & Multiple Intra-Review Changes Likely

United Kingdom

Harbour Energy PLC operates as an oil and gas company. The Company offers oil and gas exploration and products services. Harbour Energy serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Harbour Energy (HBR LN)

UK Energy: Concentrated, Under-Owned, and Out of Focus

Active UK equity funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows.

Steven Holden

AUCTUS ON FRIDAY - 09/05/2025

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in...

Auctus Advisors

AUCTUS ON FRIDAY - 07/03/2025

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported...

Auctus Advisors

Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

Most of the names leading the race for F250 addition have more than 10x ADV to trade and some of these names could get added on an intra-review basis.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Mar 25: Mega Addition for Coke & Multiple Intra-Review Changes Likely

There are multiple possibilities of intra-review index changes for the F100/250 family in 1Q CY2025. It might be a good idea to revisit this insight.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)