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. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>, an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.</li>
<li>International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.</li>
<li>Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables </li>
</ul>


Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.
International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.
Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables 


How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>300750 CH/601012 CH/2208 HK/300274 CH:The growth rate of photovoltaic new installed capacity continued to slow down in the third quarter but rebounded in September.(///////)</li>
<li>300750 CH: CATL's all-solid-state battery enters prototype verification phase, faster than expected.(/)</li>
<li>NIO US/ LI US/1211 HK: NIO is rumoured to launch hybrid vehicles overseas in 2026 and sell them in the Middle East, North Africa and Europe.(/////)</li>
</ul>


300750 CH/601012 CH/2208 HK/300274 CH:The growth rate of photovoltaic new installed capacity continued to slow down in the third quarter but rebounded in September.(///////)
300750 CH: CATL's all-solid-state battery enters prototype verification phase, faster than expected.(/)
NIO US/ LI US/1211 HK: NIO is rumoured to launch hybrid vehicles overseas in 2026 and sell them in the Middle East, North Africa and Europe.(/////)


[Blue Lotus Daily]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 15th August, lithium play <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a> entered into a Scheme with <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a>. PLS is offering 0.07 new PLS shares for every LRS share. </li>
<li>The scrip terms back out an implied price of A$0.20/share or a 67% premium to last close. Expected implementation was late November, early December; now January / February 2025.</li>
<li>My back &amp; forth with both Pilbara and Latin indicate the booklet had to be delayed to reflect Pilbara's recently adjusted FY25 guidance.</li>
</ul>


On the 15th August, lithium play Latin Resources (LRS AU) entered into a Scheme with Pilbara Minerals (PLS AU). PLS is offering 0.07 new PLS shares for every LRS share. 
The scrip terms back out an implied price of A$0.20/share or a 67% premium to last close. Expected implementation was late November, early December; now January / February 2025.
My back &amp; forth with both Pilbara and Latin indicate the booklet had to be delayed to reflect Pilbara's recently adjusted FY25 guidance.


Latin Resources (LRS AU)'s Scheme: Minor Delay, Not Deal Related

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

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

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

States and corporations drive U.S. green energy demand. Interest rates, and innovations rather than Trump admin policies will shape renewables...

Pyari Menon

[Blue Lotus Daily]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

States and corporations drive U.S. green energy demand. Interest rates, and innovations rather than Trump admin policies will shape renewables...

Pyari Menon

[Blue Lotus Daily]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

​Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Blue Lotus Research Institute

Latin Resources (LRS AU)'s Scheme: Minor Delay, Not Deal Related

This is done. And trading wide-ish at a gross/annualised return of 4.3%/17.2%, assuming early Feb completion. IF you can take down borrow cheaply...

David Blennerhassett

Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...