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>Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.</li>
<li>Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.</li>
<li>Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.</li>
</ul>


Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.
Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.
Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

COSCO SHIPPING Energy Transportation / Equity Bottom-Up

COSCO SHIPPING Energy Transportation (1138 HK)

<ul>
<li>The whole sector has been derated as the oil prices collapsed</li>
<li>The capital cycle story is still intact and gets stronger as time passes</li>
<li>There is a margin of safety in the current valuations</li>
</ul>


The whole sector has been derated as the oil prices collapsed
The capital cycle story is still intact and gets stronger as time passes
There is a margin of safety in the current valuations


Opportunities in Tankers (1138.HK) As the Sector Has Discounted Most of the Issues Facing It

<ul>
<li>An overlooked old economy sector in Asia ripe for a comeback</li>
<li>Industry dynamics will provide  a long-term tailwind for the company</li>
<li>Opportunity created by  deletion from an index and corporate restructuring</li>
</ul>


An overlooked old economy sector in Asia ripe for a comeback
Industry dynamics will provide  a long-term tailwind for the company
Opportunity created by  deletion from an index and corporate restructuring


China Oilfield Services / Equity Bottom-Up

<ul>
<li>Business continues to grow as sales, profits and margins rise</li>
<li>The overall industry supply demand dynamics continue to be supportive</li>
<li>Key business drivers such as capacity utilisation and rates moving in the right direction</li>
</ul>


Business continues to grow as sales, profits and margins rise
The overall industry supply demand dynamics continue to be supportive
Key business drivers such as capacity utilisation and rates moving in the right direction


China Oilfield Services (2883.HK) – Interim Results Show Continued Strong Growth

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Beautiful Skew still AWOL/MIA. The wider the spread, the worse the result. </li>
<li>Large SOE H vs A generally strong.  Strong net inflow into SOE Hs via SOUTHBOUND.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Beautiful Skew still AWOL/MIA. The wider the spread, the worse the result. 
Large SOE H vs A generally strong.  Strong net inflow into SOE Hs via SOUTHBOUND.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 7 Nov 2025):  Beautiful Skew Behaving Badly, CNOOC Better

China

China Oilfield Services Limited provides oilfield services. The Company provides geophysical prospecting, drilling, oilfield technology development, and other services. China Oilfield Services also operates transportation businesses.

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China Oilfield Services (601808 CH)

China Macro: Sector Positioning Update

Sector positioning among active China Funds. Industrials and Consumer Staples Remain Top Overweights, Energy shows signs of a turnaround, whilst...

Steven Holden

Opportunities in Tankers (1138.HK) As the Sector Has Discounted Most of the Issues Facing It

The current negative narrative around the sector of higher oil production, lessening of sanctions and an upcoming recession provides an opportunity

Rikki Malik

Seatrium – Offshore Ahoy!

An old economy sector poised for a comeback with long-term growth potential due to industry dynamics. Index deletion and corporate restructuring...

Rikki Malik

China Oilfield Services (2883.HK) – Interim Results Show Continued Strong Growth

Oil and oil-related stocks have started to move. This one is a capital cycle story. The offshore oil services industry has minimal new entrants as...

Rikki Malik

A/H Premium Tracker (Week to 7 Nov 2025): Beautiful Skew Behaving Badly, CNOOC Better

Hs rebound vs As in pairs where both trade. SOEs do well. Beautiful skew is not a thing anymore. Absent from the market for weeks, but value...

Travis Lundy

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