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>MENA remains a structural underweight, absent in nearly 25% of EM funds, though participation has climbed to a decade high with 75.9% of EM funds now holding positions.</li>
<li>UAE has overtaken Saudi as the largest allocation, supported by inflows into Real Estate and Financials; Saudi remains underweight, while Qatar and Kuwait attract little investor interest.</li>
<li>Emaar, Al Rajhi, Aldar, and Saudi National Bank anchor MENA exposure, with second-tier growth from ADCB, Emirates NBD, and UAE Energy sectors.</li>
</ul>


MENA remains a structural underweight, absent in nearly 25% of EM funds, though participation has climbed to a decade high with 75.9% of EM funds now holding positions.
UAE has overtaken Saudi as the largest allocation, supported by inflows into Real Estate and Financials; Saudi remains underweight, while Qatar and Kuwait attract little investor interest.
Emaar, Al Rajhi, Aldar, and Saudi National Bank anchor MENA exposure, with second-tier growth from ADCB, Emirates NBD, and UAE Energy sectors.


MENA: From Structural Underweight to Selective Rebuild

Thematic (Sector/Industry)

<ul>
<li>EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.</li>
<li>Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.</li>
<li>Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.</li>
</ul>


EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.
Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.
Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.


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>In our prior EM Strategy (August 7, 2023) we discussed how MSCI EM (EEM-US) was near major 1+ year resistance at $42.</li>
<li>After being unable to break out, EEM-US consolidation has continued, and is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023.</li>
<li>As long as EEM-US is above $37, we are buyers on this pullback.</li>
</ul>


In our prior EM Strategy (August 7, 2023) we discussed how MSCI EM (EEM-US) was near major 1+ year resistance at $42.
After being unable to break out, EEM-US consolidation has continued, and is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023.
As long as EEM-US is above $37, we are buyers on this pullback.


MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

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

Event-Driven

<ul>
<li>Foreign capital is shifting from portfolio exposure to strategic control.</li>
<li>Equity infusion, stronger ratings and promoter backstop reduce refinancing risk and can compress wholesale borrowing spreads.</li>
<li>Once capital and liabilities are stabilised, underwriting, product mix and governance determine whether lower credit costs are sustainable.</li>
</ul>


Foreign capital is shifting from portfolio exposure to strategic control.
Equity infusion, stronger ratings and promoter backstop reduce refinancing risk and can compress wholesale borrowing spreads.
Once capital and liabilities are stabilised, underwriting, product mix and governance determine whether lower credit costs are sustainable.


Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

<ul>
<li>At $3 bn, RBL-Emirates NBD deal is one of the largest deal after liberalisation of bank ownership rules that shifted from a rigid 10% single-investor cap to flexible 74% ceiling. </li>
<li>India's Finance Ministry cleared Emirates NBD's up-to-74% stake in RBL Bank on 14 May 2026, days after RBI approved governance changes. Final RBI closing nod is the only remaining gate.</li>
<li>Now this will set the door for more banks and might trigger change in pubic sector banks as well.</li>
</ul>


At $3 bn, RBL-Emirates NBD deal is one of the largest deal after liberalisation of bank ownership rules that shifted from a rigid 10% single-investor cap to flexible 74% ceiling. 
India's Finance Ministry cleared Emirates NBD's up-to-74% stake in RBL Bank on 14 May 2026, days after RBI approved governance changes. Final RBI closing nod is the only remaining gate.
Now this will set the door for more banks and might trigger change in pubic sector banks as well.


When India Opened Its Door for FDI in Banks: RBL X Emirates NBD Deal Analysis

United Arab Emirates

Emirates NBD PJSC conducts banking and financial service activities. The Bank's business segments include corporate and institutional, retail, and private banking. Emirates NBD also offers treasury services and Islamic banking products, with headquarters in Dubai, United Arab Emirates.

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Emirates NBD Bank PJSC (EMIRATES UH)

MENA: From Structural Underweight to Selective Rebuild

MENA stays structurally underweight but participation is rising, led by UAE and Saudi. Real Estate and Financials drive inflows, with Emaar, Al...

Steven Holden

EMEA Financials: Uneven Recovery

EMEA Financials are the largest Regional Sector underweight in global EM. Moderate but uneven recovery underway, with buying in Greece, Saudi,...

Steven Holden

MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

$EEM is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023. As long as $EEM is...

Vermilion Research

Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

Nimish Maheshwari

When India Opened Its Door for FDI in Banks: RBL X Emirates NBD Deal Analysis

$3 bn RBL-Emirates NBD deal marks a shift in India's bank ownership rules, with potential for more such deals and changes in public sector banks.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MENA: From Structural Underweight to Selective Rebuild

MENA stays structurally underweight but participation is rising, led by UAE and Saudi. Real Estate and Financials drive inflows, with Emaar, Al...

Steven Holden

EMEA Financials: Uneven Recovery

EMEA Financials are the largest Regional Sector underweight in global EM. Moderate but uneven recovery underway, with buying in Greece, Saudi,...

Steven Holden

MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

$EEM is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023. As long as $EEM is...

Vermilion Research

Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

​Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

Nimish Maheshwari

When India Opened Its Door for FDI in Banks: RBL X Emirates NBD Deal Analysis

​$3 bn RBL-Emirates NBD deal marks a shift in India's bank ownership rules, with potential for more such deals and changes in public sector banks.

Nimish Maheshwari

Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

$3 bn RBL-Emirates NBD deal marks a shift in India's bank ownership rules, with potential for more such deals and changes in public sector banks.