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

Thematic (Sector/Industry)

<ul>
<li>Energy remains one of the most structurally underowned sectors in the global universe — just 62.85% of funds invested, average weight down from 8% in 2012 to 2.23% today.</li>
<li>For the first time in years, every ownership metric is moving in the right direction — 14 new positions, 20 net buyers, and $2.79bn of estimated inflows in six months.</li>
<li>The buyer base is narrow — Value and Yield funds dominate, Growth less convinced.  Stock ownership is light, but newcomers are emerging.</li>
</ul>


Energy remains one of the most structurally underowned sectors in the global universe — just 62.85% of funds invested, average weight down from 8% in 2012 to 2.23% today.
For the first time in years, every ownership metric is moving in the right direction — 14 new positions, 20 net buyers, and $2.79bn of estimated inflows in six months.
The buyer base is narrow — Value and Yield funds dominate, Growth less convinced.  Stock ownership is light, but newcomers are emerging.


Global Energy: Short-Term Recovery or Structural Shift?

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Supply recovered across most major markets, while buyers became more cautious as crude oil prices fell and disruption risks eased.</li><li>South Korea increased exports to the US but cut volumes to India, pointing to a shift in demand rather than a shortage of supply.</li><li>Taiwan's exports rebounded and Singapore's exports began recovering, reinforcing signs of improving Asian availability.</li></ul>

Supply recovered across most major markets, while buyers became more cautious as crude oil prices fell and disruption risks eased.South Korea increased exports to the US but cut volumes to India, pointing to a shift in demand rather than a shortage of supply.Taiwan's exports rebounded and Singapore's exports began recovering, reinforcing signs of improving Asian availability.

Base Oils and Lubricants: Weekly Global Market Review - 19 Jun '26

<ul><li>Global base oils supply rose to a five-year high in March, but demand rose even faster, flipping the market into its first deficit in more than five years.</li><li>Asia's supply continued to outpace demand, with higher output, softer exports and weaker Chinese procurement pointing to firmer regional availability.</li><li>China's output fell from a four-year high, but remained well above normal levels, reinforcing signs of sufficient domestic supply and limited need for additional imports.</li></ul>

Global base oils supply rose to a five-year high in March, but demand rose even faster, flipping the market into its first deficit in more than five years.Asia's supply continued to outpace demand, with higher output, softer exports and weaker Chinese procurement pointing to firmer regional availability.China's output fell from a four-year high, but remained well above normal levels, reinforcing signs of sufficient domestic supply and limited need for additional imports.

Base Oils and Lubricants: Weekly Global Market Review - 12 Jun '26

<ul><li>Higher base oils output in Japan and Brazil added to signs that refiners maintained firm production levels despite pressure to prioritise motor fuels.</li><li>Europe entered the supply-disruption period with elevated availability of all base oils grades, with steady US flows and strong Netherlands output pointing to Group II availability remaining adequate through Q2.</li><li>US base oils supply rebounded in March, but demand rose even faster, leaving inventories unusually low and reducing the buffer against any additional supply disruption.</li></ul>

Higher base oils output in Japan and Brazil added to signs that refiners maintained firm production levels despite pressure to prioritise motor fuels.Europe entered the supply-disruption period with elevated availability of all base oils grades, with steady US flows and strong Netherlands output pointing to Group II availability remaining adequate through Q2.US base oils supply rebounded in March, but demand rose even faster, leaving inventories unusually low and reducing the buffer against any additional supply disruption.

Base Oils and Lubricants: Weekly Global Market Review - 4 June '26

<ul><li>Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia.</li><li>Taiwan’s base oils exports rose in second-half May from the first half, with total May volumes likely exceeding April levels but still lagging March.</li><li>Large cargo set to load from South Korea in early June; size of shipment pointed to US Gulf coast as the likely destination.</li></ul>

Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia.Taiwan’s base oils exports rose in second-half May from the first half, with total May volumes likely exceeding April levels but still lagging March.Large cargo set to load from South Korea in early June; size of shipment pointed to US Gulf coast as the likely destination.

Global Base Oils Cargo Flows: Week To 29 May

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

Global Energy: Short-Term Recovery or Structural Shift?

Energy remains one of the most structurally underowned sectors in the global universe, but appetite for a larger allocation is growing

Steven Holden

Base Oils and Lubricants: Weekly Global Market Review - 19 Jun '26

Supply recovered across most major markets, while buyers became more cautious as crude oil prices fell and disruption risks eased. South Korea...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 12 Jun '26

Global base oils supply rose to a five-year high in March, but demand rose even faster, flipping the market into its first deficit in more than...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 4 June '26

Higher base oils output in Japan and Brazil added to signs that refiners maintained firm production levels despite pressure to prioritise motor...

Base Oil News

Global Base Oils Cargo Flows: Week To 29 May

Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia. Taiwan’s base...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)