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>Ownership levels among Asia Ex-Japan funds hit record highs as funds continue to add exposure.</li>
<li>13% of the funds in our analysis opened new positions over the last 6-months, with average weights increasing by 0.57%</li>
<li>New positions added by Invesco Asia Opportunities (4.3%), LO Funds High Conviction (3.6%) and Allianz Asian Equity (2.9%) over the period.</li>
</ul>


Ownership levels among Asia Ex-Japan funds hit record highs as funds continue to add exposure.
13% of the funds in our analysis opened new positions over the last 6-months, with average weights increasing by 0.57%
New positions added by Invesco Asia Opportunities (4.3%), LO Funds High Conviction (3.6%) and Allianz Asian Equity (2.9%) over the period.


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>A recent report shows apparent gains by Temu against US "dollar" store chains</li>
<li>In this insight we introduce the "dollar" store concept and share our experiences</li>
<li>We conclude that Temu &amp; SHEIN don't likely view some categories as priorities</li>
</ul>


A recent report shows apparent gains by Temu against US "dollar" store chains
In this insight we introduce the "dollar" store concept and share our experiences
We conclude that Temu &amp; SHEIN don't likely view some categories as priorities


Temu Versus Dollar Tree: More Online & Offline Adventures in Pursuit of Ultra-Cheap Stuff

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>PDD's small retailers bought out products of direct sales and claimed full refund.</li>
<li>The story happened to Alibaba more than ten years ago.</li>
<li>It can be hard for PDD to enter the high quality market.</li>
</ul>


PDD's small retailers bought out products of direct sales and claimed full refund.
The story happened to Alibaba more than ten years ago.
It can be hard for PDD to enter the high quality market.


Pinduoduo (PDD) Short Review: Third-Party Retailers “Bombarded” Direct Sales

<ul>
<li>Pinduoduo sees one of the steepest ownership drops in EM funds, with 95 net sellers and 28 closures in six months.</li>
<li>Major closures from Aubrey, AllianceBernstein, UBS, and BNP Paribas; largest outflows from Fidelity and BlackRock.</li>
<li>Despite sharp declines, PDD remains in 36.5% of GEM funds and a top 10 holding in China &amp; HK.</li>
</ul>


Pinduoduo sees one of the steepest ownership drops in EM funds, with 95 net sellers and 28 closures in six months.
Major closures from Aubrey, AllianceBernstein, UBS, and BNP Paribas; largest outflows from Fidelity and BlackRock.
Despite sharp declines, PDD remains in 36.5% of GEM funds and a top 10 holding in China &amp; HK.


Pinduoduo: Record Ownership Decline Amid Sharp Rotation

<ul>
<li>Last week Temu confirmed dramatic changes to its business model in the US</li>
<li>Temu won't sell Chinese goods directly to US consumers, &amp; will rely on local fulfillment</li>
<li>The moves seem to put Temu into direct competition with Amazon, Walmart.com</li>
</ul>


Last week Temu confirmed dramatic changes to its business model in the US
Temu won't sell Chinese goods directly to US consumers, &amp; will rely on local fulfillment
The moves seem to put Temu into direct competition with Amazon, Walmart.com


In Response to Tariff & "De Minimis" Changes, Temu Alters US Business Model, Morphing Into...Amazon?

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

Pinduoduo, Inc: Rotation Continues

Ownership levels in Pinduoduo Inc, among active Asia Ex-Japan equity funds hit record highs as funds continue to add exposure.

Steven Holden

Temu Versus Dollar Tree: More Online & Offline Adventures in Pursuit of Ultra-Cheap Stuff

In this insight, we introduce readers to the US "dollar" store concept, then compare our experiences shopping for cheap stuff at Dollar Tree and...

Tracking Traffic

Pinduoduo (PDD) Short Review: Third-Party Retailers “Bombarded” Direct Sales

PDD's small retailers bought out products of direct sales and claimed full refund. The story happened to Alibaba more than ten years ago. It can be...

Ming Lu

Pinduoduo: Record Ownership Decline Amid Sharp Rotation

Pinduoduo’s steady climb in active GEM funds has started to reverse, with widespread selling and closures. Caution now dominates the narrative.

Steven Holden

In Response to Tariff & "De Minimis" Changes, Temu Alters US Business Model, Morphing Into...Amazon?

In the US, Pinduoduo's Temu platform has made sudden, dramatic changes to its business model. The changes could bring Temu into direct competition...

Tracking Traffic

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52-week Range

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