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>Global EM managers have increased Semiconductor exposures to their highest levels on record.</li>
<li>Taiwanese and South Korean Semiconductor overweights hit all-time highs.</li>
<li>Most favoured stocks are <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company-tsmc" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor Manufacturing Company (TSMC) (2330 TT)</a> , <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> with buying seen in <a href="https://www.smartkarma.com/entities/win-semiconductors-corp" target="_blank" data-smartkarma-citation="entities:18112:1" rel="noopener">Win Semiconductors (3105 TT)</a> </li>
<li>Fund close positions in <a href="https://www.smartkarma.com/entities/chipbond-technology-corp" target="_blank" data-smartkarma-citation="entities:4630:1" rel="noopener">Chipbond Technology (6147 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> </li>
<li>Semiconductor stocks are the largest Industry group overweight bet by EM active managers heading into 2020.</li>
</ul>


Global EM managers have increased Semiconductor exposures to their highest levels on record.
Taiwanese and South Korean Semiconductor overweights hit all-time highs.
Most favoured stocks are Taiwan Semiconductor Manufacturing Company (TSMC) (2330 TT) , SK Hynix (000660 KS) and Mediatek Inc (2454 TT) with buying seen in Win Semiconductors (3105 TT) 
Fund close positions in Chipbond Technology (6147 TT) and Novatek Microelectronics Corp (3034 TT) 
Semiconductor stocks are the largest Industry group overweight bet by EM active managers heading into 2020.


Semiconductor Surge:  GEM Managers Hit Max Exposure

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Formosa Sumco Technology / Equity Bottom-Up

<ul>
<li>The company recently announced poor earnings down 56% YoY in 1Q24</li>
<li>Dwindling cash is another major concern especially with higher debt/ebitda</li>
<li>At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm </li>
</ul>


The company recently announced poor earnings down 56% YoY in 1Q24
Dwindling cash is another major concern especially with higher debt/ebitda
At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm 


Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ASE Technology Holding (3711 TT)

Semiconductor Surge: GEM Managers Hit Max Exposure

Global EM managers have increased Semiconductor exposures to their highest levels on record. Taiwanese and South Korean Semiconductor overweights...

Steven Holden

Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

Company is seeing far lower net profit, with the just-announced quarter one of the worst on record in recent years. Debt is now a factor and SG&A...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)