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

In this report we look at China and its place within global emerging market equity funds.  We find that despite a large underweight relative to the benchmark MSCI Emerging Market Index, China is comfortably the most important region for global emerging market investors by some margin.  We examine how current allocations compare to other major EM nations and how China's sector allocations are evolving through time.  Finally, we screen for the key Chinese stocks that professional EM investors most and least prefer.  The data used in the analysis is taken from the portfolio holdings of 127 prominent global EM funds over a 6 year period.

In this report we look at China and its place within global emerging market equity funds.  We find that despite a large underweight relative to the benchmark MSCI Emerging Market Index, China is comfortably the most important region for global emerging market investors by some margin.  We examine how current allocations compare to other major EM nations and how China's sector allocations are evolving through time.  Finally, we screen for the key Chinese stocks that professional EM investors most and least prefer.  The data used in the analysis is taken from the portfolio holdings of 127 prominent global EM funds over a 6 year period.

China Macroeconomics & Academia

Christopher Balding

Thematic (Sector/Industry)

Major Chinese banks have released their 2016 annual results and you could be forgiven for believing that the Chinese economy was on firmer footing and banks had addressed their non-performing loan (NPL) problem.  With two of the major banks reporting small declines in NPLs and all banks reporting small increases in net profit, many were nearly exuberant at the state of Chinese banks.  However, you would be well advised to remain very cautious on the state of Chinese banks.

Major Chinese banks have released their 2016 annual results and you could be forgiven for believing that the Chinese economy was on firmer footing and banks had addressed their non-performing loan (NPL) problem.  With two of the major banks reporting small declines in NPLs and all banks reporting small increases in net profit, many were nearly exuberant at the state of Chinese banks.  However, you would be well advised to remain very cautious on the state of Chinese banks.

China Banks: Headline Positive, Fundamental Deterioration

Head of Research at Fusion Wealth Management Ltd

Michael McGaughy

In my research and investing I stress three things: people, structure, and value.  I look for companies that are controlled and managed by quality people, have corporate structures that align minority and majority shareholder interests and trade at valuations that are below fair value if not outright cheap. This note is actually not about any of that and instead just a quick one about bitcoin and how my initial skepticism may have been wrong.  I usually don’t write “macro” or ‘thought pieces’…

In my research and investing I stress three things: people, structure, and value.  I look for companies that are controlled and managed by quality people, have corporate structures that align minority and majority shareholder interests and trade at valuations that are below fair value if not outright cheap. This note is actually not about any of that and instead just a quick one about bitcoin and how my initial skepticism may have been wrong.  I usually don’t write “macro” or ‘thought pieces’…

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.

Chinese Officials Turn a Blind Eye to Corruption

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.<div class="content-highlight">On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…</div>

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

China

Bank of China Ltd provides a complete range of banking and other financial services to individual and corporation customers worldwide.  The bank's services include retail banking, Great Wall credit card and debit card services, consumer credit, foreign currency transaction, corporate banking, settlement and clearing,investment banking, and fund management businesses.

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Bank Of China Ltd (H) (3988 HK)

China: Underweight, Not Under-Owned

In this report we look at China and its place within global emerging market equity funds. We find that despite a large underweight relative to the...

Steven Holden

China Banks: Headline Positive, Fundamental Deterioration

Major Chinese banks have released their 2016 annual results and you could be forgiven for believing that the Chinese economy was on firmer footing...

Christopher Balding

Bitcoin - The View From Lagos

In my research and investing I stress three things: people, structure, and value. I look for companies that are controlled and managed by quality...

Michael McGaughy

Chinese Officials Turn a Blind Eye to Corruption

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its...

Bixmoor

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond...

Dechert LLP

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52-week Range

Market Cap (USDm)

P/E

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