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>AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).</li>
<li>The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.</li>
<li>Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.</li>
</ul>


AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).
The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.
Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.


Global Stock Positioning:  MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways down, with the resistance at 1,535/1,540 points (75-day EMA) and the support at 1,519/1,515 points (25-day EMA).</li><li>The key issue today is the US FOMC meeting.</li><li>We expect the Fed's hawkish stance to push up short-term bond yields and cause the USD to appreciate against the six major currency baskets (in contrast to the past three weeks).</li></ul>

Technically, the SET Index is expected to move sideways down, with the resistance at 1,535/1,540 points (75-day EMA) and the support at 1,519/1,515 points (25-day EMA).The key issue today is the US FOMC meeting.We expect the Fed's hawkish stance to push up short-term bond yields and cause the USD to appreciate against the six major currency baskets (in contrast to the past three weeks).

<ul><li>Technically, the SET Index is expected to gain, with the resistance at 1,540 points (75-day EMA) /1,550 points and the support at 1,527/1,513 points (25-day/10-day EMA).</li><li>There are two key issues today. First, the highlight will be the second vote on the prime minister.</li><li>In addition to political issues, banks' earnings will be another key concern.</li></ul>

Technically, the SET Index is expected to gain, with the resistance at 1,540 points (75-day EMA) /1,550 points and the support at 1,527/1,513 points (25-day/10-day EMA).There are two key issues today. First, the highlight will be the second vote on the prime minister.In addition to political issues, banks' earnings will be another key concern.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul>
<li>Spark NZ (SPK) will report its FY26 result on Thursday, 20 August 2026.</li>
<li>FY26 EBITDAI and free cash flow guidance has been reiterated at its recent update, so attention will turn to the quality of the result and initial FY27 guidance.</li>
<li>We expect SPK has continued to lose share in mobile and broadband through 2H26, but mid-single-digit mobile price increases effective 31 July 2026 should offset this in FY27.</li>
</ul>


Spark NZ (SPK) will report its FY26 result on Thursday, 20 August 2026.
FY26 EBITDAI and free cash flow guidance has been reiterated at its recent update, so attention will turn to the quality of the result and initial FY27 guidance.
We expect SPK has continued to lose share in mobile and broadband through 2H26, but mid-single-digit mobile price increases effective 31 July 2026 should offset this in FY27.


Spark NZ FY26 Preview—Testing the Signal

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. </li>
<li>The top ten companies to benefit from 5G rollout based on innovation and citation count are <strong>Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple,</strong> and <strong>Nokia </strong>
</li>
<li>A stand-out in 5G technology rankings is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> which is punching well above its current market share in the industry. </li>
</ul>


The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. 
The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 

A stand-out in 5G technology rankings is LG Electronics (066570 KS) which is punching well above its current market share in the industry. 


Stock Ideas from Data Mining Technical Publications: A Look at 5G

United States

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

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AT&T (T US)

Global Stock Positioning: MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

The latest in stock-level investor positioning among over 300 active Global funds. We explore the AI boom, key over/underweights, Tobacco's...

Steven Holden

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways down, with the resistance at 1,535/1,540 points (75-day EMA) and the support at...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to gain, with the resistance at 1,540 points (75-day EMA) /1,550 points and the support at 1,527/1,513...

Krungthai XSpring

Spark NZ FY26 Preview—Testing the Signal

Spark NZ (SPK) will report its FY26 result on Thursday, 20 August 2026. FY26 EBITDAI and free cash flow guidance has been reiterated at its recent...

Forsyth Barr

Stock Ideas from Data Mining Technical Publications: A Look at 5G

5G connectivity is expected to spawn new business and services across sectors. We review the technological positioning of companies competing in...

Pyari Menon

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