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>Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.</li>
<li>Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.</li>
<li>Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.</li>
</ul>


Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.
Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.
Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.


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

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology (300866 CH)</a> (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing.</li>
<li>AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing.
AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Anker Innovations Technology A/H Listing - Building a Global Brand

Thematic (Sector/Industry)

<ul>
<li>Active conviction rising: China Industrials allocations are nearing all-time highs, with record participation and expanding net overweights despite a declining MSCI EM benchmark weight.</li>
<li>Clear conviction overweight: 76% of GEM funds are overweight China &amp; HK Industrials, making it the strongest country/sector conviction play across the EM universe.</li>
<li>Broadening beyond CATL: While CATL remains dominant, ownership is widening to emerging names, even as second-tier stocks show sharper rotations and selective positioning.</li>
</ul>


Active conviction rising: China Industrials allocations are nearing all-time highs, with record participation and expanding net overweights despite a declining MSCI EM benchmark weight.
Clear conviction overweight: 76% of GEM funds are overweight China &amp; HK Industrials, making it the strongest country/sector conviction play across the EM universe.
Broadening beyond CATL: While CATL remains dominant, ownership is widening to emerging names, even as second-tier stocks show sharper rotations and selective positioning.


China & HK Industrials: EM’s Key Overweight Grows Stronger

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shenzhen Creality 3d Technology Co. Ltd. / Equity Capital Markets

Shenzhen Creality 3d Technology Co. Ltd. (2598001D HK)

<ul>
<li>Creality 3D’s business model can be summarized as a complete ecosystem loop of "hardware+software+content+community", aiming to transform from a simple hardware manufacturer to a 3D creative ecosystem platform.</li>
<li>Behind the increase in revenue, Creality 3D has fallen into a dilemma of increasing revenue without increasing profits.The pressure on main business's profitability is increasing.</li>
<li>Given that Creality 3D turned from profit to loss in 2025 and the unstable/low margin, P/S could be more suitable at initial stage. RMB5 billion-6.5 billion is a comfortable range.</li>
</ul>


Creality 3D’s business model can be summarized as a complete ecosystem loop of "hardware+software+content+community", aiming to transform from a simple hardware manufacturer to a 3D creative ecosystem platform.
Behind the increase in revenue, Creality 3D has fallen into a dilemma of increasing revenue without increasing profits.The pressure on main business's profitability is increasing.
Given that Creality 3D turned from profit to loss in 2025 and the unstable/low margin, P/S could be more suitable at initial stage. RMB5 billion-6.5 billion is a comfortable range.


Pre-IPO Shenzhen Creality 3D Technology (PHIP Updates) - The Business and the Outlook

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.</li>
<li>Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next</li>
</ul>


We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next


Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

China

Anker Innovations Technology Co., Ltd manufactures electronic products. The Company produces mobile chargers, wireless chargers, car chargers, speakers, headphones, projectors, and other products. Anker Innovations Technology also operates software development, import and export, and other businesses.

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Anker Innovations Technology (300866 CH)

China Macro: Sector Positioning Update

Sector positioning among active China Funds. Industrials and Consumer Staples Remain Top Overweights, Energy shows signs of a turnaround, whilst...

Steven Holden

Aequitas: Anker Innovations Technology A/H Listing - Building a Global Brand

Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

China & HK Industrials: EM’s Key Overweight Grows Stronger

China Industrials are back in focus. Active EM managers are increasing exposure, participation is at record highs, and conviction is spreading...

Steven Holden

Pre-IPO Shenzhen Creality 3D Technology (PHIP Updates) - The Business and the Outlook

The IPO pricing is HK$18.8/share, with market value of HK$8.8bn (or RMB7.6bn). If based on 2026 forecast, P/S is 2x. Such valuation is higher than...

Xinyao (Criss) Wang

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

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