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>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 18th which has an aggregated holding worth USD1,053.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,488mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hon Hai Precision Industry, TSMC, Quanta Computer, Delta Electronics, Fubon Financial, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 18th which has an aggregated holding worth USD1,053.9bn.
We estimate that foreign flows to be inflows of USD1,488mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hon Hai Precision Industry, TSMC, Quanta Computer, Delta Electronics, Fubon Financial, United Microelectronics.


TWSE Foreign Holding Weekly (Oct 18th): Hon Hai Precision Industry, TSMC, Quanta Computer

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

Royal Bank Of Canada / Technical Analysis

<ul>
<li>The SPX is breaking out after several months of consolidation. Same with the MSCI ACWI index. We are upgrading our outlook on global equities (MSCI ACWI) to bullish.</li>
<li>Breakouts could mean other countries are getting ready to break out, but the U.S. (S&amp;P 500) remains our only country overweight</li>
<li>Moreover, major indexes in the next two largest global equity markets (Europe and Japan) remain below critical resistances of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX.</li>
</ul>


The SPX is breaking out after several months of consolidation. Same with the MSCI ACWI index. We are upgrading our outlook on global equities (MSCI ACWI) to bullish.
Breakouts could mean other countries are getting ready to break out, but the U.S. (S&amp;P 500) remains our only country overweight
Moreover, major indexes in the next two largest global equity markets (Europe and Japan) remain below critical resistances of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX.


S&P 500 and MSCI ACWI Breaking Out; Upgrading MSCI ACWI to Bullish; Buys in Services, Financials

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 11th which has an aggregated holding worth USD1,014.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,158mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Fubon Financial, Quanta Computer, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 11th which has an aggregated holding worth USD1,014.8bn.
We estimate that foreign flows to be inflows of USD1,158mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Fubon Financial, Quanta Computer, Wistron.


TWSE Foreign Holding Weekly (Oct 11th): TSMC, Fubon Financial, Quanta Computer, Wistron

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 4th which has an aggregated holding worth USD976.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,371mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Via Technologies, TSMC, United Microelectronics, Evergreen Marine Corp Taiwan, Mediatek, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 4th which has an aggregated holding worth USD976.1bn.
We estimate that foreign flows to be outflows of USD2,371mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Via Technologies, TSMC, United Microelectronics, Evergreen Marine Corp Taiwan, Mediatek, Quanta Computer.


TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

Taiwan

Cathay Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Price Gauge
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Cathay Financial Holding Co (2882 TT)

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

TWSE Foreign Holding Weekly (Oct 18th): Hon Hai Precision Industry, TSMC, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision Industry, TSMC, Quanta...

Ke Yan, CFA, FRM

S&P 500 and MSCI ACWI Breaking Out; Upgrading MSCI ACWI to Bullish; Buys in Services, Financials

$SPX and MSCI $ACWI Breaking Out; Upgrading Outlook on ACWI and SPX to Bullish as of last Fridays close above 5783; Buys in Services, Financials;...

Vermilion Research

TWSE Foreign Holding Weekly (Oct 11th): TSMC, Fubon Financial, Quanta Computer, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Fubon Financial, Quanta Computer, Wistron.

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Via Technologies, TSMC, United Microelectronics,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)