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>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


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>
<a href="https://www.smartkarma.com/entities/ambuja-cements-ltd" target="_blank" data-smartkarma-citation="entities:14745:1" rel="noopener">Ambuja Cements (ACEM IN)</a>, <a href="https://www.smartkarma.com/entities/acc-ltd" target="_blank" data-smartkarma-citation="entities:183:1" rel="noopener">ACC Ltd (ACC IN)</a> and <a href="https://www.smartkarma.com/entities/orient-cement-ltd" target="_blank" data-smartkarma-citation="entities:3356:1" rel="noopener">Orient Cement (ORCMNT IN)</a> will be merging to create a pan-India cement giant.</li>
<li>There are a whole bunch of approvals needed, and the mergers are expected to complete in the next 12 months.</li>
<li>With the stocks part of different indices, there will be index flows on completion of the merger.</li>
</ul>



Ambuja Cements (ACEM IN), ACC Ltd (ACC IN) and Orient Cement (ORCMNT IN) will be merging to create a pan-India cement giant.
There are a whole bunch of approvals needed, and the mergers are expected to complete in the next 12 months.
With the stocks part of different indices, there will be index flows on completion of the merger.


Ambuja Cement/ ACC/ Orient Cement Merger: Index Flows

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Equity Bottom-Up

<ul>
<li>On December 22, <a href="https://www.smartkarma.com/entities/ambuja-cements-ltd" target="_blank" data-smartkarma-citation="entities:14745:1" rel="noopener">Ambuja Cements (ACEM IN)</a> board approved merging <a href="https://www.smartkarma.com/entities/acc-ltd" target="_blank" data-smartkarma-citation="entities:183:1" rel="noopener">ACC Ltd (ACC IN)</a> and <a href="https://www.smartkarma.com/entities/orient-cement-ltd" target="_blank" data-smartkarma-citation="entities:3356:1" rel="noopener">Orient Cement (ORCMNT IN)</a> via a share swap to create a unified Indian cement giant.</li>
<li>The deal simplifies structures and offers operational synergies, providing Orient shareholders a premium while remaining value-neutral for ACC but accretive for Ambuja.</li>
<li>The consolidation targets capacity expansion to 155 MTPA by FY28 and operational savings of INR 100 per tonne, bolstering long-term profitability.</li>
</ul>


On December 22, Ambuja Cements (ACEM IN) board approved merging ACC Ltd (ACC IN) and Orient Cement (ORCMNT IN) via a share swap to create a unified Indian cement giant.
The deal simplifies structures and offers operational synergies, providing Orient shareholders a premium while remaining value-neutral for ACC but accretive for Ambuja.
The consolidation targets capacity expansion to 155 MTPA by FY28 and operational savings of INR 100 per tonne, bolstering long-term profitability.


Event Driven: The Adani Cement Empire’s Merger Analysis

<ul>
<li>Ambuja Cements (ACEM) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business. 
</li>
<li>This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E. 
</li>
<li>ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals. 
</li>
</ul>


Ambuja Cements (ACEM) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business. 

This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E. 

ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals. 



The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

Equity & Credit Research

Duncan Chan

<ul>
<li>Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.</li>
<li>India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.</li>
<li>Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.</li>
</ul>


Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.
India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.
Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.


From Benchmark To Growth: What Cement Demand May Be Telling Investors

India

Ambuja Cements Limited is an Indian cement producing company that manufactures and markets cement, clinker, and related products for domestic and export markets. Its product portfolio includes ordinary portland cement, portland pozzolana cement, and ready-mix concrete. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1983.

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Ambuja Cements (ACEM IN)

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Ambuja Cement/ ACC/ Orient Cement Merger: Index Flows

Ambuja Cement, ACC and Orient Cement are merging to create a pan-India cement giant. The merger should complete within 12 months and there will be...

Brian Freitas

Event Driven: The Adani Cement Empire’s Merger Analysis

Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Nimish Maheshwari

The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...

Nimish Maheshwari

From Benchmark To Growth: What Cement Demand May Be Telling Investors

Despite producing over 4 billion tonnes annually, the global cement industry still trades near replacement value. India and Africa may determine...

Duncan Chan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Ambuja Cement/ ACC/ Orient Cement Merger: Index Flows

Ambuja Cement, ACC and Orient Cement are merging to create a pan-India cement giant. The merger should complete within 12 months and there will be...

Brian Freitas

Event Driven: The Adani Cement Empire’s Merger Analysis

​Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Nimish Maheshwari

The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership - Unpacking the 155 MTPA Plan

​Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...

Nimish Maheshwari

From Benchmark To Growth: What Cement Demand May Be Telling Investors

Despite producing over 4 billion tonnes annually, the global cement industry still trades near replacement value. India and Africa may determine...

Duncan Chan

Ambuja Cements board approves merger with ACC Ltd and Orient Cement to create unified Indian cement giant, targeting capacity expansion and...

Ambuja Cements raises capacity target to 155 million tonnes, acquires Jaiprakash Associates' cement business, aims for cost reduction and green...