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>The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in Bharti Airtel reaching 15-year highs</li>
<li>Over the past six months, ownership increases have been the highest among Indian peers, propelling Bharti Airtel to the 7th most widely owned stock in India.</li>
<li>In the last six months, 27 funds have initiated new positions, with no closures, and notable new investors include Fidelity, GQG, and Morgan Stanley.</li>
</ul>


The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in Bharti Airtel reaching 15-year highs
Over the past six months, ownership increases have been the highest among Indian peers, propelling Bharti Airtel to the 7th most widely owned stock in India.
In the last six months, 27 funds have initiated new positions, with no closures, and notable new investors include Fidelity, GQG, and Morgan Stanley.


Bharti Airtel Positioning Continues to Strengthen

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Naveen Jindal Group to Invest INR 2,160 Crore in Cement Expansion</li>
<li>Bharti Airtel Secures CCI Nod to Raise Stake in Indus Towers</li>
<li>Reliance Infrastructure to Invest INR 10,000 Crore in Defence Manufacturing</li>
</ul>


Naveen Jindal Group to Invest INR 2,160 Crore in Cement Expansion
Bharti Airtel Secures CCI Nod to Raise Stake in Indus Towers
Reliance Infrastructure to Invest INR 10,000 Crore in Defence Manufacturing


# 67 India Insight: Reliance Infra in Defence, Bharti Airtel CCI Nod, Naveen Jindal Cement Expansion

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

Event-Driven

<ul>
<li>With a week left in the review period, <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> could replace <a href="https://www.smartkarma.com/entities/power-grid-corporation-of-india-limited" target="_blank" data-smartkarma-citation="entities:12621:1" rel="noopener">Power Grid Corporation Of India (PWGR IN)</a> in the Nifty100 Low Volatility 30 Index in June.</li>
<li>Constituent changes, volatility changes and capping changes will result in one-way turnover of 6.4% resulting in a one-way trade of INR 2.3bn.</li>
<li>The flows on the stocks are not very large but there will be same side and offsetting flows from other index trackers at the same time.</li>
</ul>


With a week left in the review period, Bharti Airtel (BHARTI IN) could replace Power Grid Corporation Of India (PWGR IN) in the Nifty100 Low Volatility 30 Index in June.
Constituent changes, volatility changes and capping changes will result in one-way turnover of 6.4% resulting in a one-way trade of INR 2.3bn.
The flows on the stocks are not very large but there will be same side and offsetting flows from other index trackers at the same time.


NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Bharti Airtel's Q2/23-24 results were robust in our view, with solid revenue and earnings growth across the Indian and African businesses. Operational stats were healthy, with strong increases in user bases and ARPU (particularly the 5G customer base). The financial risk profile remains stable. Liquidity is adequate.

  Bharti Airtel's Q2/23-24 results were robust in our view, with solid revenue and earnings growth across the Indian and African businesses. Operational stats were healthy, with strong increases in user bases and ARPU (particularly the 5G customer base). The financial risk profile remains stable. Liquidity is adequate. 

Bharti Airtel - Earnings Flash - Q2 FY 2023-24 Results - Lucror Analytics

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Bharti Airtel Positioning Continues to Strengthen

The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in...

Steven Holden

# 67 India Insight: Reliance Infra in Defence, Bharti Airtel CCI Nod, Naveen Jindal Cement Expansion

Major Indian companies making significant investments in various sectors to expand and strengthen their presence in the market.

Sudarshan Bhandari

NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

Bharti Airtel could replace Power Grid in the Nifty100 Low Volatility 30 Index in June. Constituent, volatility and capping changes result in 1-way...

Brian Freitas

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Bharti Airtel - Earnings Flash - Q2 FY 2023-24 Results - Lucror Analytics

Bharti Airtel's Q2/23-24 results were robust in our view, with solid revenue and earnings growth across the Indian and African businesses....

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bharti Airtel Positioning Continues to Strengthen

The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in...

Steven Holden

# 67 India Insight: Reliance Infra in Defence, Bharti Airtel CCI Nod, Naveen Jindal Cement Expansion

​Major Indian companies making significant investments in various sectors to expand and strengthen their presence in the market.

Sudarshan Bhandari

NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

Bharti Airtel could replace Power Grid in the Nifty100 Low Volatility 30 Index in June. Constituent, volatility and capping changes result in 1-way...

Brian Freitas

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Bharti Airtel - Earnings Flash - Q2 FY 2023-24 Results - Lucror Analytics

Bharti Airtel's Q2/23-24 results were robust in our view, with solid revenue and earnings growth across the Indian and African businesses....

Lucror Analytics

Major Indian companies making significant investments in various sectors to expand and strengthen their presence in the market.