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>Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. </li>
<li>Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. </li>
<li>Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.</li>
</ul>


Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. 
Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. 
Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.


Magnificent 7:  Global Fund Positioning Update

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Engineering work continues on the 14A, but further capacity expansion is on hold until a major external customer commits.</li>
<li>CEO Lip-Bu Tan is prioritising balance sheet strength and shareholder returns after years of aggressive capex.</li>
<li>Intel would only expand PPE upon firm commitments, ensuring any new foundry capacity is tied to revenue certainty.</li>
</ul>


Engineering work continues on the 14A, but further capacity expansion is on hold until a major external customer commits.
CEO Lip-Bu Tan is prioritising balance sheet strength and shareholder returns after years of aggressive capex.
Intel would only expand PPE upon firm commitments, ensuring any new foundry capacity is tied to revenue certainty.


Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom</li>
<li>Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift </li>
<li>Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good </li>
</ul>


MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift 
Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good 


Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 28 - August 1.</li>
<li>
<strong>OVERSOLD</strong>: <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> , <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a> are just mildly oversold, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> is oversold.</li>
<li>
<strong>OVERBOUGHT</strong>: <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon (AMZN US)</a> , <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a> , <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA US)</a> , <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> , <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> , <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a> , <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 INDEX</a> </li>
</ul>


A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 28 - August 1.

OVERSOLD: China Mobile (941 HK) , Commonwealth Bank of Australia (CBA AU) are just mildly oversold, NIFTY Index (NIFTY INDEX) is oversold.

OVERBOUGHT: Amazon (AMZN US) , Alphabet (GOOG US) , NVIDIA (NVDA US) , Toyota Motor (7203 JP) , Softbank Group (9984 JP) , Hang Seng Index , Nikkei 225 INDEX 


Global Markets Tactical Outlook: Week of July 28 – August 1

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>On July 24, chip giant Intel announced that its latest 18A advanced process is progressing smoothly. However, the next-generation 14A process will be developed “based on confirmed customer commitments.”</li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> adopt Intel’s 14A process for its future M-series chips, while <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> is expected to use the same process for its entry-level gaming GPUs.</li>
<li>U.S. President Trump is imposing tariffs on countries around the world, which is indirectly pressuring some manufacturers to accelerate the establishment of U.S.-based production facilities.</li>
</ul>


On July 24, chip giant Intel announced that its latest 18A advanced process is progressing smoothly. However, the next-generation 14A process will be developed “based on confirmed customer commitments.”

Apple (AAPL US) adopt Intel’s 14A process for its future M-series chips, while NVIDIA Corp (NVDA US) is expected to use the same process for its entry-level gaming GPUs.
U.S. President Trump is imposing tariffs on countries around the world, which is indirectly pressuring some manufacturers to accelerate the establishment of U.S.-based production facilities.


Intel (INTC.US): 18A May Have Been Too Rushed; Now All Hopes Rest on 14A.

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.

Mint Finance

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Global Markets Tactical Outlook: Week of July 28 – August 1

Key indices, stocks, commodities, and bonds forecast for the week July 28 - August 1: NIFTY oversold, while Amazon, Alphabet, NVIDIA, Toyota...

Nico Rosti

Intel (INTC.US): 18A May Have Been Too Rushed; Now All Hopes Rest on 14A.

Intel's 14A process development relies on customer commitments, with Apple and NVIDIA expected to adopt it for future chips amid global tariff...

Patrick Liao

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Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

​Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.

Mint Finance

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

​MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Global Markets Tactical Outlook: Week of July 28 – August 1

​Key indices, stocks, commodities, and bonds forecast for the week July 28 - August 1: NIFTY oversold, while Amazon, Alphabet, NVIDIA, Toyota...

Nico Rosti

Intel (INTC.US): 18A May Have Been Too Rushed; Now All Hopes Rest on 14A.

​Intel's 14A process development relies on customer commitments, with Apple and NVIDIA expected to adopt it for future chips amid global tariff...

Patrick Liao

Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Key indices, stocks, commodities, and bonds forecast for the week July 28 - August 1: NIFTY oversold, while Amazon, Alphabet, NVIDIA, Toyota...

Intel's 14A process development relies on customer commitments, with Apple and NVIDIA expected to adopt it for future chips amid global tariff...