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>This report identifies stocks at the extremes of their positioning or momentum ranges within our Asia Ex-Japan fund universe.</li>
<li>We have pinpointed eight stocks either at their historical positioning extremes or undergoing significant changes in fund ownership, providing detailed ownership profiles for each.</li>
<li>Pinduoduo Inc and UltraTech Cement make gains, Sunny Optical sees ownership drift south, New Oriental Education moves off the lows.</li>
</ul>


This report identifies stocks at the extremes of their positioning or momentum ranges within our Asia Ex-Japan fund universe.
We have pinpointed eight stocks either at their historical positioning extremes or undergoing significant changes in fund ownership, providing detailed ownership profiles for each.
Pinduoduo Inc and UltraTech Cement make gains, Sunny Optical sees ownership drift south, New Oriental Education moves off the lows.


Asia Ex-Japan Funds:  Extremes in Positioning & Momentum

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Pinduoduo Holdings, Inc. closed its fiscal year of 2023 in a positive trajectory.</li><li>The company reported sustained growth in consumer engagement on its platform in its fourth quarter results.</li><li>High-quality development remains a key strategy for the company.</li></ul>

Pinduoduo Holdings, Inc. closed its fiscal year of 2023 in a positive trajectory.The company reported sustained growth in consumer engagement on its platform in its fourth quarter results.High-quality development remains a key strategy for the company.

PDD Holdings: 6 Growth Factors & 3 Major Challenges In Front Of This Chinese Giant! - Financial Forecasts

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>BABA/BIDU: Alibaba and Baidu follow up on long text LLM, the rise of startups is negative for Baidu（//-）</li>
<li>BIDU: Apple and Baidu Held Talks on Ernie Bot Pre-Installing IPhone IOS18（+）</li>
<li>BABA/PDD: Alibaba opens direct from factory 1688 store on Taobao (+/-)</li>
</ul>


BABA/BIDU: Alibaba and Baidu follow up on long text LLM, the rise of startups is negative for Baidu（//-）
BIDU: Apple and Baidu Held Talks on Ernie Bot Pre-Installing IPhone IOS18（+）
BABA/PDD: Alibaba opens direct from factory 1688 store on Taobao (+/-)


[Blue Lotus Daily - TMT Update]BABA/BIDU/PDD/1024 HK/3690HK

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Concerns around slowdown in growth are behind the disconnect between PDD’s stellar 4Q23 results and lackluster share performance, in our view.</li>
<li>We have seen this before. If history is a guide, its valuation will improve after growth hits bottom in 1Q24.</li>
<li>We expect PDD to deliver 50% plus growth for 2024 and generate US$14 billion adjusted net profit. Reiterate US$240 billion target market cap or 50% upside.</li>
</ul>


Concerns around slowdown in growth are behind the disconnect between PDD’s stellar 4Q23 results and lackluster share performance, in our view.
We have seen this before. If history is a guide, its valuation will improve after growth hits bottom in 1Q24.
We expect PDD to deliver 50% plus growth for 2024 and generate US$14 billion adjusted net profit. Reiterate US$240 billion target market cap or 50% upside.


Pinduoduo (PDD US): Growth Worries Overdone

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Organic growth in J&amp;T's China operations exceeded that of peers...</li>
<li>...but the implosion of New Markets and X-Border is a shock</li>
<li>Lower margins from SE Asian cash cow also a surprise, in our view</li>
</ul>


Organic growth in J&amp;T's China operations exceeded that of peers...
...but the implosion of New Markets and X-Border is a shock
Lower margins from SE Asian cash cow also a surprise, in our view


The Three Biggest Surprises in J&T Global Express' Maiden Earnings Report

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.

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

PDD Holdings (PDD US)

Asia Ex-Japan Funds: Extremes in Positioning & Momentum

Pinduoduo Inc and UltraTech Cement make gains, Sunny Optical sees ownership drift south, New Oriental Education moves off the lows.

Steven Holden

PDD Holdings: 6 Growth Factors & 3 Major Challenges In Front Of This Chinese Giant! - Financial Forecasts

Pinduoduo Holdings, Inc. closed its fiscal year of 2023 in a positive trajectory. The company reported sustained growth in consumer engagement on...

Baptista Research

[Blue Lotus Daily - TMT Update]BABA/BIDU/PDD/1024 HK/3690HK

BABA and BIDU are making strategic move in response to market trends,with BIDU facing challenges from startups and BABA opens 1688 store...

Blue Lotus Research Institute

Pinduoduo (PDD US): Growth Worries Overdone

Disconnect between strong 4Q results and weak share performance pointed to growth concerns. Valuation expected to improve after growth bottoms out...

Eric Chen

The Three Biggest Surprises in J&T Global Express' Maiden Earnings Report

Stronger-than-expected China revenue, worsening performance of 'Other', and declining SE Asian margins are the three biggest surprises we see in...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Ex-Japan Funds: Extremes in Positioning & Momentum

Pinduoduo Inc and UltraTech Cement make gains, Sunny Optical sees ownership drift south, New Oriental Education moves off the lows.

Steven Holden

PDD Holdings: 6 Growth Factors & 3 Major Challenges In Front Of This Chinese Giant! - Financial Forecasts

Pinduoduo Holdings, Inc. closed its fiscal year of 2023 in a positive trajectory. The company reported sustained growth in consumer engagement on...

Baptista Research

[Blue Lotus Daily - TMT Update]BABA/BIDU/PDD/1024 HK/3690HK

BABA and BIDU are making strategic move in response to market trends,with BIDU facing challenges from startups and BABA opens 1688 store...

Blue Lotus Research Institute

Pinduoduo (PDD US): Growth Worries Overdone

​Disconnect between strong 4Q results and weak share performance pointed to growth concerns. Valuation expected to improve after growth bottoms out...

Eric Chen

The Three Biggest Surprises in J&T Global Express' Maiden Earnings Report

Stronger-than-expected China revenue, worsening performance of 'Other', and declining SE Asian margins are the three biggest surprises we see in...

Tracking Traffic

Disconnect between strong 4Q results and weak share performance pointed to growth concerns. Valuation expected to improve after growth bottoms out...