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>Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022.</li>
<li>Average weights are at their highest levels in 10 years. Despite this recovery, Real Estate remains a "non-essential" sector, with 23% of funds avoiding exposure entirely.</li>
<li>Country-Level trends highlight a rotation from China into the U.A.E, driven by record-high fund ownership in names like <a href="https://www.smartkarma.com/entities/emaar-properties-pjsc-004c637d-b17a-4c9b-849b-0c89d3b1f6b4" target="_blank" data-smartkarma-citation="entities:25955:1" rel="noopener">Emaar Properties Pjsc (EMAAR UH)</a> and <a href="https://www.smartkarma.com/entities/aldar-properties-pjsc" target="_blank" data-smartkarma-citation="entities:27654:1" rel="noopener">Aldar Properties PJSC (ALDAR UH)</a>
</li>
</ul>


Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022.
Average weights are at their highest levels in 10 years. Despite this recovery, Real Estate remains a "non-essential" sector, with 23% of funds avoiding exposure entirely.
Country-Level trends highlight a rotation from China into the U.A.E, driven by record-high fund ownership in names like Emaar Properties Pjsc (EMAAR UH) and Aldar Properties PJSC (ALDAR UH)



Real Estate:  Recovery Among Active GEM Funds

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarter</li><li>LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2</li><li>These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarterLODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a> plans India’s largest IPO, valued at Rs. 27,870 crore.</li>
<li>Historical data shows large IPOs often underperform, raising concerns about valuation and market timing.</li>
<li>Caution is essential; analyzing fundamentals over hype is crucial for IPO investments.</li>
</ul>



Hyundai Motor India (1342Z IN) plans India’s largest IPO, valued at Rs. 27,870 crore.
Historical data shows large IPOs often underperform, raising concerns about valuation and market timing.
Caution is essential; analyzing fundamentals over hype is crucial for IPO investments.


Thematic Report : How India’s Biggest IPOs Have Performed?

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

<ul>
<li>Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023</li>
<li>As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves </li>
<li>TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts</li>
</ul>


Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023
As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves 
TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts


Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Cross Asset Strategy

<ul>
<li>Uptick in Real Estate positioning driven by a shift towards Indian Real Estate stocks, which has outweighed reductions in exposure to China &amp; HK Real Estate</li>
<li>Three names stand out: Phoenix Mills, Macrotech Developers, and DLF Limited, all of which have seen ownership rise to record levels.</li>
<li>New positions in Indian Real Estate by Allianz and JKC have been offset by closures in Chinese Real Estate by LO Funds and SEB, among others.</li>
</ul>


Uptick in Real Estate positioning driven by a shift towards Indian Real Estate stocks, which has outweighed reductions in exposure to China &amp; HK Real Estate
Three names stand out: Phoenix Mills, Macrotech Developers, and DLF Limited, all of which have seen ownership rise to record levels.
New positions in Indian Real Estate by Allianz and JKC have been offset by closures in Chinese Real Estate by LO Funds and SEB, among others.


Real Estate:  India/China Rotation Sparks Sector Growth

India

DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

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DLF Ltd (DLFU IN)

Real Estate: Recovery Among Active GEM Funds

Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022, with the U.A.E leading the...

Steven Holden

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2

HDFC Securities

Thematic Report : How India’s Biggest IPOs Have Performed?

Hyundai Motor India plans India's largest IPO valued at Rs. 27,870 crore, but historical data suggests caution is needed as large IPOs often...

Nimish Maheshwari

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Real Estate: India/China Rotation Sparks Sector Growth

Real Estate exposure grows among active Asia Ex-Japan funds, sparked by a rotation in to Indian Real Estate, as China & HK positioning falls.

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Real Estate: Recovery Among Active GEM Funds

Real Estate exposure among active Emerging Market funds is rebounding after a decade-long bear market from 2012-2022, with the U.A.E leading the...

Steven Holden

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2

HDFC Securities

Thematic Report : How India’s Biggest IPOs Have Performed?

​Hyundai Motor India plans India's largest IPO valued at Rs. 27,870 crore, but historical data suggests caution is needed as large IPOs often...

Nimish Maheshwari

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Real Estate: India/China Rotation Sparks Sector Growth

Real Estate exposure grows among active Asia Ex-Japan funds, sparked by a rotation in to Indian Real Estate, as China & HK positioning falls.

Steven Holden

Hyundai Motor India plans India's largest IPO valued at Rs. 27,870 crore, but historical data suggests caution is needed as large IPOs often...