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

Cross Asset Strategy

<ul>
<li>We screen for Global companies at the extreme ends of their positioning or momentum ranges among active Global equity funds.</li>
<li>Low Positioning coupled with Negative Momentum:  Intel Corporation and Nippon Telegraph and Telephone Corporation.</li>
<li>High Positioning coupled with High Momentum:  Amphenol Corporation and Iberdrola SA </li>
</ul>


We screen for Global companies at the extreme ends of their positioning or momentum ranges among active Global equity funds.
Low Positioning coupled with Negative Momentum:  Intel Corporation and Nippon Telegraph and Telephone Corporation.
High Positioning coupled with High Momentum:  Amphenol Corporation and Iberdrola SA 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a> priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/luxshare-h-share-listing-2475-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:245383" rel="noopener">Luxshare H Share Listing (2475 HK): The Investment Case</a></em></strong>. </li>
<li>The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.</li>
</ul>



Luxshare Precision Industry (2475 HK) priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Luxshare H Share Listing (2475 HK): The Investment Case. 
The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.


Luxshare H Share Listing (2475 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a> is a leading manufacturer of electronic components. It is seeking to raise US$3.1 billion.</li>
<li>Luxshare is a global leader in the PIMS industry, holding top positions in the PIMS markets of consumer electronics, automotive electronics, and data centres by revenue in 2025.</li>
<li>The investment case is based on a strong market position, acquisition-driven growth, a relatively stable margin profile, an expected return to cash generation, and a strong balance sheet.  </li>
</ul>



Luxshare Precision Industry (2475 HK) is a leading manufacturer of electronic components. It is seeking to raise US$3.1 billion.
Luxshare is a global leader in the PIMS industry, holding top positions in the PIMS markets of consumer electronics, automotive electronics, and data centres by revenue in 2025.
The investment case is based on a strong market position, acquisition-driven growth, a relatively stable margin profile, an expected return to cash generation, and a strong balance sheet.  


Luxshare H Share Listing (2475 HK): The Investment Case

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>We consider <a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a>'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. </li>
<li>Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. </li>
<li>The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.</li>
</ul>


We consider Luxshare Precision Industry (2475 HK)'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. 
Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. 
The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.


Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Luxshare Precision launched Hongkong IPO to raise nearly HK$24.3B. They are providers of precision intelligent manufacturing solutions (PIMS) making components and modules to systems in consumer electronics, automotive electronics etc.</li>
<li>Luxshare intends to use the proceeds to expand production capacity, for technology R&amp;D, for strategic investment/acquisition, to repay loans and working capital.</li>
<li>Luxshare Precision has witnessed robust growth and financial performance. The valuation sought seems fairly reasonable. Investors can surely give it a go.</li>
</ul>


Luxshare Precision launched Hongkong IPO to raise nearly HK$24.3B. They are providers of precision intelligent manufacturing solutions (PIMS) making components and modules to systems in consumer electronics, automotive electronics etc.
Luxshare intends to use the proceeds to expand production capacity, for technology R&amp;D, for strategic investment/acquisition, to repay loans and working capital.
Luxshare Precision has witnessed robust growth and financial performance. The valuation sought seems fairly reasonable. Investors can surely give it a go.


Luxshare Precision IPO: Precise and Modulated Growth Engine

United States

Amphenol Corporation designs, manufactures, and markets electrical, electronic and fiber optic connectors, interconnect systems, and coaxial and flat-ribbon cable.  The Company's products are used in a variety of industries, including telephone, wireless, and data communications systems, cable television systems, and commercial and military aerospace electronics.

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Amphenol Corp Cl A (APH US)

Global Funds: Extreme Stocks

In this report, we utilize our Global fund holdings database to screen for stocks at the extreme ends of their positioning or momentum ranges.

Steven Holden

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Luxshare Precision IPO: Precise and Modulated Growth Engine

Luxshare Precision launches Hong Kong IPO to raise HK$24.3B for expansion, R&D, and strategic investments. Strong growth and financial performance...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Funds: Extreme Stocks

In this report, we utilize our Global fund holdings database to screen for stocks at the extreme ends of their positioning or momentum ranges.

Steven Holden

Luxshare H Share Listing (2475 HK): Valuation Insights

Luxshare Precision priced its H Share at HK$63.28, raising US$3.1 billion in gross proceeds. In this note, I discuss valuation.

Arun George

Luxshare H Share Listing (2475 HK): The Investment Case

Luxshare, a leading manufacturer of electronic components, is seeking to raise US$3.1 billion. In this note, I discuss the investment case.

Arun George

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

​Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Luxshare Precision IPO: Precise and Modulated Growth Engine

​Luxshare Precision launches Hong Kong IPO to raise HK$24.3B for expansion, R&D, and strategic investments. Strong growth and financial performance...

Tina Banerjee

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Luxshare Precision launches Hong Kong IPO to raise HK$24.3B for expansion, R&D, and strategic investments. Strong growth and financial performance...