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>Alcoholic Beverages sector exposure has dropped to multi-year lows, falling below 50% of active GEM funds. </li>
<li>Recent outflows total $700m, with China &amp; HK and Brazil seeing the steepest declines. </li>
<li>Key stocks like Kweichow Moutai and Wuliangye Yibin face consistent month-on-month closures as managers rotate out.</li>
</ul>


Alcoholic Beverages sector exposure has dropped to multi-year lows, falling below 50% of active GEM funds. 
Recent outflows total $700m, with China &amp; HK and Brazil seeing the steepest declines. 
Key stocks like Kweichow Moutai and Wuliangye Yibin face consistent month-on-month closures as managers rotate out.


Last Orders? GEM Funds Retreat from Alcoholic Beverages Stocks

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.

Equity Bottom-Up

<ul><li>Ambev, a leading beverage company, recently reported its third quarter results for 2024, demonstrating solid growth and profitability despite challenging comparisons to the previous year.</li><li>CEO Jean Jereissati outlined a robust performance, highlighting the company's consistent top-line growth, record volumes in Brazil, and expansions in gross and EBITDA margins.</li><li>This quarterly performance builds on the momentum from the first half of the year, powered by strong performances in Brazil and the Central America and Caribbean (CAC) region, albeit marred by a challenging consumption environment in Canada and the tax headwinds in Brazil.</li></ul>

Ambev, a leading beverage company, recently reported its third quarter results for 2024, demonstrating solid growth and profitability despite challenging comparisons to the previous year.CEO Jean Jereissati outlined a robust performance, highlighting the company's consistent top-line growth, record volumes in Brazil, and expansions in gross and EBITDA margins.This quarterly performance builds on the momentum from the first half of the year, powered by strong performances in Brazil and the Central America and Caribbean (CAC) region, albeit marred by a challenging consumption environment in Canada and the tax headwinds in Brazil.

Ambev S.A: Inside Ambev’s Strategic Shift: Premiumization

<ul><li>Ambev's recent earnings for the second quarter of 2024 showcased a dynamic landscape of both progression and challenges within the beverage industry.</li><li>As the company navigated through varying market conditions across different regions, they reported a robust volume growth spearheaded by their performance in Brazil and Central America and Caribbean (CAC), although this was slightly offset by weaker results in Argentina and Canada.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Ambev's recent earnings for the second quarter of 2024 showcased a dynamic landscape of both progression and challenges within the beverage industry.As the company navigated through varying market conditions across different regions, they reported a robust volume growth spearheaded by their performance in Brazil and Central America and Caribbean (CAC), although this was slightly offset by weaker results in Argentina and Canada.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Ambev S.A.: How Are They Dealing With Pricing Sensitivity & Market Volatility Challenge! - Major Drivers

<ul><li>Ambev, a brewing company in Brazil, has seen an increase in volume growth for Q1 in both the beer and the non-alcoholic beverages (NAB) industry, with Brazil delivering its best Q1 volume performance in history.</li><li>This growth was driven by its premium and core plus brands, with the company estimating market share growth for the fifth consecutive quarter.</li><li>Moreover, cash flow from operating activities and free cash flow grew by almost BRL 1.3 billion each compared to the previous year.</li></ul>

Ambev, a brewing company in Brazil, has seen an increase in volume growth for Q1 in both the beer and the non-alcoholic beverages (NAB) industry, with Brazil delivering its best Q1 volume performance in history.This growth was driven by its premium and core plus brands, with the company estimating market share growth for the fifth consecutive quarter.Moreover, cash flow from operating activities and free cash flow grew by almost BRL 1.3 billion each compared to the previous year.

Ambev S.A.: These Are The 4 Biggest Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts

Cross Asset Strategy

<ul>
<li>This report identifies stocks at the extremes of their positioning or momentum ranges within our active Global EM 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>HDFC Bank loses steam after merger, Nu Holdings surges to new highs, POSCO plunges to new fund ownership lows.</li>
</ul>


This report identifies stocks at the extremes of their positioning or momentum ranges within our active Global EM 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.
HDFC Bank loses steam after merger, Nu Holdings surges to new highs, POSCO plunges to new fund ownership lows.


Active GEM Funds:  Extremes in Positioning & Momentum

Brazil

Ambev SA primary business is the production and distribution of beer. The Company also operates in the soft drinks and non-alcoholic and non-carbonated businesses with proprietary brands. Ambev has exclusive bottler and distributor rights for Pepsi CSD products in Brazil.

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Ambev (ABEV US)

Last Orders? GEM Funds Retreat from Alcoholic Beverages Stocks

Alcoholic Beverages sector exposure among GEM funds has dropped to a decade low, with Kweichow Moutai and Wuliangye Yibin driving the exodus.

Steven Holden

Ambev S.A: Inside Ambev’s Strategic Shift: Premiumization

Ambev, a leading beverage company, recently reported its third quarter results for 2024, demonstrating solid growth and profitability despite...

Baptista Research

Ambev S.A.: How Are They Dealing With Pricing Sensitivity & Market Volatility Challenge! - Major Drivers

Ambev's recent earnings for the second quarter of 2024 showcased a dynamic landscape of both progression and challenges within the beverage...

Baptista Research

Ambev S.A.: These Are The 4 Biggest Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts

Ambev, a brewing company in Brazil, has seen an increase in volume growth for Q1 in both the beer and the non-alcoholic beverages (NAB) industry,...

Baptista Research

Active GEM Funds: Extremes in Positioning & Momentum

GEM Extreme Stocks. HDFC Bank loses steam after merger, Nu Holdings surges to new highs, POSCO plunges to new fund ownership lows.

Steven Holden

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