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

Thematic (Sector/Industry)

<ul>
<li>Communication Services allocations among active Global managers are at their lowest levels on record.</li>
<li>Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.</li>
<li>Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.</li>
</ul>


Communication Services allocations among active Global managers are at their lowest levels on record.
Average weights stand at an all-time low of 7.12%, having broken out of a decade long range of between 8% - 10% towards the end of 2021.
Activision Blizzard suffered the worst of the position closures, alongside Meta Platforms, Tencent and Nintendo Co Ltd.


Global Communication Services: Lowest Exposure on Record

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Roblox initially fell 17% on earnings, but ended the week up 8%... why? Third party data is driving stock price action.</li>
<li>Reacceleration of DAUs, engagement, and bookings is beginning to play out...bullish ST.</li>
<li>LT EBITDA margins are anyone's guess right now, which makes the coming 9/9 Analyst Day an important catalyst to frame up the size and margin impact of TAM extensions.</li>
</ul>


Roblox initially fell 17% on earnings, but ended the week up 8%... why? Third party data is driving stock price action.
Reacceleration of DAUs, engagement, and bookings is beginning to play out...bullish ST.
LT EBITDA margins are anyone's guess right now, which makes the coming 9/9 Analyst Day an important catalyst to frame up the size and margin impact of TAM extensions.


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>Alphabet has been a beneficiary of the growth in both travel and retail in the past few months which enabled its Search business to show formidable growth.</li><li>The company also introduced brand-new ad formats for enhanced visual browsing during searches.</li><li>Overall, we remain optimistic about their future growth and give an 'Outperform' rating with a revised target price.</li></ul>

Alphabet has been a beneficiary of the growth in both travel and retail in the past few months which enabled its Search business to show formidable growth.The company also introduced brand-new ad formats for enhanced visual browsing during searches.Overall, we remain optimistic about their future growth and give an 'Outperform' rating with a revised target price.

Alphabet Inc.: IaaS & Google Cloud Upside

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

Phonepe Pvt Ltd / Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> runs a digital payment and technology App in India and is currently the leader in terms of UPI transactions processed. </li>
<li>Our channel feedback suggests the possible disruption from initiatives like ONDC to be positive for payment apps like PhonePe, with the possible acceleration towards the SuperApp Journey. </li>
<li>Revenues are always growing, and so are losses. With ONDC, there is a possibility this may change faster than anticipated and hence warrants close attention. </li>
</ul>



Phonepe Pvt Ltd (1732974D IN) runs a digital payment and technology App in India and is currently the leader in terms of UPI transactions processed. 
Our channel feedback suggests the possible disruption from initiatives like ONDC to be positive for payment apps like PhonePe, with the possible acceleration towards the SuperApp Journey. 
Revenues are always growing, and so are losses. With ONDC, there is a possibility this may change faster than anticipated and hence warrants close attention. 


PhonePe Tearsheet - India's SuperApp Ambition

<ul>
<li>Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.</li>
<li>Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.</li>
<li>AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.</li>
</ul>


Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.
Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.
AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.


Amazon 2Q22: Delivering an Inflection Point

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Global Communication Services: Lowest Exposure on Record

Selling in Activision Blizzard, Meta Platforms, Tencent and Nintendo Co Ltd force Communication Services allocations to their lowest levels on record.

Steven Holden

Roblox 2Q22: 15% or 35% EBITDA Margins?

Roblox had a largely bullish quarter, with monetization and engagement metrics starting to show promised acceleration. Key will be 9/9/22 analyst...

Aaron Gabin

Alphabet Inc.: IaaS & Google Cloud Upside

Alphabet has been a beneficiary of the growth in both travel and retail in the past few months which enabled its Search business to show...

Baptista Research

PhonePe Tearsheet - India's SuperApp Ambition

India Unicorn Series: We Profile India's possible SuperApp "PhonePe". The Industry landscape is changing for good, With financially strong parents,...

Pranav Bhavsar

Amazon 2Q22: Delivering an Inflection Point

Amazon's revenue growth is beginning to reaccelerate. Its cost growth is decelerating. Advertising is the best house in a tough digital...

Aaron Gabin

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