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 in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.</li>
<li>The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.</li>
<li>Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.</li>
</ul>


Ownership in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.
The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.
Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.


Alibaba: Sentiment Rebounds Among GEM Funds

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Alibaba Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.</li><li>For 1QFY26 (March year-end), we are anticipating a continued acceleration in cloud revenue growth QoQ, a sustained YoY increase in monetization rate of Taobao &amp; Tmall Group (TTG), and ongoing YoY loss reduction of Alibaba International Digital Commerce (AIDC).</li><li>However, we expect the heightened investment in instant commerce to weigh on near-term profitability. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.For 1QFY26 (March year-end), we are anticipating a continued acceleration in cloud revenue growth QoQ, a sustained YoY increase in monetization rate of Taobao &amp; Tmall Group (TTG), and ongoing YoY loss reduction of Alibaba International Digital Commerce (AIDC).However, we expect the heightened investment in instant commerce to weigh on near-term profitability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Escalated Investment in Instant Commerce Could Weigh on ST Profitability

<ul><li>Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.</li><li>Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.</li><li>Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Offering of Exchangeable Bonds to Support International Business Development

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, next week will see a large number of listings across the region.</li>
<li>On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.


ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> failed to perform at listing marking a turnaround for recent A/H listing. <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Sanhua Intelligent (2050 HK)</a> will be next in line. </li>
<li>On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian (3288 HK) failed to perform at listing marking a turnaround for recent A/H listing. Sanhua Intelligent (2050 HK) will be next in line. 
On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.


ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (9988 HK)

Alibaba: Sentiment Rebounds Among GEM Funds

Alibaba is back in favour with GEM funds, now the 2nd most widely held stock. Broad style participation and rising conviction point to a renewed...

Steven Holden

Alibaba (BABA US) - Escalated Investment in Instant Commerce Could Weigh on ST Profitability

Alibaba Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.

CMB International

Alibaba (BABA US) - Offering of Exchangeable Bonds to Support International Business Development

Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on...

CMB International

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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Market Cap (USDm)

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