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>Performance between US Value funds and Aggressive Growth funds has diverged over the last decade, with 2020 seeing an acceleration of the trend.</li>
<li>The difference in performance is down to their vastly different portfolios, with Value funds heavily reliant on Financials and Health Care stocks and Aggressive Growth funds heavily exposed to Tech and Communication Services. </li>
<li>However, there is some overlap.  There are a number of stocks that appear to offer something for both Value and Growth investors, including <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa Inc Class A Shares (V US)</a>, <a href="https://www.smartkarma.com/entities/lowe-s-companies-inc" target="_blank" data-smartkarma-citation="entities:4156:1" rel="noopener">Lowe's Companies Inc (LOW US)</a> and <a href="https://www.smartkarma.com/entities/schwab-charles-corp" target="_blank" data-smartkarma-citation="entities:13610:1" rel="noopener">Schwab (Charles) (SCHW US)</a> </li>
<li>In this analysis, we explore a portfolio that combines stocks that are owned by more than 10% of both the Value funds and Aggressive Growth funds in our analysis.  </li>
</ul>


Performance between US Value funds and Aggressive Growth funds has diverged over the last decade, with 2020 seeing an acceleration of the trend.
The difference in performance is down to their vastly different portfolios, with Value funds heavily reliant on Financials and Health Care stocks and Aggressive Growth funds heavily exposed to Tech and Communication Services. 
However, there is some overlap.  There are a number of stocks that appear to offer something for both Value and Growth investors, including Visa Inc Class A Shares (V US), Lowe's Companies Inc (LOW US) and Schwab (Charles) (SCHW US) 
In this analysis, we explore a portfolio that combines stocks that are owned by more than 10% of both the Value funds and Aggressive Growth funds in our analysis.  


US Value Vs Growth:  The Goldilocks Portfolio

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Thematic (Sector/Industry)

<div><p>This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. </p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

TMT Weekly: 3 Things that Stood Out The Week of 7/3/​​​​2020

<div><p>Some datapoints that caught our eye last week in TMT.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/​​​​​​​​2020

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/​​​24/​​​​​​​2020

<div><p>In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Coronavirus as Secular Accelerator II: US Media/Telco Edition

United States

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

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Comcast Corp Class A (CMCSA US)

US Value Vs Growth: The Goldilocks Portfolio

Performance between US Value funds andtwo groups has diverged over the last decade, with 2020 seeing an acceleration of the trend.

Steven Holden

TMT Weekly: 3 Things that Stood Out The Week of 7/3/2020

This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. Obex’s fundamental...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/24/2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Coronavirus as Secular Accelerator II: US Media/Telco Edition

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Value Vs Growth: The Goldilocks Portfolio

Performance between US Value funds andtwo groups has diverged over the last decade, with 2020 seeing an acceleration of the trend.

Steven Holden

TMT Weekly: 3 Things that Stood Out The Week of 7/3/​​​​2020

This week we highlight Match Group's independence, YouTube TV's price hike, and the sheer insanity of Spotify's 80% move. Obex’s fundamental...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/​​​​​​​​2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/​​​24/​​​​​​​2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Coronavirus as Secular Accelerator II: US Media/Telco Edition

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in...

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 7/3/2020

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 5/1/2020

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/24/2020